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[10-Q] PRUDENTIAL FINANCIAL INC Quarterly Earnings Report

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Form Type
10-Q
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the Transition Period from              to             
 
Commission File Number 001-16707
Prudential Financial, Inc.
(Exact Name of Registrant as Specified in its Charter) 
New Jersey22-3703799
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification Number)
751 Broad Street
Newark, NJ 07102
(973) 802-6000
(Address and Telephone Number of Registrant’s Principal Executive Offices)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbols(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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
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.   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  x

As of October 27, 2025, 350 million shares of the registrant’s Common Stock (par value $0.01) were outstanding.

Table of Contents
TABLE OF CONTENTS
 
  Page
PART I FINANCIAL INFORMATION
Item 1.
Financial Statements:
Unaudited Interim Consolidated Statements of Financial Position as of September 30, 2025 and December 31, 2024
1
Unaudited Interim Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024
2
Unaudited Interim Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024
3
Unaudited Interim Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024
4
Unaudited Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024
6
Notes to Unaudited Interim Consolidated Financial Statements
8
1. Business and Basis of Presentation
8
2. Significant Accounting Policies and Pronouncements
9
3. Investments
10
4. Variable Interest Entities
28
5. Derivatives and Hedging
29
6. Fair Value of Assets and Liabilities
39
7. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired
56
8. Separate Accounts
57
9. Liability for Future Policy Benefits
60
10. Policyholders’ Account Balances
68
11. Market Risk Benefits
72
12. Reinsurance
75
13. Closed Block
80
14. Income Taxes
81
15. Short-Term and Long-Term Debt
83
16. Employee Benefit Plans
84
17. Equity
86
18. Earnings Per Share
90
19. Segment Information
91
20. Related Party Transactions
99
21. Commitments and Contingent Liabilities
100
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
105
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
172
Item 4.
Controls and Procedures
172
PART II OTHER INFORMATION
Item 1.
Legal Proceedings
173
Item 1A.
Risk Factors
173
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
173
Item 5.
Other Information
173
Item 6.
Exhibits
174
GLOSSARY
175
SIGNATURES
178


Table of Contents
Forward-Looking Statements

Certain of the statements included in this Quarterly Report on Form 10-Q 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. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates, equity prices and foreign currency exchange rates that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (5) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (6) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third parties or (e) labor and employment matters; (7) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) U.S. state insurance laws and developments regarding group-wide supervision, capital and reserves, (e) insurer capital standards outside the U.S. and (f) privacy and cybersecurity regulation; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) an inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; (13) reputational damage; (14) the costs, effects, timing, or success of our plans to execute our strategy; (15) the economic conditions, and impacts on the Company thereof, caused by the imposition of tariffs and retaliatory actions; and (16) the impact on the Company of a continued shutdown of the U.S. government. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. See “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of certain risks relating to our businesses and investment in our securities.













































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Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Financial Position
September 30, 2025 and December 31, 2024 (in millions, except share amounts)
September 30,
2025		December 31,
2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$282; 2024-$331) (amortized cost: 2025-$360,681; 2024-$341,004)(1)
$335,414 $311,570 
Fixed maturities, trading, at fair value (amortized cost: 2025-$15,139; 2024-$13,631)(1)
14,575 12,530 
Assets supporting experience-rated contractholder liabilities, at fair value4,648 3,707 
Equity securities, at fair value (cost: 2025-$6,045; 2024-$7,043)(1)
8,794 9,417 
Commercial mortgage and other loans (net of $497 and $574 allowance for credit losses; includes $1,336 and $702 of loans measured at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)(1)
64,813 62,341 
Policy loans9,951 9,795 
Other invested assets (net of $2 and $2 allowance for credit losses; includes $8,028 and $7,574 of assets measured at fair value at September 30, 2025 and December 31, 2024, respectively)(1)
27,665 26,351 
Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0)
6,248 9,069 
Total investments472,108 444,780 
Cash and cash equivalents(1)
17,469 18,497 
Accrued investment income(1)3,581 3,441 
Deferred policy acquisition costs
21,468 20,448 
Value of business acquired
430 435 
Market risk benefit assets
2,252 2,331 
Reinsurance recoverables and deposit receivables (net of $14 and $12 allowance for credit losses; includes $490 and $849 of embedded derivatives at fair value at September 30, 2025 and December 31, 2024, respectively)(2)
44,947 37,680 
Income tax assets240 866 
Other assets (net of $1 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at September 30, 2025 and December 31, 2024, respectively)(1)(2)
15,267 13,737 
Separate account assets198,540 193,372 
TOTAL ASSETS$776,302 $735,587 
LIABILITIES, MEZZANINE EQUITY AND EQUITY
LIABILITIES
Future policy benefits
$272,553 $268,912 
Policyholders’ account balances
188,657 166,254 
Market risk benefit liabilities
4,771 4,455 
Policyholders’ dividends1,412 718 
Securities sold under agreements to repurchase9,937 6,796 
Cash collateral for loaned securities8,597 9,621 
Reinsurance and funds withheld payables (includes $108 and $(118) of embedded derivatives at fair value at September 30, 2025 and December 31, 2024, respectively)(2)
17,874 17,084 
Short-term debt1,386 953 
Long-term debt18,797 19,187 
Other liabilities (includes $15 and $14 allowance for credit losses and $5,465 and $4,751 of derivatives at fair value at September 30, 2025 and December 31, 2024, respectively)(1)
17,095 16,679 
Notes issued by consolidated variable interest entities (includes $313 and $60 measured at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)(1)
1,868 1,430 
Separate account liabilities198,540 193,372 
Total liabilities741,487 705,461 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)
MEZZANINE EQUITY
Redeemable noncontrolling interests
2,358 1,939 
Total mezzanine equity2,358 1,939 
EQUITY
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued)
0 0 
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both September 30, 2025 and December 31, 2024)
6 6 
Additional paid-in capital25,968 25,901 
Common Stock held in treasury, at cost (316,383,611 and 311,738,187 shares at September 30, 2025 and December 31, 2024, respectively)
(25,111)(24,511)
Accumulated other comprehensive income (loss)(2)(3,175)(6,711)
Retained earnings
34,406 33,187 
Total Prudential Financial, Inc. equity32,094 27,872 
Noncontrolling interests363 315 
Total equity32,457 28,187 
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
$776,302 $735,587 
__________
(1)See Note 4 for details of balances associated with variable interest entities.
(2)See Note 20 for additional information regarding related party transactions.


See Notes to Unaudited Interim Consolidated Financial Statements
1
Table of Contents
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2025 and 2024 (in millions, except per share amounts)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
REVENUES
Premiums (includes $1, $45, $98 and $37 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 and 2024, respectively)(1)
$9,213 $13,045 $23,195 $36,402 
Policy charges and fee income
1,133 1,111 3,539 3,252 
Net investment income
5,528 5,055 15,884 14,668 
Asset management and service fees(1)
996 984 2,962 2,984 
Other income (loss)(1)
1,720 1,285 3,412 3,214 
Realized investment gains (losses), net(1)(1,026)(1,844)(3,455)(2,318)
Change in value of market risk benefits, net of related hedging gains (losses)
324 (146)(453)(320)
Total revenues17,888 19,490 45,084 57,882 
BENEFITS AND EXPENSES
Policyholders’ benefits(1)10,132 14,027 26,453 39,485 
Change in estimates of liability for future policy benefits(1)296 180 71 (13)
Interest credited to policyholders’ account balances
1,582 863 3,545 3,248 
Dividends to policyholders416 189 820 655 
Amortization of deferred policy acquisition costs(1)
403 367 1,217 1,117 
General and administrative expenses(1)3,277 3,311 9,536 10,032 
Total benefits and expenses16,106 18,937 41,642 54,524 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
1,782 553 3,442 3,358 
Total income tax expense (benefit)
382 140 784 693 
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
1,400 413 2,658 2,665 
Equity in earnings of joint ventures and other operating entities, net of taxes
83 38 133 108 
NET INCOME (LOSS)1,483 451 2,791 2,773 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
52 3 120 (11)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.$1,431 $448 $2,671 $2,784 
EARNINGS PER SHARE
Basic earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$4.03 $1.24 $7.48 $7.68 
Diluted earnings per share-Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.$4.01 $1.24 $7.44 $7.64 
__________
(1)See Note 20 for additional information regarding related party transactions.













See Notes to Unaudited Interim Consolidated Financial Statements
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Table of Contents
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Comprehensive Income
Three and Nine Months Ended September 30, 2025 and 2024 (in millions)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
NET INCOME (LOSS)$1,483 $451 $2,791 $2,773 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments for the period
(102)844 684 (3)
Net unrealized investment gains (losses)
2,403 10,105 782 (12)
Interest rate remeasurement of future policy benefits(1)(1,082)(8,127)2,901 2,224 
Gain (loss) from changes in non-performance risk on market risk benefits
(261)54 (89)(142)
Defined benefit pension and postretirement unrecognized periodic benefit (cost)7 0 15 25 
Total965 2,876 4,293 2,092 
Less: Income tax expense (benefit) related to other comprehensive income (loss)
219 276 757 432 
Other comprehensive income (loss), net of taxes746 2,600 3,536 1,660 
Comprehensive income (loss)2,229 3,051 6,327 4,433 
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests52 3 120 (11)
Comprehensive income (loss) attributable to Prudential Financial, Inc.$2,177 $3,048 $6,207 $4,444 
__________
(1)See Note 20 for additional information regarding related party transactions.
































See Notes to Unaudited Interim Consolidated Financial Statements
 
3
Table of Contents
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Equity
Three and Nine Months Ended September 30, 2025 (in millions)
 
 Prudential Financial, Inc. Equity  
 Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Common
Stock
Held In
Treasury		Accumulated
Other
Comprehensive
Income (Loss)		Total
Prudential
Financial, Inc.
Equity		Noncontrolling
Interests		Total
Equity
Balance, December 31, 2024$6 $25,901 $33,187 $(24,511)$(6,711)$27,872 $315 $28,187 
Common Stock acquired(251)(251)(251)
Contributions from noncontrolling interests4 4 
Distributions to noncontrolling interests(21)(21)
Consolidations (deconsolidations) of noncontrolling interests13 13 
Stock-based compensation programs(30)101 71 71 
Dividends declared on Common Stock(486)(486)(486)
Comprehensive income:
Net income (loss)707 707 9 716 
Other comprehensive income (loss), net of tax1,970 1,970 0 1,970 
Total comprehensive income (loss)707 1,970 2,677 9 2,686 
Balance, March 31, 20256 25,871 33,408 (24,661)(4,741)29,883 320 30,203 
Common Stock acquired(252)(252)(252)
Contributions from noncontrolling interests1 1 
Distributions to noncontrolling interests(10)(10)
Consolidations (deconsolidations) of noncontrolling interests21 21 
Stock-based compensation programs56 27 83 83 
Dividends declared on Common Stock(485)(485)(485)
Comprehensive income:
Net income (loss)533 533 (11)522 
Other comprehensive income (loss), net of tax820 820 0 820 
Total comprehensive income (loss)533 820 1,353 (11)1,342 
Balance, June 30, 2025
6 25,927 33,456 (24,886)(3,921)30,582 321 30,903 
Common Stock acquired(252)(252)(252)
Contributions from noncontrolling interests53 53 
Distributions to noncontrolling interests(12)(12)
Consolidations (deconsolidations) of noncontrolling interests(4)(4)
Stock-based compensation programs41 27 68 68 
Dividends declared on Common Stock(481)(481)(481)
Comprehensive income:
Net income (loss)1,431 1,431 5 1,436 
Other comprehensive income (loss), net of tax746 746 0 746 
Total comprehensive income (loss)1,431 746 2,177 5 2,182 
Balance, September 30, 2025$6 $25,968 $34,406 $(25,111)$(3,175)$32,094 $363 $32,457 

















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Table of Contents
Unaudited Interim Consolidated Statements of Equity—Continued
Three and Nine Months Ended September 30, 2024 (in millions)

 Prudential Financial, Inc. Equity  
 Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Common
Stock
Held In
Treasury		Accumulated
Other
Comprehensive
Income (Loss)		Total
Prudential
Financial, Inc.
Equity
Noncontrolling
Interests(1)
Total
Equity
Balance, December 31, 2023$6 $25,746 $32,352 $(23,780)$(6,504)$27,820 $290 $28,110 
Common Stock acquired(250)(250)(250)
Distributions to noncontrolling interests(2)(2)
Stock-based compensation programs(5)139 134 134 
Dividends declared on Common Stock(476)(476)(476)
Comprehensive income:
Net income (loss)1,138 1,138 1 1,139 
Other comprehensive income (loss), net of tax(1,157)(1,157)0 (1,157)
Total comprehensive income (loss)1,138 (1,157)(19)1 (18)
Balance, March 31, 20246 25,741 33,014 (23,891)(7,661)27,209 289 27,498 
Common Stock acquired(252)(252)(252)
Contributions from noncontrolling interests4 4 
Distributions to noncontrolling interests(21)(21)
Stock-based compensation programs61 55 116 116 
Dividends declared on Common Stock(475)(475)(475)
Comprehensive income:
Net income (loss)1,198 1,198 8 1,206 
Other comprehensive income (loss), net of tax217 217 0 217 
Total comprehensive income (loss)1,198 217 1,415 8 1,423 
Balance, June 30, 2024
6 25,802 33,737 (24,088)(7,444)28,013 280 28,293 
Common Stock acquired(252)(252)(252)
Contributions from noncontrolling interests6 6 
Distributions to noncontrolling interests(1)(1)
Stock-based compensation programs48 30 78 78 
Dividends declared on Common Stock(471)(471)(471)
Comprehensive income:
Net income (loss)448 448 (10)438 
Other comprehensive income (loss), net of tax2,600 2,600 0 2,600 
Total comprehensive income (loss)448 2,600 3,048 (10)3,038 
Balance, September 30, 2024$6 $25,850 $33,714 $(24,310)$(4,844)$30,416 $275 $30,691 
__________
(1)Prior period amounts have been revised to conform to current period presentation.













See Notes to Unaudited Interim Consolidated Financial Statements
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Table of Contents
PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024 (in millions)
Nine Months Ended
September 30,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
$2,791 $2,773 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net(1)
3,455 2,318 
Change in value of market risk benefits, net of related hedging (gains) losses
453 320 
Policy charges and fee income
(1,513)(1,682)
Interest credited to policyholders’ account balances
3,545 3,248 
Depreciation and amortization
177 330 
(Gains) losses on assets supporting experience-rated contractholder liabilities, net(326)(328)
Change in:
Deferred policy acquisition costs(1)
(954)(782)
Future policy benefits and other insurance liabilities
2,639 4,526 
Reinsurance related-balances(1)(2)
(1,698)(1,343)
Income taxes
(235)143 
Derivatives, net
(658)285 
Other, net(1)(2)
(4,724)(3,628)
Cash flows from (used in) operating activities2,952 6,180 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale30,712 39,839 
Fixed maturities, trading2,890 2,504 
Assets supporting experience-rated contractholder liabilities1,093 1,172 
Equity securities5,504 4,527 
Commercial mortgage and other loans5,401 3,587 
Policy loans1,387 1,492 
Other invested assets2,092 1,383 
Short-term investments23,574 23,095 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(50,830)(53,915)
Fixed maturities, trading(4,678)(4,913)
Assets supporting experience-rated contractholder liabilities(1,455)(1,346)
Equity securities(4,166)(2,527)
Commercial mortgage and other loans(6,942)(6,360)
Policy loans(1,165)(1,179)
Other invested assets(2,386)(2,651)
Short-term investments(21,198)(25,952)
Derivatives, net(23)(97)
Other, net(1)
(345)57 
Cash flows from (used in) investing activities(20,535)(21,284)
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits30,347 27,657 
Policyholders’ account withdrawals(14,879)(14,170)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities2,117 3,393 
Cash dividends paid on Common Stock(1,451)(1,424)
Net change in financing arrangements (maturities 90 days or less)551 (536)
Common Stock acquired(746)(746)
Common Stock reissued for exercise of stock options84 142 
Proceeds from the issuance of debt (maturities longer than 90 days)1,071 1,303 
Repayments of debt (maturities longer than 90 days)(1,546)(812)
Proceeds from notes issued by consolidated VIEs496 823 
Repayments of notes issued by consolidated VIEs(187)(393)
Other, net(1)
518 737 
Cash flows from (used in) financing activities16,375 15,974 
Effect of foreign exchange rate changes on cash balances212 (105)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS(996)765 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR18,520 19,463 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$17,524 $20,228 



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PRUDENTIAL FINANCIAL, INC.
Unaudited Interim Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024 (in millions)

Nine Months Ended
September 30,
20252024
NON-CASH TRANSACTIONS DURING THE PERIOD
Treasury Stock shares issued for stock-based compensation programs$182 $214 
Significant pension risk transfer transactions(3):
Assets received, excluding Cash and cash equivalents
$0 $11,693 
Liabilities assumed0 16,020 
Net cash received$0 $4,327 
Somerset Re reinsurance transaction(4):
Reinsurance recoverables under modified coinsurance, net$0 $(578)
Unwind of Deferred policy acquisition costs ceded 0 284 
Deferred reinsurance gain
0 363 
Net cash received (paid)
$0 $69 
Prismic Re International reinsurance transaction(4):
Net assets transferred, excluding Cash and cash equivalents
$6,069 $0 
Deposit assets established for Policyholders’ account balances ceded
(6,366)0 
Unwind of Deferred policy acquisition costs ceded
219 0 
Net cash received (paid)
$(78)$0 
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Cash and cash equivalents$17,469 $20,198 
Restricted cash and restricted cash equivalents (included in “Other assets”)55 30 
Total cash, cash equivalents, restricted cash and restricted cash equivalents$17,524 $20,228 
__________
(1)See Note 20 for additional information regarding related party transactions.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)There were no non-cash pension risk transfer transactions for the nine months ended September 30, 2025.
(4)See Note 12 for additional information regarding the reinsurance agreements with Somerset Reinsurance Ltd. (“Somerset Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).





















See Notes to Unaudited Interim Consolidated Financial Statements
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Table of Contents
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION
 
Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management.

The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of 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. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements. See Note 19 for additional information regarding the Company’s segments.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits (“MRBs”); the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Out of Period Adjustments

In the first quarter of 2025, the Company recorded out of period adjustments resulting in a net charge of $150 million to “Income (loss) from operations before income taxes and equity in earnings of joint ventures and other operating entities” for the first quarter of 2025. The adjustments included an overstatement of “Reinsurance recoverables and deposit receivables” and an understatement of “Deferred policy acquisition costs.”

The impact of these adjustments, individually and in the aggregate, was not material to any previously reported quarterly or annual financial statements and is not expected to be material to the 2025 annual financial statements.

Revision of Previously Issued Financial Statements

The Company reclassified certain amounts in prior periods to conform to the current period presentation and recorded other adjustments, including the following:

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $68 million and $149 million for the three and nine months ended September 30, 2024, respectively. See Note 19 for additional information regarding adjusted operating income.

As also previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $1,372 million as of March 31, 2024, $1,267 million as of June 30, 2024 and $1,324 million as of September 30, 2024 within the Unaudited Interim Consolidated Statement of Equity.


2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

ASUs issued but not yet adopted as of September 30, 2025
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE)
This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.
Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.
The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.
Effective for fiscal years beginning after December 15, 2024, and permits early adoption.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.


3. INVESTMENTS
 
Fixed Maturity Securities
 
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 
 September 30, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$26,148 $720 $4,685 $0 $22,183 
Obligations of U.S. states and their political subdivisions5,986 141 565 0 5,562 
Foreign government securities
66,675 881 11,811 0 55,745 
U.S. public corporate securities114,633 2,118 8,923 13 107,815 
U.S. private corporate securities(1)47,916 1,054 2,007 79 46,884 
Foreign public corporate securities25,208 473 1,121 34 24,526 
Foreign private corporate securities41,190 1,634 2,668 155 40,001 
Asset-backed securities(2)18,397 187 47 1 18,536 
Commercial mortgage-backed securities10,165 86 324 0 9,927 
Residential mortgage-backed securities(3)4,363 37 165 0 4,235 
Total fixed maturities, available-for-sale(1)
$360,681 $7,331 $32,316 $282 $335,414 
__________
(1)Excludes notes with amortized cost of $15,412 million (fair value, $15,412 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)
$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 
 September 30, 2025
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$2,893 $52 $12,085 $4,633 $14,978 $4,685 
Obligations of U.S. states and their political subdivisions639 24 3,531 541 4,170 565 
Foreign government securities
8,925 502 23,937 11,309 32,862 11,811 
U.S. public corporate securities7,559 168 52,419 8,745 59,978 8,913 
U.S. private corporate securities2,947 77 24,884 1,929 27,831 2,006 
Foreign public corporate securities2,263 38 8,799 1,082 11,062 1,120 
Foreign private corporate securities777 43 17,160 2,624 17,937 2,667 
Asset-backed securities1,353 22 668 25 2,021 47 
Commercial mortgage-backed securities296 0 5,891 324 6,187 324 
Residential mortgage-backed securities365 2 1,261 163 1,626 165 
Total fixed maturities, available-for-sale$28,017 $928 $150,635 $31,375 $178,652 $32,303 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 

As of September 30, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $31,441 million and $33,437 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $862 million and $1,151 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2025, the $31,375 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities, as well as in foreign government securities. As of December 31, 2024, the $32,158 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2025. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of September 30, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: 
September 30, 2025
 Amortized CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$14,988 $14,983 
Due after one year through five years66,894 67,639 
Due after five years through ten years
63,078 63,523 
Due after ten years(1)182,796 156,571 
Asset-backed securities18,397 18,536 
Commercial mortgage-backed securities10,165 9,927 
Residential mortgage-backed securities4,363 4,235 
Total$360,681 $335,414 
__________
(1)Excludes notes with amortized cost of $15,412 million (fair value, $15,412 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
 
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$4,286 $9,406 $13,389 $23,480 
Proceeds from maturities/prepayments6,221 5,133 17,234 16,213 
Gross investment gains from sales and maturities136 357 544 952 
Gross investment losses from sales and maturities(289)(687)(829)(1,957)
Write-downs recognized in earnings(2)(16)(440)(192)(449)
(Addition to) release of allowance for credit losses(58)(66)49 (99)
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $89 million and $146 million for the nine months ended September 30, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Three Months Ended September 30, 2025
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $223 $1 $0 $0 $224 
Additions to allowance for credit losses not previously recorded0 0 71 0 0 0 71 
Reductions for securities sold during the period0 0 (1)0 0 0 (1)
Additions (reductions) on securities with previous allowance0 0 (1)0 0 0 (1)
Write-downs charged against the allowance0 0 (11)0 0 0 (11)
Change in foreign exchange0 0 0 0 0 0 0 
Balance, end of period$0 $0 $281 $1 $0 $0 $282 

Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $168 $1 $0 $0 $169 
Additions to allowance for credit losses not previously recorded0 0 59 0 0 0 59 
Reductions for securities sold during the period0 0 (7)0 0 0 (7)
Additions (reductions) on securities with previous allowance0 0 16 (1)0 0 15 
Change in foreign exchange0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nine Months Ended September 30, 2025
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 88 1 0 0 89 
Reductions for securities sold during the period0 0 (13)0 0 0 (13)
Additions (reductions) on securities with previous allowance0 0 30 0 0 0 30 
Write-downs charged against the allowance0 0 (155)0 0 0 (155)
Change in foreign exchange0 0 0 0 0 0 0 
Balance, end of period$0 $0 $281 $1 $0 $0 $282 

Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 118 0 0 0 118 
Reductions for securities sold during the period0 (30)(27)0 0 0 (57)
Additions (reductions) on securities with previous allowance0 (23)40 (2)0 0 15 
Change in foreign exchange
0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended September 30, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, basic industry and communications sectors within corporate securities primarily due to adverse projected cash flows. For the three months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical, consumer cyclical and energy sectors within corporate securities due to adverse projected cash flows.

For the nine months ended September 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to security restructures and settlements within the communications, capital goods, and consumer non-cyclical sectors within corporate securities, partially offset by net additions within the basic industry and consumer cyclical sectors within corporate securities primarily due to adverse projected cash flows. For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer non-cyclical, consumer cyclical and energy sectors within corporate securities due to adverse projected cash flows, partially offset by a net release within foreign government securities.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


The Company did not have any fixed maturity securities purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

 September 30, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$64 $61 $68 $67 
Foreign government securities
633 623 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
237 244 207 220 
Total fixed maturities(1)934 928 819 826 
Equity securities2,225 3,720 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$3,159 $4,648 $2,582 $3,707 
__________ 
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings as of both September 30, 2025 and December 31, 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both September 30, 2025 and December 31, 2024.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $337 million and $(47) million during the three months ended September 30, 2025 and 2024, respectively, and $391 million and $326 million during the nine months ended September 30, 2025 and 2024, respectively.

Fixed Maturities, Trading
 
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $140 million and $543 million during the three months ended September 30, 2025 and 2024, respectively, and $556 million and $216 million during the nine months ended September 30, 2025 and 2024, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $438 million and $179 million during the three months ended September 30, 2025 and 2024, respectively, and $583 million and $822 million during the nine months ended September 30, 2025 and 2024, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 September 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$58,910 $48,578 $56,457 $51,177 
Fixed maturities, trading19 19 18 18 
Assets supporting experience-rated contractholder liabilities555 537 472 462 
Total$59,484 $49,134 $56,947 $51,657 

 September 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale$3,727 $3,181 $2,753 $2,251 
Fixed maturities, trading78 74 44 40 
Short-term investments0 0 2 2 
Cash equivalents174 174 228 228 
Total$3,979 $3,429 $3,027 $2,521 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 September 30, 2025December 31, 2024
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$6,760 10.6 %$7,867 12.7 %
Retail5,721 9.0 5,552 9.0 
Apartments/Multi-Family19,541 30.6 17,522 28.3 
Industrial17,341 27.2 16,900 27.3 
Hospitality1,731 2.7 1,831 3.0 
Self-Storage(1)
2,226 3.5 2,194 3.5 
Health Care Senior Living(1)
1,874 2.9 1,858 3.0 
Other(1)
559 0.9 334 0.6 
Total commercial mortgage loans55,753 87.4 54,058 87.4 
Agricultural property loans8,066 12.6 7,775 12.6 
Total commercial mortgage and agricultural property loans63,819 100.0 %61,833 100.0 %
Allowance for credit losses(438)(528)
Total net commercial mortgage and agricultural property loans63,381 61,305 
Other loans:
Residential mortgage loans
692 19 
Uncollateralized loans296 595 
Other collateralized loans503 468 
Total other loans1,491 1,082 
Allowance for credit losses(59)(46)
Total net other loans1,432 1,036 
Total net commercial mortgage and other loans(2)
$64,813 $62,341 
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2025 and December 31, 2024, the net carrying value of these loans was $1,336 million and $702 million, respectively.

As of September 30, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (28%), Texas (6%) and Florida (6%) and included loans secured by properties in Europe (6%), Mexico (2%), Japan (1%) and Australia (1%).

As of September 30, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (14%), California (9%) and New York (7%).

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:

Three Months Ended September 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$450 $58 $0 $32 $14 $554 
Addition to (release of) allowance for expected losses30 3 5 9 (1)46 
Write-downs charged against the allowance
(103)0 0 0 0 (103)
Change in foreign exchange0 0 0 0 0 0 
Allowance, end of period$377 $61 $5 $41 $13 $497 

Three Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$489 $24 $0 $33 $18 $564 
Addition to (release of) allowance for expected losses(6)53 0 (1)(2)44 
Write-downs charged against the allowance0 (5)0 0 0 (5)
Change in foreign exchange0 0 0 0 0 0 
Allowance, end of period$483 $72 $0 $32 $16 $603 

Nine Months Ended September 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$407 $121 $0 $32 $14 $574 
Addition to (release of) allowance for expected losses72 90 5 9 (1)175 
Write-downs charged against the allowance
(103)(150)0 0 0 (253)
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$377 $61 $5 $41 $13 $497 

Nine Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans
Residential
Mortgage
Loans
Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$443 $16 $0 $0 $1 $460 
Addition to (release of) allowance for expected losses41 61 0 32 15 149 
Write-downs charged against the allowance
0 (5)0 0 0 (5)
Change in foreign exchange(1)0 0 0 0 (1)
Allowance, end of period$483 $72 $0 $32 $16 $603 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The CECL allowance for residential mortgage loans carried at amortized cost is determined based on the Company’s best estimate of expected credit losses over the remaining life of the assets. The determination of the allowance considers industry historical credit loss experience, current conditions, and reasonable and supportable forecasts. The calculation pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended September 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to write-downs against loan-specific reserves within commercial mortgage loans in the retail sector. For the three months ended September 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in the loan-specific reserves related to agricultural property loans.

For the nine months ended September 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to write-downs against loan-specific reserves within agricultural property loans and commercial mortgage loans in the retail sector, partially offset by increases in loan-specific reserves within agricultural property and commercial mortgage loans in the retail sector. For the nine months ended September 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in the loan-specific reserves related to agricultural property loans and commercial mortgage loans within the office sector along with the establishment of loan-specific reserves for both the collateralized and uncollateralized consumer loan portfolios.

The following table sets forth the write-downs of commercial mortgage and agricultural property loans by origination year for the nine months ended September 30, 2025:


September 30, 2025
20252024202320222021PriorTotal
(in millions)
Commercial mortgage loans$0 $0 $0 $0 $0 $103 $103 
Agricultural property loans
0 0 13 117 1 19 150
Total
$0 $0 $13 $117 $1 $122 $253 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

September 30, 2025
Amortized Cost by Origination Year
2025
2024
202320222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,130 $2,154 $2,199 $1,045 $2,401 $17,247 $59 $27,235 
60%-69.99%3,394 4,042 1,721 1,584 1,924 4,014 0 16,679 
70%-79.99%726 920 1,198 400 1,162 2,006 0 6,412 
80% or greater0 272 135 335 282 4,403 0 5,427 
Total$6,250 $7,388 $5,253 $3,364 $5,769 $27,670 $59 $55,753 
Debt Service Coverage Ratio:
Greater than 1.2x
$5,764 $6,496 $4,413 $3,094 $5,669 $24,806 $0 $50,242 
1.0 - 1.2x261 675 690 187 42 1,286 59 3,200 
Less than 1.0x225 217 150 83 58 1,578 0 2,311 
Total$6,250 $7,388 $5,253 $3,364 $5,769 $27,670 $59 $55,753 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$525 $653 $296 $970 $1,956 $1,998 $148 $6,546 
60%-69.99%72 111 554 18 10 86 58 909 
70%-79.99%0 0 0 0 6 14 0 20 
80% or greater4 0 5 426 10 103 43 591 
Total$601 $764 $855 $1,414 $1,982 $2,201 $249 $8,066 
Debt Service Coverage Ratio:
Greater than 1.2x
$601 $742 $811 $821 $1,911 $1,824 $206 $6,916 
1.0 - 1.2x0 18 34 38 48 173 0 311 
Less than 1.0x0 4 10 555 23 204 43 839 
Total$601 $764 $855 $1,414 $1,982 $2,201 $249 $8,066 
21
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

December 31, 2024
Amortized Cost by Origination Year
2024
2023
202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.

September 30, 2025
Amortized Cost by Origination Year
2025
2024
2023
2022
2021
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$637 $39 $0 $0 $0 $16 $692 
Nonperforming
0 0 0 0 0 0 0 
Total
$637 $39 $0 $0 $0 $16 $692 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

December 31, 2024
Amortized Cost by Origination Year
20242023202220212020
Prior
Total
(in millions)
Residential mortgage loans
Performance indicators:
Performing
$0 $0 $0 $0 $0 $19 $19 
Nonperforming
0 0 0 0 0 0 0 
Total
$0 $0 $0 $0 $0 $19 $19 

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

Three Months Ended September 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$0 $63 0.1 %
Agricultural property loans$0 $0 0.0 %$0 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.


Nine Months Ended September 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$335 $63 0.7 %
Agricultural property loans
$0 $0 0.0 %$3 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.

For the three and nine months ended September 30, 2024, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both September 30, 2025 and December 31, 2024.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 September 30, 2025
 Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due(1)(2)Total Past
Due		Total
Loans		Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$55,618 $0 $0 $135 $135 $55,753 $171 
Agricultural property loans7,258 0 0 808 808 8,066 858 
Residential mortgage loans
692 0 0 0 0 692 0 
Other collateralized loans503 0 0 0 0 503 0 
Uncollateralized loans296 0 0 0 0 296 25 
Total$64,367 $0 $0 $943 $943 $65,310 $1,054 
__________
(1)As of September 30, 2025, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

 December 31, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential mortgage loans
19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Loans on non-accrual status recognized interest of $1 million and $11 million for the three months ended September 30, 2025 and 2024, respectively, and $7 million and $12 million for the nine months ended September 30, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $415 million and $207 million as of September 30, 2025 and December 31, 2024, respectively.

For both the three and nine months ended September 30, 2025, there were $676 million of residential mortgage loans acquired.

For both the three and nine months ended September 30, 2025, there were no residential mortgage loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

24
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

September 30, 2025December 31, 2024
 (in millions)
LPs/LLCs:
Equity method:
Private equity$11,244 $10,615 
Hedge funds3,012 3,143 
Real estate-related2,765 2,661 
Subtotal equity method17,021 16,419 
Fair value:
Private equity911 1,076 
Hedge funds1,943 2,080 
Real estate-related851 951 
Subtotal fair value3,705 4,107 
Total LPs/LLCs20,726 20,526 
Real estate held through direct ownership(1)
1,855 1,743 
Total alternative assets22,581 22,269 
Credit-like instruments(2)
1,230 933 
Derivative instruments2,103 1,597 
Other(3)
1,751 1,552 
Total other invested assets$27,665 $26,351 
_________ 
(1)As of September 30, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $228 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

 September 30, 2025December 31, 2024
 (in millions)
Fixed maturities$3,020 $2,892 
Equity securities10 8 
Commercial mortgage and other loans241 228 
Policy loans252 236 
Other invested assets11 12 
Short-term investments and cash equivalents47 65 
Total accrued investment income$3,581 $3,441 

Write-downs on accrued investment income were $0 million and $1 million for the three months ended September 30, 2025 and 2024, respectively, and $1 million for both the nine months ended September 30, 2025 and 2024.

25
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale(1)$3,955 $3,805 $11,613 $11,100 
Fixed maturities, trading204 146 548 392 
Assets supporting experience-rated contractholder liabilities14 14 42 41 
Equity securities42 35 135 134 
Commercial mortgage and other loans719 654 2,102 1,907 
Policy loans122 127 369 368 
Other invested assets
599 331 1,413 898 
Short-term investments and cash equivalents240 299 737 881 
Gross investment income5,895 5,411 16,959 15,721 
Less: investment expenses
(367)(356)(1,075)(1,053)
Net investment income$5,528 $5,055 $15,884 $14,668 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Fixed maturities(1)$(227)$(836)$(428)$(1,553)
Commercial mortgage and other loans(54)(41)(178)(136)
Investment real estate1 2 (10)(4)
LPs/LLCs15 16 20 39 
Derivatives(2)
(539)(745)(2,333)(169)
Ceded income (loss) on modified coinsurance assets(2)(3)
(222)(245)(541)(504)
Other(2)
0 5 15 9 
Realized investment gains (losses), net$(1,026)$(1,844)$(3,455)$(2,318)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

26
Table of Contents
PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

September 30, 2025December 31, 2024
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$3 $6 
Fixed maturity securities, available-for-sale without an allowance
(24,988)(29,109)
Derivatives designated as cash flow hedges(1)
(161)1,780 
Derivatives designated as fair value hedges(1)
(171)(64)
Other investments(2)
90 106 
Net unrealized gains (losses) on investments$(25,227)$(27,281)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:

September 30, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$8,846 $0 $0 $8,846 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 452 0 452 0 327 0 327 
Foreign public corporate securities
0 8 0 8 0 19 0 19 
Commercial mortgage-backed securities631 0 0 631 0 0 0 0 
Total securities sold under agreements to repurchase$9,477 $460 $0 $9,937 $6,450 $346 $0 $6,796 

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

27
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

September 30, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies		$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		43 0 43 46 0 46 
Foreign government securities
109 0 109 122 6 128 
U.S. public corporate securities6,962 190 7,152 7,506 403 7,909 
Foreign public corporate securities1,133 18 1,151 1,181 118 1,299 
Equity securities142 0 142 238 0 238 
Total cash collateral for loaned securities(1)$8,389 $208 $8,597 $9,094 $527 $9,621 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

4. VARIABLE INTEREST ENTITIES
 
In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Consolidated Variable Interest Entities

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.

Consolidated VIEs for which the
Company is the Investment
Manager(1)
Other Consolidated VIEs

September 30,
2025		December 31,
2024		September 30,
2025		December 31,
2024
 (in millions)
Fixed maturities, available-for-sale$1,607 $1,250 $727 $716 
Fixed maturities, trading137 166 0 0 
Equity securities97 80 0 0 
Commercial mortgage and other loans681 681 356 490 
Other invested assets7,319 6,379 484 500 
Cash and cash equivalents360 308 2 0 
Accrued investment income3 6 3 3 
Other assets1,328 644 688 613 
Total assets of consolidated VIEs$11,532 $9,514 $2,260 $2,322 
Other liabilities$568 $218 $6 $1 
Notes issued by consolidated VIEs(2)1,841 1,392 27 38 
Total liabilities of consolidated VIEs$2,409 $1,610 $33 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,218 million and $3,835 million as of September 30, 2025 and December 31, 2024, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2025, the maturities of these obligations were between 0 and 13 years.
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unconsolidated Variable Interest Entities
 
The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,540 million and $1,529 million as of September 30, 2025 and December 31, 2024, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Limited Partnerships and Limited Liability Companies
 
In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $21,114 million and $21,847 million as of September 30, 2025 and December 31, 2024, respectively.
 

5. DERIVATIVES AND HEDGING
 
Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, forwards, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments
•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:
•To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Primary Risks Managed by Derivatives
 
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $2,107 million and $1,601 million as of September 30, 2025 and December 31, 2024, respectively, and total derivative liabilities of $5,465 million and $4,751 million as of September 30, 2025 and December 31, 2024, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Primary Underlying Risk /Instrument TypeSeptember 30, 2025December 31, 2024
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$5,044 $29 $(308)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards4,856 34 (240)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps33,593 1,407 (1,490)31,301 2,652 (368)
Total Derivatives Designated as Hedge Accounting Instruments$43,503 $1,470 $(2,038)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$247,972 $9,969 $(22,804)$228,392 $11,272 $(24,802)
Interest Rate Futures10,668 4 (24)9,773 6 (21)
Interest Rate Options29,725 111 (1,244)34,005 430 (1,583)
Interest Rate Forwards4,103 35 (3)2,544 9 (80)
Interest Rate Total Return Swaps
1,597 11 (2)485 4 (2)
Foreign Currency
Foreign Currency Forwards35,930 843 (866)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,377 417 (179)7,525 658 (129)
Credit
Credit Default Swaps6,280 109 0 4,027 90 0 
Equity
Equity Futures1,001 7 (1)2,019 6 (7)
Equity Options195,342 9,467 (7,669)104,438 4,507 (3,790)
Equity Total Return Swaps
14,657 1,313 (1,269)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs76,991 0 0 76,416 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$632,893 $22,286 $(34,061)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$676,396 $23,756 $(36,099)$548,831 $21,694 $(32,892)
__________
(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,578 million (including the Prismic funds withheld related embedded derivative net liability of $126 million) and $11,783 million (including the Prismic funds withheld related embedded derivative net liability of $(91) million) as of September 30, 2025 and December 31, 2024, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”    
(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of September 30, 2025, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.

September 30, 2025December 31, 2024
Balance Sheet Line Item in which Hedged Item is RecordedCarrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
(in millions)
Fixed maturities, available-for-sale, at fair value$652 $16 $216 $11 
Policyholders’ account balances$(1,585)$281 $(1,510)$327 
Future policy benefits$(2,439)$264 $(2,280)$423 
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.

Offsetting Assets and Liabilities
 
The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 September 30, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$23,616 $(21,649)$1,967 $(963)$1,004 
Securities purchased under agreement to resell
0 0 0 0 0 
Total Assets
$23,616 $(21,649)$1,967 $(963)$1,004 
Offsetting of Financial Liabilities:
Derivatives$36,099 $(30,634)$5,465 $(5,027)$438 
Securities sold under agreement to repurchase
9,937 0 9,937 (9,306)631 
Total Liabilities
$46,036 $(30,634)$15,402 $(14,333)$1,069 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell
277 0 277 (277)0 
Total Assets
$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase
6,796 0 6,796 (6,796)0 
Total Liabilities
$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
 
Cash Flow, Fair Value and Net Investment Hedges
 
The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships.

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(2)$0 $1 $0 $0 $(1)$(2)$0 
Currency0 0 0 0 0 0 (33)0 
Total gains (losses) on derivatives designated as hedge instruments(2)0 1 0 0 (1)(35)0 
Gains (losses) on the hedged item:
Interest Rate1 0 6 0 0 (3)(2)0 
Currency0 0 0 0 0 0 33 0 
Total gains (losses) on hedged item1 0 6 0 0 (3)31 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (4)(4)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (4)(4)
Total gains (losses) on fair value hedges net of hedged item(1)0 7 0 0 (4)(8)(4)
Cash flow hedges
Interest Rate0 0 (3)0 0 0 0 3 
Currency0 0 0 0 0 0 0 52 
Currency/Interest Rate11 0 79 28 0 0 0 381 
Total gains (losses) on cash flow hedges11 0 76 28 0 0 0 436 
Net investment hedges
Currency0 0 0 0 0 0 0 6 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 6 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate64 (196)0 0 0 0 0 0 
Currency(27)0 0 1 0 0 0 0 
Currency/Interest Rate111 0 0 (1)0 0 0 0 
Credit30 0 0 0 0 0 0 0 
Equity1,975 (365)0 0 0 0 0 0 
Embedded Derivatives(2)
(2,702)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(549)(561)0 0 0 0 0 0 
Total$(539)$(561)$83 $28 $0 $(4)$(8)$438 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(8)$0 $1 $0 $0 $40 $26 $0 
Currency0 0 0 0 0 0 130 0 
Total gains (losses) on derivatives designated as hedge instruments(8)0 1 0 0 40 156 0 
Gains (losses) on the hedged item:
Interest Rate6 0 13 0 0 (46)(31)0 
Currency0 0 0 0 0 0 (129)0 
Total gains (losses) on hedged item6 0 13 0 0 (46)(160)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (10)(107)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (10)(107)
Total gains (losses) on fair value hedges net of hedged item(2)0 14 0 0 (6)(14)(107)
Cash flow hedges
Interest Rate0 0 (10)0 0 0 0 12 
Currency0 0 0 0 0 0 0 (90)
Currency/Interest Rate19 0 268 (463)0 0 0 (1,863)
Total gains (losses) on cash flow hedges19 0 258 (463)0 0 0 (1,941)
Net investment hedges
Currency0 0 0 0 0 0 0 (49)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (49)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate38 (326)0 0 0 0 0 0 
Currency(614)0 0 (1)0 0 0 0 
Currency/Interest Rate(260)0 0 (6)0 0 0 0 
Credit71 0 0 0 0 0 0 0 
Equity2,990 (755)0 0 0 0 0 0 
Embedded Derivatives(2)
(4,353)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,128)(1,081)0 (7)0 0 0 0 
Total$(2,111)$(1,081)$272 $(470)$0 $(6)$(14)$(2,097)
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(7)$0 $0 $0 $0 $67 $74 $0 
Currency0 0 0 0 0 0 108 0 
Total gains (losses) on derivatives designated as hedge instruments(7)0 0 0 0 67 182 0 
Gains (losses) on the hedged item:
Interest Rate7 0 3 0 0 (70)(79)0 
Currency0 0 0 0 0 0 (107)0 
Total gains (losses) on hedged item7 0 3 0 0 (70)(186)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)(94)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)(94)
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 (3)(6)(94)
Cash flow hedges
Interest Rate0 0 (5)0 0 0 0 19 
Currency0 0 0 0 0 0 0 (69)
Currency/Interest Rate30 0 83 (230)0 0 0 (755)
Total gains (losses) on cash flow hedges30 0 78 (230)0 0 0 (805)
Net investment hedges
Currency0 0 0 0 0 0 0 (15)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (15)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate758 700 0 0 0 0 0 0 
Currency(19)0 0 0 0 0 0 0 
Currency/Interest Rate(152)0 0 (2)0 0 0 0 
Credit33 0 0 0 0 0 0 0 
Equity641 (354)0 0 0 0 0 0 
Embedded Derivatives(2)
(2,036)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(775)346 0 (2)0 0 0 0 
Total$(745)$346 $81 $(232)$0 $(3)$(6)$(914)

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(1)$0 $0 $0 $0 $(3)$(8)$0 
Currency0 0 0 0 0 0 93 0 
Total gains (losses) on derivatives designated as hedge instruments(1)0 0 0 0 (3)85 0 
Gains (losses) on the hedged item:
Interest Rate1 0 9 0 0 4 (16)0 
Currency0 0 0 0 0 0 (93)0 
Total gains (losses) on hedged item1 0 9 0 0 4 (109)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (7)(103)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (7)(103)
Total gains (losses) on fair value hedges net of hedged item0 0 9 0 0 1 (31)(103)
Cash flow hedges
Interest Rate(14)0 (12)0 0 0 0 20 
Currency0 0 0 0 0 0 0 (45)
Currency/Interest Rate58 0 241 (145)0 0 0 (150)
Total gains (losses) on cash flow hedges44 0 229 (145)0 0 0 (175)
Net investment hedges
Currency0 0 0 0 0 0 0 (2)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (2)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(275)(712)0 0 0 0 0 0 
Currency(58)0 0 (1)0 0 0 0 
Currency/Interest Rate21 0 0 (2)0 0 0 0 
Credit89 0 0 0 0 0 0 0 
Equity2,681 (914)0 0 0 0 0 0 
Embedded Derivatives(2)
(2,671)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(213)(1,626)0 (3)0 0 0 0 
Total$(169)$(1,626)$238 $(148)$0 $1 $(31)$(280)
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $24 million and $(64) million for the three and nine months ended September 30, 2025, respectively, and $(122) million and $(21) million for the three and nine months ended September 30, 2024, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $(81) million and $(217) million for the three and nine months ended September 30, 2025, respectively, and $(543) million and $(71) million for the three and nine months ended September 30, 2024, respectively.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in millions)
Balance, December 31, 2024$1,780 
Amount recorded in AOCI:
Interest Rate2 
Currency(96)
Currency/Interest Rate(2,039)
Total amount recorded in AOCI(2,133)
Amount reclassified from AOCI to income:
Interest Rate10 
Currency6 
Currency/Interest Rate176 
Total amount reclassified from AOCI to income192 
Balance, September 30, 2025$(161)

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2025 values, it is estimated that a pre-tax gain of $279 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 26 years.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $29 million and $(113) million for the three and nine months ended September 30, 2025, respectively, and $(136) million and $(23) million for the three and nine months ended September 30, 2024, respectively.

Credit Derivatives
 
The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

September 30, 2025
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 5,248 64 0 0 0 0 816 45 6,064 109 
Total$0 $0 $0 $0 $5,248 $64 $0 $0 $0 $0 $816 $45 $6,064 $109 

December 31, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
_________
(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, an NAIC 6 rating is used.
(2)The NAIC rating designation is due to approximately 3% and 4% of the index reference name rated as NAIC 6 as of September 30, 2025 and December 31, 2024, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of September 30, 2025 and December 31, 2024, the Company had $216 million and $0 million of outstanding notional amounts, respectively, and reported at fair value as a liability of $0 million and an asset of $0 million, respectively.

Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“OTC”) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

As of September 30, 2025, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

6. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
 
Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in our valuation techniques during the period represented by these Unaudited Interim Consolidated Financial Statements.




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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

 September 30, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $22,183 $0 $$22,183 
Obligations of U.S. states and their political subdivisions0 5,557 5 5,562 
Foreign government securities
0 55,740 5 55,745 
U.S. corporate public securities0 107,745 70 107,815 
U.S. corporate private securities(2)0 42,343 4,541 46,884 
Foreign corporate public securities0 24,486 40 24,526 
Foreign corporate private securities0 38,227 1,774 40,001 
Asset-backed securities(3)0 14,805 3,731 18,536 
Commercial mortgage-backed securities0 9,048 879 9,927 
Residential mortgage-backed securities0 4,230 5 4,235 
Subtotal0 324,364 11,050 335,414 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 244 0 244 
Foreign government securities
0 623 0 623 
Corporate securities0 61 0 61 
Equity securities2,074 1,646 0 3,720 
Subtotal2,074 2,574 0 4,648 
Market risk benefit assets0 0 2,252 2,252 
Fixed maturities, trading0 11,918 2,657 14,575 
Equity securities
6,102 2,061 631 8,794 
Commercial mortgage and other loans0 1,073 263 1,336 
Other invested assets(4)640 23,116 1,012 (21,649)3,119 
Short-term investments965 4,674 31 5,670 
Cash equivalents795 9,153 0 9,948 
Reinsurance recoverables and deposit receivables0 137 353 490 
Separate account assets(5)(6)9,887 160,849 239 170,975 
Total assets$20,463 $539,919 $18,488 $(21,649)$557,221 
Market risk benefit liabilities$0 $0 $4,771 $$4,771 
Policyholders’ account balances0 0 17,956 17,956 
Reinsurance and funds withheld payables0 108 0 108 
Other liabilities569 35,530 0 (30,634)5,465 
Notes issued by consolidated VIEs0 0 313 313 
Total liabilities$569 $35,638 $23,040 $(30,634)$28,613 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities
0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables0 (118)0 (118)
Other liabilities28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(8,986) million and $(8,049) million as of September 30, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $15,412 million (carrying amount of $15,412 million) and $14,748 million (carrying amount of $14,748 million) as of September 30, 2025 and December 31, 2024, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of September 30, 2025 and December 31, 2024, the fair value of such investments was $4,909 million and $5,021 million, respectively.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of September 30, 2025 and December 31, 2024, the fair value of such investments was $27,565 million and $26,700 million, respectively.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(6)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.


















































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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 As of September 30, 2025
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$7,428 Discounted
cash flow		Discount rate1.05%21.17%8.70%Decrease
Market comparables
EBITDA multiple(4)
0.1X8.8X3.0XIncrease
LiquidationLiquidation value28.00%84.21%46.18%Increase
Asset backed securities$1,445 Discounted
cash flow
Discount rate
1.00%9.91%3.56%Decrease
Liquidity premium
0.10%1.85%0.82%Decrease
Commercial mortgage-backed securities$871 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)$2,252 Discounted
cash flow		Lapse rate(8)1%20%Increase
Spread over SOFR(9)0.33%1.65%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve15%25%Decrease
Equity securities$216 Discounted
cash flow		Discount rate(5)15.85%40.00%Decrease
Market comparables
EBITDA multiple(4)
7.5X7.5X7.5XIncrease
Net Asset ValueShare price$3$1,809$758Increase
Commercial mortgage and other loans$263 Discounted
cash flow		Spread2.25%3.40%2.65%Decrease
Reinsurance recoverables and deposit receivables$353 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.33%1.65%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,771 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.33%1.65%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)$17,890 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.33%1.65%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(2)%9%Increase
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 As of December 31, 2024
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)$2,331 Discounted cash flowLapse rate(8)1%20%Increase
Spread over SOFR(9)0.29%1.71%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 Discounted
cash flow		Discount rate(5)0.16%40.00%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,455 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.29%1.71%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
 Equity volatility curve16%25%Increase
Policyholders’ account balances(7)$12,741 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.29%1.73%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(1)%7%Increase
___________ 
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities, available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.
(3)Excludes notes which have been offset with the associated debt under a netting agreement.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(4)Represents multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)For these investments, a range of discount rates is typically used and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.
(6)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(7)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(8)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(10)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(11)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both September 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(12)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs—In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities—The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

Three Months Ended September 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$5 $0 $1 $0 $0 $0 $0 $(1)$0 $5 $0 
Foreign government5 0 0 0 0 0 0 0 0 5 0 
Corporate securities(3)6,660 (21)210 (24)0 (341)(5)4 (58)6,425 (38)
Structured securities(4)4,328 43 453 0 0 (118)(1)112 (202)4,615 44 
Other assets:
Fixed maturities, trading2,090 1 596 (2)0 (54)0 25 1 2,657 (1)
Equity securities601 21 16 (7)0 (2)(9)11 0 631 20 
Commercial mortgage and other loans
263 0 0 0 0 0 0 0 0 263 0 
Other invested assets978 (10)48 (1)0 (2)0 0 (1)1,012 (11)
Short-term investments18 0 15 2 0 (2)0 (1)(1)31 0 
Cash equivalents1 0 1 0 0 0 (2)0 0 0 0 
Reinsurance recoverables and deposit receivables
367 (37)45 0 0 (22)0 0 0 353 (59)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
252 7 18 (14)0 (10)0 (1)(13)239 6 
Liabilities:
Policyholders’ account balances(5)
(15,289)(2,445)0 0 (219)0 (3)0 0 (17,956)1 
Other liabilities(15)15 0 0 0 0 0 0 0 0 15 
Notes issued by consolidated VIEs(195)0 0 0 (293)175 0 0 0 (313)0 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(41)$0 $0 $64 $(1)$(58)$0 $0 $64 
Other assets:
Fixed maturities, trading0 1 0 0 0 0 (1)0 0 
Equity securities0 21 0 0 0 0 20 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(11)1 0 1 (1)(10)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
(37)0 0 0 0 (59)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 7 0 0 0 0 6 0 
Liabilities:
Policyholders’ account balances(2,445)0 0 0 0 1 0 0 0 
Other liabilities15 0 0 0 0 15 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

Nine Months Ended September 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $0 $0 $(1)$0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (47)1,917 (495)0 (943)(35)256 (59)6,425 (72)
Structured securities(4)2,333 52 2,181 (169)0 (351)(172)1,176 (435)4,615 56 
Other assets:
Fixed maturities, trading1,986 (34)1,308 (273)0 (392)183 28 (149)2,657 (40)
Equity securities518 8 232 (65)0 (3)(9)131 (181)631 1 
Commercial mortgage and other loans
233 0 0 0 30 0 0 0 0 263 0 
Other invested assets953 (14)106 (32)0 (2)1 0 0 1,012 (15)
Short-term investments461 0 38 (453)0 (13)(2)0 0 31 0 
Cash equivalents0 0 3 0 0 (1)(2)0 0 0 0 
Reinsurance recoverables and deposit receivables
613 (36)66 0 0 (56)(234)0 0 353 (92)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 15 103 (51)0 (41)0 4 (23)239 14 
Liabilities:
Policyholders’ account balances(5)
(12,746)(3,988)0 0 (1,215)0 (7)0 0 (17,956)238 
Other liabilities(1)1 0 0 0 0 0 0 0 0 1 
Notes issued by consolidated VIEs(60)0 0 0 (424)175 (4)0 0 (313)0 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(72)$0 $0 $82 $(5)$(91)$0 $0 $75 
Other assets:
Fixed maturities, trading0 (33)0 0 (1)0 (40)0 0 
Equity securities0 8 0 0 0 0 1 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets(1)(14)0 0 1 (1)(14)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
(36)0 0 0 0 (92)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 15 0 0 0 0 14 0 
Liabilities:
Policyholders’ account balances(3,988)0 0 0 0 238 0 0 0 
Other liabilities1 0 0 0 0 1 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $1 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government7 0 0 0 0 1 0 (1)0 7 0 
Corporate securities(3)5,003 (12)694 (52)0 (112)28 81 (16)5,614 (20)
Structured securities(4)2,052 65 230 (55)0 (7)2 8 (15)2,280 62 
Other assets:
Fixed maturities, trading1,520 49 322 (1)0 (15)1 65 (327)1,614 49 
Equity securities556 7 47 (20)0 0 0 0 0 590 7 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets938 (15)3 0 0 0 2 0 0 928 (14)
Short-term investments9 0 456 0 0 0 3 0 0 468 0 
Cash equivalents4 0 0 0 0 0 (4)0 1 1 0 
Reinsurance recoverables and deposit receivables363 10 63 0 0 (14)88 0 0 510 (4)
Other assets
0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
342 4 176 (208)0 (3)0 12 (51)272 0 
Liabilities:
Policyholders’ account balances(5)
(10,213)(1,096)0 0 (711)0 43 0 0 (11,977)274 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)0 
Notes issued by consolidated VIEs(422)3 0 0 (21)0 0 0 0 (440)3 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(72)$0 $0 $119 $7 $(66)$0 $0 $108 
Other assets:
Fixed maturities, trading0 49 0 0 0 0 49 0 0 
Equity securities0 7 0 0 0 0 7 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (15)0 0 0 1 (15)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables10 0 0 0 0 (4)0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 4 0 0 0 0 0 0 
Liabilities:
Policyholders’ account balances(1,096)0 0 0 0 274 0 0 0 
Other liabilities(1)0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 3 0 0 0 0 3 0 0 

 Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government8 0 0 0 0 0 0 (1)0 7 0 
Corporate securities(3)4,806 (101)1,513 (85)0 (620)(126)243 (16)5,614 (120)
Structured securities(4)1,297 58 1,822 (56)0 (82)(491)67 (335)2,280 51 
Other assets:
Fixed maturities, trading429 44 1,216 (23)0 (131)0 467 (388)1,614 49 
Equity securities512 0 122 (36)0 (5)6 1 (10)590 (3)
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets846 (62)125 (2)0 0 21 0 0 928 (62)
Short-term investments29 1 463 0 0 (6)(19)0 0 468 0 
Cash equivalents4 0 4 0 0 0 (8)0 1 1 0 
Reinsurance recoverables and deposit receivables224 61 177 0 0 (40)88 0 0 510 21 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (50)312 (1,032)0 (7)0 12 (57)272 (14)
Liabilities:
Policyholders’ account balances(5)
(7,752)(2,472)0 0 (1,798)0 45 0 0 (11,977)1,023 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)(1)
Notes issued by consolidated VIEs(778)(5)0 0 (48)0 391 0 0 (440)(5)

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(135)$0 $0 $70 $22 $(124)$0 $0 $55 
Other assets:
Fixed maturities, trading0 43 0 0 1 0 49 0 0 
Equity securities0 0 0 0 0 0 (3)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (62)0 0 0 0 (62)0 0 
Short-term investments0 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables61 0 0 0 0 21 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (50)0 0 0 0 (14)0 
Liabilities:
Policyholders’ account balances(2,472)0 0 0 0 1,023 0 0 0 
Other liabilities(1)0 0 0 0 (1)0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 (5)0 0 
__________
(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,252 million and $2,134 million and MRB liabilities of $4,771 million and $5,178 million for the periods ended September 30, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Derivative Fair Value Information
 
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 As of September 30, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$4 $10,155 $0 $$10,159 
Currency0 877 0 877 
Credit0 109 0 109 
Currency/Interest Rate0 1,824 0 1,824 
Equity636 10,151 0 10,787 
Netting(1)(21,649)(21,649)
Total derivative assets$640 $23,116 $0 $(21,649)$2,107 
Derivative Liabilities:
Interest Rate$24 $24,361 $0 $$24,385 
Currency0 1,106 0 1,106 
Credit0 0 0 0 
Currency/Interest Rate0 1,669 0 1,669 
Equity545 8,394 0 8,939 
Netting(1)(30,634)(30,634)
Total derivative liabilities$569 $35,530 $0 $(30,634)$5,465 

 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________ 
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Three Months Ended September 30, 2025
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$1 $0 $0 $0 $0 $0 $0 $0 $0 $1 $0 
Net Derivative - Interest Rate(15)15 0 0 0 0 0 0 0 0 15 

Nine Months Ended September 30, 2025
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $1 $0 $0 $0 $0 $0 $0 $0 $1 $1 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 

Three Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate1 (1)0 0 0 0 0 0 0 0 0 

Nine Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0 
__________ 
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were adjusted to fair value during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Gains (Losses):
Investment real estate$0 $(9)$(12)$(12)
Investment in JV/LP and Other
$0 $0 $0 $(7)
Equity securities
$17 $0 $17 $0 

September 30, 2025December 31, 2024
(in millions)
Carrying value after measurement as of period end:
Investment real estate(1)
$46 $73 
Investment in JV/LP and Other(1)
$0 $128 
Equity securities(1)
$32 $0 
__________ 
(1)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate” and September 30, 2025 for “Equity securities.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”

Fair Value Option
 
The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.
 
The following tables present information regarding assets and liabilities where the fair value option has been elected.

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$0$(3)$0$5

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Commercial mortgage and other loans:
Interest income$13 $7 $30 $10 
Notes issued by consolidated VIEs:
Interest expense$5 $4 $7 $14 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

September 30, 2025December 31, 2024
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$1,336 $702 
Aggregate contractual principal as of period end$1,328 $697 
Other invested assets:
Fair value as of period end$26 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$313 $60 
Aggregate contractual principal as of period end$313 $60 
__________ 
(1)As of September 30, 2025, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.


Fair Value of Financial Instruments
 
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

 September 30, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $16 $61,917 $61,933 $63,477 
Policy loans11 0 9,940 9,951 9,951 
Other invested assets0 93 0 93 93 
Short-term investments578 0 0 578 578 
Cash and cash equivalents6,948 573 0 7,521 7,521 
Accrued investment income0 3,581 0 3,581 3,581 
Reinsurance recoverables and deposit receivables
0 9 5,939 5,948 5,948 
Other assets55 3,263 2 3,320 3,320 
Total assets$7,592 $7,535 $77,798 $92,925 $94,469 
Liabilities:
Policyholders’ account balances—investment contracts$0 $34,570 $50,458 $85,028 $89,528 
Securities sold under agreements to repurchase0 9,937 0 9,937 9,937 
Cash collateral for loaned securities0 8,597 0 8,597 8,597 
Reinsurance and funds withheld payables(2)
0 10,398 (25)10,373 10,373 
Short-term debt
0 1,368 0 1,368 1,386 
Long-term debt(3)
1,231 16,671 573 18,475 18,797 
Notes issued by consolidated VIEs0 0 1,555 1,555 1,555 
Other liabilities0 7,361 31 7,392 7,392 
Separate account liabilities—investment contracts0 22,731 18,181 40,912 40,912 
Total liabilities$1,231 $111,633 $70,773 $183,637 $188,477 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs0 0 1,370 1,370 1,370 
Other liabilities0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________ 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,707 million (carrying amount of $7,707 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of September 30, 2025 and December 31, 2024, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,412 million (carrying amount of $15,412 million) and $14,748 million (carrying amount of $14,748 million) as of September 30, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

7. DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED

Deferred Policy Acquisition Costs (“DAC”)

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:

Nine Months Ended September 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization431 145 523 912 2,011 
Amortization expense(349)(155)(174)(521)(1,199)
Other adjustments(1)
17 1 5 (213)(190)
Foreign currency adjustment0 0 0 282 282 
Balance, EOP$3,812 $2,206 $5,232 $9,764 21,014 
Other businesses454 
Total DAC balance$21,468 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.


Nine Months Ended September 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Total
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization302 138 517 869 1,826 
Amortization expense(286)(156)(184)(502)(1,128)
Other adjustments(2)
0 0 (280)(45)(325)
Foreign currency adjustment0 0 0 (115)(115)
Balance, EOP$3,692 $2,219 $5,417 $9,558 20,886 
Other businesses296 
Total DAC balance$21,182 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with Somerset Re in Individual Life (Universal Life). See Note 12 for additional information.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Deferred Sales Inducements (“DSI”)

The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

Nine Months Ended September 30,
20252024
(in millions)
Balance, BOP
$376 $410 
Capitalization
4 2 
Amortization expense
(25)(27)
Balance, EOP
355 385 
Other businesses
28 31 
Total DSI balance
$383 $416 


Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Nine Months Ended September 30,
20252024
(in millions)
Balance, BOP
$421 $511 
Amortization expense
(30)(31)
Foreign currency adjustment
26 (9)
Balance, EOP
417 471 
Other businesses(1)
13 17 
Total VOBA balance
$430 $488 
__________
(1)Represents Aoba Life business.

The following table provides estimated future amortization for the periods indicated:

2025 (October - December)
2026202720282029ThereafterTotal
(in millions)
Estimated future VOBA amortization$11 $39 $35 $32 $29 $284 $430 


8. SEPARATE ACCOUNTS
 
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses).”

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

September 30,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,808 $4,674 
Obligations of U.S. states and their political subdivisions
2,512 2,224 
Foreign government bonds
104 93 
U.S. corporate securities
12,529 11,440 
Foreign corporate securities
3,204 3,010 
Asset-backed securities
2,084 1,283 
Mortgage-backed securities
13,503 14,144 
Mutual funds:
Equity
93,123 90,180 
Fixed Income
31,545 33,828 
Other
6,264 5,439 
Equity securities
5,475 4,845 
Commercial mortgage and other loans
55 54 
Other invested assets
19,981 19,352 
Short-term investments
1,032 1,137 
Cash and cash equivalents
2,321 1,669 
Total
$198,540 $193,372 

For the periods ended September 30, 2025 and December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Nine Months Ended September 30, 2025
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits7,447 252 423 135 3,047 11,304 
Investment performance1,602 610 8,403 1,962 5,607 18,184 
Policy charges(49)(7)(1,506)(235)(931)(2,728)
Surrenders and withdrawals(5,079)(410)(10,575)(111)(936)(17,111)
Benefit payments(2,756)(423)(77)(236)(434)(3,926)
Net transfers (to) from general account(68)(158)(10)20 (432)(648)
Other(8)12 4 327 120 455 
Balance, EOP$29,734 $9,184 $83,636 $26,988 $52,932 $202,474 
Other businesses(1)(3,934)
Total separate account liabilities$198,540 
Cash surrender value(2)$29,734 $9,184 $82,898 $26,897 $49,137 $197,850 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Nine Months Ended September 30, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
13,071 128 426 400 2,589 16,614 
Investment performance
(277)474 10,170 1,675 6,429 18,471 
Policy charges
(58)(9)(1,690)(218)(861)(2,836)
Surrenders and withdrawals
(12,571)(961)(10,315)(346)(776)(24,969)
Benefit payments
(2,645)(401)(65)(238)(321)(3,670)
Net transfers (to) from general account
(74)(66)(50)(29)(398)(617)
Other
(763)36 5 (244)49 (917)
Balance, EOP
$29,331 $10,212 $92,611 $26,021 $45,934 204,109 
Other businesses(1)
(3,559)
Total separate account liabilities
$200,550 
Cash surrender value(2)
$29,331 $10,212 $91,617 $25,919 $42,454 $199,533 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

9. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;
•Deferred Profit Liability (“DPL”); and
•Additional Insurance Reserves (“AIR”)

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. The impact was favorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Individual Life Insurance, partially offset by unfavorable updates for morbidity in Long-Term Care (“LTC”) and mortality in Institutional Retirement Strategies. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. The impact was favorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and LTC, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees in Individual Life.

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Nine Months Ended September 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(96)(86)(573)67 (688)
Adjusted balance, BOP87,144 10,975 46,805 3,061 147,985 
Issuances12,705 620 2,215 0 15,540 
Net premiums / considerations collected(7,544)(1,038)(5,134)(238)(13,954)
Interest accrual2,702 396 1,091 107 4,296 
Foreign currency adjustment7,243 0 1,766 0 9,009 
Other adjustments0 44 78 0 122 
Balance at original discount rate, EOP102,250 10,997 46,821 2,930 162,998 
Effect of cumulative changes in discount rate assumptions, EOP(15,914)(242)(3,046)(49)(19,251)
Balance, EOP$86,336 $10,755 $43,775 $2,881 143,747 
Other businesses, EOP111 
Total balance, EOP$143,858 



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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Nine Months Ended September 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(31)(105)(687)58 (765)
Adjusted balance, BOP171,957 19,633 151,619 12,798 356,007 
Issuances12,705 620 2,215 0 15,540 
Interest accrual5,393 707 3,557 461 10,118 
Benefit payments(11,248)(1,180)(6,204)(270)(18,902)
Foreign currency adjustment7,310 0 5,638 0 12,948 
Other adjustments32 33 197 0 262 
Balance at original discount rate, EOP186,149 19,813 157,022 12,989 375,973 
Effect of cumulative changes in discount rate assumptions, EOP(19,060)(503)(23,923)(1,255)(44,741)
Balance, EOP$167,089 $19,310 $133,099 $11,734 331,232 
Other businesses, EOP1,700 
Total balance, EOP$332,932 

Nine Months Ended September 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$80,753 $8,555 $89,324 $8,853 $187,485 
Flooring impact, EOP102 0 84 0 186 
Balance, EOP, post-flooring80,855 8,555 89,408 8,853 187,671 
Less: Reinsurance recoverables
5,215 613 333 0 6,161 
Balance after reinsurance recoverables, EOP, post-flooring
$75,640 $7,942 $89,075 $8,853 181,510 
Other businesses, EOP(1)1,533 
Total balance after reinsurance recoverables, EOP
$183,043 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,762)147 (1,286)
Adjusted balance, BOP83,851 11,318 54,024 3,173 152,366 
Issuances19,730 631 2,584 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(5,377)(241)(27,348)
Interest accrual2,150 397 1,160 113 3,820 
Foreign currency adjustment3,993 0 (766)0 3,227 
Other adjustments0 3 95 0 98 
Balance at original discount rate, EOP89,033 11,310 51,720 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(1,400)6 (15,786)
Balance, EOP$74,750 $11,201 $50,320 $3,051 139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 

Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,738)155 (1,185)
Adjusted balance, BOP 156,043 19,967 164,525 12,503 353,038 
Issuances 19,730 631 2,584 0 22,945 
Interest accrual 4,633 707 3,551 454 9,345 
Benefit payments (9,743)(1,173)(7,180)(240)(18,336)
Foreign currency adjustment 4,046 0 (1,933)0 2,113 
Other adjustments 17 (7)204 0 214 
Balance at original discount rate, EOP 174,726 20,125 161,751 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP (16,145)(152)(11,572)(567)(28,436)
Balance, EOP $158,581 $19,973 $150,179 $12,150 340,883 
Other businesses, EOP 1,709 
Total balance, EOP $342,592 


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $83,831 $8,773 $99,860 $9,099 $201,563 
Flooring impact, EOP 82 0 39 0 121 
Balance, EOP, post-flooring 83,913 8,773 99,899 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 388 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $99,511 $9,099 195,096 
Other businesses, EOP(1) 1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
__________
(1)Reflects balance after reinsurance recoverables of $56 million and $62 million at September 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:

Nine Months Ended September 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$176,746 $23,095 $106,242 $6,460 
Discounted expected future gross premiums (at original discount rate) $110,063 $15,638 $82,976 $4,350 
Discounted expected future gross premiums (at current discount rate) $92,638 $15,344 $77,925 $4,286 
Undiscounted expected future benefits and expenses $303,389 $30,660 $258,241 $29,515 
Weighted-average duration of the liability in years (at original discount rate) 891716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.79 %5.12 %3.01 %4.91 %
Weighted-average interest rate (at current discount rate) 5.27 %5.19 %4.17 %5.67 %

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $114,573 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $90,343 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $88,388 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $265,821 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 8101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %2.97 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.30 %5.24 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For the first nine months of 2025, there was a $63 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by a $4 million gain reflecting the impact of ceded reinsurance. The unfavorable impact in the first nine months of 2025 is primarily due to new pension risk transfer business sold in Institutional Retirement Strategies, for which the present value of expected benefits at the required discount rate exceeds the premium paid.

For the first nine months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

Deferred Profit Liability

The balances of and changes in DPL as of and for the period indicated are as follows:

Nine Months Ended September 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 12 20 32 
Adjusted balance, BOP 5,609 9,314 14,923 
Profits deferred 112 1,934 2,046 
Interest accrual 173 262 435 
Amortization (430)(1,593)(2,023)
Foreign currency adjustment 20 297 317 
Other adjustments 0 32 32 
Balance, EOP, pre-flooring 5,484 10,246 15,730 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,484 10,248 15,732 
Less: Reinsurance recoverables
381 45 426 
Balance after reinsurance recoverables, EOP, post-flooring
$5,103 $10,203 15,306 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,471 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (69)(53)(122)
Adjusted balance, BOP 5,916 8,916 14,832 
Profits deferred 112 2,038 2,150 
Interest accrual 177 238 415 
Amortization (441)(1,588)(2,029)
Foreign currency adjustment 14 (108)(94)
Other adjustments 0 22 22 
Balance, EOP, pre-flooring 5,778 9,518 15,296 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,778 9,521 15,299 
Less: Reinsurance recoverables
396 41 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $9,480 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 
_________
(1)Prior period amounts have been updated to conform to current period presentation.

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity143 315 
Adjusted balance, BOP17,112 15,619 
Assessments collected(1)856 852 
Interest accrual440 399 
Benefits paid(311)(268)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring18,134 16,615 
Flooring impact and amounts in AOCI(418)(352)
Balance, including amounts in AOCI, EOP, post-flooring17,716 16,263 
Less: Reinsurance recoverables
10,450 8,287 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,266 7,976 
Other businesses145 75 
Total balance after reinsurance recoverables
$7,411 $8,051 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.37 %3.40 %

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Nine Months Ended September 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$189,260 $203,297 
Deferred Profit Liability EOP, post-flooring15,897 15,455 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,861 16,338 
Subtotal of amounts disclosed above223,018 235,090 
Other Future Policy Benefits reserves(1)49,535 50,384 
Total Future Policy Benefits$272,553 $285,474 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company's Consolidated Statement of Operations as of the periods indicated:

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nine Months Ended September 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$7,985 $1,454 $0 $8,099 $417 $17,955 
Deferred profit liability206 0 0 (597)(3)(394)
Additional insurance reserves0 0 2,243 46 40 2,329 
Total$8,191 $1,454 $2,243 $7,548 $454 $19,890 

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$21,128 $1,384 $0 $8,522 $419 $31,453 
Deferred profit liability(149)0 0 (369)(7)(525)
Additional insurance reserves0 0 2,455 0 0 2,455 
Total$20,979 $1,384 $2,455 $8,153 $412 $33,383 

Nine Months Ended September 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$2,691 $311 $0 $2,466 $390 $5,858 
Deferred profit liability173 0 0 262 4 439 
Additional insurance reserves0 0 440 1 1 442 
Total$2,864 $311 $440 $2,729 $395 $6,739 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$2,483 $310 $0 $2,392 $379 $5,564 
Deferred profit liability177 0 0 238 3 418 
Additional insurance reserves0 0 399 1 0 400 
Total$2,660 $310 $399 $2,631 $382 $6,382 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

10. POLICYHOLDERS’ ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Nine Months Ended September 30, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits7,601 5,584 4,093 831 2,053 7,292 27,454 
Interest credited635 533 294 100 414 1,442 3,418 
Acquisitions and dispositions0 0 0 0 0 0 0 
Policy charges(7)(54)(38)(249)(1,537)(448)(2,333)
Surrenders and withdrawals(4,354)(869)(773)(1,100)(1,375)(1,406)(9,877)
Benefit payments(509)(54)(103)0 (160)(1,749)(2,575)
Net transfers (to) from separate account0 24 0 (20)500 0 504 
Change in market value and other adjustments(1)1 2,884 184 0 567 (13)3,623 
Foreign currency adjustment0 0 0 0 0 1,214 1,214 
Balance, end of period
$22,455 $42,133 $15,677 $4,536 $28,058 $60,602 173,461 
Closed Block Division4,273 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,611 
Other(2)
4,312 
Total Policyholders' account balance$188,657 
Weighted-average crediting rate4.08 %1.86 %2.83 %2.80 %1.99 %3.35 %2.80 %
Net amount at risk(3)
$0 $0 $0 $72,911 $413,220 $30,952 $517,083 
Cash surrender value(4)
$22,455 $40,864 $13,884 $3,700 $24,267 $55,414 $160,584 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nine Months Ended September 30, 2024
Retirement StrategiesGroup InsuranceIndividual Life
International Businesses(5)
Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits5,824 5,902 4,188 871 1,837 6,933 25,555 
Interest credited555 359 174 110 577 1,212 2,987 
Acquisitions and Dispositions
0 0 0 0 0 0 0 
Policy charges(9)(22)(4)(248)(1,537)(436)(2,256)
Surrenders and withdrawals(4,123)(663)(537)(1,123)(1,264)(1,471)(9,181)
Benefit payments(461)(60)(62)0 (98)(1,817)(2,498)
Net transfers (to) from separate account0 61 0 29 443 0 533 
Change in market value and other adjustments(1)7 2,040 218 0 159 (358)2,066 
Foreign currency adjustment0 0 0 0 0 (204)(204)
Balance, end of period
$19,531 $31,382 $11,072 $4,932 $27,556 $55,258 149,731 
Closed Block Division4,391 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,849 
Other(2)
4,117 
Total Policyholders' account balance$164,088 
Weighted-average crediting rate3.97 %1.73 %2.57 %2.86 %2.80 %3.03 %2.82 %
Net amount at risk(3)
$0 $0 $0 $73,883 $392,501 $27,938 $494,322 
Cash surrender value(4)
$19,531 $30,049 $9,528 $3,842 $23,692 $50,407 $137,049 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,000 million and $5,207 million of Full Service account balances reinsured to Great-West as of September 30, 2025 and 2024, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $8,529 million and $6,061 million at September 30, 2025 and 2024, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from one month to ten years. Included in the amounts at September 30, 2025 and 2024 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $5,182 million and $3,969 million, respectively, and short-term note liability of $3,002 million and $2,127 million, respectively, and Retail Note liability of $381 million and $55 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both September 30, 2025 and 2024. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to,
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

September 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$212 $0 $0 $0 $212 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
72 0 0 0 72 
3.00% - 4.00%
3,996 0 0 0 3,996 
Greater than 4.00%
5,481 0 0 0 5,481 
Total$11,312 $0 $0 $0 $11,312 
Retirement Strategies - Individual Variable
Less than 1.00%
$441 $168 $352 $0 $961 
1.00% - 1.99%
94 405 1 0 500 
2.00% - 2.99%
20 5 4 0 29 
3.00% - 4.00%
1,541 4 9 0 1,554 
Greater than 4.00%
75 0 0 0 75 
Total$2,171 $582 $366 $0 $3,119 
Retirement Strategies - Individual Fixed
Less than 1.00%
$2 $5 $21 $1,248 $1,276 
1.00% - 1.99%
414 49 220 50 733 
2.00% - 2.99%
554 988 545 15 2,102 
3.00% - 4.00%
3,092 19 11 3 3,125 
Greater than 4.00%
76 0 0 0 76 
Total$4,138 $1,061 $797 $1,316 $7,312 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $716 $716 
1.00% - 1.99%
0 0 0 2 2 
2.00% - 2.99%
43 0 0 0 43 
3.00% - 4.00%
1,434 7 51 7 1,499 
Greater than 4.00%
3 0 0 0 3 
Total$1,480 $7 $51 $725 $2,263 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $358 $358 
1.00% - 1.99%
362 0 2,066 1,656 4,084 
2.00% - 2.99%
276 1,582 2,735 433 5,026 
3.00% - 4.00%
5,487 1,941 1,302 49 8,779 
Greater than 4.00%
5,280 0 0 0 5,280 
Total$11,405 $3,523 $6,103 $2,496 $23,527 
International Businesses
Less than 1.00%
$3,826 $23 $0 $0 $3,849 
1.00% - 1.99%
15,747 33 0 0 15,780 
2.00% - 2.99%
7,860 280 25 0 8,165 
3.00% - 4.00%
9,486 0 0 0 9,486 
Greater than 4.00%
18,092 0 0 0 18,092 
Total$55,011 $336 $25 $0 $55,372 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

September 30, 2024
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
83 0 0 0 83 
3.00% - 4.00%
4,715 0 0 0 4,715 
Greater than 4.00%
3,201 0 0 0 3,201 
Total$9,950 $0 $0 $0 $9,950 
Retirement Strategies - Individual Variable
Less than 1.00%
$324 $622 $447 $0 $1,393 
1.00% - 1.99%
156 211 3 0 370 
2.00% - 2.99%
23 4 4 0 31 
3.00% - 4.00%
1,763 5 8 0 1,776 
Greater than 4.00%
85 0 0 0 85 
Total$2,351 $842 $462 $0 $3,655 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $10 $967 $980 
1.00% - 1.99%
474 82 226 75 857 
2.00% - 2.99%
545 463 560 17 1,585 
3.00% - 4.00%
1,565 83 10 3 1,661 
Greater than 4.00%
85 0 0 0 85 
Total$2,669 $631 $806 $1,062 $5,168 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $966 $966 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
41 0 0 0 41 
3.00% - 4.00%
1,432 0 0 63 1,495 
Greater than 4.00%
68 0 0 0 68 
Total$1,541 $0 $0 $1,029 $2,570 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $309 $309 
1.00% - 1.99%
262 0 1,692 1,875 3,829 
2.00% - 2.99%
31 1,505 2,834 453 4,823 
3.00% - 4.00%
4,244 3,811 1,344 33 9,432 
Greater than 4.00%
5,406 0 0 0 5,406 
Total$9,943 $5,316 $5,870 $2,670 $23,799 
International Businesses(2)
Less than 1.00%
$16,003 $43 $82 $2,809 $18,937 
1.00% - 1.99%
11,329 83 0 0 11,412 
2.00% - 2.99%
4,870 300 31 0 5,201 
3.00% - 4.00%
6,342 0 0 0 6,342 
Greater than 4.00%
8,411 0 0 0 8,411 
Total$46,955 $426 $113 $2,809 $50,303 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unearned Revenue Reserve (“URR”)

The balance of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$5,245 $505 $5,750 
Unearned revenue646 146 792 
Amortization expense(190)(21)(211)
Other adjustments0 0 0 
Foreign currency adjustment0 21 21 
Balance, end of period
$5,701 $651 6,352 
Other
66 
Total unearned revenue reserve balance
$6,418 

Nine Months Ended September 30, 2024
Individual Life
International Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$4,613 $454 $5,067 
Unearned revenue653 122 775 
Amortization expense(179)(16)(195)
Other adjustments0 (57)(57)
Foreign currency adjustment0 1 1 
Balance, end of period
$5,087 $504 5,591 
Other
56 
Total unearned revenue reserve balance
$5,647 
__________
(1)Prior period amounts have been updated to conform to current period presentation.


11. MARKET RISK BENEFITS

The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nine Months Ended September 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected781 12 793 
Claims paid(60)0 (60)
Interest accrual142 3 145 
Actual in force different from expected53 (2)51 
Effect of changes in interest rates158 (17)141 
Effect of changes in equity markets(1,036)(12)(1,048)
Effect of assumption update and other refinements
112 151 263 
Issuances49 51 100 
Other adjustments31 2 33 
Balance, EOP, before effect of changes in NPR3,642 188 3,830 
Effect of cumulative changes in NPR(590)7 (583)
Balance, EOP3,052 195 3,247 
Less: Reinsured MRBs
764 0 764 
Balance, EOP, net of reinsurance$2,288 $195 2,483 
Other businesses36 
Total net MRB balance$2,519 


Nine Months Ended September 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected850 0 850 
Claims paid(61)0 (61)
Interest accrual187 0 187 
Actual in force different from expected16 0 16 
Effect of changes in interest rates54 0 54 
Effect of changes in equity markets(1,712)0 (1,712)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances52 0 52 
Other adjustments(1)
19 0 19 
Balance, EOP, before effect of changes in NPR4,668 0 4,668 
Effect of cumulative changes in NPR(996)0 (996)
Balance, EOP3,672 0 3,672 
Less: Reinsured MRBs
681 0 681 
Balance, EOP, net of reinsurance$2,991 $0 2,991 
Other businesses53 
Total net MRB balance$3,044 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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

In both 2025 and 2024, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the 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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following tables present accompanying information to the rollforward tables above.

September 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$7,996 $486 
Weighted-average attained age of contractholders7266

September 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$7,878 N/A
Weighted-average attained age of contractholders71N/A
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,358 $5 $0 $1,363 
Ceded
888 0 1 889 
Total MRB assets
$2,246 $5 $1 $2,252 
Direct and assumed
$4,410 $200 $37 $4,647 
Ceded
124 0 0 124 
Total MRB liabilities
$4,534 $200 $37 $4,771 
Net liability
$2,288 $195 $36 $2,519 

September 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,308 $0 $10 $1,318 
Ceded
814 0 2 816 
Total MRB assets
$2,122 $0 $12 $2,134 
Direct and assumed
$4,980 $0 $65 $5,045 
Ceded
133 0 0 133 
Total MRB liabilities
$5,113 $0 $65 $5,178 
Net liability
$2,991 $0 $53 $3,044 


12. REINSURANCE

The Company participates in reinsurance with third parties primarily to provide additional capacity for future growth, limit the maximum net loss potential arising from large risks and acquire or dispose of businesses.

Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 40% of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business as of September 30, 2024, following the close of the reinsurance transaction with Somerset Reinsurance Ltd. (“Somerset Re”), as discussed below. The transaction is structured on a coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $980 million deferred reinsurance loss at inception that is amortized into income over the estimated remaining life of the reinsured policies.

Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30% of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

reinsurance accounting. As a result of the transaction, the Company recognized a $363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. Separately, effective September 2019, Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts.

Effective September 2023, the Company entered into an agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”), a wholly-owned subsidiary of Prismic Life Holding Company LP (“Prismic”), to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. Separately, effective March 2025, the Company entered into an agreement with Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. The transaction is structured on a coinsurance basis and is accounted for under the deposit method of accounting as the reinsured policies do not include life contingency risk and are accounted for as investment contracts.

Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10% of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits.

Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York (collectively, “Empower”), respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement.

Effective April 2022, in connection with the sale of the PALAC legal entity, now known as Fortitude Life Insurance and Annuity Company (“FLIAC”), the Company entered into a reinsurance agreement with FLIAC under which the Company assumed all of FLIAC’s indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts. As a result of the agreement, reinsurance recoverables includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities with a guaranteed lifetime withdrawal income feature, which are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement.
 
Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50% of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits.
 
In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of these changes in control of such counterparties.

Since 2011, the Company has entered into a number of reinsurance agreements to assume pension liabilities in the United Kingdom. Under these arrangements, the Company assumes the longevity risk, and in some arrangements, also the investment risk associated with the pension benefits of certain specified beneficiaries. The Company also obtains collateral from its counterparties to mitigate counterparty default risk.
 
In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction. The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. During the fourth quarter of 2021, Allstate sold the two counterparties to the aforementioned variable annuity reinsurance transaction to third parties. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.
 
For the domestic business, life and disability reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance. On policies sold since 2000, the Company has reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $30 million per life, but reduced its operating retention limit to $20 million per life in 2013 and then down to $10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis.
 
The international business primarily uses reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes.

Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Direct premiums$8,063 $11,983 $19,909 $33,656 
Reinsurance assumed1,825 1,656 5,176 4,652 
Reinsurance ceded(675)(594)(1,890)(1,906)
Premiums$9,213 $13,045 $23,195 $36,402 
Direct policy charges and fee income$1,191 $1,663 $3,520 $3,476 
Reinsurance assumed292 295 871 894 
Reinsurance ceded(350)(847)(852)(1,118)
Policy charges and fee income$1,133 $1,111 $3,539 $3,252 
Direct change in value of market risk benefits, net of related hedging gains (losses)$344 $(130)$(494)$(319)
Reinsurance assumed29 (21)40 58 
Reinsurance ceded(49)5 1 (59)
Change in value of market risk benefits, net of related hedging gains (losses)$324 $(146)$(453)$(320)
Direct policyholders’ benefits$9,396 $13,023 $23,690 $36,849 
Reinsurance assumed2,130 2,007 6,174 5,788 
Reinsurance ceded(1,394)(1,003)(3,411)(3,152)
Policyholders’ benefits$10,132 $14,027 $26,453 $39,485 
Direct change in estimates of liability for future policy benefits$164 $251 $100 $184 
Reinsurance assumed17 19 7 77 
Reinsurance ceded115 (90)(36)(274)
Change in estimates of liability for future policy benefits$296 $180 $71 $(13)
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Reinsurance recoverables and deposit receivables are as follows:
 
September 30, 2025December 31, 2024
(in millions)
Reinsurance recoverables:
Prismic Re(1)
$5,566 $5,506 
FLIAC1,411 1,442 
Other95 39 
Individual and group annuities7,072 6,987 
Wilton Re7,815 7,478 
Somerset Re(2)1,576 1,591 
Hartford Life Business(3)1,995 2,033 
Other8,594 7,996 
Life insurance19,980 19,098 
Other reinsurance414 401 
Total reinsurance recoverables
27,466 26,486 
Deposit receivables:
Prismic Re(1)
3,405 3,578 
Prismic Re International
6,412 0 
Somerset Re(4)
2,501 2,795 
Empower
4,731 4,821 
Other
432 0 
Total deposit receivables
17,481 11,194 
Total reinsurance recoverables and deposit receivables(5)
$44,947 $37,680 
__________
(1)The Company has also recorded funds withheld payables related to the reinsurance agreement with Prismic Re of $7,833 million and $7,796 million as of September 30, 2025 and December 31, 2024, respectively.
(2)Represents reinsurance recoverables of $8,117 million and $7,979 million as of September 30, 2025 and December 31, 2024, respectively that are netted with reinsurance payables of $6,541 million and $6,388 million as of September 30, 2025 and December 31, 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(3)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,352 million and $1,387 million as of September 30, 2025 and December 31, 2024, respectively.
(4)The Company has also recorded funds withheld payables related to the reinsurance agreement with Somerset Re of $2,612 million and $2,595 million as of September 30, 2025 and December 31, 2024, respectively.
(5)Net of $14 million and $12 million of allowance for credit losses as of September 30, 2025 and December 31, 2024, respectively.

Excluding the reinsurance recoverables associated with the counterparties separately identified within the reinsurance recoverables table above, four major reinsurance companies account for approximately 60% of the Company’s remaining reinsurance recoverables as of September 30, 2025. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the current expected credit loss (“CECL”) allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional details regarding CECL.
 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

13. CLOSED BLOCK
 
On December 18, 2001, the date of demutualization, The Prudential Insurance Company of America (“PICA”) established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. For additional information regarding the Closed Block, see Note 16 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
 
As of September 30, 2025 and December 31, 2024, the Company recognized a policyholder dividend obligation of $1,762 million and $2,096 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $(1,099) million and $(2,096) million at September 30, 2025 and December 31, 2024, respectively, with a corresponding amount reported in AOCI.

As of September 30, 2025, the Closed Block has sufficient funds to make guaranteed policy benefit payments and there is no expectation that assets outside of the Closed Block will be needed to fund future payments. The excess of Closed Block liabilities over Closed Block assets as of the end of the reporting period shown in the table below is a reasonable measure of the margin in the reported liabilities compared to best estimate liabilities assuming the current dividend scale. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
September 30,
2025		December 31,
2024
 (in millions)
Closed Block liabilities
Future policy benefits$41,667 $42,464 
Policyholders’ dividends payable724 688 
Policyholders’ dividend obligation663 0 
Policyholders’ account balances4,273 4,359 
Other Closed Block liabilities3,136 3,346 
Total Closed Block liabilities50,463 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value29,221 28,570 
Fixed maturities, trading, at fair value613 647 
Equity securities, at fair value1,544 1,642 
Commercial mortgage and other loans7,648 7,652 
Policy loans3,250 3,348 
Other invested assets4,636 4,929 
Short-term investments259 520 
Total investments47,171 47,308 
Cash and cash equivalents288 400 
Accrued investment income421 403 
Other Closed Block assets300 367 
Total Closed Block assets48,180 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,283 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,252)(2,299)
Allocated to policyholder dividend obligation1,099 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,130 $2,176 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Information regarding the policyholder dividend obligation is as follows:

Nine Months Ended
September 30, 2025
 (in millions)
Balance, December 31, 2024$0 
Impact from earnings allocable to policyholder dividend obligation(334)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation997 
Balance, September 30, 2025$663 

Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Revenues
Premiums$394 $392 $1,256 $1,234 
Net investment income528 502 1,531 1,521 
Realized investment gains (losses), net3 (232)(253)(531)
Other income (loss)132 153 289 360 
Total Closed Block revenues1,057 815 2,823 2,584 
Benefits and Expenses
Policyholders’ benefits550 535 1,767 1,723 
Interest credited to policyholders’ account balances28 29 84 88 
Dividends to policyholders399 177 776 614 
General and administrative expenses59 67 201 201 
Total Closed Block benefits and expenses1,036 808 2,828 2,626 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes21 7 (5)(42)
Income tax expense (benefit)2 (13)(64)(100)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$19 $20 $59 $58 

14. INCOME TAXES
 
The Company uses a full-year projected effective tax rate approach to calculate year-to-date taxes. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income before income taxes and equity in earnings of joint ventures and other operating entities.” In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. In determining the year-to-date income tax provision, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has, where appropriate, reduced the deferred tax asset to that which is, more likely than not, expected to be realized. The Company has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year. Taxes attributable to joint ventures and other operating entities are recorded within “Equity in earnings of joint ventures and other operating entities, net of taxes.”

The Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $784 million, or 22.8% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first nine months of 2025, compared to an income tax expense of $693 million, or 20.6%, in the first nine months of 2024. The Company’s current and prior effective tax rates differ from the U.S. statutory rate of 21% primarily due to non-taxable
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

investment income, tax credits, foreign earnings taxed at higher rates than the U.S. statutory rate, and the items discussed below.

Foreign Tax Credit Regulations. The Treasury Department and the IRS published Final Regulations in the Federal Register (Treasury Decision 9959) on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes the Company paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. The Company continues to assume that the election does not apply in tax years post 2021.

On August 7, 2023, the IRS issued Notice 2023-55 which provides temporary relief to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit for tax years 2022 and 2023. Subsequently, on December 11, 2023 the IRS issued Notice 2023-80 which extended that relief to taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued and abolished certain changes that the Final Regulations had made to the creditability of a tax paid in lieu of a generally imposed foreign income tax. As a result of this guidance, the Company claimed a U.S. foreign tax credit in 2024 for taxes paid to Brazil related to the 2023 tax year and will continue to claim a U.S. foreign tax credit for taxes paid to Brazil in future tax years. This contributed to the Company’s Brazil operations not being subject to Global Intangible Low Taxed Income (“GILTI”) in 2024.

GILTI. The GILTI provision applies a minimum U.S. tax to earnings of consolidated foreign subsidiaries in excess of a 10% deemed return on tangible assets of foreign subsidiaries by imposing the U.S. tax rate to 50% of earnings of such foreign affiliates and provides for a partial foreign tax credit for foreign income taxes. In years that the PFI consolidated federal income tax return reports a net operating loss or has a loss attributable to U.S. sources of operations, including as a result of loss carrybacks, the GILTI provision would limit the amount of deductions or credits permissible against GILTI. These limitations did not have a material impact in 2023 or 2024.

On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allow an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI. Therefore, while many of the countries, including Japan and Brazil, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company made the high-tax exception election for the 2024 tax year and anticipates to make the high-tax exception election for the 2025 tax year for its foreign affiliates that meet the 18.9% threshold. The Company reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first nine months of 2024 and 2025, respectively.

Tax Law Change. H.R.1, also referred to as the “One Big Beautiful Bill Act” (the “Tax Act of 2025”), was enacted into law on July 4, 2025. The legislation introduces changes to the U.S. international tax regime, including a reduction in the Section 250 deduction for GILTI (now referred to as Net CFC Tested Income (“NCFCTI”)) from 50% to 40% beginning in 2026, resulting in an increase to the corporate tax rate on NCFCTI from 10.5% to 12.6%. The legislation also reduces the foreign tax credit haircut related to NCFCTI from 20% to 10% and makes changes to the related expense allocation. While the Company is currently evaluating the impact of the Tax Act of 2025 on its future consolidated financial statements and related disclosures, the Company does not anticipate that the provisions of the Tax Act of 2025 will have a material impact on its effective tax rate and deferred tax positions beginning in the third quarter of 2025.

In March 2025, Japan enacted a 4% Special Defense Corporation Tax, effective for tax years beginning on or after April 1, 2026, that raises the corporate income tax rate for the Company’s Japan insurance companies from 28.00% to 28.93%. As a result, a tax expense of approximately $36 million was reflected in the financial statements for the first quarter of 2025.
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


Tax Audit and Unrecognized Tax Benefits. It is possible the Company will pay the unrecognized tax benefit attributable to the Section 952 election of approximately $86 million for prior period audit cycles within the next 12 months as it pursues resolution of the matter. The payment will have no impact on the effective tax rate. The Company cannot predict with reasonable accuracy whether there will be any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.


15. SHORT-TERM AND LONG-TERM DEBT
 
Short-term Debt
 
The table below presents the Company’s short-term debt as of the dates indicated:
 
September 30, 2025December 31, 2024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC849 496 
Subtotal commercial paper874 521 
Current portion of long-term debt:
Senior notes
512 0 
Surplus notes0 347 
Mortgage debt0 85 
Subtotal current portion of long-term debt512 432 
Subtotal1,386 953 
Less: assets under set-off arrangements(1)0 0 
Total short-term debt(2)
$1,386 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$360$310
Daily average commercial paper outstanding for the quarter ended$2,304$1,823
Weighted average maturity of outstanding commercial paper, in days715
Weighted average interest rate on outstanding commercial paper4.09 %4.61 %
__________
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt.
(2)Includes Prudential Financial debt of $537 million and $25 million at September 30, 2025 and December 31, 2024, respectively.

Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the FHLBNY, a funding agreement facility with the Federal Agricultural Mortgage Company (“Farmer Mac”), commercial paper programs and contingent financing facilities in the form of facility agreements. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At September 30, 2025, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Long-term Debt

The table below presents the Company’s long-term debt as of the dates indicated:
 
 September 30, 2025December 31, 2024
 (in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$15,412 $14,748 
Senior notes10,719 10,245 
Mortgage debt(3)
143 69 
Floating-rate obligations:
Line of credit255 255 
Mortgage debt(3)
85 31 
Junior subordinated notes(4)
7,595 8,587 
Subtotal34,209 33,935 
Less: assets under set-off arrangements(1)15,412 14,748 
Total long-term debt(5)
$18,797 $19,187 
__________    
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt.
(2)Amount includes $7.4 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information.
(3)Includes $195 million and $100 million of debt denominated in foreign currency at September 30, 2025 and December 31, 2024, respectively.
(4)Includes Prudential Financial debt of $7,553 million and $8,548 million at September 30, 2025, and December 31, 2024, respectively. Also includes subsidiary debt of $42 million and $39 million denominated in foreign currency at September 30, 2025, and December 31, 2024, respectively.
(5)Includes Prudential Financial debt of $18,272 million and $18,793 million at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, the Company was in compliance with all debt covenants related to the borrowings in the table above.

Senior Notes

In August 2024, the Company recommenced sales of InterNotes® Retail Notes under its shelf registration statement. These notes support the Company’s Institutional Retirement Strategies business through the purchase of funding agreements on which the segment will earn investment spread. As of September 30, 2025, the outstanding balance of the InterNotes® Retail Notes was $602 million of which $374 million was utilized for Institutional Retirement Strategies, as described above and $228 million were used for general corporate purposes.

In March 2025, the Company issued $750 million in aggregate principal amount of 5.200% medium-term notes due in March 2035.

Junior Subordinated Notes

In May 2025, the Company redeemed, in full, $1.0 billion in aggregate principal amount of 5.375% junior subordinated notes due in 2045.


16. EMPLOYEE BENEFIT PLANS
 
Pension and Other Postretirement Plans
 
The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service (the “traditional formula”), while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career (the “cash balance formula”).
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees may become eligible to receive certain other postretirement benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service.
 
Net periodic (benefit) cost included in “General and administrative expenses” includes the following components:
 
 Three Months Ended September 30,
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
 (in millions)
Components of net periodic (benefit) cost:
Service cost$47 $52 $2 $1 
Interest cost142 135 13 12 
Expected return on plan assets(249)(238)(19)(19)
Amortization of prior service cost(1)0 (16)(16)
Amortization of actuarial (gain) loss, net21 22 3 2 
Settlements0 1 0 0 
Special termination benefits
0 0 0 0 
Net periodic (benefit) cost$(40)$(28)$(17)$(20)
Nine Months Ended September 30,
Pension BenefitsOther Postretirement Benefits
2025202420252024
(in millions)
Components of net periodic (benefit) cost:
Service cost$141 $155 $5 $5 
Interest cost424 405 41 38 
Expected return on plan assets(747)(715)(55)(57)
Amortization of prior service cost(1)(1)(50)(50)
Amortization of actuarial (gain) loss, net63 67 8 6 
Settlements(1)2 0 0 
Special termination benefits
0 1 0 0 
Net periodic (benefit) cost$(121)$(86)$(51)$(58)


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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

17. EQUITY
 
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 (in millions)
Balance, December 31, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 7.0 (7.0)
Stock-based compensation programs(1)0.0 (2.3)2.3 
Balance, September 30, 2025666.3 316.4 349.9 
__________ 
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.

In December 2024, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2025 through December 31, 2025. As of September 30, 2025, 7.0 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $750 million.

The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and such repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions.

Dividends declared per share of Common Stock are as follows for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Dividends declared per share of Common Stock$1.35 $1.30 $4.05 $3.90 

Accumulated Other Comprehensive Income (Loss)
 
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2025 and 2024, are as follows:
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2024$(3,615)$(18,687)$17,306 $532 $(2,247)$(6,711)
Change in OCI before reclassifications727 152 2,901 (89)(5)3,686 
Amounts reclassified from AOCI(43)630 0 0 20 607 
Income tax benefit (expense)70 172 (1,017)19 (1)(757)
Balance, September 30, 2025$(2,861)$(17,733)$19,190 $462 $(2,233)$(3,175)

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2023$(2,686)$(11,213)$8,547 $900 $(2,052)$(6,504)
Change in OCI before reclassifications31 (1,440)2,224 (142)3 676 
Amounts reclassified from AOCI(34)1,428 0 0 22 1,416 
Income tax benefit (expense)25 328 (780)30 (35)(432)
Balance, September 30, 2024$(2,664)$(10,897)$9,991 $788 $(2,062)$(4,844)
__________
(1)Includes cash flow hedges of $(161) million and $1,780 million as of September 30, 2025 and December 31, 2024, respectively, and $694 million and $869 million as of September 30, 2024 and December 31, 2023, respectively, and fair value hedges of $(171) million and $(64) million as of September 30, 2025 and December 31, 2024, respectively, and $(164) million and $(60) million as of September 30, 2024 and December 31, 2023, respectively.
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
September 30,		Nine Months Ended
September 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2025202420252024
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments
$14 $14 $34 $34 Realized investment gains (losses), net
Foreign currency translation adjustments9 0 9 0 Other income (loss)
Total foreign currency translation adjustment23 14 43 34 
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(3)(5)(10)(25)(3)
Cash flow hedges—Currency(3)(1)(6)3 (3)
Cash flow hedges—Currency/Interest rate118 (117)(176)154 (3)
Fair value hedges—Currency(4)(2)(10)(7)(3)
Net unrealized investment gains (losses) on available-for-sale securities(227)(836)(428)(1,553)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(119)(961)(630)(1,428)(4)
Amortization of defined benefit items:
Prior service cost17 16 51 51 (5)
Actuarial gain (loss)(24)(24)(71)(73)(5)
Total amortization of defined benefit items(7)(8)(20)(22)
Total reclassifications for the period$(103)$(955)$(607)$(1,416)
__________
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 5 for additional information regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends.
(5)See Note 16 for additional information regarding employee benefit plans.
 
Net Unrealized Investment Gains (Losses)
 
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecordedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders’
Dividends		Income Tax Benefit (Expense)Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2024$6 $(27,287)$(269)$981 $2,096 $5,786 $(18,687)
Net investment gains (losses) on investments arising during the period4 1,420 (66)1,358 
Reclassification adjustment for (gains) losses included in net income(7)637 (29)601 
Impact of net unrealized investment (gains) losses110 (385)(997)267 (1,005)
Balance, September 30, 2025$3 $(25,230)$(159)$596 $1,099 $5,958 $(17,733)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.


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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

18. EARNINGS PER SHARE

A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows:

 
Three Months Ended September 30,
 20252024
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $1,483 $451 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
52 3 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards15 5 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,416 351.1 $4.03 $443 356.9 $1.24 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$15 $5 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted15 5 
Stock options0.0 0.2 
Deferred and long-term compensation programs1.9 1.6 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,416 353.0 $4.01 $443 358.7 $1.24 

 Nine Months Ended September 30,
 20252024
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $2,791 $2,773 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
120 (11)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards31 33 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,640 352.8 $7.48 $2,751 358.3 $7.68 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$31 $33 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted31 33 
Stock options0.1 0.2 
Deferred and long-term compensation programs1.8 1.4 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,640 354.7 $7.44 $2,751 359.9 $7.64 

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the three months ended September 30, 2025 and 2024, as applicable, were based on 3.8 million and 3.9 million of such awards, respectively, and for the nine months ended September 30, 2025 and 2024, as applicable, were based on 3.9 million and 4.0 million of such awards, respectively, weighted for the period they were outstanding.
 
Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:

 Three Months Ended September 30,
 20252024
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.2 $108.68 0.0 N/A
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.2 0.0 

 Nine Months Ended September 30,
 20252024
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.2 $108.68 0.1 $110.42 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.2 0.1 


19. SEGMENT INFORMATION
 
Segments
 
The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or
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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above. For additional information regarding these segments, see Note 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is consistent with how the CODM now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements.

Segment Accounting Policies. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Results for each segment include earnings on attributed equity established at a level which management considers necessary to support each segment’s risks. Operating expenses specifically identifiable to a particular segment are allocated to that segment as incurred.

Following an annual review of its internal expense allocations, the Company implemented an allocation update that will impact segment results; however, there will be no impact to the Company’s consolidated results. Effective in the first quarter of 2025, operating expenses not identifiable to a specific segment that are incurred in connection with the generation of segment revenues are generally allocated using a proportional allocation measure such as headcount, segment-level support or other financial measures. Prior to the first quarter of 2025, these expenses were generally allocated based upon the segment’s historical percentage of general and administrative expenses.

Adjusted Operating Income
 
The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the chief executive officer, who is the Company’s CODM, and is the measure of segment performance presented below. The CODM uses adjusted operating income to (1) evaluate segment performance; (2) allocate resources and capital, predominantly during the annual budgeting and planning processes; and (3) consider variances to pre-established targets during the compensation process. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items which are important to an understanding of overall results of operations, and are described in greater detail below:
 
•Realized investment gains (losses), net, and related charges and adjustments;
•Change in value of market risk benefits, net of related hedging gains (losses);
•Market experience updates;
•Divested and Run-off Businesses;
•Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests; and
•Other adjustments.

For additional information regarding these reconciling items, see Note 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $68 million and $149 million for the three and nine months ended September 30, 2024, respectively.

Reconciliation of select financial information

The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. Prior periods have been updated to reflect the adoption of ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $4,285 $23 $1,353 $236 $2,800 $(6)$8,691 $522 $9,213 
Policy charges and fee income
0 11 283 183 569 96 (16)1,126 7 1,133 
Net investment income
54 1,333 752 138 725 1,540 330 4,872 656 5,528 
Asset management fees, commissions and other income
1,041 125 371 20 35 159 (201)1,550 464 2,014 
Total revenues
1,095 5,754 1,429 1,694 1,565 4,595 107 16,239 1,649 17,888 
Benefits and expenses:
Policyholders' benefits
0 4,862 51 1,272 734 2,551 (2)9,468 
Interest credited to policyholders' account balances
0 216 372 33 187 390 17 1,215 
Interest expense
27 12 12 7 259 2 212 531 
Deferral of acquisition costs0 (19)(161)0 (246)(308)35 (699)
Amortization of DAC0 4 121 2 107 175 (14)395 
Operating expenses(4)
503 67 132 181 120 466 170 1,639 
Variable expenses(4)
321 20 410 109 303 451 16 1,630 
Other benefits and expenses(5)
0 112 6 0 8 (13)0 113 
Total benefits and expenses
851 5,274 943 1,604 1,472 3,714 434 14,292 
Total pre-tax income
$244 $480 $486 $90 $93 $881 $(327)$1,947 $(165)$1,782 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(574)
Change in value of market risk benefits, net of related hedging gains (losses)324 
Market experience updates(36)
Divested and Run-off Businesses:
Closed Block division10 
Other Divested and Run-off Businesses123 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(11)
Other adjustments(1)
Total reconciling items
(165)
Total GAAP pre-tax income
$1,782 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Three Months Ended September 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $8,134 $19 $1,299 $234 $2,850 $(9)$12,527 $518 $13,045 
Policy charges and fee income
0 10 310 189 520 83 (14)1,098 13 1,111 
Net investment income
16 1,199 565 134 768 1,428 326 4,436 619 5,055 
Asset management fees, commissions and other income
1,005 130 424 21 24 56 (232)1,428 (1,149)279 
Total revenues
1,021 9,473 1,318 1,643 1,546 4,417 71 19,489 1 19,490 
Benefits and expenses:
Policyholders' benefits
0 8,742 26 1,241 725 2,579 (3)13,310 
Interest credited to policyholders' account balances
0 177 290 35 201 315 20 1,038 
Interest expense
30 12 24 2 256 5 156 485 
Deferral of acquisition costs0 (23)(163)(5)(225)(308)88 (636)
Amortization of DAC1 4 98 1 110 164 (22)356 
Operating expenses(4)
442 51 135 179 115 455 340 1,717 
Variable expenses(4)
307 31 442 108 278 437 (21)1,582 
Other benefits and expenses(5)
0 41 6 0 26 4 0 77 
Total benefits and expenses
780 9,035 858 1,561 1,486 3,651 558 17,929 
Total pre-tax income
$241 $438 $460 $82 $60 $766 $(487)$1,560 $(1,007)$553 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(737)
Change in value of market risk benefits, net of related hedging gains (losses)(146)
Market experience updates(127)
Divested and Run-off Businesses:
Closed Block division2 
Other Divested and Run-off Businesses47 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(43)
Other adjustments(3)
Total reconciling items
(1,007)
Total GAAP pre-tax income
$553 
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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $8,156 $60 $4,098 $705 $8,566 $(22)$21,563 $1,632 $23,195 
Policy charges and fee income
0 23 846 564 1,641 276 (46)3,304 235 3,539 
Net investment income
133 3,824 2,063 405 2,116 4,460 990 13,991 1,893 15,884 
Asset management fees, commissions and other income
2,990 363 1,119 62 111 430 (776)4,299 (1,833)2,466 
Total revenues
3,123 12,366 4,088 5,129 4,573 13,732 146 43,157 1,927 45,084 
Benefits and expenses:
Policyholders' benefits
0 10,006 208 3,798 2,202 7,777 (11)23,980 
Interest credited to policyholders' account balances
0 586 1,052 100 548 1,106 41 3,433 
Interest expense
72 44 37 17 773 2 634 1,579 
Deferral of acquisition costs0 (80)(516)(4)(668)(911)107 (2,072)
Amortization of DAC0 14 348 8 324 514 (45)1,163 
Operating expenses(4)
1,484 206 436 561 409 1,369 432 4,897 
Variable expenses(4)
938 91 1,234 345 841 1,360 10 4,819 
Other benefits and expenses(5)
0 211 13 0 (23)25 0 226 
Total benefits and expenses
2,494 11,078 2,812 4,825 4,406 11,242 1,168 38,025 
Total pre-tax income
$629 $1,288 $1,276 $304 $167 $2,490 $(1,022)$5,132 $(1,690)$3,442 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(1,336)
Change in value of market risk benefits, net of related hedging gains (losses)(453)
Market experience updates45 
Divested and Run-off Businesses:
Closed Block division(30)
Other Divested and Run-off Businesses84 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(26)
Other adjustments26 
Total reconciling items
(1,690)
Total GAAP pre-tax income
$3,442 
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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

 Nine Months Ended September 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $21,189 $58 $3,869 $721 $8,991 $(18)$34,810 $1,592 $36,402 
Policy charges and fee income
0 24 928 529 1,533 243 (42)3,215 37 3,252 
Net investment income
(13)3,433 1,505 398 2,336 4,230 885 12,774 1,894 14,668 
Asset management fees, commissions and other income
2,987 406 1,302 67 65 178 (760)4,245 (685)3,560 
Total revenues
2,974 25,052 3,793 4,863 4,655 13,642 65 55,044 2,838 57,882 
Benefits and expenses:
Policyholders' benefits
0 23,318 105 3,630 2,362 7,792 (15)37,192 
Interest credited to policyholders' account balances
0 484 736 111 616 882 63 2,892 
Interest expense
80 38 57 8 806 2 503 1,494 
Deferral of acquisition costs(1)(57)(477)(15)(639)(869)161 (1,897)
Amortization of DAC2 8 289 4 336 484 (42)1,081 
Operating expenses(4)
1,381 174 422 550 416 1,339 778 5,060 
Variable expenses(4)
896 76 1,314 327 795 1,257 (90)4,575 
Other benefits and expenses(5)
0 (418)8 0 111 391 0 92 
Total benefits and expenses
2,358 23,623 2,454 4,615 4,803 11,278 1,358 50,489 
Total pre-tax income
$616 $1,429 $1,339 $248 $(148)$2,364 $(1,293)$4,555 $(1,197)$3,358 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(625)
Change in value of market risk benefits, net of related hedging gains (losses)(320)
Market experience updates(112)
Divested and Run-off Businesses:
Closed Block division(61)
Other Divested and Run-off Businesses50 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(113)
Other adjustments(16)
Total reconciling items
(1,197)
Total GAAP pre-tax income
$3,358 
__________
(1)The Individual Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.
(2)The amounts for the three and nine months ended September 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Individual Retirement Strategies segment. See “—Adjusted Operating Income” above for additional information. Prior period amounts have been updated to conform to current period presentation.
(3)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(4)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(5)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement Strategies, Individual Life and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

September 30,
2025		December 31,
2024
(in millions)
Assets by segment:
PGIM$39,056 $36,044 
U.S. Businesses:
Institutional Retirement Strategies134,703 126,842 
Individual Retirement Strategies159,573 150,151 
Retirement Strategies294,276 276,993 
Group Insurance41,078 39,340 
Individual Life130,030 122,590 
Total U.S. Businesses465,384 438,923 
International Businesses
192,229 180,038 
Corporate and Other31,115 31,767 
Closed Block division48,518 48,815 
Total assets per Unaudited Interim Consolidated Financial Statements$776,302 $735,587 

Intersegment revenues

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated within consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: 

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
PGIM segment intersegment revenues$221 $206 $667 $617 
 
Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives.

Asset management and service fees

The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
 (in millions)
Asset-based management fees$867 $841 $2,562 $2,526 
Performance-based incentive fees8 17 40 78 
Other fees121 126 360 380 
Total asset management and service fees$996 $984 $2,962 $2,984 



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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

20. RELATED PARTY TRANSACTIONS

In September 2023, the Company invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. Also in September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of the Company. These contracts represented approximately 70% of the Company’s in-force structured settlement annuities business. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets.

In March 2025, the Company entered into an agreement with Prismic Re International, a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. In connection with this transaction, the Company invested an additional $103 million in Prismic. PGIM also provides investment management services on a large portion of Prismic Re International’s assets.

The Company’s ownership in Prismic is approximately 20% as of September 30, 2025. As the investment in Prismic is accounted for under the equity method, Prismic, Prismic Re and Prismic Re International are considered related parties. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic, Prismic Re and Prismic Re International.

The related party balances with Prismic, Prismic Re and Prismic Re International impacted the Company’s balance sheet as of the periods indicated as follows:

September 30,
2025		December 31,
2024
 (in millions)
Reinsurance recoverables and deposit receivables$15,383 $9,084 
Other assets
$162 $187 
Reinsurance and funds withheld payables (includes $126 and $(91) of embedded derivatives at fair value at September 30, 2025 and December 31, 2024, respectively)
$7,833 $7,796 
Accumulated other comprehensive income (loss)
$(40)$(139)

The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both September 30, 2025 and December 31, 2024. As part of the transaction with Prismic Re International, the Company provided an $80 million, 10-year contingent debt facility, where the Company may be required to purchase subordinated debt from certain subsidiaries of Prismic in the event their capital ratio falls below a predetermined level. See Note 21 for additional information on the Company’s guarantees and commitments.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The related party activity with Prismic, Prismic Re and Prismic Re International impacted the Company’s results of operations and cash flows for the periods indicated as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
 (in millions)
Premiums
$(3)$(4)$(19)$11 
Asset management and service fees
16 9 44 27 
Other income (loss)
96 40 256 114 
Realized investment gains(losses), net
(225)(710)(495)(392)
Policyholders’ benefits
(70)(70)(211)(211)
Change in estimates of liability for future policy benefits
(3)(4)(20)12 
Amortization of deferred policy acquisition costs
(3)0 (7)0 
General and administrative expenses
14 9 31 28 
Income (loss) from related parties, before income taxes
(54)(600)(7)(69)
Other comprehensive income (loss), before tax132 383 99 291 
Total comprehensive income (loss), before tax$78 $(217)$92 $222 

Nine Months Ended September 30,
20252024
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net
$495 $392 
 Change in:
Deferred policy acquisition costs
$(7)$0 
Reinsurance related-balances
$(605)$(562)
Other, net$(18)$8 
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net$(64)$0 
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$267 $285 


21. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments and Guarantees
 
Commercial Mortgage Loan Commitments

September 30,
2025		December 31,
2024
 (in millions)
Total outstanding mortgage loan commitments$2,418 $2,552 
Portion of commitment where prearrangement to sell to investor exists$1,158 $578 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The Company originates commercial mortgage loans as part of its commercial mortgage operations. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company prearranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $4 million and $2 million as of September 30, 2025 and December 31, 2024, respectively. The change in allowance was $0 million and $3 million for the three and nine months ended September 30, 2025 and an increase of $1 million for both the three and nine months ended September 30, 2024, respectively.

Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

September 30,
2025		December 31,
2024
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$12,168 $11,664 
Expected to be funded from separate accounts$392 $0 
The Company has other commitments to purchase or fund investments, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three or nine months ended September 30, 2025 or 2024.

 Indemnification of Securities Lending and Securities Repurchase Transactions

September 30,
2025		December 31,
2024
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$5,171 $5,015 
Fair value of related collateral associated with above indemnifications(1)
$5,289 $5,119 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million and $240 million related to securities repurchase transactions as of September 30, 2025 and December 31, 2024, respectively.


In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote.
 
Credit Derivatives Written
 
As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security.
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Guarantees of Asset Values

September 30,
2025		December 31,
2024
 (in millions)
Guaranteed value of third-parties’ assets$76,991 $76,416 
Fair value of collateral supporting these assets$73,912 $71,423 
Asset (liability) associated with guarantee, carried at fair value$0 $(1)
 
Certain contracts underwritten by the Retirement Strategies segment include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position.
 
Indemnification of Serviced Mortgage Loans

September 30,
2025		December 31,
2024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,535 $3,272 
First-loss exposure portion of above$1,016 $942 
Accrued liability associated with guarantees(1)$22 $25 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of September 30, 2025 and December 31, 2024, respectively. The change in allowance was $0 million and a reduction of $1 million for the three months ended September 30, 2025 and 2024, respectively, and a reduction of $1 million and $2 million for the nine months ended September 30, 2025 and 2024, respectively.
 
As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $27,370 million and $25,763 million of mortgages subject to these loss-sharing arrangements as of September 30, 2025 and December 31, 2024, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of September 30, 2025, these mortgages had a weighted-average debt service coverage ratio of 1.96 times and a weighted-average loan-to-value ratio of 62%. As of December 31, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.95 times and a weighted-average loan-to-value ratio of 62%. The Company had no losses related to indemnifications that were settled for either the nine months ended September 30, 2025 or 2024.
 
Other Guarantees

September 30,
2025		December 31,
2024
 (in millions)
Other guarantees where amount can be determined$304 $289 
Accrued liability for other guarantees and indemnifications$31 $32 
 
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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit that may be obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of September 30, 2025, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial. See Note 20 for additional information on the related party relationship between the Company and Prismic Re and Note 12 for additional information on the Company’s reinsurance transactions.
 
Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) and represents a financial guarantee of certain insurance obligations of POT.

Contingent Liabilities
 
On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
 
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
 
It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed, including matters discussed below. The Company estimates that as of September 30, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $250 million. Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

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PRUDENTIAL FINANCIAL, INC.
Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 25 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and should be read in conjunction with the complete descriptions provided in the Form 10-K.

Individual Annuities, Individual Life and Group Insurance

California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al.

In April 2025, Plaintiff filed a First Amended Complaint removing allegations related to the Unclaimed Life Insurance and Annuities Act, and the Defendant filed a demurrer seeking to dismiss the Amended Complaint. In October 2025, the Court issued an Order: (i) sustaining Defendant’s demurrer as to Plaintiff’s declaratory relief claim, and (ii) denying the demurrer as to the UCL claim.

Securities Litigation

Donel Davidson v. Charles F. Lowrey, et al.

In March 2025, plaintiffs filed a motion seeking preliminary approval of the settlement notice and preliminary approval of the proposed settlement of the derivative litigation (“the Settlement”). In April 2025, the court issued an order granting the motion for preliminary approval of the Settlement. In June 2025, the Court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed.

Daniel Plaut v. Prudential Financial, Inc.

In July 2025, the parties entered into a Stipulation of Dismissal with Prejudice. This matter is now closed.

Shareholder Demands

This matter is now closed.

Regulatory

Civil Investigative Demand

In August 2025, the Company settled this matter with the Federal Trade Commission (“FTC”), and agreed, as Assurance’s guarantor, to: (1) pay the FTC for consumer redress; and (2) certain restrictions regarding practices and compliance reporting involving Assurance, if Assurance commences any prospective operation as an insurance provider. In reaching the settlement, the Company neither admitted nor denied any wrongdoing. This matter is now closed.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.






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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 

TABLE OF CONTENTS
 
 Page
Overview
106
Regulatory Developments
106
Current Market Conditions
106
Impact of Changes in the Interest Rate Environment
107
Results of Operations
110
Consolidated Results of Operations
110
Segment Results of Operations
112
Segment Measures
114
Impact of Foreign Currency Exchange Rates
115
Accounting Policies & Pronouncements
117
Results of Operations by Segment
118
PGIM
118
Retirement Strategies
122
Group Insurance
130
Individual Life
131
International Businesses
134
Corporate and Other
137
Divested and Run-off Businesses
138
Closed Block Division
139
Income Taxes
140
General Account Investments
140
Valuation of Assets and Liabilities
160
Liquidity and Capital Resources
162
Ratings
171

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) addresses the consolidated financial condition of Prudential Financial, Inc. (“Prudential,” “Prudential Financial,” “PFI,” or “the Company”) as of September 30, 2025, compared with December 31, 2024, and its consolidated results of operations for the three and nine months ended September 30, 2025 and 2024. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the MD&A, the “Risk Factors” section, and the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as the statements under “Forward-Looking Statements,” and the Unaudited Interim Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
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Overview

Prudential Financial, a financial services leader with approximately $1.612 trillion of assets under management as of September 30, 2025, has operations primarily in the United States of America (“U.S.”), Asia, Europe and Latin America. Through our subsidiaries and affiliates, we offer a wide array of financial products and services, including life insurance, annuities, retirement solutions, mutual funds and investment management. We offer these products and services to individual and institutional customers through one of the largest distribution networks in the financial services industry.

Our principal operations consist of PGIM (our global investment management business), our U.S. Businesses (consisting of our Retirement Strategies, Group Insurance and Individual Life businesses), our International Businesses, the Closed Block division, and our Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other. Divested and Run-off Businesses consist of 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 generally accepted accounting principles in the United States of America (“U.S. GAAP”). Our Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, our International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, our International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements.

We attribute financing costs to each segment based on the amount of financing used by each segment, excluding financing costs associated with corporate debt, which are reflected in our Corporate and Other operations. The net investment income of each segment includes earnings on the amount of capital that management believes is necessary to support the risks of that segment.

Management expects that results will continue to benefit from our mutually-reinforcing business system, which includes a mix of businesses that complement each other to provide competitive advantages, earnings diversification and capital benefits from a balanced risk profile. We believe we are well-positioned to tap into market opportunities to meet the evolving needs of our clients and society at large. Our mix of high-quality protection, retirement and investment management businesses enables us to offer solutions that cover a broad range of financial needs and to engage with our clients through multiple channels.

As part of our continuous improvement process, we are working to become a leaner and more agile company by simplifying our management structure, empowering our employees with faster decision-making processes and investing in technology and data platforms. We expect these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen our competitiveness and fuel future growth.

Regulatory Developments

Interest Maintenance Reserves

In August 2025, the National Association of Insurance Commissioners (“NAIC”) extended the temporary statutory accounting treatment of net negative interest maintenance reserves (“IMR”) through December 31, 2026. This provision, which was set to expire on December 31, 2025, permits an insurer to admit net negative IMR up to 10% of their adjusted statutory surplus, provided such insurer’s risk-based capital (“RBC”) ratio remains above 300% of its Authorized Control Level RBC.

H.R.1 — One Big Beautiful Bill Act (the “Tax Act of 2025”)

See Note 14 to the Unaudited Interim Consolidated Financial Statements for information about tax law changes included in the Tax Act of 2025.

Current Market Conditions

The imposition of tariffs and retaliatory actions, as we have seen this year, could result in, among other things, rising interest rates, significant equity market declines, stagnant economic growth and high inflation, which could adversely impact our liquidity and capital positions, cash flows, results of operations, and financial position. For example, the combination of
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stagnant economic growth and high inflation would increase investment risk, including the underperformance of investments in more leveraged companies or companies exposed to weaker consumers. Also, the statutory capital of certain of our insurance subsidiaries could be negatively affected by such things as increased reserve requirements, which could be caused by equity market declines, and asymmetrical and non-economic statutory accounting impacts from rising rates. As we navigate through the current environment, we may take actions consistent with our risk and capital frameworks, as necessary, to preserve our liquidity and capital positions.

Impact of Changes in the Interest Rate Environment

As a global financial services company, market interest rates are a key driver of our liquidity and capital positions, cash flows, results of operations and financial position. Changes in interest rates can affect these in several ways, including favorable or adverse impacts to:

•investment-related activity, including: investment income returns, net investment spread results, new money rates, mortgage loan prepayments and bond redemptions;
•the valuation of fixed income investments and derivative instruments;
•collateral posting requirements, hedging costs and other risk mitigation activities;
•customer account values and assets under management, including their impacts on fee-related income;
•insurance reserve levels, including market risk benefits (“MRBs”), and market experience true-ups;
•policyholder behavior, including surrender or withdrawal activity;
•product offerings, design features, crediting rates and sales mix; and
•the fair value of, and possible impairments on, intangible assets such as goodwill.

For additional information regarding interest rate risks, see “Risk Factors—Market Risk” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

See below for a discussion of the current interest rate environment and its impact to net investment spread in our U.S. and Japanese operations along with the composition of their insurance liabilities and policyholder account balances.

U.S. Operations excluding the Closed Block Division
 
While interest rates in the U.S. have experienced a sustained period of historically low levels since the financial crisis of 2007, rates began to increase in 2022 and have continued to sustain higher levels through the first nine months of 2025, and our average reinvestment yield is generally now exceeding our current average portfolio yield.

In order to manage the impacts that changes in interest rates have on our net investment spread, we employ a proactive asset/liability management program, which includes strategic asset allocation and hedging strategies within a disciplined risk management framework. These strategies seek to match the liability characteristics of our products, and to closely approximate the interest rate sensitivity of the assets with the estimated interest rate sensitivity of the product liabilities. Our asset/liability management program also helps manage duration gaps, currency and other risks between assets and liabilities through the use of derivatives. We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur. As a result, our asset/liability management process has permitted us to manage the interest rate risk associated with our products through several market cycles. Our interest rate exposure is also mitigated by our business mix, which includes lines of business for which fee-based and insurance underwriting earnings play a more prominent role in product profitability. We also regularly examine our product offerings and their profitability. As a result, we may reprice certain products and discontinue sales of other products that do not meet our profit expectations.

The portion of the general account supporting our U.S. operations has approximately $229 billion of fixed maturity securities and commercial mortgage loans (based on net carrying value) as of September 30, 2025, with an average portfolio yield of approximately 5.0%. For this portion of the general account attributable to these operations, we estimate annual principal payments and prepayments that we would be required to reinvest to be approximately 7.2% of the fixed maturity security and commercial mortgage loan portfolios through 2026.

Included in the $229 billion of fixed maturity securities and commercial mortgage loans are approximately $191 billion that are subject to call or redemption features at the issuer’s option and have a weighted average interest rate of approximately 5%. Of this $191 billion, approximately 53% contain provisions for prepayment premiums. Future operating results will be impacted by (i) the reinvestment of scheduled payments or prepayments (not subject to a prepayment fee) at different rates compared to the current portfolio yield, including in some cases at rates below those guaranteed under our insurance contracts,
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and (ii) our utilization of other asset/liability management strategies, as described above, in order to maintain favorable net investment spread.

The following table sets forth the insurance liabilities and policyholder account balances of our U.S. operations excluding the Closed Block Division, by type, for the date indicated:
As of
September 30, 2025
(in billions)
Long-duration insurance products with fixed and guaranteed terms$213 
Contracts with adjustable crediting rates subject to guaranteed minimums37 
Participating contracts where investment income risk ultimately accrues to contractholders1 
Total$251 

The $213 billion above relates to long-duration products such as group annuities, structured settlements and other insurance products that have fixed and guaranteed terms. We seek to manage the impact of changes in interest rates on these contracts through asset/liability management, as discussed above.

The $37 billion above relates to contracts with crediting rates that may be adjusted over the life of the contract, subject to guaranteed minimums. Although we may have the ability to lower crediting rates for those contracts above guaranteed minimums, our willingness to do so may be limited by competitive pressures. For additional information regarding contracts with adjustable crediting rates subject to guaranteed minimums, see Note 10 to the Unaudited Interim Consolidated Financial Statements.

The remaining $1 billion of insurance liabilities and policyholder account balances in these operations relates to participating contracts for which the investment income risk is expected to ultimately accrue to contractholders. The crediting rates for these contracts are periodically adjusted based on the return earned on the related assets.

Closed Block Division

Substantially all of the $47 billion of general account investments in the Closed Block division support obligations and liabilities relating to the Closed Block policies only. See Note 13 to the Unaudited Interim Consolidated Financial Statements for additional information regarding the Closed Block.

Japanese Operations

Japan has experienced a low interest rate environment for many years, during which the Bank of Japan’s monetary policy has resulted in even lower and, at times, negative yields for certain tenors of government bonds; however, recent actions by the Bank of Japan have resulted in an increase in interest rates in 2024 and through the first nine months of 2025.

In order to manage, to the extent possible, the impact that the current interest rate environment has on our net investment spread, our Japanese operations employ a proactive asset/liability management program. We continue to purchase long-term bonds with tenors of 10 years or greater. We also regularly examine our product offerings and their profitability. As a result, we may reprice certain products, adjust commissions for certain products and discontinue sales of other products that do not meet our profit expectations. Additionally, our diverse product portfolio in terms of currency mix and premium payment structure allows us to further manage any impacts from changes in the interest rate environment. For additional information regarding sales within these operations, see “—International Businesses—Sales Results,” below.

The portion of the general account supporting our Japanese operations has approximately $144 billion of fixed maturity securities and commercial mortgage loans (based on net carrying value) as of September 30, 2025, with an average portfolio yield of approximately 3.1%. Our Japanese operations have continued to invest in U.S. dollar (“USD”)-denominated assets supporting our USD-denominated product portfolio, which has now driven average reinvestment rates to exceed current average portfolio rates. For this portion of the general account attributable to these operations, we estimate annual principal payments and prepayments that we would be required to reinvest to be approximately 6.6% of the fixed maturity security and commercial mortgage loan portfolios through 2026.

Included in the $144 billion of fixed maturity securities and commercial mortgage loans are approximately $13 billion that are subject to call or redemption features at the issuer’s option and have a weighted average interest rate of approximately 4%.
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Of this $13 billion, approximately 7% contain provisions for prepayment premiums. Future operating results will be impacted by (i) the reinvestment of scheduled payments or prepayments (not subject to a prepayment fee) at different rates compared to the current portfolio yield, including in some cases at rates below those guaranteed under our insurance contracts, and (ii) our utilization of other asset/liability management strategies, as described above, in order to maintain favorable net investment spread.

The following table sets forth the insurance liabilities and policyholder account balances of our Japanese operations, by type, for the date indicated:


As of
September 30, 2025
 (in billions)
Insurance products with fixed and guaranteed terms$108 
Contracts with a market value adjustment if canceled before maturity
41 
Contracts with adjustable crediting rates subject to guaranteed minimums9 
Total$158 

The $108 billion primarily consists of long-duration insurance products that have fixed and guaranteed terms for which underlying assets may have to be reinvested at interest rates that are lower than current portfolio yields. The remaining insurance liabilities and policyholder account balances include $41 billion related to contracts that impose a market value adjustment if the contracts are canceled before maturity and $9 billion related to contracts with crediting rates that may be adjusted over the life of the contract, subject to guaranteed minimums. Most of the current crediting rates on these contracts, however, are at or near contractual minimums. Although we have the ability in some cases to lower crediting rates for those contracts that are above guaranteed minimum crediting rates, the majority of this business has interest crediting rates that are determined by formula. See Note 10 to the Unaudited Interim Consolidated Financial Statements for additional information regarding crediting rates on policyholder account balances.
































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Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a U.S. GAAP basis for the periods indicated.

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
REVENUES
Premiums
$9,213 $13,045 $23,195 $36,402 
Policy charges and fee income
1,133 1,111 3,539 3,252 
Net investment income
5,528 5,055 15,884 14,668 
Asset management and service fees
996 984 2,962 2,984 
Other income (loss)
1,720 1,285 3,412 3,214 
Realized investment gains (losses), net
(1,026)(1,844)(3,455)(2,318)
Change in value of market risk benefits, net of related hedging gains (losses)
324 (146)(453)(320)
Total revenues17,888 19,490 45,084 57,882 
BENEFITS AND EXPENSES
Policyholders’ benefits
10,132 14,027 26,453 39,485 
Change in estimates of liability for future policy benefits
296 180 71 (13)
Interest credited to policyholders’ account balances
1,582 863 3,545 3,248 
Dividends to policyholders416 189 820 655 
Amortization of deferred policy acquisition costs
403 367 1,217 1,117 
General and administrative expenses
3,277 3,311 9,536 10,032 
Total benefits and expenses16,106 18,937 41,642 54,524 
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
1,782 553 3,442 3,358 
Total income tax expense (benefit)
382 140 784 693 
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES
1,400 413 2,658 2,665 
Equity in earnings of joint ventures and other operating entities, net of taxes
83 38 133 108 
NET INCOME (LOSS)1,483 451 2,791 2,773 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
52 3 120 (11)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.$1,431 $448 $2,671 $2,784 

Three Month Comparison. “Net income (loss) attributable to Prudential Financial, Inc.” for the third quarter of 2025 compared to the third quarter of 2024 increased $983 million, inclusive of a $242 million unfavorable variance from income taxes, primarily driven by the increase in pre-tax earnings, as described below.

On a pre-tax basis, “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” increased $1,229 million, reflecting the following notable items:

“Total revenues” decreased $1,602 million, primarily due to the following:

•“Premiums” — $3,832 million unfavorable variance, primarily reflecting lower pension risk transfer premiums due to lower sales in the current period, with corresponding offsets in “policyholders’ benefits,” as discussed below.

Partially offset by:

•“Realized investment gains (losses), net” — $818 million favorable variance, primarily reflecting the change in the fair value of embedded derivatives related to our Funds Withheld portfolios, which are offset by changes in the value of the investments in the Funds Withheld portfolios that are primarily recorded in “Other income (loss)” or through “Other comprehensive income,” as well as lower write-downs on, and lower losses from the sales of, fixed income securities. These variances were partially offset by unfavorable derivative results excluding the change in the fair value
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of embedded derivatives related to our Funds Withheld portfolios, as described above. See “—General Account Investments—Realized Investment Gains and Losses” for additional information;
•“Net investment income” — $473 million favorable variance, primarily reflecting business growth, higher reinvestment rates and higher income from non-coupon investments. See “—General Account Investments—Investment Results” for additional information;
•“Change in value of market risk benefits, net of related hedging gains (losses)” — $470 million favorable variance, primarily reflecting favorable equity market performance; and
•“Other income (loss)” — $435 million favorable variance, primarily reflecting favorable changes in the market value of equity and fixed income securities designated as trading, including on assets supporting experience-rated contractholder liabilities, which are fully offset in “Interest credited to policyholders’ account balances” as discussed below.

“Total benefits and expenses” decreased $2,831 million, primarily due to the following:

•“Policyholders’ benefits” — $3,895 million favorable variance, primarily reflecting lower pension risk transfer premiums, as discussed above.

Partially offset by:

•“Interest credited to policyholders’ account balances” — $719 million unfavorable variance, primarily reflecting the impact from the favorable changes in assets supporting experience-rated contractholder liabilities, as described above, and business growth; and
•“Dividends to policyholders” — $227 million unfavorable variance, primarily reflecting favorable changes in cumulative earnings in the Closed Block division, largely corresponding to “Realized investment gains (losses), net” above. See “—Closed Block Division” for additional information.

Nine Month Comparison. “Net income (loss) attributable to Prudential Financial, Inc.” for the first nine months of 2025 compared to the first nine months of 2024 decreased $113 million, inclusive of a $91 million unfavorable variance from income taxes, primarily driven by the impact of certain tax rate changes in the current period, and the increase in pre-tax earnings, as described below. See “—Income Taxes” for additional information.

On a pre-tax basis, “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” increased $84 million, reflecting the following notable items:

“Total revenues” decreased $12,798 million, primarily due to the following:

•“Premiums” — $13,207 million unfavorable variance, primarily reflecting lower pension risk transfer premiums due to lower sales in the current period, with corresponding offsets in “Policyholders’ benefits,” as discussed below; and
•“Realized investment gains (losses), net” — $1,137 million unfavorable variance, primarily reflecting unfavorable derivative results, including losses in the current period from product-related hedge positions and embedded derivatives, as well as from foreign currency hedges, partially offset by lower losses from the sales of fixed income securities. See “—General Account Investments—Realized Investment Gains and Losses” for additional information.

Partially offset by:

•“Net investment income” — $1,216 million favorable variance, primarily reflecting business growth, higher reinvestment rates and higher income from non-coupon investments. See “—General Account Investments—Investment Results” for additional information.

“Total benefits and expenses” decreased $12,882 million, primarily due to the following:

•“Policyholders’ benefits” — $13,032 million favorable variance, primarily reflecting lower pension risk transfer premiums, as discussed above; and
•“General and administrative expenses” — $496 million favorable variance, net of deferrals, primarily reflecting lower operating expenses, partially offset by higher variable expenses supporting business growth.

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Partially offset by:

•“Interest credited to policyholders’ account balances” — $297 million unfavorable variance, primarily reflecting business growth.

Segment Results of Operations
 
We analyze the performance of our segments and Corporate and Other operations using a measure of segment profitability called adjusted operating income. See “—Segment Measures” below for a discussion of adjusted operating income and its use as a measure of segment operating performance.

Annual Reviews and Update of Assumptions and Other Refinements

During the second quarter of each year, we perform an annual comprehensive review of the assumptions used for estimating future premiums, benefits, and other cash flows, including reviews related to mortality, morbidity, lapse, surrender, and other contractholder behavior assumptions, and economic assumptions, including expected future rates of returns on investments. The Company generally looks to relevant Company experience as the primary basis for these assumptions; however, if relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either elsewhere within the Company or within the industry. As part of this review, we may update these assumptions and make refinements to our models based upon emerging experience, future expectations and other data, including any observable market data we feel is indicative of a long-term trend. These assumptions are generally reviewed annually unless a material change in our own experience or in industry experience made available to us is observed in an interim period that we feel is also indicative of a long-term trend. Generally, we do not expect trends to change significantly in the short-term and, to the extent these trends may change, we expect such changes to be gradual over the long-term. The impact on our results of operations of changes in these assumptions can be offsetting and we are unable to predict their movement or offsetting impact over time.

Shown below are the impacts on our adjusted operating income from updates of actuarial assumptions and other refinements as discussed above. The information below is presented by each segment and Corporate and Other operations and includes a reconciliation of these impacts to the impacts within income (loss) before income taxes and equity in earnings of joint ventures and other operating entities.

Nine Months Ended
September 30,
20252024
(in millions)
Favorable (unfavorable) impact to adjusted operating income before income taxes by segment:
U.S. Businesses:
Retirement Strategies$(113)$140 
Group Insurance11 25 
Individual Life58 (98)
Total U.S. Businesses(44)67 
International Businesses(2)(55)
Corporate and Other0 (6)
Total segment favorable (unfavorable) impact to adjusted operating income before income taxes
(46)6 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
146 831 
Change in value of market risk benefits, net of related hedging gains (losses)(263)(88)
Divested and Run-off Businesses:
Closed Block division0 0 
Other Divested and Run-off Businesses(7)110 
Favorable (unfavorable) impact to consolidated income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$(170)$859 

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Shown below are the adjusted operating income contributions of each segment and Corporate and Other operations for the periods indicated and a reconciliation of this segment measure of performance to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as presented in the Unaudited Interim Consolidated Statements of Operations.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)
Adjusted operating income before income taxes by segment:
PGIM$244 $241 $629 $616 
U.S. Businesses:
Retirement Strategies(1)
966 898 2,564 2,768 
Group Insurance90 82 304 248 
Individual Life93 60 167 (148)
Total U.S. Businesses(1)
1,149 1,040 3,035 2,868 
International Businesses881 766 2,490 2,364 
Corporate and Other
(327)(487)(1,022)(1,293)
Total segment adjusted operating income before income taxes(1)
1,947 1,560 5,132 4,555 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(1)(2)
(574)(737)(1,336)(625)
Change in value of market risk benefits, net of related hedging gains (losses)324 (146)(453)(320)
Market experience updates(36)(127)45 (112)
Divested and Run-off Businesses(3):
Closed Block division10 2 (30)(61)
Other Divested and Run-off Businesses
123 47 84 50 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests(4)
(11)(43)(26)(113)
Other adjustments(5)
(1)(3)26 (16)
Consolidated income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$1,782 $553 $3,442 $3,358 
__________
(1)The amounts for the three and nine months ended September 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Retirement Strategies segment. See “—Retirement Strategies” for additional information. Prior period amounts have been updated to conform to current period presentation.
(2)See “—General Account Investments” and Note 19 to the Unaudited Interim Consolidated Financial Statements for additional information.
(3)Represents the contribution to income (loss) of Divested and Run-off Businesses that have been or will be sold or exited, including businesses that have been placed in wind-down, but did not qualify for “discontinued operations” accounting treatment under U.S. GAAP. See “—Divested and Run-off Businesses” for additional information.
(4)Equity in earnings of joint ventures and other operating entities is included in adjusted operating income but excluded from “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as it is reflected on an after-tax U.S. GAAP basis as a separate line in the Unaudited Interim Consolidated Statements of Operations. Earnings attributable to noncontrolling interests are excluded from adjusted operating income but included in “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as they are reflected on a U.S. GAAP basis as a separate line in the Unaudited Interim Consolidated Statements of Operations. Earnings attributable to noncontrolling interests represents the portion of earnings from consolidated entities that relates to the equity interests of minority investors.
(5)Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

Segment results for the period presented above reflect the following:

PGIM. Results for both the third quarter and the first nine months of 2025 increased in comparison to the prior year periods, primarily reflecting higher net asset management fees and higher net service, distribution and other revenues, driven by a gain on sale of our asset management business in Taiwan, partially offset by higher expenses, primarily reflecting charges resulting from a business reorganization. Results for the third quarter of 2025 also reflected higher net other related revenues.

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Retirement Strategies. Results for the third quarter of 2025 increased in comparison to the prior year period, primarily driven by higher net investment spread results, partially offset by higher expenses, less favorable reserve experience and lower net fee income. Results for the first nine months of 2025 decreased in comparison to the prior year period, inclusive of an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results increased, primarily driven by higher net investment spread results, partially offset by higher expenses and lower net fee income.

Group Insurance. Results for the third quarter of 2025 increased in comparison to the prior year period, primarily driven by higher underwriting results, partially offset by higher expenses. Results for the first nine months of 2025 increased in comparison to the prior year period, inclusive of a less favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results for the first nine months of 2025 increased, primarily driven by higher underwriting results, partially offset by higher expenses.

Individual Life. Results for the third quarter of 2025 increased in comparison to the prior year period, primarily driven by higher underwriting results, partially offset by lower net investment spread results. Results for the first nine months of 2025 increased in comparison to the prior year period, inclusive of a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results for the first nine months of 2025 increased, primarily driven by higher underwriting results, partially offset by lower net investment spread results.

International Businesses. Results for the third quarter of 2025 increased in comparison to the prior year period, inclusive of an unfavorable comparative net impact from foreign currency exchange rates. Excluding this item, results for the third quarter of 2025 increased, primarily driven by higher net investment spread results and higher underwriting results. Results for the first nine months of 2025 increased, inclusive of an unfavorable comparative net impact from foreign currency exchange rates and a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding these items, results for the first nine months of 2025 increased, primarily driven by higher net investment spread results and higher underwriting results, partially offset by higher expenses.

Corporate and Other. Results for both the third quarter and the first nine months of 2025 reflected decreased losses in comparison to the prior year periods, primarily driven by lower net charges from other corporate activities.

Closed Block Division. Results for both the third quarter and the first nine months of 2025 increased in comparison to the prior year periods, driven by higher net investment activity results, partially offset by changes in the policyholder dividend obligation.

Segment Measures

Adjusted Operating Income. In managing our business, we analyze our segments’ operating performance using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is our measure of segment performance. The adjustments to derive adjusted operating income are important to an understanding of our overall results of operations. 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; 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.

See Note 19 to the Unaudited Interim Consolidated Financial Statements for additional information regarding the presentation of segment results and our definition of adjusted operating income.

Annualized New Business Premiums. In managing our Individual Life, Group Insurance and International Businesses segments, we analyze annualized new business premiums, which do not correspond to revenues under U.S. GAAP. Annualized new business premiums measure the current sales performance of the business, while revenues primarily reflect the renewal persistency of policies written in prior years and net investment income, in addition to current sales. Annualized new business premiums include 10% of first year premiums or deposits from single-payment products in our Individual Life and International Businesses segments. No other adjustments are made for limited-payment contracts.

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The amount of annualized new business premiums for any given period can be significantly impacted by several factors, including but not limited to: addition of new products, discontinuation of existing products, changes in credited interest rates for certain products and other product modifications, changes in premium rates, changes in tax laws, changes in regulations or changes in the competitive environment. Sales volume may increase or decrease prior to certain of these changes becoming effective, and then fluctuate in the other direction following such changes.

Assets Under Management. In managing our PGIM segment, we analyze assets under management (which do not correspond directly to U.S. GAAP assets) because the principal source of revenues is fees based on assets under management. Assets under management represent the fair market value or account value of assets that we manage directly for institutional clients, retail clients, and for our general account, as well as assets invested in our products that are managed by third-party managers.

Account Values. In managing our Retirement Strategies segment, we analyze account values, which do not correspond directly to U.S. GAAP assets. Net additions (withdrawals) in our Institutional Retirement Strategies business and sales (redemptions) in our Individual Retirement Strategies business do not correspond to revenues under U.S. GAAP but are used as a relevant measure of business activity.

Impact of Foreign Currency Exchange Rates

Foreign currency exchange rate movements and related hedging strategies
 
As a U.S.-based company with significant business operations outside the U.S., particularly in Japan, we are subject to foreign currency exchange rate movements that could impact our USD-equivalent shareholder return on equity. We seek to mitigate this impact through various hedging strategies, including holding USD-denominated assets in certain of our foreign subsidiaries.

In order to reduce equity volatility from foreign currency exchange rate movements, we primarily utilize a yen hedging strategy that calibrates the hedge level to preserve the relative contribution of our yen-based business to the Company’s overall return on equity on a leverage neutral basis. We implement this hedging strategy utilizing a variety of instruments, including USD-denominated assets and dual currency and synthetic dual currency investments held locally in our Japanese insurance subsidiaries. The total hedge level may vary based on our periodic assessment of the relative contribution of our yen-based business to the Company’s overall return on equity.

The table below presents the aggregate amount of instruments that serve to hedge the impact of foreign currency exchange movements on our USD-equivalent shareholder return on equity from our Japanese insurance subsidiaries as of the dates indicated.

September 30,
2025		December 31,
2024
 (in billions)
Foreign currency hedging instruments:
USD-denominated assets associated with yen-based entities(1)$7.7 $6.1 
Dual currency and synthetic dual currency investments(2)0.3 0.3 
Total foreign currency hedges$8.0 $6.4 
__________
(1)Includes USD-denominated fixed maturities at amortized cost plus any related accrued investment income, as well as USD notional amount of foreign currency derivative contracts outstanding. Note this amount represents only those USD assets serving to hedge the impact of foreign currency volatility on equity. Separate from this program, our Japanese operations also have $88.4 billion and $83.2 billion as of September 30, 2025 and December 31, 2024, respectively, of USD-denominated assets supporting USD-denominated liabilities related to USD-denominated products.
(2)Dual currency and synthetic dual currency investments are held by our yen-based entities in the form of fixed maturities and loans with a yen-denominated principal component and USD-denominated interest income. The amounts shown represent the present value of future USD-denominated cash flows.

The USD-denominated investments that hedge the impact of foreign currency exchange rate movements on USD-equivalent shareholder return on equity from our Japanese insurance operations are reported within yen-based entities and, as a result, foreign currency exchange rate movements will impact their value reported within our yen-based Japanese insurance entities. We seek to mitigate the risk that future unfavorable foreign currency exchange rate movements will decrease the value of these USD-denominated investments reported within our yen-based Japanese insurance entities, and therefore negatively impact their equity and regulatory solvency margins, by having our Japanese insurance operations enter into currency hedging
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transactions with a subsidiary of Prudential Financial. These hedging strategies have the economic effect of moving the change in value of these USD-denominated investments due to foreign currency exchange rate movements from our Japanese yen-based entities to our USD-based entities.

These USD-denominated investments also pay a coupon which is generally higher than what a similar yen-denominated investment would pay. The incremental impact of this higher yield on our USD-denominated investments, as well as our dual currency and synthetic dual currency investments, will vary over time, and is dependent on the duration of the underlying investments as well as interest rate environments in both the U.S. and Japan at the time of the investments.

Impact of intercompany foreign currency exchange rate arrangements on segment results of operations
 
The financial results of our International Businesses and PGIM reflect the impact of intercompany arrangements with our Corporate and Other operations pursuant to which these segments’ non-USD-denominated earnings are translated at fixed currency exchange rates that are predetermined during the third quarter of the prior year using forward currency exchange rates. Results of our Corporate and Other operations include differences between the translation adjustments recorded by the segments at the fixed currency exchange rate versus the actual average rate during the period.

In addition, specific to our International Businesses where we hedge certain currencies utilizing forward currency contracts with third parties, the results of our Corporate and Other operations also include the impact of any gains or losses recorded from these contracts that settled during the period, which include the impact of any over or under hedging of actual earnings that differ from projected earnings.
 
The table below presents, for the periods indicated, the increase (decrease) to revenues and adjusted operating income for our International Businesses, PGIM and Corporate and Other operations, reflecting the impact of these intercompany arrangements.

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Segment impacts of intercompany arrangements:
International Businesses$(7)$(9)$(6)$(3)
PGIM1 1 0 1 
Impact of intercompany arrangements(1)(6)(8)(6)(2)
Corporate and Other:
Impact of intercompany arrangements(1)6 8 6 2 
Settlement gains (losses) on forward currency contracts(2)(5)(4)(4)(13)
Net benefit (detriment) to Corporate and Other1 4 2 (11)
Net impact on consolidated revenues and adjusted operating income$(5)$(4)$(4)$(13)
__________ 
(1)Represents the difference between non-USD-denominated earnings translated on the basis of weighted average monthly currency exchange rates versus fixed currency exchange rates determined in connection with the foreign currency income hedging program.
(2)As of both September 30, 2025 and 2024, the total notional amount of these forward currency contracts within our Corporate and Other operations was $0.8 billion.

Impact of products denominated in non-local currencies on U.S. GAAP earnings
 
While our international insurance operations offer products denominated in local currency, several also offer products denominated in non-local currencies. This is most notable in our Japanese operations, which currently offer primarily USD-denominated products, but have also historically offered Australian dollar (“AUD”)-denominated products. The non-local currency-denominated insurance liabilities related to these products are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale. While the impact from foreign currency exchange rate movements on these non-local currency-denominated assets and liabilities is economically matched, differences in the accounting for changes in the value of these assets and liabilities due to changes in foreign currency exchange rate movements have historically resulted in volatility in U.S. GAAP earnings.

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As a result, we implemented a structure in certain of our Japanese operations that disaggregated the USD- and AUD-denominated businesses into separate divisions, each with its own functional currency that aligns with the underlying products and investments. The result of this alignment was to reduce differences in the accounting for changes in the value of these assets and liabilities that arise due to changes in foreign currency exchange rate movements. For the USD- and AUD-denominated assets that were transferred under this structure, the net cumulative unrealized investment gains associated with foreign exchange remeasurement that were recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) totaled $1.0 billion and $1.1 billion as of September 30, 2025 and December 31, 2024, respectively, and will be recognized in earnings within “Realized investment gains (losses), net” over time as these assets mature or are sold. Absent the sale of any of these assets prior to their stated maturity, approximately 1% of the $1.0 billion balance as of September 30, 2025 will be recognized throughout the remainder of 2025, approximately 5% will be recognized in 2026, and the remaining balance will be recognized from 2027 through 2051.

Highly inflationary economy

Enterprise Group, our strategic investment in Ghana, has historically utilized the Ghanaian cedi as its functional currency given it is the currency of the primary economic environment in which the entity operates. In the fourth quarter of 2023, Ghana experienced a cumulative inflation rate that exceeded 100% over a 3-year period. As a result, Ghana’s economy was deemed to be highly inflationary, resulting in reporting changes effective January 1, 2024. Under U.S. GAAP, the financial statements of a foreign entity in a highly inflationary economy are to be remeasured as if its functional currency (formerly the Ghanaian cedi) is the reporting currency of its parent reporting entity (the USD) on a prospective basis. While this changed how the results of Enterprise Group were remeasured and/or translated into USD, the impact to our financial statements was not material nor is it expected to have a material impact to our financial statements in future periods given the relative size of the investment.

Accounting Policies & Pronouncements

Application of Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews the estimates and assumptions used in the preparation of the Company’s financial statements. If management determines that modifications to assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Unaudited Interim Consolidated Financial Statements could change significantly.

Management believes the accounting policies relating to the following areas are most dependent on the application of estimates and assumptions and require management’s most difficult, subjective, or complex judgments:

•Insurance liabilities;
•Goodwill;
•Valuation of investments including derivatives, measurement of allowance for credit losses, and recognition of other-than-temporary impairments (“OTTI”);
•Pension and other postretirement benefits;
•Taxes on income; and
•Reserves for contingencies, including reserves for losses in connection with unresolved legal matters.

Market Performance - Equity and Interest Rate Assumptions

The liability for future policy benefits for certain of our universal life type products includes quarterly adjustments for the impact of changes to our estimate of future rates of returns on investments to reflect actual fund performance and market conditions. A portion of the returns on investments for our variable life contracts are dependent upon the total rate of return on assets held in separate account investment options. This rate of return influences the fees we earn and expected claims to be paid on variable life contracts, as well as other sources of profit. Returns that are higher than our expectations for a given period produce higher than expected account balances, which increase the future fees we expect to earn on variable life contracts and decrease expected claims to be paid on variable life contracts. The opposite occurs when returns are lower than our expectations.

The weighted average rate of return assumptions used in developing estimated market returns consider many factors specific to each product type, including asset durations, asset allocations and other factors. With regard to equity market assumptions, the near-term future rate of return assumption used in evaluating liabilities for future policy benefits for certain of
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our products, primarily our domestic and international variable life insurance products, is generally updated each quarter and is derived using a reversion to the mean approach, a common industry practice. Under this approach, we consider historical equity returns and adjust projected equity returns over an initial future period of five years (the “near-term”) so that equity returns converge to the long-term expected rate of return. If the near-term projected future rate of return is greater than our near-term maximum future rate of return of 15.0%, we use our maximum future rate of return. If the near-term projected future rate of return is lower than our near-term minimum future rate of return of 0%, we use our minimum future rate of return. As of September 30, 2025, our domestic variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 2.2% near-term mean reversion equity expected rate of return, and our international variable life insurance business assumes a 5.5% long-term equity expected rate of return and a 0.4% near-term mean reversion equity expected rate of return.

With regard to interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products, we update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our 2025 annual reviews and update of assumptions and other refinements, we kept our long-term expectation of the 10-year U.S. Treasury rate unchanged and continue to grade to a rate of 3.5% over ten years, and increased our long-term expectation of the 10-year Japanese Government Bond yield by 25 basis points and now grade to a rate of 1.5% over ten years. As part of our quarterly market experience updates, we update our near-term projections of interest rates to reflect changes in current rates.

For further discussion of impacts that could result from changes in these key estimates and assumptions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Adoption of New Accounting Pronouncements

See Note 2 to the Unaudited Interim Consolidated Financial Statements for accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements.

Results of Operations by Segment

PGIM

Operating Results

The following table sets forth PGIM’s operating results for the periods indicated:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)
Operating results(1):
Revenues$1,095 $1,021 $3,123 $2,974 
Expenses851 780 2,494 2,358 
Adjusted operating income244 241 629 616 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
23 11 75 29 
Other adjustments(2)(1)(3)26 (16)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$266 $249 $730 $629 
__________
(1)Certain of PGIM’s investment activities are based in currencies other than the USD and are therefore subject to foreign currency exchange rate risk. The financial results of PGIM include the impact of an intercompany arrangement with our Corporate and Other operations designed to mitigate the impact of exchange rate changes on PGIM’s USD-equivalent earnings. For additional information regarding this intercompany arrangement, see “—Results of Operations—Impact of Foreign Currency Exchange Rates,” above.
(2)Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Adjusted Operating Income

Three Month Comparison. Adjusted operating income increased $3 million, primarily reflecting higher net asset management fees, higher net service, distribution and other revenues driven by a gain on the sale of our asset management business in Taiwan, and higher net other related revenues. These impacts were largely offset by higher operating expenses, primarily reflecting charges resulting from a business reorganization.

Nine Month Comparison. Adjusted operating income increased $13 million, primarily reflecting higher net asset management fees and higher net service, distribution and other revenues driven by a gain on the sale of our asset management business in Taiwan. These impacts were partially offset by higher operating expenses, primarily reflecting charges resulting from a business reorganization, and lower net other related revenues.

Revenues and Expenses

The following table sets forth PGIM’s revenues, presented on a basis consistent with the table above under “—Operating Results,” by type:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)
Revenues by type:
Asset management fees by source:
Institutional - Third Party(1)
$395 $373 $1,169 $1,106 
Retail - Third Party(1)
231 221 675 637 
Affiliated(1)(2)
218 209 653 611 
Total asset management fees844 803 2,497 2,354 
Other related revenues by source:
Incentive fees8 20 42 80 
Transaction fees4 5 16 19 
Seed and co-investments39 37 73 108 
Commercial mortgage(3)
42 28 82 47 
Total other related revenues93 90 213 254 
Service, distribution and other revenues158 128 413 366 
Total revenues$1,095 $1,021 $3,123 $2,974 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes revenues from the Company’s general account assets, as well as certain separate account assets of the Company’s insurance and retirement businesses managed by PGIM.
(3)Includes mortgage origination revenues from our commercial mortgage origination and servicing business.

Three Month Comparison. Revenues increased $74 million. Asset management fees increased, primarily reflecting higher average assets under management driven by the impact of equity market and fixed income appreciation and net inflows. Service, distribution and other revenues increased, primarily reflecting the gain on sale of our asset management business in Taiwan and higher revenues from certain consolidated funds (which were fully offset by higher expenses related to noncontrolling interests in these funds). Other related revenues increased, primarily reflecting higher commercial mortgage origination revenues driven by higher loan production, largely offset by lower incentive fees driven by less favorable investment performance.

Expenses increased $71 million, primarily reflecting higher operating expenses, driven by charges resulting from a business reorganization, and higher compensation expenses, primarily due to business growth. Also contributing to the increase were higher variable expenses corresponding to higher net fee-based earnings, and higher revenues from certain consolidated funds, as described above.

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Nine Month Comparison. Revenues increased $149 million. Asset management fees increased, primarily reflecting higher average assets under management driven by the impact of equity market and fixed income appreciation, net inflows and strong investment performance. Service, distribution and other revenues increased, primarily reflecting the gain on sale of our asset management business in Taiwan and higher revenues from certain consolidated funds (which were fully offset by higher expenses related to noncontrolling interests in these funds). These variances were partially offset by lower other related revenues, primarily reflecting lower incentive fees and lower seed and co-investments earnings, driven by less favorable investment performance, partially offset by higher commercial mortgage origination revenues driven by higher loan production.

Expenses increased $136 million, primarily reflecting higher operating expenses, including charges resulting from a business reorganization, and higher compensation expenses, primarily due to business growth, partially offset by decreases related to certain long-term employee compensation plans. Also contributing to the increase were higher variable expenses corresponding to higher net fee-based earnings, and higher revenues from certain consolidated funds, as described above.

Assets Under Management

The following table sets forth assets under management by asset class as of the dates indicated:

 September 30, 2025December 31, 2024September 30, 2024
 (in billions)
Assets Under Management(1) (at fair value):
Public equity$227.7 $215.7 $213.7 
Public fixed income901.9 832.2 863.4 
Real estate133.6 127.2 131.8 
Private credit and other alternatives126.6 118.0 119.2 
Multi-asset80.2 82.1 71.8 
Total PGIM assets under management$1,470.0 $1,375.2 $1,399.9 
Assets under management within other reporting segments(2)142.0 137.2 158.0 
Total PFI assets under management$1,612.0 $1,512.4 $1,557.9 
__________
(1)“Public equity” represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust. “Public fixed income” represents debt instruments that pay interest and usually have a maturity (excluding mortgages). “Real estate” includes direct real estate equity and real estate mortgages. “Private credit and other alternatives” includes private credit, private equity, hedge funds and other alternative strategies. “Multi-asset” includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
(2)Primarily includes assets related to certain insurance and retirement products in our U.S. Businesses and Corporate and Other operations, and certain general account assets in our International Businesses. These assets are not directly managed by PGIM, but rather are invested in non-proprietary funds or are managed by either the divisions themselves or by our Chief Investment Officer Organization.

The following table sets forth assets under management by source as of the dates indicated:

 September 30, 2025December 31, 2024September 30, 2024
 (in billions)
Assets Under Management (at fair value):
Institutional - Third Party(1)
$654.9 $601.1 $610.3 
Retail - Third Party(1)
265.2 244.9 245.1 
Affiliated(1)(2)
549.9 529.2 544.5 
Total PGIM assets under management$1,470.0 $1,375.2 $1,399.9 
Assets under management within other reporting segments(3)
142.0 137.2 158.0 
Total PFI assets under management$1,612.0 $1,512.4 $1,557.9 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)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.
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(3)Primarily includes assets related to certain insurance and retirement products in our U.S. Businesses and Corporate and Other operations, and certain general account assets in our International Businesses. These assets are not directly managed by PGIM, but rather are invested in non-proprietary funds or are managed by either the divisions themselves or by our Chief Investment Officer Organization.

The following table sets forth the component changes in PGIM’s assets under management for the periods indicated:
 
Three Months Ended September 30,Nine Months Ended September 30,Twelve
Months
Ended
September 30,
20252024202520242025
 (in billions)
Beginning assets under management$1,440.7 $1,328.1 $1,375.2 $1,298.1 $1,399.9 
Institutional third-party flows(1)
0.3 (2.2)10.5 19.5 12.7 
Retail third-party flows0.3 1.3 (2.7)1.2 (2.5)
Total third-party flows(1)
0.6 (0.9)7.8 20.7 10.2 
Affiliated flows(1)(2)
1.8 6.5 2.3 15.6 11.3 
Total net flows(1)
2.4 5.6 10.1 36.3 21.5 
Realizations and distributions(1)(3)
(4.6)(2.4)(11.2)(7.1)(14.0)
Market appreciation (depreciation)(4)
38.0 64.8 96.5 88.2 68.9 
Foreign exchange rate impact(1.5)8.9 7.0 (1.1)(1.3)
Net money market activity and other increases (decreases)(5.0)(5.1)(7.6)(14.5)(5.0)
Ending assets under management$1,470.0 $1,399.9 $1,470.0 $1,399.9 $1,470.0 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Represents assets that PGIM manages for the benefit of other reporting segments within the Company. Additions and withdrawals of these assets are attributable to third-party product inflows and outflows in other reporting segments.
(3)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.
(4)Includes income reinvestment, where applicable.

PGIM’s assets under management as of September 30, 2025 increased $70 billion in comparison to the prior year quarter, primarily driven by equity market and fixed income appreciation, net inflows and strong investment performance. PGIM’s assets under management as of September 30, 2025 increased $95 billion in comparison to the prior year end, primarily driven by fixed income and equity market appreciation, net inflows and favorable foreign exchange rate impacts.

Private Capital Deployment

Private capital deployment is indicative of the pace and magnitude of capital that is invested and will result in future revenues that may include management fees, transaction fees, incentive fees and servicing revenues, as well as future costs to manage these assets.

Private capital deployment represents the gross value of private capital invested in real estate debt and equity, and private credit and equity asset classes. Assets under management resulting from private capital deployment are primarily included in “Real estate” and “Private credit and other alternatives” in the “—Assets Under Management— by asset class table” above. As of September 30, 2025, these asset classes increased $15.0 billion compared to December 31, 2024, primarily reflecting private capital net inflows, market appreciation and favorable foreign exchange rate impacts, partially offset by realizations and distributions.

Private capital deployment includes PGIM’s real estate agency debt business, which consists of agency commercial mortgage loans that are originated and sold to third-party investors. PGIM continues to service these loans; however, they are not included in assets under management.

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The following table sets forth PGIM’s private capital deployed by asset class for the periods indicated:

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
 (in billions)
Private capital deployed:
Real estate debt and equity$7.5 $7.4 $18.6 $14.9 
Private credit and equity(1)
6.8 4.9 18.1 15.9 
Total private capital deployed(1)
$14.3 $12.3 $36.7 $30.8 
__________
(1)Prior period amounts have been updated to conform to current period presentation.

Seed and Co-Investments

As of September 30, 2025 and December 31, 2024, PGIM had approximately $1,370 million and $1,079 million of seed investments and $396 million and $415 million of co-investments at carrying value, respectively, primarily consisting of public fixed income, public equity, real estate investments, and private credit and other alternatives.

Retirement Strategies

Operating Results

The following table sets forth Retirement Strategies’ operating results for the periods indicated:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)
Operating results(1):
Revenues:
Institutional Retirement Strategies$5,754 $9,473 $12,366 $25,052 
Individual Retirement Strategies1,429 1,318 4,088 3,793 
Total revenues7,183 10,791 16,454 28,845 
Benefits and expenses:
Institutional Retirement Strategies5,274 9,035 11,078 23,623 
Individual Retirement Strategies943 858 2,812 2,454 
Total benefits and expenses
6,217 9,893 13,890 26,077 
Adjusted operating income:
Institutional Retirement Strategies480 438 1,288 1,429 
Individual Retirement Strategies486 460 1,276 1,339 
Total adjusted operating income
966 898 2,564 2,768 
Realized investment gains (losses), net, and related charges and adjustments
(352)(302)(882)(170)
Change in value of market risk benefits, net of related hedging gains (losses)320 (145)(466)(331)
Market experience updates
(3)0 (10)0 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
0 (1)2 0 
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$931 $450 $1,208 $2,267 
__________
(1)The amounts for the three and nine months ended September 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Individual Retirement Strategies business. See below for additional information.

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As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $68 million and $149 million for the three and nine months ended September 30, 2024, respectively.

Our Individual Retirement Strategies business includes both fixed and variable annuities that may include optional guaranteed living benefit riders (e.g., guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”)), and/or optional death benefit riders (e.g., guaranteed minimum death benefits (“GMDB”)). We also offer fixed annuities that provide a guarantee of principal and interest credited at rates we determine (subject to certain contractual minimums) or at rates based upon the performance of an index (subject to caps or participation rates), as well as indexed variable annuities that provide several index crediting strategies and varying levels of downside protection at predetermined levels and durations. The results of our business are generally included in adjusted operating income, with exceptions related to certain guarantees, as discussed below.

Under U.S. GAAP, our guaranteed living and death benefit riders on variable annuities (e.g., GMAB, GMIB, GMWB, GMIWB and GMDB) are accounted for as MRBs and reported at fair value. For purposes of measuring segment performance, adjusted operating income excludes the changes in fair value of MRBs and instead reflects the performance of these riders in net income, net of related hedges, in “Change in value of market risk benefits, net of related hedging gains (losses),” except for the portion of the change attributable to changes in the Company’s NPR which is recorded in OCI.

Under U.S. GAAP, policyholder liabilities associated with our fixed and variable indexed annuity products are recorded in “Policyholders’ account balances,” and include both the contract value that has accrued to the benefit of the policyholder and the fair value of embedded derivative instruments associated with the index-linked features for these products. The change in the liability for these products is measured utilizing a valuation methodology required under U.S GAAP and includes the fair value of all index credits for the current term and future projected renewals of the policy. For the purpose of measuring segment performance, however, adjusted operating income reflects only the change in the liability associated with the current term elected by the policyholder, which is the component of the liability the Company hedges based on current contractual index-crediting terms, and which is offset by the change in the value of the corresponding hedge assets. Adjusted operating income excludes the change in the liability associated with all future projected renewals, which the Company does not hedge, consistent with the Company and policyholder optionality that exists at renewal.

Adjusted Operating Income

Three Month Comparison. Adjusted operating income from our Institutional Retirement Strategies business increased $42 million, primarily driven by higher net investment spread results reflecting higher income from non-coupon investments and an increase in account values due to business growth, partially offset by lower income from derivatives. This variance was partially offset by less favorable underwriting results and higher operating expenses.

Adjusted operating income from our Individual Retirement Strategies business increased $26 million primarily driven by higher net investment spread results due to growth in indexed variable and fixed annuities and higher income from non-coupon investments, partially offset by the impact of lower short-term interest rates. This variance was partially offset by lower fee income, net of distribution expenses, due to lower average separate account values driven by net outflows from the run-off of the traditional variable annuity block, partially offset by favorable equity markets and higher amortization costs.

Nine Month Comparison. Adjusted operating income from our Institutional Retirement Strategies business decreased $141 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 included a $32 million net charge from this update, while results for 2024 included a net benefit of $132 million. Excluding this item, adjusted operating income increased $23 million, primarily driven by higher net investment spread results reflecting higher income from non-coupon investments and an increase in account values due to business growth, partially offset by lower income from derivatives. Also contributing to the variance was higher fee income due to business growth of longevity reinsurance transactions, partially offset by higher operating expenses.

Adjusted operating income from our Individual Retirement Strategies business decreased $63 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 included a net charge of $81 million, mainly due to the establishment of reserves for certain fixed annuity products, while the results for the second quarter of 2024 included a net benefit of $8 million. Excluding this item, adjusted operating income
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increased $26 million, primarily reflecting higher net investment spread results due to growth in indexed variable and fixed annuities and higher income from non-coupon investments, partially offset by the impact of lower short-term interest rates. This variance was partially offset by lower fee income, net of distribution expenses, due to lower average separate account values driven by net outflows from the run-off of the traditional variable annuity block, partially offset by favorable equity markets and higher amortization costs.

Revenues, Benefits and Expenses

Three Month Comparison. Revenues from our Institutional Retirement Strategies business decreased $3,719 million, primarily reflecting lower pension risk transfer premiums due to lower sales in the current quarter, with corresponding offsets in policyholders’ benefits, as discussed below.

Benefits and expenses of our Institutional Retirement Strategies business decreased $3,761 million, primarily driven by a decrease in policyholders’ benefits, including changes in reserves, related to the lower pension risk transfer premiums discussed above.

Revenues from our Individual Retirement Strategies business increased $111 million, primarily driven by higher net investment income due to growth in indexed variable and fixed annuities and higher income from non-coupon investments. This variance was partially offset by lower asset management and service fees, as well as lower policy charges and fee income due to lower average separate account values driven by net outflows from the run-off of the traditional variable annuity block, partially offset by favorable equity markets. Also contributing to the variance was lower other income driven by the impact of less favorable short-term interest rates on collateral posted to counterparties.

Benefits and expenses of our Individual Retirement Strategies business increased $85 million, primarily driven by higher interest credited to policyholders’ account balances and higher amortizations costs reflecting business growth, partially offset by lower general and administrative expenses, net of capitalization.

Nine Month Comparison. Revenues from our Institutional Retirement Strategies business decreased $12,686 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues decreased $13,074 million primarily reflecting lower pension risk transfer premiums due to the absence of significant sales that occurred in the prior year period, with corresponding offsets in policyholders’ benefits, as discussed below.

Benefits and expenses of our Institutional Retirement Strategies business decreased $12,545 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses decreased $13,097 million, primarily driven by a decrease in policyholders’ benefits, including changes in reserves, related to the lower pension risk transfer premiums discussed above.

Revenues from our Individual Retirement Strategies business increased $295 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $287 million primarily driven by higher net investment income from growth in indexed variable and fixed annuities and higher income from non-coupon investments. This variance was partially offset by lower asset management and service fees, as well as lower policy charges and fee income due to lower average separate account values driven by net outflows from the run-off of the traditional variable annuity block, partially offset by favorable equity markets. Also contributing to the variance was lower other income driven by the impact of less favorable short-term interest rates on collateral posted to counterparties.

Benefits and expenses of our Individual Retirement Strategies business increased $358 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $261 million, primarily driven by higher interest credited to policyholders’ account balances and higher amortization costs reflecting business growth, partially offset by lower general and administrative expenses, net of capitalization.

Account Values

Institutional Retirement Strategies. Account values are a significant driver of our operating results and are primarily driven by net additions (withdrawals) and the impact of market changes. The investment income and interest we credit to policyholders on our spread-based products varies with the level of general account values. The income we earn on most of our fee-based products varies with the level of fee-based account values as many policy fees are determined by these values.

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The following tables set forth account value information of Institutional Retirement Strategies’ products for the periods indicated. Account values include both internally- and externally-managed client balances as the total balances drive revenue for the Institutional Retirement Strategies business. For additional information regarding internally-managed balances, see “—PGIM.”

Three Months Ended
September 30,		Nine Months Ended
September 30,		Twelve
Months
Ended
September 30,
20252024202520242025
(in millions)
Total Institutional Retirement Strategies:
Beginning total account value, gross(1)$307,306 $274,128 $288,202 $267,654 $287,829 
Additions(2)6,353 11,081 22,258 26,082 32,507 
Withdrawals and benefits(6,460)(6,619)(18,627)(19,200)(24,754)
Change in market value, interest credited and interest income3,521 4,476 8,680 9,050 10,220 
Other(3)(3,206)4,763 7,001 4,243 1,712 
Ending total account value, gross307,514 287,829 307,514 287,829 307,514 
Reinsurance ceded(8,911)(9,062)(8,911)(9,062)(8,911)
Ending total account value, net$298,603 $278,767 $298,603 $278,767 $298,603 

Amounts included in “Ending account value, net” above:
Investment-only stable value wraps$61,777 $62,189 
International reinsurance(4)124,795 108,927 
Group annuities and other products112,031 107,651 
Total$298,603 $278,767 

Additions by product(2):
Investment-only stable value wraps$501 $453 $2,456 $1,105 $3,365 
International reinsurance1,475 2,801 11,979 4,002 17,954 
Group annuities and other products4,377 7,827 7,823 20,975 11,188 
Total$6,353 $11,081 $22,258 $26,082 $32,507 
__________
(1)Beginning total account values, net of reinsurance ceded, were $298,407 million and $264,999 million for the three months ended September 30, 2025 and 2024, respectively, $279,191 million and $258,417 million for the nine months ended September 30, 2025 and 2024, respectively, and $278,767 million for the twelve months ended September 30, 2025.
(2)Additions primarily include: group annuities and funded pension reinsurance calculated based on premiums received; longevity reinsurance contracts calculated as the present value of future projected benefits; investment-only stable value contracts calculated as the fair value of customers’ funds held in a client-owned trust; and funding agreements issued calculated based on premiums received.
(3)“Other” activity includes the effect of foreign exchange rate changes associated with our British pound sterling denominated reinsurance business and changes in asset balances for externally-managed accounts. For the three months ended September 30, 2025 and 2024, “Other” activity also includes $940 million in receipts offset by $767 million in payments, and $865 million in receipts offset by $736 million in payments, respectively, and for the nine months ended September 30, 2025 and 2024, includes $2,991 million in receipts offset by $2,849 million in payments and $2,548 million in receipts offset by $2,587 million in payments, respectively, related to funding agreements backed by commercial paper that typically have maturities of less than 90 days.
(4)Represents notional amounts based on present value of future benefits under international reinsurance contracts.

The increase in Institutional Retirement Strategies net account values for the three months ended September 30, 2025 reflects interest credited on customer funds and an increase in the market values of assets, largely offset by the negative impact of foreign exchange rate changes and net withdrawals and benefits.

The increase in Institutional Retirement Strategies net account values for the nine and twelve months ended September 30, 2025 reflects interest credited on customer funds and an increase in the market values of assets, net additions primarily driven by longevity reinsurance transactions and the positive impact of foreign exchange rate changes.

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Individual Retirement Strategies. Account values are a significant driver of our operating results. Since most fees are determined by the level of separate account assets, fee income varies primarily based on the level of account values. Account values are driven by net flows from new business sales, surrenders, withdrawals and benefit payments, policy charges and the impact of positive or negative market value changes.

The following tables set forth account value information of Individual Retirement Strategies’ products for the periods indicated:

Three Months Ended
September 30,		Nine Months Ended
September 30,		Twelve
Months
Ended
September 30,
20252024202520242025
(in millions)
Total Individual Retirement Strategies:
Beginning total account value, gross(1)$142,592 $135,375 $138,639 $129,708 $140,845 
Sales3,381 3,624 10,003 10,424 13,646 
Full surrenders and death benefits(3,154)(2,861)(8,655)(8,215)(11,533)
Sales, net of full surrenders and death benefits227 763 1,348 2,209 2,113 
Partial withdrawals and other benefit payments(1,291)(1,221)(3,967)(3,732)(5,415)
Net flows(1,064)(458)(2,619)(1,523)(3,302)
Change in market value, interest credited and other activity6,655 6,478 13,179 14,307 12,180 
Policy charges(520)(550)(1,536)(1,647)(2,060)
Ending total account value, gross147,663 140,845 147,663 140,845 147,663 
Reinsurance ceded(11,391)(12,020)(11,391)(12,020)(11,391)
Ending total account value, net
$136,272 $128,825 $136,272 $128,825 $136,272 

Amounts included in “Ending account value, net” above:
FlexGuard suite(2)
$40,160 $28,317 
Variable annuities(3)
82,586 90,950 
Fixed annuities
13,526 9,558 
Total$136,272 $128,825 

Sales by product:
FlexGuard suite(2)
$1,803 $2,244 $5,855 $6,190 $8,368 
Variable annuities(3)
46 34 127 117 201 
Fixed annuities
1,532 1,346 4,021 4,117 5,077 
Total$3,381 $3,624 $10,003 $10,424 $13,646 
__________
(1)Beginning total account values, net, were $131,519 million and $123,899 million for the three months ended September 30, 2025 and 2024, respectively, $127,120 million and $117,911 million for the nine months ended September 30, 2025 and 2024, respectively, and $128,825 million for the twelve months ended September 30, 2025.
(2)Includes Prudential FlexGuard and FlexGuard Income index variable annuities.
(3)Includes Prudential Premier Investment, MyRock and other variable contracts with and without guaranteed minimum income and withdrawal benefits.

Individual Retirement Strategies sales, net of full surrenders and death benefits, for the three and nine months ended September 30, 2025 decreased in comparison to the prior year period driven by higher full surrenders and lower sales of indexed variable annuities products.

The increases in Individual Retirement Strategies net account values for the three months, nine month and twelve months ended September 30, 2025 primarily reflect market value appreciation. Net flows decreased across all periods, driven by net outflows from the run-off of the traditional variable annuity block, partially offset by net indexed variable and fixed annuity inflows.

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Risks and Risk Mitigants

The following is a summary of certain risks associated with Individual Retirement Strategies’ products, certain strategies in mitigating those risks including any updates to those strategies since the previous year-end, and the related financial results.

Fixed Annuity Risks and Risk Mitigants. The primary risk exposure of our fixed annuity products relates to investment risks we bear for providing customers a minimum guaranteed interest rate or an index-linked interest rate required to be credited to the customer’s account value, which include interest rate fluctuations and/or sustained periods of low interest rates, and credit risk related to the underlying investments. We manage these risk exposures primarily through our investment strategies, inclusive of derivatives, and product design features, which include credit rate resetting subject to the minimum guaranteed interest rate as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, a portion of our fixed products has a market value adjustment provision that affords protection of lapse in the case of rising interest rates. We also manage these risk exposures through external reinsurance for certain of our fixed annuity products. For additional information regarding our external reinsurance agreements, see Note 12 to the Unaudited Interim Consolidated Financial Statements.

Indexed Variable Annuity Risks and Risk Mitigants. The primary risk exposure of our indexed variable annuity products relates to the investment risks we bear in order to credit to the customer’s account balance the required crediting rate based on the performance of the elected indices at the end of each term. We manage this risk primarily through our investment strategies, inclusive of derivatives, and product design features, which include credit rate resetting subject to contractual minimums as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, our indexed variable annuity strategies have an interim value provision that provides some protection from lapse in the case of rising interest rates.

Variable Annuity Risks and Risk Mitigants. The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates and market volatility, along with actuarial assumptions such as contractholder mortality, the timing and amount of annuitization and withdrawals, and contract lapses. For these risk exposures, achievement of our expected returns is subject to the risk that actual experience will differ from the assumptions used in the original pricing of these products. We manage our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of (i) Product Design Features, and (ii) our Asset Liability Management Strategy, as discussed below. We also manage these risk exposures through external reinsurance for certain of our variable annuity products. For additional information regarding our external reinsurance agreements, see Note 12 to the Unaudited Interim Consolidated Financial Statements.

i.Product Design Features:

A portion of the variable annuity contracts that we offered include an automatic rebalancing feature, also referred to as an asset transfer feature. This feature is implemented at the contract level, and transfers assets between certain variable investment sub-accounts selected by the annuity contractholder and, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate accounts. The objective of the automatic rebalancing feature is to reduce our exposure to equity market risk and market volatility. Other product design features we utilize include, among others, asset allocation restrictions, minimum issuance age requirements and certain limitations on the amount of purchase payments, as well as a required minimum allocation to our general account for certain of our products. In addition, there is diversity in our fee arrangements, as certain fees are primarily based on the benefit guarantee amount, the contractholder account value and/or premiums, which helps preserve certain revenue streams when market fluctuations cause account values to decline.

ii.Asset Liability Management (“ALM”) Strategy (including fixed income instruments and derivatives):

We employ an ALM strategy that utilizes a combination of both traditional fixed income instruments and derivatives to meet expected liabilities associated with our annuity guarantees that under U.S. GAAP are considered MRBs. The MRB liability that we hedge consists of expected living and death benefit claims under various market conditions, which are managed using fixed income instruments, derivatives, or a combination thereof. For our PDI variable annuity, we utilize fixed income instruments to meet expected liabilities. For the portion of our ALM strategy executed with derivatives, we enter into a range of exchange-traded and over-the-counter (“OTC”) equity, interest rate and credit derivatives, including, but not limited to: equity and treasury futures; total return, credit default and interest rate swaps; and options including equity options, swaptions, and floors and caps. The intent of this strategy is to more efficiently manage the capital and liquidity associated with these products while continuing to mitigate fluctuations in net income due to movements in capital markets. To achieve this, we periodically
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review and recalibrate the ALM strategy by optimizing the mix of derivatives and fixed income instruments to achieve expected outcomes.

Under our ALM strategy, we expect differences in the U.S. GAAP net income impact between the changes in value of the fixed income instruments (either designated as available-for-sale or designated as trading) and derivatives as compared to the changes in the MRB liability these assets support. These differences can be primarily attributed to two distinct areas:

•Different accounting treatment between liabilities and assets supporting those liabilities. Under U.S. GAAP, changes in the fair value of the derivative instruments and fixed income instruments designated as trading, and MRBs, excluding the changes in the Company’s non-performance risk (“NPR”) spreads, are immediately reflected in net income, while changes in the fair value of fixed income instruments that are designated as available-for-sale are recorded as unrealized gains (losses) in other comprehensive income.

•General hedge results. For the derivative portion of the ALM strategy, the net hedging impact (the extent to which the changes in value of the hedging instruments offset the change in value of the portion of the MRBs we are hedging) may be impacted by a number of factors, including: cash flow timing differences between our hedging instruments and the corresponding portion of the MRBs we are hedging, basis differences attributable to actual underlying contractholder funds to be hedged versus hedgeable indices, rebalancing costs related to dynamic rebalancing of hedging instruments as markets move, certain elements of the MRBs that may not be hedged (including certain actuarial assumptions), and implied and realized market volatility on the hedge positions relative to the portion of the MRBs we seek to hedge.

Product Specific Risks and Risk Mitigants

As noted above, the risks associated with our Individual Retirement Strategies’ products are mitigated through product design features, including automatic rebalancing, as well as through our ALM strategy and external reinsurance. The following table sets forth the risk management profile of our living benefit guarantees and guaranteed minimum death benefit (“GMDB”) features as of the periods indicated:

September 30, 2025December 31, 2024September 30, 2024
Account
Value		% of
Total		Account
Value		% of
Total		Account
Value		% of
Total
($ in millions)
Living benefit/GMDB features(1):
Both ALM strategy and automatic rebalancing(2)(3)$62,371 48 %$64,856 52 %$68,928 54 %
ALM strategy only(3)1,714 1 %1,782 1 %1,901 1 %
Automatic rebalancing only64 0 %77 0 %77 0 %
External reinsurance(4)10,028 8 %10,665 9 %11,597 9 %
PDI1,283 1 %1,342 1 %1,456 1 %
Other products1,536 1 %1,553 1 %1,603 1 %
Total living benefit/GMDB features76,996 80,275 85,562 
GMDB features and other(5)54,065 41 %45,338 36 %43,231 34 %
Total variable annuity account value, gross
$131,061 $125,613 $128,793 
__________
(1)All contracts with living benefit guarantees also contain GMDB features, which cover the same insured contract.
(2)Contracts with living benefits that are included in our ALM strategy and that have an automatic rebalancing feature.
(3)Excludes retained PDI which is presented separately within this table.
(4)Represents contracts subject to reinsurance transactions with external counterparties. Includes approximately $8 billion of account values in relation to the PDI reinsurance transaction, and certain Highest Daily Lifetime Income (“HDI”) v.3.0 business for the period April 1, 2015 through December 31, 2016. The HDI contracts with living benefits also have an automatic rebalancing feature. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information.
(5)Includes Prudential FlexGuard, FlexGuard Income and other variable contracts that have a GMDB feature and do not have an automatic rebalancing feature.

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Results Excluded from Adjusted Operating Income

The following table provides the net impact to the Unaudited Interim Consolidated Statements of Operations from the portion of Retirement Strategies’ results excluded from adjusted operating income:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)(1)
Results excluded from adjusted operating income:
Change in MRBs, excluding changes in the NPR adjustment(2)$842 $(499)$637 $1,297 
Change in the value of the non-MRB liabilities, excluding changes in the NPR adjustment(3)(4)
(169)(252)(397)682 
Change in the NPR adjustment, excluding changes recognized in OCI(73)(5)(13)(70)
Change in the fair value of hedge assets(5)
(561)347 (1,081)(1,625)
Other(6)
(16)(58)(79)(215)
Total Individual Retirement Strategies results excluded from adjusted operating income23 (467)(933)69 
Total Institutional Retirement Strategies results excluded from adjusted operating income(58)19 (423)(570)
Total results excluded from adjusted operating income$(35)$(448)$(1,356)$(501)
__________
(1)Positive amounts represent income; negative amounts represent a loss.
(2)Also excludes related hedging gains (losses), which are included within this table in “Change in the fair value of hedge assets.”
(3)The amounts for the three and nine months ended September 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Individual Retirement Strategies business. See above for additional information.
(4)Represents the change in the liability for our fixed and variable indexed annuities, including the fair value of embedded derivative instruments associated with those products, which is measured utilizing a valuation methodology required under U.S. GAAP. The total GAAP liability includes the fair value of all index credits for the current term and all future projected renewals of the policy; however, only changes in the liability associated with the current term elected by the policyholder are included in adjusted operating income, while changes in the liability associated with all future projected renewals of the policy are excluded from adjusted operating income.
(5)Represents the change in fair value of the derivatives utilized to hedge potential claims associated with our variable annuity living and death benefit guarantees.
(6)Includes the changes in duration swaps, deferred policy acquisition costs (“DAC”) amortization, trading gains or losses, and other activity.

For the three months ended September 30, 2025, the loss of $35 million was primarily driven by the impact of interest rate changes and credit spreads tightening, as well as a realized loss related to a pension risk transfer transaction, partially offset by the net impact of favorable equity market performance on MRBs and other liabilities, net of hedging.

For the nine months ended September 30, 2025, the loss of $1,356 million was primarily driven by the net impact of interest rate changes on MRBs and other liabilities, net of hedging, an unfavorable impact from our annual reviews and update of assumptions and other refinements, and losses on foreign currency hedges. These variances were partially offset by the impact of favorable equity market performance.

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Group Insurance

Operating Results

The following table sets forth Group Insurance’s operating results and benefits and administrative expense ratios for the periods indicated:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
($ in millions)
Operating results:
Revenues$1,694 $1,643 $5,129 $4,863 
Benefits and expenses1,604 1,561 4,825 4,615 
Adjusted operating income90 82 304 248 
Realized investment gains (losses), net, and related charges and adjustments
4 (18)(45)(48)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$94 $64 $259 $200 
Benefits ratios(1)(2)(3):
Group life
84.1 %85.0 %84.6 %86.8 %
Group disability
79.7 %78.9 %73.4 %71.4 %
Total Group Insurance
82.8 %83.4 %81.5 %82.5 %
Administrative expense ratios(2)(4)(5):
Group life10.5 %10.5 %10.9 %11.1 %
Group disability24.0 %24.7 %24.9 %24.3 %
Total Group Insurance14.2 %14.2 %14.7 %14.7 %
__________ 
(1)Ratio of policyholder benefits to earned premiums plus policy charges and fee income.
(2)The benefits and administrative expense ratios are measures used to evaluate profitability and efficiency.
(3)Benefit ratios reflect the impact of our annual reviews and update of assumptions and other refinements. Excluding these impacts, the group life, group disability and total Group Insurance benefit ratios were 84.8%, 73.6% and 81.7% for the nine months ended September 30, 2025, respectively, and 86.8%, 73.5% and 83.1% for the nine months ended September 30, 2024, respectively.
(4)Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third-party administrator pass-through fees and expenses.
(5)Prior period ratios have been updated to conform to current period presentation.

Adjusted Operating Income

Three Month Comparison. Adjusted operating income increased $8 million, primarily reflecting higher underwriting results in our group life business driven by more favorable mortality experience on non-experience-rated contracts. This variance was partially offset by higher operating and variable expenses, largely supporting business growth.

Nine Month Comparison. Adjusted operating income increased $56 million, including a less favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 and 2024 included net benefits from this update of $11 million and $25 million, respectively. Excluding this item, adjusted operating income increased $70 million, primarily reflecting higher underwriting results in our group life business, driven by more favorable mortality experience on non-experience-rated contracts and a positive impact from a reserve refinement for certain experience-rated contracts. Also contributing to the increase were higher underwriting results in our group disability business driven by more favorable claims experience on long-term disability contracts. These favorable variances were partially offset by higher variable and operating expenses, largely supporting business growth.

Revenues, Benefits and Expenses

Three Month Comparison. Revenues increased $51 million primarily reflecting higher premiums and policy charges and fee income, driven by business growth in both our group disability and group life businesses.

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Benefits and expenses increased $43 million. The increase primarily reflected higher policyholders’ benefits and changes in reserves, as well as higher general and administrative expenses, both largely driven by business growth, partially offset by more favorable mortality experience on non-experience-rated contracts in our group life business.

Nine Month Comparison. Revenues increased $266 million primarily reflecting higher premiums and policy charges and fee income, driven by business growth in both our group life and group disability businesses, as well as a positive impact from a reserve refinement for certain experience-rated contracts.

Benefits and expenses increased $210 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $196 million. The increase primarily reflected higher policyholders’ benefits and changes in reserves, as well as higher general and administrative expenses, both largely driven by business growth, partially offset by more favorable mortality experience on non-experience-rated contracts in our group life business and more favorable claims experience on long-term disability contracts.

Sales Results
 
The following table sets forth Group Insurance’s annualized new business premiums, as defined under “—Segment Measures” above, for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Annualized new business premiums(1):
Group life$36 $35 $296 $251 
Group disability42 28 259 236 
Total$78 $63 $555 $487 
__________ 
(1)Amounts exclude new premiums resulting from rate changes on existing policies, from additional coverage 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.

Total annualized new business premiums for the three months ended September 30, 2025 increased $15 million compared to the prior year period, primarily driven by higher sales in the National and Premier market segments in our group disability business.

Total annualized new business premiums for the nine months ended September 30, 2025 increased $68 million compared to the prior year period, primarily driven by higher sales in the Premier market segment in both our group life and group disability businesses. This increase was partially offset by lower sales in the Association market segment in our group life business, and lower sales in the National market segment in our group disability business, including lower supplemental health product sales, primarily reflecting the absence of outsized sales which occurred in the prior year period.

Individual Life

Business Update

•In August 2024, the Company entered into an agreement with Wilton Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ. These policies represented approximately 40% of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business, following the close of the reinsurance transaction with Somerset Re in the first quarter of 2024. The transaction was completed in December 2024 with an effective date of October 1, 2024. These two external reinsurance agreements reduced, in aggregate, the Company’s previously established statutory reserves on its in-force guaranteed universal life block of business by approximately 60%. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information regarding these transactions.





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Operating Results

The following table sets forth Individual Life’s operating results for the periods indicated:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in millions)
Operating results:
Revenues$1,565 $1,546 $4,573 $4,655 
Benefits and expenses1,472 1,486 4,406 4,803 
Adjusted operating income93 60 167 (148)
Realized investment gains (losses), net, and related charges and adjustments
(179)(494)(282)(587)
Market experience updates(25)(86)(15)(155)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$(111)$(520)$(130)$(890)


Adjusted Operating Income

Three Month Comparison. Adjusted operating income increased $33 million, primarily driven by higher underwriting results reflecting the ongoing favorable impact from the reinsurance transaction with Wilton Re. This variance was partially offset by lower net investment spread results reflecting the absence of income from assets related to the reinsurance transaction with Wilton Re, partially offset by lower financing costs resulting from the reinsurance transactions discussed above as well as the consolidation of our internal captive reinsurance arrangements in the fourth quarter of 2024, and lower losses from derivatives.

Nine Month Comparison. Adjusted operating income increased $315 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 included a net benefit of $58 million driven by impacts related to assumptions for mortality, policyholder behavior and other reserve refinements, while 2024 included a net charge of $98 million driven by unfavorable impacts related to assumptions for policyholder behavior. Excluding this item, adjusted operating income increased $159 million, primarily driven by higher underwriting results reflecting the ongoing favorable impact from the reinsurance transaction with Wilton Re, partially offset by unfavorable mortality experience in the current period. Also contributing to the increase were lower expenses reflecting the absence of costs associated with the closing of the reinsurance transaction with Somerset Re in the first quarter of 2024. These variances were partially offset by lower net investment spread results, reflecting the absence of income from assets related to the reinsurance transaction with Wilton Re, and lower income from non-coupon investments, partially offset by lower financing costs resulting from the reinsurance transactions discussed above as well as the consolidation of our internal captive reinsurance arrangements in the fourth quarter of 2024, and lower losses from derivatives.

Revenues, Benefits and Expenses

Three Month Comparison. Revenues increased $19 million, primarily driven by higher policy charges and fee income due to business growth and favorable equity market performance. This variance was partially offset by lower investment results, reflecting the absence of income from assets related to the reinsurance transaction with Wilton Re, partially offset by lower losses from derivatives.

Benefits and expenses decreased $14 million, primarily driven by favorable changes in estimates of the liability for future policy benefits and lower interest credited on policyholders’ account balances as a result of the reinsurance transaction with Wilton Re. These variances were partially offset by higher policyholders’ benefits, including changes in reserves, driven by less favorable mortality experience in the current quarter, partially offset by the impact from the reinsurance transaction with Wilton Re.

Nine Month Comparison. Revenues decreased $82 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues decreased $113 million, primarily driven by lower investment results reflecting the absence of income from assets related to the reinsurance transaction with Wilton Re. This variance was
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partially offset by higher policy charges and fee income due to business growth and favorable equity market performance, and lower losses from derivatives.

Benefits and expenses decreased $397 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses decreased $272 million, primarily driven by lower policyholders’ benefits, including changes in reserves, lower interest credited on policyholders’ account balances, and lower interest expense as a result of the reinsurance transaction with Wilton Re. Also contributing to the decrease were lower general and administrative expenses due to the absence of costs associated with the closing of the reinsurance transaction with Somerset Re in the first quarter of 2024.

Sales Results

The following table sets forth Individual Life’s annualized new business premiums, as defined under “—Results of Operations—Segment Measures” above, by distribution channel and product, for the periods indicated:

Three Months Ended September 30, 2025Three Months Ended September 30, 2024
Prudential
Advisors		Third-
Party		TotalPrudential
Advisors		Third-
Party		Total
(in millions)
Variable Life$44 $142 $186 $37 $120 $157 
Term Life4 33 37 5 29 34 
Universal Life0 30 30 1 18 19 
Total$48 $205 $253 $43 $167 $210 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Prudential
Advisors		Third-
Party		TotalPrudential
Advisors		Third-
Party		Total
(in millions)
Variable Life$115 $385 $500 $105 $315 $420 
Term Life12 96 108 14 85 99 
Universal Life2 76 78 3 58 61 
Total$129 $557 $686 $122 $458 $580 

Total annualized new business premiums for the three and nine months ended September 30, 2025 increased $43 million and $106 million, respectively, primarily reflecting higher third-party sales across all products.

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International Businesses
 
Business Updates

•Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, our International Businesses are reflected as a single operating and reportable segment, which is how the CODM now assesses its performance and allocates resources. Prior to the first quarter of 2025, our International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements.

•In December 2024, the Company entered into an agreement with Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. The transaction was completed in March 2025 with an effective date of March 1, 2025. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information.

Operating Results
 
The results of our International Businesses’ operations are translated on the basis of weighted average monthly exchange rates, inclusive of the effects of the intercompany arrangement discussed in “—Results of Operations—Impact of Foreign Currency Exchange Rates” above. To provide a better understanding of operating performance within the International Businesses, where indicated below, we have analyzed our results of operations excluding the effect of the year-over-year change in foreign currency exchange rates. Our results of operations, excluding the effect of foreign currency fluctuations, were derived by translating foreign currencies to USD at uniform exchange rates for all periods presented, including for constant dollar information discussed below. For our Japan operations, we used an exchange rate of 143 yen per USD. In addition, for constant dollar information discussed below, activity denominated in USD is generally reported based on the amounts as transacted in USD. Annualized new business premiums presented on a constant exchange rate basis in the “Sales Results” section below reflect translation based on these same uniform exchange rates.
 
The following table sets forth the International Businesses’ operating results for the periods indicated:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Operating results:
Revenues$4,595 $4,417 $13,732 $13,642 
Benefits and expenses3,714 3,651 11,242 11,278 
Adjusted operating income881 766 2,490 2,364 
Realized investment gains (losses), net, and related charges and adjustments103 350 250 312 
Change in value of market risk benefits, net of related hedging gains (losses)4 (1)13 11 
Market experience updates(9)(44)66 37 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(53)(44)(124)(93)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$926 $1,027 $2,695 $2,631 


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Adjusted Operating Income

Three Month Comparison. Adjusted operating income increased $115 million, including an unfavorable comparative net impact of $1 million from currency fluctuations. Excluding this item, adjusted operating income increased $116 million, primarily reflecting higher net investment spread results, primarily driven by higher income from non-coupon investments, lower losses from derivatives and portfolio growth in Brazil. Also contributing to the increase were higher underwriting results, driven by business growth in Brazil and growth in both variable and investment products in Japan. These variances were partially offset by higher operating and variable expenses, primarily driven by business growth.

Nine Month Comparison. Adjusted operating income increased $126 million, including an unfavorable comparative net impact of $18 million from currency fluctuations. Both periods also include the impact of our annual reviews and update of assumptions and other refinements, which resulted in a net charge of $2 million in 2025, compared to a net charge of $55 million in 2024.

Excluding these items, adjusted operating income increased $91 million, primarily reflecting higher net investment spread results, primarily driven by higher income from non-coupon investments, lower losses from derivatives and portfolio growth in Brazil. Also contributing to the increase were higher underwriting results, driven by business growth in Brazil and growth in both variable and investment products in Japan, and higher earnings from joint ventures and other operating entities. These variances were partially offset by higher variable and operating expenses, primarily driven by business growth, and lower surrender charges.

Revenues, Benefits and Expenses

Three Month Comparison. Revenues increased $178 million, including a favorable comparative net impact of $16 million from currency fluctuations. Excluding this item, revenues increased $162 million, primarily reflecting higher income from non-coupon investments, and higher earnings from joint ventures and other operating entities. Net investment income increased, driven by growth in both variable and investment products in Japan and higher reinvestment rates. Also contributing to the increase were lower losses from derivatives. Lower premiums attributable to the decline of traditional life insurance business in force in Japan were partially offset by business growth in Brazil.

Benefits and expenses increased $63 million, including an unfavorable comparative net impact of $17 million from currency fluctuations. Excluding this item, benefits and expenses increased $46 million, primarily reflecting higher interest credited to policyholders’ account balances, reflecting growth in both variable and investment products in Japan, and higher general and administrative expenses, primarily driven by business growth. These variances were partially offset by lower policyholders’ benefits, including changes in reserves, due to the decline of traditional life insurance business in force in Japan.

Nine Month Comparison. Revenues increased $90 million, including an unfavorable comparative net impact of $19 million from currency fluctuations and an unfavorable comparative net impact of $207 million from our annual reviews and update of assumptions and other refinements. Excluding these items, revenues increased $316 million, primarily reflecting higher income from non-coupon investments, and higher earnings from joint ventures and other operating entities. Net investment income increased, driven by growth in both variable and investment products in Japan and higher reinvestment rates. Also contributing to the increase were lower losses from derivatives. Lower premiums attributable to the decline of traditional life insurance business in force in Japan were partially offset by a lower impact from ceded reinsurance in the current period and business growth in Brazil.

Benefits and expenses decreased $36 million, including a favorable comparative net impact of $1 million from currency fluctuations and a favorable comparative net impact of $260 million from our annual reviews and update of assumptions and other refinements. Excluding these items, benefits and expenses increased $225 million, primarily reflecting higher interest credited to policyholders’ account balances, reflecting growth in both variable and investment products in Japan, and higher general and administrative expenses, primarily driven by business growth. These variances were partially offset by favorable changes in estimates of the liability for future policy benefits, and lower policyholders’ benefits, including changes in reserves, due to the decline of traditional life insurance business in force in Japan, as discussed above, partially offset by a lower impact from ceded reinsurance in the current period.

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Sales Results

The following table sets forth annualized new business premiums, as defined under “—Results of Operations—Segment Measures” above, on an actual and constant exchange rate basis for the periods indicated:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
 (in millions)
Annualized new business premiums:
On an actual exchange rate basis$555 $588 $1,672 $1,624 
On a constant exchange rate basis$553 $588 $1,680 $1,617 

The amount of annualized new business premiums and the sales mix, in terms of types and currency denomination of products, for any given period can be significantly impacted by several factors, including but not limited to: the addition of new products, discontinuation of existing products, changes in credited interest rates for certain products and other product modifications, changes in premium rates, changes in interest rates or fluctuations in currency markets, changes in tax laws, changes in life insurance regulations or changes in the competitive environment. Sales volume may increase or decrease prior to certain of these changes becoming effective and then fluctuate in the other direction following such changes.

Our diverse product portfolio in Japan, in terms of currency mix and premium payment structure, allows us to adapt to changing market and competitive dynamics, including from a low interest rate environment. We regularly examine our product offerings and their related profitability and reprice or discontinue sales of certain products that do not meet our profit expectations. The impact of these actions, coupled with the introduction of certain new products, has generally resulted in higher sales of products denominated in USD relative to products denominated in other currencies; however, more recently we have experienced an increase in sales of our yen-denominated product offerings as a result of growing demand for these products.

The table below presents annualized new business premiums on a constant exchange rate basis, by product category and distribution channel, for the periods indicated:

Three Months Ended September 30, 2025Three Months Ended September 30, 2024
LifeAccident
&
Health		Retirement
(1)		Investment
Contracts
(2)		TotalLifeAccident
&
Health		Retirement
(1)		Investment
Contracts
(2)		Total
 (in millions)
Life Planner$94 $23 $64 $46 $227 $85 $18 $63 $42 $208 
Life Consultants25 4 26 84 139 28 5 19 85 137 
Banks26 2 0 78 106 36 3 1 105 145 
Independent Agency and Other
29 5 21 26 81 21 4 26 47 98 
Total$174 $34 $111 $234 $553 $170 $30 $109 $279 $588 
__________
(1)Includes retirement income, endowment and savings variable life.
(2)Includes single-payment market value adjusted investment contracts, single-payment whole life products and recurring-payment annuity products.

Three Month Comparison. Annualized new business premiums, on a constant exchange rate basis, decreased $35 million. Bank channel sales decreased $39 million, primarily reflecting lower investment contract and life product sales. Independent Agency and Other sales decreased $17 million, primarily reflecting lower investment contract and retirement product sales, partially offset by higher life products sales. Life Planner sales increased $19 million, primarily reflecting higher life and investment contract products sales in Japan, and higher life product sales in Brazil. Life Consultant sales increased $2 million, primarily reflecting higher retirement product sales, partially offset by lower life products sales.


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Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
LifeAccident
&
Health		Retirement
(1)		Investment
Contracts
(2)		TotalLifeAccident
&
Health		Retirement
(1)		Investment
Contracts
(2)		Total
 (in millions)
Life Planner$283 $62 $201 $160 $706 $256 $51 $204 $129 $640 
Life Consultants68 13 65 276 422 78 13 44 230 365 
Banks75 6 0 213 294 108 9 1 231 349 
Independent Agency and Other
90 17 65 86 258 61 12 71 119 263 
Total$516 $98 $331 $735 $1,680 $503 $85 $320 $709 $1,617 
__________
(1)Includes retirement income, endowment and savings variable life.
(2)Includes single-payment market value adjusted investment contracts, single-payment whole life products and recurring-payment annuity products.

Nine Month Comparison. Annualized new business premiums, on a constant exchange rate basis, increased $63 million. Life Planner sales increased $66 million, primarily driven by higher investment contract and life product sales in Japan, and higher life product sales in Brazil. Life Consultant sales increased $57 million, primarily reflecting higher investment contract and retirement product sales, partially offset by lower life product sales. Bank channel sales decreased $55 million, primarily reflecting lower life and investment contract product sales. Independent Agency and Other sales decreased $5 million, primarily reflecting lower investment contract sales, partially offset by higher life product sales.

Corporate and Other

Operating Results

Corporate and Other includes corporate operations, after allocations to our business segments, and Divested and Run-off Businesses other than those that qualify for “discontinued operations” accounting treatment under U.S. GAAP. The following table sets forth Corporate and Other’s operating results for the periods indicated:
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Operating results:
Investment income$58 $50 $180 $143 
Interest expense on debt(223)(213)(697)(631)
Pension and employee benefits95 94 304 285 
Other corporate activities
(257)(418)(809)(1,090)
Adjusted operating income
(327)(487)(1,022)(1,293)
Realized investment gains (losses), net, and related charges and adjustments
(150)(273)(377)(132)
Market experience updates1 3 4 6 
Divested and Run-off Businesses
123 47 84 50 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
19 (9)21 (49)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$(334)$(719)$(1,290)$(1,418)

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Three Month Comparison. The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $160 million. Net charges from other corporate activities were lower by $161 million, primarily driven by lower net costs related to corporate initiatives, favorable foreign exchange remeasurement impacts and lower expenses related to an update of internal expense allocations. Investment income results increased $8 million, primarily driven by higher income from non-coupon investments. Interest expense on debt increased $10 million, largely reflecting the absence of income offsets from the termination of an affiliated financing agreement resulting from the reinsurance transactions in Individual Life in 2024.

Nine Month Comparison. The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $271 million, primarily driven by lower net charges from other corporate activities of $281 million reflecting lower net costs related to corporate initiatives and long-term compensation plans, lower expenses related to an update of internal expense allocations, and favorable exchange rate impacts. Investment income results increased $37 million, primarily driven by higher income from non-coupon investments. Pension and employee benefits results were favorable by $19 million, primarily reflecting higher earnings from our pension and post-retirement plans from higher expected returns on plan assets and lower service costs. Interest expense on debt increased $66 million, largely reflecting the absence of income offsets from the termination of an affiliated financing agreement resulting from the reinsurance transactions in Individual Life in 2024.

Divested and Run-off Businesses

Divested and Run-off Businesses Included in Corporate and Other

Income from our Divested and Run-off Businesses includes results from several 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. The results of these Divested and Run-off Businesses are reflected in our Corporate and Other operations but are excluded from adjusted operating income. A summary of the results of the Divested and Run-off Businesses reflected in our Corporate and Other operations is as follows for the periods indicated:


Three Months Ended
September 30,		Nine Months Ended
September 30,

2025202420252024

(in millions)
Long-Term Care$126 $104 $172 $390 
Other
(3)(57)(88)(340)
Total Divested and Run-off Businesses income (loss) excluded from adjusted operating income$123 $47 $84 $50 

Long-Term Care

Three Month Comparison. Results increased $22 million compared to the prior year period, primarily reflecting more favorable impacts from changes in the market value of equity securities, higher income from non-coupon investments, and lower general and administrative expenses. These variances were partially offset by unfavorable impacts from changes in the market value of derivatives used for duration management and higher net realized investment losses from sales of fixed income securities.

Nine Month Comparison. Results decreased $218 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 included a $7 million net charge from these updates, while results for 2024 included a $111 million net benefit from these updates. Excluding this item, results decreased $100 million compared to the prior year period, primarily reflecting less favorable impacts from changes in the market value of equity securities, more unfavorable impacts from changes in the market value of derivatives used for duration management, and higher net realized investment losses from sales of fixed income securities and credit impairments. These variances were partially offset by higher income from non-coupon investments.

Other Divested and Run-off Businesses

Results for the third quarter of 2025 increased $54 million, primarily reflecting less unfavorable results related to Assurance IQ and favorable results related to the Full Service Retirement business. Results for the first nine months of 2025 increased $252 million, primarily reflecting the absence of impairments and charges related to management’s decisions to exit
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Assurance IQ and PGIM Wadhwani LLP (and their subsequent classifications as divested businesses in the first and second quarters of 2024, respectively), as well as favorable results related to the Full Service Retirement business.

Closed Block Division
 
The Closed Block division includes certain in-force traditional domestic participating life insurance and annuity products and assets that are used for the payment of benefits and policyholder dividends on these policies (collectively the “Closed Block”), as well as certain related assets and liabilities. We no longer offer these traditional domestic participating policies. See Note 13 to the Unaudited Interim Consolidated Financial Statements for additional information.
 
Each year, the Board of Directors of The Prudential Insurance Company of America (“PICA”) determines the dividends payable on participating policies for the following year based on the experience of the Closed Block, including investment income, net realized and unrealized investment gains (losses), mortality experience and other factors. Although the Closed Block experience for dividend action decisions is based upon statutory results, at the time the Closed Block was established, we developed, as required by U.S. GAAP, an actuarial calculation of the timing of the maximum future earnings from the policies included in the Closed Block. Actual cumulative earnings, as required by U.S. GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies. If actual cumulative earnings in any given period are greater than the cumulative earnings we expected, we record this excess as a policyholder dividend obligation. Additionally, any accumulated net unrealized investment gains that have arisen subsequent to the establishment of the Closed Block are reflected as a policyholder dividend obligation, with a corresponding amount reported in AOCI, while any accumulated net unrealized investment losses are reflected as a reduction of the policyholder dividend obligation, to the extent the overall policyholder dividend obligation is otherwise positive.

We will subsequently pay this excess to Closed Block policyholders as an additional dividend unless it is otherwise offset by future Closed Block performance that is less favorable than we originally expected. The policyholder dividends we charge to expense within the Closed Block division will include any change in our policyholder dividend obligation that we recognize for the excess of actual cumulative earnings in any given period over the cumulative earnings we expected in addition to the actual policyholder dividends declared by the Board of Directors of PICA. If actual cumulative earnings fall below expected cumulative earnings in future periods, earnings volatility in the Closed Block division, which is primarily due to changes in investment results, may not be offset by changes in the cumulative earnings policyholder dividend obligation. For a discussion of the Closed Block division’s realized investment gains (losses), net, see “—General Account Investments.”

As of September 30, 2025, the excess of actual cumulative earnings over the expected cumulative earnings was $1,762 million, which was recorded as a policyholder dividend obligation. Actual cumulative earnings, as required by U.S. GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies. As of September 30, 2025, net unrealized investment losses have arisen subsequent to the establishment of the Closed Block due to the impacts of higher interest rates on the market value of fixed maturities available-for-sale. The impact of these net unrealized investment losses has been reflected as a decrease to the policyholder dividend obligation of $1,099 million at September 30, 2025, with a corresponding amount reported in AOCI.
 
Operating Results
 
The following table sets forth the Closed Block division’s results for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
U.S. GAAP results:
Revenues$1,058 $817 $2,825 $2,590 
Benefits and expenses1,048 815 2,855 2,651 
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities
$10 $2 $(30)$(61)

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Income (loss) Before Income Taxes and Equity in Earnings of Joint Ventures and Other Operating Entities

Three Month Comparison. Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities increased $8 million. Net investment activity results increased, primarily reflecting lower realized investment losses from the sale of fixed income securities and favorable changes in the market value of derivatives. As a result of these and other factors, a $33 million increase in the policyholder dividend obligation was recorded in the third quarter of 2025, compared to a $157 million reduction in the third quarter of 2024.

Nine Month Comparison. Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities increased $31 million. Net investment activity results increased, primarily reflecting lower realized investment losses from the sale of fixed income securities, partially offset by unfavorable changes in the market value of derivatives. This variance was partially offset by lower other income driven by less favorable changes in the market value of equity securities. As a result of these and other factors, a $334 million reduction in the policyholder dividend obligation was recorded in the first nine months of 2025, compared to a $403 million reduction in the first nine months of 2024.

Revenues, Benefits and Expenses

Three Month Comparison. Revenues increased $241 million, primarily driven by lower realized investment losses, as discussed above.

Benefits and expenses increased $233 million, primarily driven by an increase in dividends to policyholders, reflecting an increase in the policyholder dividend obligation due to changes in cumulative earnings and other factors, as discussed above.

Nine Month Comparison. Revenues increased $235 million, primarily driven by lower realized investment losses, partially offset by lower other income, as discussed above.

Benefits and expenses increased $204 million, primarily driven by an increase in dividends to policyholders, reflecting a lower reduction in the policyholder dividend obligation due to changes in cumulative earnings and other factors, as discussed above.

Income Taxes
 
For information regarding income taxes, see Note 14 to the Unaudited Interim Consolidated Financial Statements.

General Account Investments
 
Portfolio Composition
 
Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, policy loans and non-coupon investments, which include equity securities and other invested assets such as limited partnerships and limited liability companies (“LPs/LLCs”), real estate held through direct ownership, derivative instruments and seed money investments in separate accounts. The composition of our general account reflects, within the discipline provided by our risk management approach, our need for competitive results and the selection of diverse investment alternatives available primarily through our PGIM segment. The size of our portfolio enables us to invest in asset classes that may be unavailable to the typical investor.

A portion of our general account investments supports customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. With these reinsurance arrangements, we retain legal ownership of the assets (collectively, the “Funds Withheld”) which remain on our Unaudited Interim Consolidated Statements of Financial Position, while the economic benefits and investment risk associated with the Funds Withheld assets ultimately inure to the reinsurer. The composition of the Funds Withheld assets is subject to investment guidelines specific to the reinsurance treaties, which may differ from the investment guidelines we set for our general account, excluding Funds Withheld. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements.
 
The following tables set forth the composition of our general account investment portfolio apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division, and Funds Withheld, as of the dates indicated:
 
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 September 30, 2025
 
PFI Excluding
Closed Block Division and Funds Withheld
Closed Block
Division
Funds Withheld
Total
 ($ in millions)
Fixed maturities:
Public, available-for-sale, at fair value$219,560 54.8 %$19,151 $4,310 $243,021 
Private, available-for-sale, at fair value78,914 19.7 10,232 2,738 91,884 
Fixed maturities, trading, at fair value 4,928 1.2 613 8,906 14,447 
Assets supporting experience-rated contractholder liabilities, at fair value4,648 1.2 0 0 4,648 
Equity securities, at fair value6,778 1.7 1,544 0 8,322 
Commercial mortgage and other loans, at book value, net of allowance55,829 13.9 7,648 263 63,740 
Policy loans, at outstanding balance6,701 1.7 3,250 0 9,951 
Other invested assets, net of allowance(1)17,471 4.3 4,636 1,885 23,992 
Short-term investments, net of allowance5,980 1.5 259 7 6,246 
Total general account investments400,809 100.0 %47,333 18,109 466,251 
Invested assets of other entities and operations(2)5,857 0 05,857 
Total investments$406,666 $47,333 $18,109 $472,108 

 December 31, 2024
 PFI Excluding
Closed Block Division and Funds Withheld		Closed Block
Division		Funds Withheld
Total
 ($ in millions)
Fixed maturities:
Public, available-for-sale, at fair value$206,078 54.9 %$19,103 $4,837 $230,018 
Private, available-for-sale, at fair value68,759 18.3 9,625 2,795 81,179 
Fixed maturities, trading, at fair value4,068 1.1 647 7,732 12,447 
Assets supporting experience-rated contractholder liabilities, at fair value3,707 1.0 0 0 3,707 
Equity securities, at fair value7,254 1.9 1,642 0 8,896 
Commercial mortgage and other loans, at book value, net of allowance53,987 14.4 7,652 233 61,872 
Policy loans, at outstanding balance6,447 1.7 3,348 0 9,795 
Other invested assets, net of allowance(1)16,781 4.4 4,929 1,867 23,577 
Short-term investments, net of allowance8,493 2.3 520 43 9,056 
Total general account investments375,574 100.0 %47,466 17,507 440,547 
Invested assets of other entities and operations(2)4,233 0 04,233 
Total investments$379,807 $47,466 $17,507 $444,780 
__________
(1)    Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. For additional information regarding these investments, see “—Other Invested Assets” below.
(2)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 Unaudited Interim Consolidated Statements of Financial Position. For additional information regarding these investments, see “—Invested Assets of Other Entities and Operations” below.

The increase in general account investments attributable to PFI excluding the Closed Block division and Funds Withheld in the first nine months of 2025 was primarily due to net business inflows, the translation impact of the U.S. dollar weakening against the yen, and a net decrease in U.S. interest rates, partially offset by assets transferred due to the Prismic Re International transaction and an increase in Japan interest rates. For information regarding the methodology used in determining the fair value of our fixed maturities, see Note 6 to the Unaudited Interim Consolidated Financial Statements.
 
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As of September 30, 2025 and December 31, 2024, 40% and 42%, respectively, of our general account investments attributable to PFI excluding the Closed Block division and Funds Withheld related to our Japanese insurance operations. The following table sets forth the composition of the investments of our Japanese insurance operations’ general account, as of the dates indicated:

September 30, 2025December 31, 2024
Japanese Insurance Operations
(in millions)
Fixed maturities:
Public, available-for-sale, at fair value$105,600 $102,904 
Private, available-for-sale, at fair value21,881 21,603 
Fixed maturities, trading, at fair value 482 461 
Assets supporting experience-rated contractholder liabilities, at fair value4,648 3,707 
Equity securities, at fair value1,979 1,845 
Commercial mortgage and other loans, at book value, net of allowance14,902 16,137 
Policy loans, at outstanding balance2,762 2,608 
Other invested assets(1)6,393 6,588 
Short-term investments, net of allowance2,161 2,324 
Total Japanese general account investments$160,808 $158,177 
__________ 
(1)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

The increase in general account investments related to our Japanese insurance operations in the first nine months of 2025 was primarily due to translation impact of the U.S. dollar weakening against the yen, net business inflows, partially offset by the Prismic Re International transaction and an increase in Japan interest rates.

As of September 30, 2025, our Japanese insurance operations had $93.8 billion, at carrying value, of investments denominated in U.S. dollars, including $1.3 billion that were hedged to yen through third-party derivative contracts and $85.2 billion that support liabilities denominated in U.S. dollars, with the remainder constituting part of the hedging of foreign currency exchange rate exposure to U.S. dollar-equivalent equity. As of December 31, 2024, our Japanese insurance operations had $88.1 billion, at carrying value, of investments denominated in U.S. dollars, including $1.0 billion that were hedged to yen through third-party derivative contracts and $80.5 billion that support liabilities denominated in U.S. dollars, with the remainder constituting part of the hedging of foreign currency exchange rate exposure of U.S. dollar-equivalent equity. The $5.7 billion increase in the carrying value of U.S. dollar-denominated investments from December 31, 2024 was primarily attributable to portfolio growth as a result of net business inflows and a net decrease in U.S. interest rates, partially offset by the Prismic Re International transaction.

Our Japanese insurance operations had $2.0 billion and $2.5 billion, at carrying value, of investments denominated in Australian dollars that support liabilities denominated in Australian dollars as of September 30, 2025 and December 31, 2024, respectively. The $0.5 billion decrease in the carrying value of Australian dollar-denominated investments from December 31, 2024 was primarily attributable to run-off of the portfolio. For additional information regarding U.S. and Australian dollar investments held in our Japanese insurance operations and a discussion of our yen hedging strategy, see “Results of Operations by Segment—Impact of Foreign Currency Exchange Rates” above.

Investment Results
 
The following tables set forth the investment results of our general account apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld, for the periods indicated. The 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 (losses), net.”

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Three Months Ended September 30, 2025
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations
Japanese Insurance Operations
PFI Excluding Closed Block Division and Funds Withheld
Closed Block Division
Funds Withheld
Total(5)
Yield(1)AmountYield(1)AmountYield(1)AmountAmountAmountAmount
($ in millions)
Fixed maturities(2)5.32 %$2,324 3.17 %$1,141 4.34 %$3,465 $361 $195 $4,021 
Assets supporting experience-rated contractholder liabilities0.00 0 1.11 13 1.11 13 0 0 13 
Equity securities 2.40 25 2.12 10 2.31 35 6 0 41 
Commercial mortgage and other loans4.81 478 3.79 144 4.53 622 84 5 711 
Policy loans4.97 49 3.77 25 4.47 74 49 (1)122 
Short-term investments and cash equivalents5.87 166 4.27 42 5.46 208 9 0 217 
Gross investment income5.19 3,042 3.19 1,375 4.34 4,417 509 199 5,125 
Investment expenses(0.17)(209)(0.12)(89)(0.15)(298)(60)(1)(359)
Investment income after investment expenses5.02 %2,833 3.07 %1,286 4.19 %4,119 449 198 4,766 
Other invested assets(3)265 198 463 79 166 708 
Investment results of other entities and operations(4)54 0 54 0 0 54 
Total net investment income$3,152 $1,484 $4,636 $528 $364 $5,528 

Three Months Ended September 30, 2024
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations
Japanese Insurance Operations
PFI Excluding Closed Block Division and Funds Withheld
Closed Block Division
Funds Withheld
Total(5)
Yield(1)AmountYield(1)AmountYield(1)AmountAmountAmountAmount
($ in millions)
Fixed maturities(2)5.26 %$2,183 3.18 %$1,115 4.30 %$3,298 $373 $200 $3,871 
Assets supporting experience-rated contractholder liabilities0.00 0 1.11 10 1.11 10 0 0 10 
Equity securities 2.81 22 1.90 6 2.55 28 8 0 36 
Commercial mortgage and other loans4.59 411 3.71 153 4.31 564 79 3 646 
Policy loans5.31 51 3.71 24 4.66 75 53 (1)127 
Short-term investments and cash equivalents6.02 217 5.25 35 5.92 252 15 2 269 
Gross investment income5.15 2,884 3.21 1,343 4.32 4,227 528 204 4,959 
Investment expenses(0.15)(183)(0.13)(90)(0.14)(273)(73)(1)(347)
Investment income after investment expenses5.00 %2,701 3.08 %1,253 4.18 %3,954 455 203 4,612 
Other invested assets(3)122 121 243 49 134 426 
Investment results of other entities and operations(4)17 0 17 0 0 17 
Total net investment income$2,840 $1,374 $4,214 $504 $337 $5,055 
__________
(1)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 securities lending liabilities). A yield is not presented for other invested assets as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to other invested assets. Prior periods have been updated to reflect the correction of an error.
(2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in other invested assets.
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(3)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments, fixed maturities classified as trading and other miscellaneous investments.
(4)Includes net investment income of our investment management operations.
(5)The total yield was 4.21% and 4.11% for the three months ended September 30, 2025 and 2024, respectively.

Three Month Comparison. The increase in investment income after investment expenses yield attributable to our general account investments excluding the Closed Block division, Funds Withheld and the Japanese insurance operations’ portfolio for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily the result of higher fixed income reinvestment rates.

The decrease in investment income after investment expenses yield attributable to the Japanese insurance operations’ portfolio for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily the result of lower fixed income reinvestment rates.

Both the U.S. dollar-denominated and Australian dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts provide a yield that is substantially higher than the yield on comparable yen-denominated fixed maturities. The average amortized cost of U.S. dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts was $72.2 billion and $69.2 billion for the three months ended September 30, 2025 and 2024, respectively. The majority of U.S. dollar-denominated fixed maturities support liabilities that are denominated in U.S. dollars. The average amortized cost of Australian dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts was $1.9 billion and $2.8 billion for the three months ended September 30, 2025 and 2024, respectively. The majority of Australian dollar-denominated fixed maturities support liabilities that are denominated in Australian dollars. For additional information regarding U.S. and Australian dollar investments held in our Japanese insurance operations, see “—Results of Operations by Segment—Impact of Foreign Currency Exchange Rates” above.

Nine Months Ended September 30, 2025
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations
Japanese Insurance Operations
PFI Excluding Closed Block Division and Funds Withheld
Closed Block Division
Funds Withheld
Total(5)
Yield(1)AmountYield(1)AmountYield(1)AmountAmountAmountAmount
($ in millions)
Fixed maturities(2)5.45 %$6,841 3.19 %$3,343 4.41 %$10,184 $1,085 $581 $11,850 
Assets supporting experience-rated contractholder liabilities0.00 0 1.17 36 1.17 36 0 0 36 
Equity securities 2.05 73 2.97 40 2.30 113 21 0 134 
Commercial mortgage and other loans4.79 1,379 3.82 440 4.51 1,819 252 15 2,086 
Policy loans5.08 145 3.81 76 4.56 221 151 (3)369 
Short-term investments and cash equivalents5.40 517 4.42 123 5.18 640 34 2 676 
Gross investment income5.25 8,955 3.23 4,058 4.39 13,013 1,543 595 15,151 
Investment expenses(0.18)(614)(0.13)(260)(0.16)(874)(183)(2)(1,059)
Investment income after investment expenses5.07 %8,341 3.10 %3,798 4.23 %12,139 1,360 593 14,092 
Other invested assets(3)550 459 1,009 172 476 1,657 
Investment results of other entities and operations(4)135 0 135 0 0 135 
Total net investment income$9,026 $4,257 $13,283 $1,532 $1,069 $15,884 

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Nine Months Ended September 30, 2024
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations
Japanese Insurance Operations
PFI Excluding Closed Block Division and Funds Withheld
Closed Block Division
Funds Withheld
Total(5)
Yield(1)AmountYield(1)AmountYield(1)AmountAmountAmountAmount
($ in millions)
Fixed maturities(2)5.27 %$6,313 3.10 %$3,235 4.25 %$9,548 $1,119 $627 $11,294 
Assets supporting experience-rated contractholder liabilities0.00 0 1.10 28 1.10 28 0 0 28 
Equity securities 3.04 76 3.06 33 3.04 109 25 0 134 
Commercial mortgage and other loans4.57 1,168 3.78 478 4.31 1,646 242 8 1,896 
Policy loans5.12 146 3.76 73 4.57 219 153 (3)369 
Short-term investments and cash equivalents6.47 651 5.88 92 6.40 743 57 9 809 
Gross investment income5.18 8,354 3.17 3,939 4.32 12,293 1,596 641 14,530 
Investment expenses(0.18)(560)(0.12)(246)(0.14)(806)(221)(2)(1,029)
Investment income after investment expenses5.00 %7,794 3.05 %3,693 4.18 %11,487 1,375 639 13,501 
Other invested assets(3)384 347 731 152 293 1,176 
Investment results of other entities and operations(4)(9)0 (9)0 0 (9)
Total net investment income$8,169 $4,040 $12,209 $1,527 $932 $14,668 
__________
(1)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 securities lending liabilities). A yield is not presented for other invested assets as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to other invested assets. Prior periods have been updated to reflect the correction of an error.
(2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in other invested assets.
(3)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments, fixed maturities classified as trading and other miscellaneous investments.
(4)Includes net investment income of our investment management operations.
(5)The total yield was 4.24% and 4.12% for the nine months ended September 30, 2025 and 2024, respectively.

Nine Month Comparison. The increase in investment income after investment expenses yield attributable to our general account investments excluding the Closed Block division, Funds Withheld and the Japanese insurance operations’ portfolio for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily the result of higher fixed income reinvestment rates.

The increase in investment income after investment expenses yield attributable to the Japanese insurance operations’ portfolio for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily the result of higher fixed income reinvestment rates.

Both the U.S. dollar-denominated and Australian dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts provide a yield that is substantially higher than the yield on comparable yen-denominated fixed maturities. The average amortized cost of U.S. dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts was $70.9 billion and $68.8 billion for the nine months ended September 30, 2025 and 2024, respectively. The majority of U.S. dollar-denominated fixed maturities support liabilities that are denominated in U.S. dollars. The average amortized cost of Australian dollar-denominated fixed maturities that are not hedged to yen through third-party derivative contracts was $2.1 billion and $3.4 billion for the nine months ended September 30, 2025 and 2024, respectively. The majority of Australian dollar-denominated fixed maturities support liabilities that are denominated in Australian dollars. For additional information regarding U.S. and Australian dollar investments held in our Japanese insurance operations, see “—Results of Operations by Segment—Impact of Foreign Currency Exchange Rates” above.
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Realized Investment Gains and Losses

The following table sets forth “Realized investment gains (losses), net” of our general account apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld, by investment type for the periods indicated:

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 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
PFI excluding Closed Block Division and Funds Withheld(4):
Realized investment gains (losses), net:
(Addition to) release of allowance for credit losses on fixed maturities$(55)$(54)$45 $(65)
Write-downs on fixed maturities(1)(14)(440)(165)(449)
Net gains (losses) on sales and maturities(41)(32)(28)(292)
Fixed maturity securities(2)(110)(526)(148)(806)
(Addition to) release of allowance for credit losses on loans36 (27)54 (121)
Write-downs on mortgage and other loans
(88)(15)(221)(15)
Net gains (losses) on sales and maturities(9)0 (8)0 
Commercial mortgage and other loans(61)(42)(175)(136)
Derivatives(316)107 (1,753)139 
OTTI losses on other invested assets recognized in earnings0 (9)(12)(16)
Other net gains (losses)45 35 65 116 
Other45 26 53 100 
Subtotal(442)(435)(2,023)(703)
Investment results of other entities and operations(3)6 (5)4 1 
Total — PFI excluding Closed Block Division and Funds Withheld
$(436)$(440)$(2,019)$(702)
Closed Block Division:
Realized investment gains (losses), net:
(Addition to) release of allowance for credit losses on fixed maturities$(7)$(13)$4 $(35)
Write-downs on fixed maturities(1)0 0 (16)0 
Net gains (losses) on sales and maturities(11)(204)(68)(447)
Fixed maturity securities(2)(18)(217)(80)(482)
(Addition to) release of allowance for credit losses on loans21 (11)24 (22)
Write-downs on mortgage loans
(31)0 (64)0 
Net gains (losses) on sales and maturities(5)0 (5)0 
Commercial mortgage and other loans(15)(11)(45)(22)
Derivatives35 (5)(142)(28)
Other net gains (losses)1 0 15 0 
Other1 0 15 0 
Subtotal — Closed Block Division$3 $(233)$(252)$(532)
Funds Withheld(4):
Realized investment gains (losses), net:
(Addition to) release of allowance for credit losses on fixed maturities$3 $0 $(1)$0 
Write-downs on fixed maturities(1)(2)0 (11)0 
Net gains (losses) on sales and maturities(99)(92)(188)(261)
Fixed maturity securities(2)(98)(92)(200)(261)
Commercial mortgage and other loans0 0 0 0 
Derivatives
(242)(831)(400)(259)
Other net gains (losses)(253)(248)(584)(564)
Other
(253)(248)(584)(564)
Subtotal — Funds Withheld(4)
$(593)$(1,171)$(1,184)$(1,084)
PFI realized investment gains (losses), net$(1,026)$(1,844)$(3,455)$(2,318)
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_________
(1)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
(2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(3)Includes “realized investment gains (losses), net” of our investment management operations.
(4)Prior period amounts have been updated to conform to current period presentation.

The following analysis reflects realized gains (losses) attributable to PFI excluding Closed Block Division and Funds Withheld.

Three Month Comparison. Net losses on sales and maturities of fixed maturity securities were $41 million for the third quarter of 2025 primarily driven by net losses on sales in a higher interest rate environment, partially offset by the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses. Net losses on sales and maturities of fixed maturity securities were $32 million for the third quarter of 2024 primarily driven by net losses on sales in a higher interest rate environment, partially offset by the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses.

Net realized losses on derivative instruments of $316 million for the third quarter of 2025 primarily included:

•$416 million of net losses on embedded derivatives and product-related hedge positions.

Partially offsetting these losses were:

•$102 million of gains on foreign currency hedges primarily due to U.S. dollar appreciation versus foreign currencies;
•$39 million of gains on Synthetic Guarantees; and
•$26 million of gains on credit default swaps due to credit spreads tightening.

Net realized gains on derivative instruments of $107 million for the third quarter of 2024 primarily included:

•$554 million of gains on interest rate derivatives due to decreases in swap and U.S. Treasury rates;
•$28 million of gains on credit default swaps due to credit spreads tightening; and
•$25 million of gains on Synthetic Guarantees.

Partially offsetting these gains were:

•$495 million of net losses on product-related embedded derivatives and related hedge positions; and
•$109 million of losses on foreign currency hedges primarily due to U.S. dollar depreciation versus foreign currencies.

For a discussion of living benefit guarantees and related hedge positions in our Individual Retirement Strategies business, see “—Results of Operations by Segment—Retirement Strategies” above.

Nine Month Comparison. Net losses on sales and maturities of fixed maturity securities were $28 million for the first nine months of 2025 primarily driven by net losses on sales in a higher interest rate environment, partially offset by net gains on assets transferred upon execution of the reinsurance transaction with Prismic Re International and the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses. Net losses on sales and maturities of fixed maturity securities were $292 million for the first nine months of 2024 primarily driven by net losses on sales in a higher interest rate environment, partially offset by the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses.

Net realized losses on derivative instruments of $1,753 million for the first nine months of 2025 primarily included:

•$1,033 million of net losses on product-related hedge positions and related embedded derivatives including those unfavorably impacted by the annual review and update of assumptions and other refinements within Individual Life; and
•$693 million of losses on foreign currency hedges primarily due to U.S. dollar depreciation versus foreign currencies.

Net realized gains on derivative instruments of $139 million for the first nine months of 2024 primarily included:

•$272 million of net gains on product-related hedge positions and related embedded derivatives;
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•$77 million of gains on credit default swaps due to credit spread tightening;
•$76 million of gains on Synthetic Guarantees; and
•$41 million of gains on foreign currency hedges primarily due to U.S. dollar appreciation versus the Brazilian real.

Partially offsetting these gains were:

•$359 million of losses on interest rate derivatives due to increases in U.S. Treasury and Japanese yen swap rates.

For a discussion of living benefit guarantees and related hedge positions in our Individual Retirement Strategies business, see “—Results of Operations by Segment—Retirement Strategies” above.

Credit Losses

The level of credit losses generally reflects current and expected economic conditions and is expected to increase when economic conditions worsen and to decrease when economic conditions improve. Historically, the causes of credit losses have been specific to each individual issuer and have not directly resulted in credit losses to other securities within the same industry or geographic region. We may also realize additional credit and interest rate-related losses through sales of investments pursuant to our credit risk and portfolio management objectives.

We maintain separate monitoring processes for public and private fixed maturities and create watch lists to highlight securities that require special scrutiny and management. For private placements, our credit and portfolio management processes help ensure prudent controls over valuation and management. We have separate pricing and authorization processes to establish “checks and balances” for new investments. We apply consistent standards of credit analysis and due diligence for all transactions, whether they originate through our own in-house staff or through agents. Our regional offices closely monitor the portfolios in their regions. We set all valuation standards centrally, and we assess the fair value of all investments quarterly. Our public and private fixed maturity investment managers formally review all public and private fixed maturity holdings on a quarterly basis and more frequently when necessary to identify potential credit deterioration whether due to ratings downgrades, unexpected price variances and/or company or industry-specific concerns.

For LPs/LLCs accounted for using the equity method and for wholly-owned investment real estate, the carrying value of these investments is written down or impaired to fair value when a decline in value is considered to be other-than-temporary. For additional information regarding our OTTI policies, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

General Account Investments of PFI excluding Closed Block Division and Funds Withheld

In the following sections, we provide details about our investment portfolio, excluding investments held in the Closed Block division and the Funds Withheld portfolios. We believe the details of the composition of our investment portfolio excluding Closed Block division and Funds Withheld are most relevant to an understanding of our operations that are pertinent to investors in Prudential Financial, Inc. because (1) substantially all Closed Block division assets support obligations and liabilities relating to the Closed Block policies where the economics inure to those participating policies and not to shareholders of the Company’s Common Stock and (2) the Funds Withheld assets support liabilities relating to reinsurance agreements where the economic benefits and associated investment risk of the Funds Withheld ultimately inure to the reinsurer. See Notes 12 and 13 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements and the Closed Block division, respectively.

Fixed Maturity Securities
 
In the following sections, we provide details about our fixed maturity securities portfolio, which excludes fixed maturity securities classified as assets supporting experience-rated contractholder liabilities and securities classified as trading.
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Fixed Maturity Securities by Industry
 
The following table sets forth the composition of our fixed maturity, available-for-sale portfolio by industry category and the associated gross unrealized gains and losses, as well as the allowance for credit losses (“ACL”), as of the dates indicated:
 
 September 30, 2025December 31, 2024
Industry(1)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		ACLFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		ACLFair
Value
 (in millions)
Corporate securities:
Finance$47,351 $816 $2,555 $2 $45,610 $43,697 $470 $3,614 $4 $40,549 
Consumer non-cyclical33,115 684 2,687 6 31,106 31,721 420 3,504 33 28,604 
Utility31,540 797 2,343 23 29,971 28,984 421 2,991 18 26,396 
Capital goods21,277 604 1,029 13 20,839 19,444 242 1,561 37 18,088 
Consumer cyclical12,774 370 462 100 12,582 11,955 198 674 81 11,398 
Foreign agencies1,786 28 123 0 1,691 1,838 26 168 0 1,696 
Energy13,232 335 637 14 12,916 12,310 159 894 19 11,556 
Communications6,579 226 416 22 6,367 6,872 169 568 63 6,410 
Basic industry7,961 224 442 20 7,723 7,651 96 619 0 7,128 
Transportation12,607 398 723 0 12,282 11,783 177 1,002 0 10,958 
Technology6,566 174 285 24 6,431 5,554 84 408 14 5,216 
Industrial other5,099 46 804 4 4,337 4,750 30 881 5 3,894 
Total corporate securities199,887 4,702 12,506 228 191,855 186,559 2,492 16,884 274 171,893 
Foreign government(2)66,092 857 11,780 0 55,169 62,880 1,828 7,801 0 56,907 
Residential mortgage-backed(3)4,120 34 159 0 3,995 2,468 14 214 0 2,268 
Asset-backed16,558 173 39 1 16,691 14,664 201 40 0 14,825 
Commercial mortgage-backed7,041 70 208 0 6,903 6,185 22 344 0 5,863 
U.S. Government22,292 697 4,176 0 18,813 21,451 584 4,499 0 17,536 
State & Municipal5,421 134 507 0 5,048 5,965 129 549 0 5,545 
Total fixed maturities, available-for-sale
$321,411 $6,667 $29,375 $229 $298,474 $300,172 $5,270 $30,331 $274 $274,837 
__________ 
(1)Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2)As of September 30, 2025 and December 31, 2024, based on amortized cost, 89% and 90% represent Japanese government bonds held by our Japanese insurance operations, respectively. No other individual country represented more than 6% and more than 5% of the balance as of September 30, 2025 and December 31, 2024, respectively.
(3)As of September 30, 2025 and December 31, 2024, based on amortized cost, 96% and 93% were rated A or higher, respectively.

The decrease in net unrealized losses from December 31, 2024 to September 30, 2025 was primarily due to the net impact of decreases in U.S. interest rates, partially offset by increases in Japan interest rates.

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Fixed Maturity Securities Credit Quality
 
The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the investments of insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called “NAIC Designations.” In general, NAIC Designations of “1” highest quality, or “2” high quality, include fixed maturities considered investment grade, which include securities rated Baa3 or higher by Moody’s Investor Service, Inc. (“Moody’s”) or BBB- or higher by Standard & Poor’s Rating Services (“S&P”). NAIC Designations of “3” through “6” generally include fixed maturities referred to as below investment grade, which include securities rated Ba1 or lower by Moody’s and BB+ or lower by S&P. The NAIC Designations for commercial mortgage-backed securities and non-agency residential mortgage-backed securities, including our asset-backed securities collateralized by sub-prime mortgages, are based on security level expected losses as modeled by an independent third party (engaged by the NAIC) and the statutory carrying value of the security, including any purchase discounts or impairment charges previously recognized.

As a result of time lags between the funding of investments, the finalization of legal documents, and the completion of the SVO filing process, the fixed maturity portfolio includes certain securities that have not yet been designated by the SVO as of each balance sheet date. Pending receipt of SVO designations, the categorization of these securities by NAIC Designation is based on the expected ratings indicated by internal analysis.

Ratings assigned by nationally recognized rating agencies include S&P, Moody’s, Fitch Ratings Inc. (“Fitch”) and Morningstar, Inc. (“Morningstar”). Low issue composite rating uses ratings from the major credit rating agencies or, if these are not available, an equivalent internal rating. For securities where the ratings assigned are not equivalent, the second lowest rating is utilized.

Investments of our international insurance companies are not subject to NAIC guidelines. Investments of our Japanese insurance operations are regulated locally by the Financial Services Agency (“FSA”), an agency of the Japanese government. The FSA has its own investment quality criteria and risk control standards. Our Japanese insurance companies comply with the FSA’s credit quality review and risk monitoring guidelines. The credit quality ratings of the investments of our Japanese insurance companies are based on ratings assigned by nationally recognized credit rating agencies, including Moody’s and S&P, or rating equivalents based on ratings assigned by Japanese credit rating agencies.

The following table sets forth our fixed maturity, available-for-sale portfolio by NAIC Designation or equivalent rating, as of the dates indicated:

September 30, 2025December 31, 2024
NAIC Designation(1) (2)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses(3)		ACLFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses(3)		ACLFair
Value
 (in millions)
1$208,147 $3,414 $23,670 $0 $187,891 $195,449 $3,669 $22,081 $0 $177,037 
294,150 2,661 4,899 0 91,912 87,400 1,287 7,197 0 81,490 
Subtotal High or Highest Quality Securities(4)302,297 6,075 28,569 0 279,803 282,849 4,956 29,278 0 258,527 
313,155 424 695 0 12,884 11,290 174 856 0 10,608 
44,082 95 63 20 4,094 3,910 63 131 28 3,814 
51,407 40 38 82 1,327 1,490 46 46 36 1,454 
6470 33 10 127 366 633 31 20 210 434 
Subtotal Other Securities(5) (6)19,114 592 806 229 18,671 17,323 314 1,053 274 16,310 
Total fixed maturities, available-for-sale
$321,411 $6,667 $29,375 $229 $298,474 $300,172 $5,270 $30,331 $274 $274,837 
__________ 
(1)Reflects equivalent ratings for investments of the international insurance operations.
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(2)As of September 30, 2025 and December 31, 2024, $1,159 securities with amortized cost of $7,063 million (fair value, $7,054 million) and 803 securities with amortized cost of $4,147 million (fair value, $3,840 million), respectively, have been categorized based on expected NAIC Designations pending receipt of SVO ratings.
(3)As of September 30, 2025, includes gross unrealized losses of $611 million on public fixed maturities and $195 million on private fixed maturities considered to be other than high or highest quality and, as of December 31, 2024, includes gross unrealized losses of $625 million on public fixed maturities and $428 million on private fixed maturities considered to be other than high or highest quality.
(4)On an amortized cost basis, as of September 30, 2025, includes $233,446 million of public fixed maturities and $68,851 million of private fixed maturities and, as of December 31, 2024, includes $219,914 million of public fixed maturities and $62,935 million of private fixed maturities.
(5)On an amortized cost basis, as of September 30, 2025, includes $7,600 million of public fixed maturities and $11,514 million of private fixed maturities and, as of December 31, 2024, includes $6,706 million of public fixed maturities and $10,617 million of private fixed maturities.
(6)On an amortized cost basis, as of September 30, 2025, securities considered below investment grade based on low issue composite ratings total $16,039 million, or 5% of the total fixed maturities, and include securities considered high or highest quality by the NAIC based on the rules described above.

Asset-Backed and Commercial Mortgage-Backed Securities

The following table sets forth the amortized cost and fair value of asset-backed and commercial mortgage-backed securities within our fixed maturity, available-for-sale portfolio by credit quality, as of the dates indicated:

September 30, 2025December 31, 2024
Asset-Backed
Securities(2)
Commercial Mortgage-Backed Securities
Asset-Backed
Securities(2)
Commercial Mortgage-Backed Securities
Low Issue Composite Rating(1)Amortized CostFair
Value		Amortized CostFair
Value		Amortized CostFair
Value		Amortized CostFair
Value
(in millions)
AAA$7,686 $7,729 $5,534 $5,512 $7,548 $7,624 $4,905 $4,735 
AA6,265 6,279 1,499 1,383 4,836 4,863 1,271 1,119 
A1,773 1,790 1 1 1,790 1,795 1 1 
BBB701 712 0 0 363 367 0 0 
BB and below133 181 7 7 127 176 8 8 
Total(3)
$16,558 $16,691 $7,041 $6,903 $14,664 $14,825 $6,185 $5,863 
__________ 
(1)The table above provides ratings as assigned by nationally recognized rating agencies as of September 30, 2025 and December 31, 2024, including S&P, Moody’s, Fitch and Morningstar.
(2)Includes credit-tranched securities collateralized by loan obligations (“CLOs”), home equity loans, auto loans, education loans and other asset types.
(3)Excludes fixed maturity securities classified as “Assets supporting experience-rated contractholder liabilities” and “Fixed maturities, trading.”

Included in “Asset-backed securities” above are investments in CLOs. The following table sets forth information pertaining to these investments in CLOs within our fixed maturity, available-for-sale portfolio, as of the dates indicated:

September 30, 2025December 31, 2024
Collateralized Loan Obligations
Low Issue Composite Rating(1)Amortized Cost
Fair Value
Amortized Cost
Fair Value
(in millions)
AAA$5,533 $5,553 $5,811 $5,883 
AA4,684 4,697 3,937 3,970 
A36 36 13 13 
BBB24 25 14 14 
BB and below18 18 11 11 
Total(2)(3)$10,295 $10,329 $9,786 $9,891 
__________ 
(1)The table above provides ratings as assigned by nationally recognized rating agencies as of September 30, 2025 and December 31, 2024, including S&P, Moody’s, Fitch and Morningstar.
(2)There was no allowance for credit losses as of both September 30, 2025 and December 31, 2024.
(3)Excludes fixed maturity securities classified as “Assets supporting experience-rated contractholder liabilities” and “Fixed maturities, trading.”

Assets Supporting Experience-Rated Contractholder Liabilities
 
For information regarding the composition of “Assets supporting experience-rated contractholder liabilities,” see Note 3 to the Unaudited Interim Consolidated Financial Statements.
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Commercial Mortgage and Other Loans
 
Investment Mix

The following table sets forth the composition of our commercial mortgage and other loans portfolio, as of the dates indicated:

 September 30, 2025December 31, 2024
 (in millions)
Commercial mortgage and agricultural property loans$54,765 $53,384 
Residential mortgage loans692 19 
Uncollateralized loans296 595 
Other collateralized loans491 457 
Total recorded investment gross of allowance(1)56,244 54,455 
Allowance for credit losses(415)(468)
Total commercial mortgage and other loans, net
$55,829 $53,987 
__________
(1)As a percentage of recorded investment gross of allowance, 99% of these assets were current as of both September 30, 2025 and December 31, 2024.

We originate commercial mortgage and agricultural property loans using a dedicated sales and underwriting staff through our various regional offices in the U.S. and international offices primarily in London and Tokyo. All loans are underwritten consistently to our standards using a proprietary quality rating system that has been developed from our industry experience in real estate and mortgage lending.

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above.

Uncollateralized loans primarily represent corporate loans and unsecured consumer loans.

Other collateralized loans include mezzanine real estate debt investments and consumer loans.

Composition of Commercial Mortgage and Agricultural Property Loans
 
Our commercial mortgage and agricultural property loan portfolio strategy emphasizes diversification by property type and geographic location. The following tables set forth the breakdown of the gross carrying values of commercial mortgage and agricultural property loans by geographic region and property type, as of the dates indicated:

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 September 30, 2025December 31, 2024
 Gross
Carrying
Value		% of
Total		Gross
Carrying
Value		% of
Total
 ($ in millions)
Commercial mortgage and agricultural property loans by region:
U.S. Regions(1):
Pacific$18,590 33.9 %$18,683 35.0 %
South Atlantic9,215 16.8 8,643 16.2 
Middle Atlantic6,534 11.9 6,192 11.6 
East North Central3,667 6.7 3,090 5.8 
West South Central5,053 9.2 5,428 10.2 
Mountain2,856 5.2 2,845 5.3 
New England1,360 2.5 1,205 2.3 
West North Central500 0.9 520 1.0 
East South Central1,249 2.3 1,122 2.1 
Subtotal-U.S.49,024 89.4 47,728 89.5 
Europe3,590 6.6 3,505 6.5 
Mexico913 1.7 913 1.7 
Asia712 1.3 688 1.3 
Other526 1.0 550 1.0 
Total commercial mortgage and agricultural property loans$54,765 100.0 %$53,384 100.0 %
__________
(1)Regions as defined by the United States Census Bureau.

 September 30, 2025December 31, 2024
 Gross
Carrying
Value		% of
Total		Gross
Carrying
Value		% of
Total
 ($ in millions)
Commercial mortgage and agricultural property loans by property type:
Industrial$15,569 28.4 %$15,314 28.7 %
Retail4,760 8.7 4,547 8.5 
Office5,738 10.5 6,587 12.3 
Apartments/Multi-Family16,395 29.9 15,066 28.2 
Agricultural properties6,776 12.4 6,497 12.2 
Hospitality1,490 2.7 1,603 3.0 
Self-Storage(1)
1,890 3.5 1,858 3.5 
Health Care Senior Living(1)
1,644 3.0 1,635 3.1 
Other(1)
503 0.9 277 0.5 
Total commercial mortgage and agricultural property loans$54,765 100.0 %$53,384 100.0 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

Loan-to-value and debt service coverage ratios are measures commonly used to assess the quality of commercial mortgage and agricultural property loans. The loan-to-value ratio compares the amount of the loan to the fair value of the underlying property collateralizing the loan and is commonly expressed as a percentage. A loan-to-value ratio less than 100% indicates an excess of collateral value over the loan amount. Loan-to-value ratios greater than 100% indicate that the loan amount exceeds the collateral value. The debt service coverage ratio compares a property’s net operating income to its debt service payments. Debt service coverage ratios less than 1.0 times indicate that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 times indicates an excess of net operating income over the debt service payments.
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As of September 30, 2025, our commercial mortgage and agricultural property loans had a weighted-average debt service coverage ratio of 2.33 times and a weighted-average loan-to-value ratio of 58%. For those commercial mortgage and agricultural property loans that were originated in 2025, the weighted-average debt service coverage ratio was 1.55 times, and the weighted-average loan-to-value ratio was 60%.

The values utilized in calculating these loan-to-value ratios are developed as part of our periodic reviews of the commercial mortgage and agricultural property loan portfolio, which include internal evaluations of the underlying collateral values. Our periodic reviews also include a credit quality re-rating process, whereby we update the internal quality ratings originally assigned at underwriting based on the proprietary quality rating system mentioned above. As discussed below, the internal credit quality rating is a key input in determining our allowance for credit losses.

As of September 30, 2025, 95% of our commercial mortgage, agricultural property and residential mortgage loans were fixed rate loans.

For loans with collateral under construction, renovation or lease-up, projected stabilized values and net operating income are used in the calculation of the loan-to-value and debt service coverage ratios. Our commercial mortgage and agricultural property loan portfolio included $2.4 billion and $1.8 billion of such loans as of September 30, 2025 and December 31, 2024, respectively. All else being equal, these loans are inherently riskier than those collateralized by properties that have already stabilized. As of both September 30, 2025 and December 31, 2024, there were less than $1 million of allowances related to these loans. In addition, these unstabilized loans are included in the calculation of our portfolio reserve, as discussed below.

The following table sets forth the gross carrying value of our commercial mortgage and agricultural property loans by loan-to-value and debt service coverage ratios, as of the date indicated: 

 September 30, 2025
 Debt Service Coverage Ratio
 
> 1.2x
1.0x
to
< 1.2x		< 1.0xTotal
Commercial Mortgage
and Agricultural
Property
Loans
Loan-to-Value Ratio(in millions)
0%-59.99%$27,646 $901 $483 $29,030 
60%-69.99%14,498 827 205 15,530 
70%-79.99%4,568 374 334 5,276 
80% or greater2,948 598 1,383 4,929 
Total commercial mortgage and agricultural property loans$49,660 $2,700 $2,405 $54,765 
 

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The following table sets forth the breakdown of our commercial mortgage and agricultural property loans by year of origination, as of the date indicated:

September 30, 2025
Gross
Carrying
Value		% of
Total
Year of Origination($ in millions)
2025$5,407 9.9 %
2024
7,411 13.4 
20235,473 10.0 
20224,155 7.6 
20216,840 12.5 
20203,102 5.7 
20195,373 9.8 
2018 & Prior16,789 30.7 
Revolving Loans215 0.4 
Total commercial mortgage and agricultural property loans$54,765 100.0 %

Residential Mortgage Loans

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.

All of the loans are currently performing.

Commercial Mortgage and Other Loans Quality
 
The commercial mortgage and other loans portfolio is monitored on an ongoing basis. If certain criteria are met, loans are assigned to either of the following “watch list” categories:

(1) “Closely Monitored,” which includes a variety of considerations, such as when loan metrics fall below acceptable levels, the borrower is not cooperative or has requested a material modification, or the portfolio manager has directed a change in category; or
(2) “Not in Good Standing,” which includes loans in default or with a high probability of loss of principal, such as when the loan is in the process of foreclosure or the borrower is in bankruptcy.

Our workout and special servicing professionals manage the loans on the watch list.

The current expected credit loss (“CECL”) allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans, residential mortgage loans, uncollateralized loans and other collateralized loans.

For commercial mortgage and agricultural property loans, the allowance is calculated using an internally developed CECL model.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate.

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When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

For residential mortgage loans, the CECL calculation pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

The CECL allowance for other collateralized and uncollateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans.

The following table sets forth the change in allowance for credit losses for our commercial mortgage and other loans portfolios, as of the dates indicated:

 September 30, 2025December 31, 2024
 (in millions)
Allowance, beginning of year$468 $372 
Addition to (release of) allowance for credit losses137 207 
Write-downs charged against the allowance
(191)(107)
Other1 (4)
Allowance, end of period$415 $468 
 
The allowance for credit losses as of September 30, 2025 decreased in comparison to December 31, 2024 primarily related to write-downs against loan-specific reserves within agricultural property loans and commercial mortgage loans in the retail sector, partially offset by an increase in loan-specific reserves within the retail sector.

Equity Securities
 
The equity securities portfolio consists principally of investments in common and preferred stock of publicly-traded companies, as well as mutual fund shares. The following table sets forth the composition of our equity securities portfolio and the associated gross unrealized gains and losses, as of the dates indicated:

 September 30, 2025December 31, 2024
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
Mutual funds$975 $1,209 $2 $2,182 $903 $1,010 $9 $1,904 
Other common stocks
3,769 820 81 4,508 4,728 684 122 5,290 
Non-redeemable preferred stocks
71 36 19 88 43 36 19 60 
Total equity securities, at fair value$4,815 $2,065 $102 $6,778 $5,674 $1,730 $150 $7,254 

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $314 million and $169 million during the three months ended September 30, 2025 and 2024, respectively, and $355 million and $525 million during the nine months ended September 30, 2025 and 2024, respectively.

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Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

 September 30, 2025December 31, 2024
(in millions)
LPs/LLCs:
Equity method:
Private equity$7,885 $7,535 
Hedge funds2,226 2,339 
Real estate-related
1,593 1,586 
Subtotal equity method
11,704 11,460 
Fair value:
Private equity619 728 
Hedge funds1,197 1,308 
Real estate-related433 423 
Subtotal fair value2,249 2,459 
Total LPs/LLCs
13,953 13,919 
Real estate held through direct ownership(1)
1,520 1,426 
Total alternative assets15,473 15,345 
Credit-like instruments(2)
985 933 
Derivative instruments76 (438)
Other(3)
937 941 
Total other invested assets$17,471 $16,781 

The following table presents a reconciliation of “Total alternative assets” included in the table above to the “Total alternative assets of operating businesses”:
September 30, 2025December 31, 2024
(in millions)
Total alternative assets$15,473 $15,345 
Less: Divested Businesses(4)
(893)(799)
Less: Interests held by unaffiliated investors(5)
(1,288)(1,209)
Total alternative assets of operating businesses$13,292 $13,337 
__________ 
(1)As of September 30, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $228 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding our holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
(4)As of September 30, 2025 and December 31, 2024, interests held by Divested Businesses include private equity of $577 million and $520 million, hedge funds of $153 million and $117 million, real estate-related of $159 million and $156 million and real estate held through direct ownership of $4 million and $6 million, respectively.
(5)As of September 30, 2025 and December 31, 2024, interests held by unaffiliated investors that have been consolidated into the Consolidated Statements of Financial Position include real estate held through direct ownership of $819 million and $741 million, hedge funds of $162 million and $177 million and real estate-related of $307 million and $291 million, respectively.

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Invested Assets of Other Entities and Operations

“Invested Assets of Other Entities and Operations” presented below includes investments held outside the general account and primarily represents investments associated with our investment management operations and derivative operations. Our derivative operations act on behalf of affiliates primarily to manage interest rate, foreign currency, credit and equity exposures. Assets within our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our Unaudited Interim Consolidated Statements of Financial Position are not included.

September 30, 2025December 31, 2024
 (in millions)
Fixed maturities:
Public, available-for-sale, at fair value(1)$223 $368 
Private, available-for-sale, at fair value286 5 
Fixed maturities, trading, at fair value(1)128 83 
Equity securities, at fair value 472 521 
Commercial mortgage and other loans, at book value(2)1,073 469 
Other invested assets3,673 2,774 
Short-term investments2 13 
Total investments$5,857 $4,233 
__________ 
(1)As of September 30, 2025 and December 31, 2024, balances include investments in CLOs with fair value of $132 million and $224 million, respectively.
(2)Book value is generally based on unpaid principal balance, net of any allowance for credit losses, or at fair value when the fair value option has been elected.

Fixed Maturities, Trading

“Fixed maturities, trading, at fair value” is primarily related to assets associated with consolidated VIEs for which the Company is the investment manager. The assets of the consolidated VIEs are generally offset by liabilities for which the fair value option has been elected. For additional information regarding these consolidated VIEs, see Note 4 to the Unaudited Interim Consolidated Financial Statements.

Commercial Mortgage and Other Loans
 
Our investment management operations include our commercial mortgage operations, which provide mortgage origination, investment management and servicing for our general account, institutional clients, the Federal Housing Administration and government-sponsored entities such as Fannie Mae and Freddie Mac.

The mortgage loans of our commercial mortgage operations are included in “Commercial mortgage and other loans.” Derivatives and other hedging instruments related to our commercial mortgage operations are primarily included in “Other invested assets.”

Other Invested Assets
 
“Other invested assets” primarily includes assets of our derivative operations used to manage interest rate, foreign currency, credit, and equity exposures.

Furthermore, other invested assets include strategic investments made as part of our investment management operations. We make these strategic investments in real estate, as well as fixed income, public equity and real estate securities, including controlling interests. Certain of these investments are made primarily for purposes of co-investment in our managed funds and structured products. Other strategic investments are made with the intention to sell or syndicate to investors, including our general account, or for placement in funds and structured products that we offer and manage (seed investments). As part of our investment management operations, we also make loans to our managed funds that are secured by equity commitments from investors or assets of the funds. “Other invested assets” also includes certain assets in consolidated investment funds where the Company is deemed to exercise control over the funds.



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Valuation of Assets and Liabilities
 
Fair Value of Assets and Liabilities
 
The authoritative guidance related to fair value measurement establishes a framework that includes a three-level hierarchy used to classify the inputs used in measuring fair value. The level in the hierarchy within which the fair value falls is determined based on the lowest level input that is significant to the measurement. The fair values of assets and liabilities classified as Level 3 include at least one significant unobservable input in the measurement. See Note 6 to the Unaudited Interim Consolidated Financial Statements for an additional description of the valuation hierarchy levels as well as for the balances of assets and liabilities measured at fair value on a recurring basis by hierarchy level presented on a consolidated basis.

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, and the portion of such assets and liabilities that are classified in Level 3 of the valuation hierarchy. The table also provides details about these assets and liabilities excluding those held in the Closed Block division and Funds Withheld portfolios. We believe the amounts excluding the Closed Block division and Funds Withheld are most relevant to an understanding of our operations that are pertinent to investors in Prudential Financial, Inc. because (1) substantially all Closed Block division assets support obligations and liabilities relating to the Closed Block policies where the economics inure to those participating policies and not to shareholders of the Company’s Common Stock and (2) the Funds Withheld assets support liabilities relating to reinsurance agreements where the economic benefits and associated investment risk of the Funds Withheld assets ultimately inure to the reinsurer. See Notes 12 and 13 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements and the Closed Block, respectively.

 As of September 30, 2025
 
PFI excluding Closed Block Division and Funds Withheld
Closed Block
Division		Funds Withheld
 Total at
Fair Value		Total
Level 3(1)		Total at
Fair Value		Total
Level 3(1)		Total at
Fair Value		Total
Level 3(1)
 (in millions)
Fixed maturities, available-for-sale
$298,983 $9,424 $29,383 $998 $7,048 $628 
Assets supporting experience-rated contractholder liabilities:
Fixed maturities928 0 0 0 0 0 
Equity securities3,720 0 0 0 0 0 
All other(2)0 0 0 0 0 0 
Subtotal4,648 0 0 0 0 0 
Market risk benefit assets2,252 2,252 0 0 0 0 
Fixed maturities, trading5,055 841 613 19 8,907 1,797 
Equity securities7,250 587 1,544 44 0 0 
Commercial mortgage and other loans
1,073 0 0 0 263 263 
Other invested assets(3)3,099 1,010 2 2 18 0 
Short-term investments5,485 20 178 11 7 0 
Cash equivalents9,366 0 293 0 289 0 
Reinsurance recoverables and deposit receivables(51)0 0 0 541 353 
Separate account assets170,975 239 0 0 0 0 
Total assets$508,135 $14,373 $32,013 $1,074 $17,073 $3,041 
Market risk benefit liabilities$4,771 $4,771 $0 $0 $0 $0 
Policyholders’ account balances17,956 17,956 0 0 0 0 
Reinsurance and funds withheld payables(18)0 0 0 126 0 
Other liabilities(3)5,462 0 0 0 3 0 
Notes issued by consolidated variable interest entities (“VIEs”)
313 313 0 0 0 0 
Total liabilities$28,484 $23,040 $0 $0 $129 $0 

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 As of December 31, 2024
 
PFI excluding Closed Block Division and Funds Withheld
Closed Block
Division		Funds Withheld
 Total at
Fair Value		Total
Level 3(1)		Total at
Fair Value		Total
Level 3(1)		Total at
Fair Value		Total
Level 3(1)
 (in millions)
Fixed maturities, available-for-sale
$275,210 $6,712 $28,728 $914 $7,632 $551 
Assets supporting experience-rated contractholder liabilities:
Fixed maturities826 0 0 0 0 0 
Equity securities2,881 0 0 0 0 0 
All other(2)0 0 0 0 0 0 
Subtotal3,707 0 0 0 0 0 
Market risk benefit assets2,331 2,331 0 0 0 0 
Fixed maturities, trading4,151 467 647 15 7,732 1,504 
Equity securities7,776 479 1,641 39 0 0 
Commercial mortgage and other loans
469 0 0 0 233 233 
Other invested assets(3)2,526 952 2 1 25 0 
Short-term investments8,091 383 460 76 44 2 
Cash equivalents10,144 0 346 0 201 0 
Reinsurance recoverables and deposit receivables(75)0 0 0 924 613 
Separate account assets166,672 232 0 0 0 0 
Total assets$481,002 $11,556 $31,824 $1,045 $16,791 $2,903 
Market risk benefit liabilities$4,455 $4,455 $0 $0 $0 $0 
Policyholders’ account balances12,746 12,746 0 0 0 0 
Reinsurance and funds withheld payables(27)0 0 0 (91)0 
Other liabilities(3)4,749 1 0 0 2 0 
Notes issued by consolidated variable interest entities (“VIEs”)
60 60 0 0 0 0 
Total liabilities$21,983 $17,262 $0 $0 $(89)$0 
__________
(1)Level 3 assets expressed as a percentage of total assets measured at fair value on a recurring basis for PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld totaled 2.8%, 3.4%, and 17.8%, respectively, as of September 30, 2025, and 2.4%, 3.3%, and 17.3%, respectively, as of December 31, 2024.
(2)“All other” represents cash equivalents and short-term investments.
(3)“Other invested assets” and “Other liabilities” primarily include derivatives. The amounts include the impact of netting subject to master netting agreements.

The determination of fair value, which for certain assets and liabilities is dependent on the application of estimates and assumptions, can have a significant impact on our results of operations and may require the application of a greater degree of judgment depending on market conditions, as the ability to value assets and liabilities can be significantly impacted by a decrease in market activity or a lack of transactions executed in an orderly manner.

Fixed maturity securities included in Level 3 in our fair value hierarchy are generally priced based on internally-developed valuations or indicative broker quotes. For certain private fixed maturity and equity securities, the internal valuation models use significant unobservable inputs and, accordingly, such securities are included in Level 3 in our fair value hierarchy. Level 3 fixed maturity securities for PFI excluding the Closed Block division and Funds Withheld included approximately $1,851 million of public fixed maturities as of September 30, 2025, with values primarily based on indicative broker quotes, and approximately $10,837 million of private fixed maturities, with values primarily based on internally-developed models. Significant unobservable inputs used in their valuation included: issue specific spread adjustments, material non-public financial information, management judgment, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. Separate account assets included in Level 3 in our fair value hierarchy primarily include corporate securities and commercial mortgage loans.


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Contracts or contract features reported in “Market risk benefit assets” and “Market risk benefit liabilities” and embedded derivatives reported in “Policyholders’ account balances” that are included in Level 3 of our fair value hierarchy represent general account assets and liabilities pertaining to living benefit features of the Company’s variable annuity contracts and the index-linked interest credited features on certain life and annuity products. “Market risk benefit assets” and “Market risk benefit liabilities” are carried at fair value with changes in fair value included in “Change in value of market risk benefits, net of related hedging gains (losses)” except for the portion of the change attributable to changes in the Company’s NPR that is recorded in OCI. Embedded derivatives included in “Policyholders’ account balances” are carried at fair value with changes in fair value included in “Realized investment gains (losses), net.” These assets and liabilities are valued using internally-developed models that require significant estimates and assumptions developed by management. Changes in these estimates and assumptions can have a significant impact on the results of our operations. For additional information, see Note 6 to the Unaudited Interim Consolidated Financial Statements.
 
For additional information regarding the valuation techniques and the key estimates and assumptions used in our determination of fair value, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
 
Liquidity and Capital Resources
 
Overview
 
Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of our businesses, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our businesses, general economic conditions and our access to the capital markets and the alternate sources of liquidity and capital described herein.

Effective and prudent liquidity and capital management is a priority across the Company. Management monitors the liquidity of Prudential Financial and its subsidiaries on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework (“RAF”) to ensure that all risks taken across the Company align with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of Prudential Financial and its subsidiaries.

Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital and liquidity management. For information regarding these regulatory initiatives and their potential impact on us, see “Business—Regulation” and “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

From the beginning of 2025 through the date of this report, we took the following significant actions that have impacted, or are expected to impact, our liquidity and capital positions:

•In March, we issued $750 million of 5.200% senior unsecured notes. We intend to use these proceeds for general corporate purposes, which may include refinancing medium-term notes maturing through 2026.

•In March, we entered into a reinsurance agreement with Prismic Re International, a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by our Japanese insurance subsidiaries. We also made an additional equity investment in Prismic of approximately $100 million to maintain our equity interest at approximately 20 percent. The value of the reinsurance transaction is estimated to be $400 million, which includes a release of capital, ceding commission, taxes, and the net present value of future income, of which a portion was used to fund the equity investment in Prismic, with the remaining amount to be released over time.

•In May, we redeemed $1.0 billion of 5.375% junior subordinated notes due 2045.

•In July, we repaid $350 million of 8.300% fixed-rate surplus notes due July 2025.

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Capital
 
The primary components of the Company’s capitalization consist of equity and outstanding capital debt, including junior subordinated debt. As shown in the table below, as of September 30, 2025, the Company had $49.2 billion in capital, all of which was available to support the aggregate capital requirements of its businesses and its Corporate and Other operations. Based on our assessment of these businesses and operations, we believe this level of capital is consistent with our ratings targets.
 
September 30, 2025December 31, 2024
 (in millions)
Equity(1)$35,269 $34,583 
Junior subordinated debt (including hybrid securities)7,595 7,588 
Other capital debt6,374 6,237 
Total capital$49,238 $48,408 
__________
(1)Amounts attributable to Prudential Financial, excluding AOCI.

We manage PICA, The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), The Gibraltar Life Insurance Co., Ltd. (“Gibraltar Life”), and other significant insurance subsidiaries to regulatory capital levels consistent with our “AA” ratings targets. We utilize the risk-based capital (“RBC”) ratio as a primary measure of the capital adequacy of our domestic insurance subsidiaries and the solvency margin ratio as a primary measure of the capital adequacy of our Japanese insurance subsidiaries.
 
RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public.

PICA’s RBC ratio as of December 31, 2024, its most recent statutory fiscal year-end and RBC reporting date, was 409%. PICA’s RBC ratio is calculated on a consolidated basis and included Pruco Life Insurance Company (“Pruco Life”), Pruco Life Insurance Company of New Jersey (“PLNJ”), which is a subsidiary of Pruco Life, and Prudential Legacy Insurance Company of New Jersey (“PLIC”).

Similar to the RBC ratios that are employed by U.S. insurance regulators, regulatory authorities in the international jurisdictions in which we operate generally establish some form of minimum solvency margin requirements for insurance companies based on local statutory accounting practices. These solvency margins are a primary measure of the capital adequacy of our international insurance operations. Maintenance of our solvency margins at certain levels is also important to our competitive positioning, as in certain jurisdictions, such as Japan, these solvency margins are required to be disclosed to the public and therefore impact the public perception of an insurer’s financial strength.

The table below presents the solvency margin ratios of our most significant international insurance subsidiaries as of June 30, 2025, the most recent date for which this information is available.

Ratio
Prudential of Japan consolidated(1)781 %
Gibraltar Life consolidated(2)968 %
__________ 
(1)Includes Prudential Trust Co., Ltd., a subsidiary of Prudential of Japan.
(2)Includes Prudential Gibraltar Financial Life Insurance Co., Ltd. (“PGFL”), a subsidiary of Gibraltar Life.

All of our domestic and significant international insurance subsidiaries have capital levels that substantially exceed the minimum level required by applicable insurance regulations. The statutory capital of our insurance companies and our overall capital flexibility could be impacted by, among other things, market conditions and changes in insurance reserves, including those stemming from updates to our actuarial assumptions. Our regulatory capital levels also may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators. The FSA has developed a new market-based alternative to the solvency margin ratio framework called the Economic Solvency Ratio (“ESR”) that will apply to our Japanese insurance subsidiaries. The ESR framework became effective April 1, 2025, with disclosure under the new framework required beginning in 2026. For additional information
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regarding the calculation of RBC and solvency margin ratios, as well as regulatory minimums, see Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Captive Reinsurance Companies
 
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital—Captive Reinsurance Companies” included in our Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of our use of captive reinsurance companies. 
    
Shareholder Distributions
 
Share Repurchase Program and Shareholder Dividends

In December 2024, Prudential Financial’s Board of Directors authorized the Company to repurchase, at management’s discretion, up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2025 through December 31, 2025. In general, the timing and amount of share repurchases are determined by management based on market conditions and other considerations, including compliance with applicable laws and any increased capital needs of our businesses due to, among other things, credit migration and losses in our investment portfolio, changes in regulatory capital requirements and opportunities for growth and acquisitions. Repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended.

The following table sets forth information about declarations of Common Stock dividends, as well as repurchases of shares of Prudential Financial’s Common Stock, for the nine months ended September 30, 2025:
 Dividend AmountShares Repurchased
Three months ended:Per ShareAggregateSharesTotal Cost
 (in millions, except per share data)
March 31, 2025$1.35 $486 2.2 $250 
June 30, 2025$1.35 $485 2.4 $250 
September 30, 2025$1.35 $481 2.4 $250 

Liquidity
 
Liquidity management and stress testing are performed on a legal entity basis as the ability to transfer funds between subsidiaries is limited due in part to regulatory restrictions. Liquidity needs are determined through daily and quarterly cash flow forecasting at the holding company and within our operating subsidiaries. We seek to maintain a minimum balance of highly liquid assets to ensure that adequate liquidity is available at Prudential Financial to cover fixed expenses in the event that we experience reduced cash flows from our operating subsidiaries at a time when access to capital markets is also not available.
 
We seek to mitigate the risk of having limited or no access to financing due to stressed market conditions by generally pre-funding debt in advance of maturity. We mitigate the refinancing risk associated with our debt that is used to fund operating needs by matching the term of debt with the assets financed. To ensure adequate liquidity in stress scenarios, stress testing is performed for our major operating subsidiaries. We seek to further mitigate liquidity risk by maintaining our access to alternative sources of liquidity, as discussed below.

Liquidity of Prudential Financial
 
The principal sources of funds available to Prudential Financial, the parent holding company, are dividends, returns of capital and loans from subsidiaries, and proceeds from debt issuances and certain stock-based compensation activity. These sources of funds may be supplemented by Prudential Financial’s access to the capital markets as well as the “—Alternative Sources of Liquidity” described below.
 
The primary uses of funds at Prudential Financial include servicing debt, making capital contributions and loans to subsidiaries, making acquisitions, paying declared shareholder dividends and repurchasing outstanding shares of Common Stock executed under authority from the Board.
 
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As of September 30, 2025, Prudential Financial had highly liquid assets with a carrying value totaling $4,772 million, a decrease of $1,492 million from December 31, 2024. 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. We maintain an intercompany liquidity account that is designed to optimize the use of cash by facilitating the lending and borrowing of funds between Prudential Financial and its subsidiaries on a daily basis. Excluding the net borrowings from this intercompany liquidity account, Prudential Financial had highly liquid assets of $3,867 million as of September 30, 2025, a decrease of $774 million from December 31, 2024.
 
The following table sets forth Prudential Financial’s principal sources and uses of highly liquid assets, excluding net borrowings from our intercompany liquidity account, for the periods indicated:
 
Nine Months Ended September 30,
 20252024
(in millions)
Highly Liquid Assets, beginning of period$4,641 $4,095 
Dividends and/or returns of capital from subsidiaries(1)1,532 2,072 
Affiliated (borrowings)/loans - (capital activities)(2)
0 702 
Capital contributions to subsidiaries(3)
(67)(162)
Total Business Capital Activity(4)1,465 2,612 
Share repurchases(5)
(746)(746)
Common Stock dividends(6)
(1,451)(1,424)
Total Share Repurchases, Dividends and Business Disposition Activity(2,197)(2,170)
Proceeds from the issuance of debt(7)
984 1,044 
Repayments of debt(1,008)(511)
Total Debt Activity(24)533 
Net interest expense(944)(805)
Affiliated (borrowings)/loans - (operating activities)(8)
543 (572)
Tax cash flows(4)
(28)197 
Other corporate cash flows(4)
227 193 
Share issuances for employee stock purchases and other(4)
184 265 
Total Other Activity(18)(722)
Net increase/(decrease) in highly liquid assets(774)253 
Highly Liquid Assets, end of period$3,867 $4,348 
__________ 
(1)2025 includes $575 million from international insurance subsidiaries, $500 million from Individual Life insurance captives, $300 million from PICA, $147 million from PGIM subsidiaries, and $10 million from other subsidiaries. 2024 includes $800 million from a holding company, funded by one of our captive insurance subsidiaries, inclusive of proceeds associated with the reinsurance of a portion of the Company’s guaranteed universal life policies, $650 million from PICA, $568 million from international subsidiaries, $46 million from PGIM subsidiaries and $8 million from other subsidiaries.
(2)Represents loans to and from subsidiaries made for capital management purposes. 2024 includes $502 million from international insurance subsidiaries and $200 million from captive reinsurance subsidiaries.
(3)2025 includes capital contributions of $61 million to other subsidiaries and $6 million to PICA. 2024 includes capital contributions of $74 million to PGIM subsidiaries (which is completely offset in “Affiliated (borrowings)/loans - (operating activities)” within this table), $49 million to other subsidiaries and $39 million to international insurance subsidiaries.
(4)“Total Business Capital Activity” for 2025 includes segment inflows of $1,552 million from U.S. Businesses, $1,020 million from International Businesses, $353 million from PGIM, and outflows of $1,460 million to Corporate and Other operations. 2024 includes segment inflows of $2,954 million from U.S. Businesses, $1,417 million from International Businesses, $332 million from PGIM, and outflows of $2,091 million to Corporate and Other operations. In addition, Corporate and Other operations had net inflows of $383 million and $655 million for 2025 and 2024, respectively, from “Tax cash flows,” “Other corporate cash flows” and “Share issuances for employee stock purchases and other,” as shown within this table. In addition, $347 million of PICA's dividend capacity was used to fund the July 2025 maturity of the PICA surplus note.
(5)Excludes cash payments made on trades that settled in the subsequent period.
(6)Includes cash payments made on dividends declared in prior periods.
(7)Includes $243 million and $55 million of proceeds from the issuance of retail medium-term notes that were used exclusively to purchase funding agreements from PICA in 2025 and 2024, respectively.
(8)Represents loans to and from subsidiaries to support business operating needs.

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Dividends and Returns of Capital from Subsidiaries
 
Domestic insurance subsidiaries. During the first nine months of 2025, Prudential Financial received dividends of $300 million from PICA. In addition to paying Common Stock dividends, our domestic insurance operations may return capital to Prudential Financial by other means, such as affiliated lending, and reinsurance with Bermuda-based affiliates. In the first quarter of 2025, Prudential Financial received a return of capital of $500 million from a holding company funded by a domestic captive insurance subsidiary.

International insurance subsidiaries. During the first nine months of 2025, Prudential Financial received dividends of $575 million from its international insurance subsidiaries. In addition to paying Common Stock dividends, our international insurance operations may return capital to Prudential Financial by other means, such as the repayment of preferred stock obligations held by Prudential Financial or other affiliates, affiliated lending, affiliated derivatives and reinsurance with U.S.- and Bermuda-based affiliates.

Other subsidiaries. During the first nine months of 2025, Prudential Financial received dividends of $147 million from PGIM subsidiaries and $10 million from other subsidiaries.

Restriction on dividends and returns of capital from subsidiaries. Our insurance companies are subject to limitations on the payment of dividends and other transfers of funds to Prudential Financial and other affiliates under applicable insurance law and regulation. Further, market conditions could negatively impact capital positions of our insurance companies, which could further restrict their ability to pay dividends. More generally, the payment of dividends by any of our subsidiaries is subject to declaration by their Board of Directors and can be affected by market conditions and other factors.
 
With respect to our domestic insurance subsidiaries, PICA is permitted to pay ordinary dividends based on calculations specified under New Jersey insurance law, subject to prior notification to the New Jersey Department of Banking and Insurance (“NJDOBI”). Any distributions above this amount in any twelve-month period are considered to be “extraordinary” dividends, and the approval of the NJDOBI is required prior to payment. The laws regulating dividends of the states where our other domestic insurance companies are domiciled are similar, but not identical, to those of New Jersey.

Capital redeployment from our international insurance subsidiaries is subject to local regulatory requirements in the international jurisdictions in which they operate. Our most significant international insurance subsidiaries, Prudential of Japan and Gibraltar Life, are permitted to pay Common Stock dividends based on calculations specified by Japanese insurance business law. Dividends in excess of these amounts and other forms of capital distribution may require the prior approval of the FSA. The regulatory fiscal year end for both Prudential of Japan and Gibraltar Life is March 31, after which time the Common Stock dividend amount permitted to be paid without prior approval from the FSA can be determined.

The ability of our PGIM subsidiaries and the majority of our other operating subsidiaries to pay dividends is largely unrestricted from a regulatory standpoint.

See Note 20 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, for information regarding specific dividend restrictions.
    
Liquidity of Insurance Subsidiaries
 
We manage the liquidity of our insurance operations to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity within each of our insurance subsidiaries is provided by a variety of sources, including portfolios of liquid assets. The investment portfolios of our subsidiaries are integral to the overall liquidity of our insurance operations. We segment our investment portfolios and employ an asset/liability management approach specific to the requirements of each of our product lines. This enhances the discipline applied in managing the liquidity, as well as the interest rate and credit risk profiles, of each portfolio in a manner consistent with the unique characteristics of the product liabilities.

Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our insurance operations’ liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries.
 
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The principal sources of liquidity for our insurance subsidiaries are premiums, investment and fee income, investment maturities, sales of investments, and sales associated with our insurance and annuity operations, as well as internal and external borrowings. The principal uses of liquidity include benefits, claims and dividends paid to policyholders, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity may include commissions, general and administrative expenses, purchases of investments, the payment of dividends to the parent holding company, hedging and reinsurance activity and payments in connection with financing activities.
 
The following table sets forth the fair value of certain of our domestic insurance operations’ portfolio of liquid assets, as of the dates indicated:
 
 September 30, 2025 
 Prudential
Insurance(1)		PLICPruco LifeTotalDecember 31, 2024
 (in billions)
Cash and short-term investments$7.3 $0.7 $2.5 $10.5 $12.5 
Fixed maturity investments(2):
High or highest quality127.5 26.8 47.5 201.8 180.3 
Other than high or highest quality8.0 2.3 3.0 13.3 12.1 
Subtotal135.5 29.1 50.5 215.1 192.4 
Public equity securities, at fair value1.0 1.5 1.4 3.9 5.4 
Total$143.8 $31.3 $54.4 $229.5 $210.3 
__________ 
(1)Represents legal entity view and as such includes both domestic and international activity.
(2)Credit quality is based on NAIC or equivalent rating.

The following table sets forth the fair value of our international insurance operations’ portfolio of liquid assets, as of the dates indicated: 

 
September 30, 2025 
 Prudential
of Japan		Gibraltar
Life(1)		All
Other(2)		TotalDecember 31, 2024
 (in billions)
Cash and short-term investments$0.7 $4.8 $3.1 $8.6 $7.4 
Fixed maturity investments(3):
High or highest quality(4)26.6 49.9 26.2 102.7 102.6 
Other than high or highest quality0.4 0.4 3.8 4.6 3.6 
Subtotal27.0 50.3 30.0 107.3 106.2 
Public equity securities3.9 0.9 0.4 5.2 4.2 
Total$31.6 $56.0 $33.5 $121.1 $117.8 
__________ 
(1)Includes PGFL.
(2)Represents our international insurance operations, excluding Japan.
(3)Credit quality is based on NAIC or equivalent rating.
(4)As of September 30, 2025, $60.8 billion, or 59%, were invested in government or government agency bonds.

Liquidity associated with other activities
 
Hedging activities associated with Individual Retirement Strategies
 
For the portion of our Individual Retirement Strategies’ ALM strategy executed through hedging, we enter into a range of exchange-traded, cleared and other OTC equity and interest rate derivatives in order to hedge certain capital market risks related to more severe market conditions. For a full discussion of our Individual Retirement Strategies’ risk management strategy, see “—Results of Operations by Segment—Retirement Strategies.” This portion of our Individual Retirement Strategies’ ALM strategy requires access to liquidity to meet payment obligations relating to these derivatives, such as payments for periodic
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settlements, purchases, maturities and terminations. These liquidity needs can vary materially due to, among other items, changes in interest rates, equity markets, mortality and policyholder behavior.
 
The hedging portion of our Individual Retirement Strategies’ ALM strategy may also result in derivative related collateral postings to (when we are in a net post position) or from (when we are in a net receive position) counterparties. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. Depending on market conditions, the collateral posting requirements can result in material liquidity needs when we are in a net post position.

Foreign exchange hedging activities
 
We employ various hedging strategies to manage potential exposure to foreign currency exchange rate movements, particularly those associated with the yen. Our overall yen hedging strategy calibrates the hedge level to preserve the relative contribution of our yen-based business to the Company’s overall return on equity on a leverage neutral basis.

We hold both internal and external hedges primarily to hedge our USD-equivalent equity. These hedges also mitigate volatility in the solvency margins of yen-based subsidiaries resulting from changes in the market value of their USD-denominated investments hedging our USD-equivalent equity attributable to changes in the yen-USD exchange rate.

For additional information regarding our hedging strategy, see “—Results of Operations—Impact of Foreign Currency Exchange Rates.”

Cash settlements from these hedging activities result in cash flows between subsidiaries of Prudential Financial and either international-based subsidiaries or external parties. The cash flows are dependent on changes in foreign currency exchange rates and the notional amount of the exposures hedged. For example, a significant yen depreciation over an extended period of time could result in net cash inflows, while a significant yen appreciation could result in net cash outflows. The following tables set forth information about net cash settlements and the net asset or liability resulting from these hedging activities related to the yen and other currencies for the periods indicated:

Nine Months Ended
September 30,
Cash Settlements Received (Paid):20252024
(in millions)
Internal Hedges(1)$218 $395 
External Hedges(2)
207 (23)
Total Cash Settlements$425 $372 
Assets (Liabilities):September 30, 2025December 31, 2024
(in millions)
Internal Hedges(1)$747 $968 
External Hedges(3)
54 341 
Total Assets (Liabilities)(4)$801 $1,309 
__________
(1)Represents internal transactions between international-based and U.S.-based entities. Amounts noted are from the U.S.-based entities’ perspectives.
(2)Includes non-yen related cash settlements received (paid) of ($4) million, primarily denominated in Brazilian real, Australian dollar and Chilean peso, and ($13) million, primarily denominated in Brazilian real, Chilean peso and Australian dollar for the nine months ended September 30, 2025 and 2024, respectively.
(3)Includes non-yen related assets (liabilities) of ($48) million, primarily denominated in Brazilian real, Chilean peso and Australian dollar as of September 30, 2025 and $91 million, primarily denominated in Brazilian real, Chilean peso and Australian dollar, as of December 31, 2024.
(4)As of September 30, 2025, approximately $176 million, $138 million, $152 million and $335 million of the net market values are scheduled to settle in 2025, 2026, 2027, and thereafter, respectively. The net market value of the assets (liabilities) will vary with changing market conditions to the extent there are no corresponding offsetting positions.

PGIM operations
 
The principal sources of liquidity for our fee-based PGIM businesses include cash flows from asset management, commercial mortgage origination and servicing activities, and internal and external funding facilities. The principal uses of liquidity for our fee-based PGIM businesses include general and administrative expenses, facilitating our commercial mortgage loan business, funding needs of our seed and co-investment portfolio and distributions of dividends and returns of capital to
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Prudential Financial. The primary liquidity risks for our fee-based PGIM businesses relate to their profitability, which is impacted by market conditions, our investment management performance and client redemptions. We believe the cash flows from our fee-based PGIM businesses are adequate to satisfy the current liquidity requirements of these operations, as well as requirements that could arise under reasonably foreseeable stress scenarios, which are monitored through the use of internal measures.
 
The principal sources of liquidity for our seed and co-investments held in our PGIM businesses are cash flows from investments, cash flows from our fee-based businesses, as described above, borrowing lines from internal sources, including Prudential Financial and Prudential Funding, LLC (“Prudential Funding”), a wholly-owned subsidiary of PICA, and external sources, including PGIM’s limited-recourse credit facility. The principal uses of liquidity for our seed and co-investments include making investments to support business growth and paying interest expense from the internal and external borrowings used to fund those investments. The primary liquidity risks include the inability to sell assets in a timely manner, declines in the value of assets and credit defaults.

There have been no material changes to the liquidity position of our PGIM operations since December 31, 2024.
 
Alternative Sources of Liquidity
 
In addition to asset-based financing as discussed below, Prudential Financial and certain subsidiaries have access to other sources of liquidity, including syndicated, unsecured committed credit facilities, membership in the Federal Home Loan Bank of New York, a funding agreement facility with Farmer Mac, commercial paper programs and contingent financing facilities in the form of facility agreements. For additional information regarding these sources of liquidity, see Note 15 to the Unaudited Interim Consolidated Financial Statements contained herein and Note 18 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.
 
Asset-based Financing
 
We conduct asset-based or secured financing within our insurance and other subsidiaries, including transactions such as securities lending, committed and uncommitted repurchase agreements and mortgage dollar rolls, to earn spread income, to borrow funds, or to facilitate trading activity. These programs are primarily driven by portfolio holdings of securities that are lendable based on counterparty demand for these securities in the marketplace. The collateral received in connection with these programs is primarily used to purchase securities in the short-term spread portfolios of our insurance entities. Investments held in the short-term spread portfolios include cash and cash equivalents, short-term investments (primarily corporate bonds), mortgage loans and fixed maturities (primarily collateralized loan obligations and other structured securities), with a weighted average life at time of purchase by the short-term portfolios of four years or less. Floating rate assets comprise the majority of our short-term spread portfolio. These short-term portfolios are subject to specific investment policy statements, which among other things, do not allow for significant asset/liability interest rate duration mismatch.
 
The following table sets forth our liabilities under asset-based or secured financing programs as of the dates indicated:
 
September 30, 2025December 31, 2024

PFI
Excluding
Closed Block
Division		Closed
Block
Division		ConsolidatedPFI
Excluding
Closed Block
Division		Closed
Block
Division		Consolidated
 ($ in millions)
Securities sold under agreements to repurchase$7,124 $2,813 $9,937 $4,779 $2,017 $6,796 
Cash collateral for loaned securities8,228 369 8,597 8,315 1,306 9,621 
Securities sold but not yet purchased0 0 0 0 0 0 
Total(1)(2)$15,352 $3,182 $18,534 $13,094 $3,323 $16,417 
Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral$13,204 $2,630 $15,834 $12,325 $3,220 $15,545 
Weighted average maturity, in days(3)8 1 5 4 
__________ 
(1)The daily average outstanding balance for the three and three and nine months ended September 30, 2025 was $15,146 million and $14,481 million, respectively, for PFI excluding the Closed Block division, and $3,302 million and $3,399 million, respectively, for the Closed Block division.
(2)Includes utilization of external funding facilities for PGIM’s commercial mortgage origination business.
(3)Excludes securities that may be returned to the Company overnight.
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As of September 30, 2025, our domestic insurance entities had assets eligible for the asset-based or secured financing programs of $100.8 billion, of which $17.8 billion were on loan. Taking into account market conditions and outstanding loan balances as of September 30, 2025, we believe approximately $14.0 billion of the remaining eligible assets are readily lendable, including approximately $11.6 billion relating to PFI excluding the Closed Block division, of which $4.0 billion relates to certain separate accounts and may only be used for financing activities related to those accounts, and the remaining $2.3 billion relating to the Closed Block division.

Financing Activities
 
As of September 30, 2025, total short-term and long-term debt of the Company on a consolidated basis was $20.2 billion, an increase of $43 million from December 31, 2024. The following table sets forth total consolidated borrowings of the Company as of the dates indicated. We may, from time to time, seek to redeem or repurchase our outstanding debt securities through open market purchases, individually negotiated transactions or otherwise. Any such actions will depend on prevailing market conditions, our liquidity position, and other factors.
 
 September 30, 2025December 31, 2024
Borrowings:Prudential
Financial		SubsidiariesConsolidatedPrudential
Financial		SubsidiariesConsolidated
 (in millions)
General obligation short-term debt:
Commercial paper$25 $849 $874 $25 $496 $521 
Current portion of long-term debt512 0 512 0 347 347 
Subtotal537 849 1,386 25 843 868 
General obligation long-term debt:
Senior debt10,719 0 10,719 10,245 0 10,245 
Junior subordinated debt7,553 42 7,595 8,548 39 8,587 
Surplus notes(1)0 0 0 0 0 0 
Subtotal18,272 42 18,314 18,793 39 18,832 
Total general obligations18,809 891 19,700 18,818 882 19,700 
Limited and non-recourse borrowings(2):
Short-term debt0 0 0 0 0 0 
Current portion of long-term debt0 0 0 0 85 85 
Long-term debt0 483 483 0 355 355 
Total limited and non-recourse borrowings0 483 483 0 440 440 
Total borrowings$18,809 $1,374 $20,183 $18,818 $1,322 $20,140 
__________ 
(1)Amounts are net of assets under set-off arrangements of $15,412 million and $14,748 million as of September 30, 2025 and December 31, 2024, respectively. Amounts include credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024.
(2)Limited and non-recourse borrowing primarily represents mortgage debt of our subsidiaries that has recourse only to real estate investment property of $228 million and $185 million as of September 30, 2025 and December 31, 2024, respectively, and a draw on a credit facility that has recourse only to collateral pledged by the Company of $255 million as of both September 30, 2025 and December 31, 2024.

As of September 30, 2025, and December 31, 2024, the Company was in compliance with all debt covenants related to the borrowings in the table above. For additional information regarding the Company’s short- and long-term debt obligations, see Note 15 to the Unaudited Interim Consolidated Financial Statements contained herein and Note 18 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Prudential Financial’s consolidated borrowings increased $43 million from December 31, 2024. In March 2025, the Company issued $750 million in aggregate principal amount of 5.200% medium-term notes due in March 2035. In May 2025, the company redeemed, in full, $1.0 billion in aggregate principal amount of 5.375% junior subordinated notes due in 2045.

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Term and Universal Life Reserve Financing

We use captive reinsurance subsidiaries to finance the portion of the statutory reserves required to be held by our domestic life insurance companies under Regulation XXX and Guideline AXXX that we consider to be non-economic. The financing arrangements involve the reinsurance of term and universal life business to our captive reinsurers and the issuance of surplus notes by those captives that are treated as capital for statutory purposes. These surplus notes are subordinated to policyholder obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval.
 
We have entered into agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes (“Credit-Linked Note Structures”). As of both September 30, 2025 and December 31,2024, we had Credit-Linked Note Structures with an aggregate issuance capacity of $8,000 million to support Regulation XXX reserves, of which $7,560 million was outstanding and matures in 2044. These amounts exclude credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. Under the agreements, the captive receives in exchange for the surplus notes one or more credit-linked notes issued by a special-purpose affiliate of the Company with an aggregate principal amount equal to the surplus notes outstanding. The captive holds the credit-linked notes as assets supporting Regulation XXX or Guideline AXXX non-economic reserves, as applicable. For additional information regarding our Credit-Linked Note Structures, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing Activities” in our Annual Report on Form 10-K for the year ended December 31, 2024.
 
As of September 30, 2025, we also had outstanding an aggregate of $200 million of debt issued for the purpose of financing Regulation XXX non-economic reserves. In addition, as of September 30, 2025, for purposes of financing Guideline AXXX non-economic reserves, one captive had $3,982 million of surplus notes outstanding that were issued to affiliates.

The Company introduced updated versions of its individual life products in conjunction with the requirement to adopt principle-based reserving by January 1, 2020. These updated products are currently priced to support the principle-based statutory reserve level without the need for reserve financing.

Off-Balance Sheet Arrangements
 
See additional information regarding off-balance sheet arrangements in Note 15 and other commitments in Note 21 to the Unaudited Interim Consolidated Financial Statements.

We do not have retained or contingent interests in assets transferred to unconsolidated entities, or variable interests in unconsolidated entities or other similar transactions, arrangements or relationships that serve as credit, liquidity or market risk support, that we believe are reasonably likely to have a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or our access to or requirements for capital resources. In addition, we do not have relationships with any unconsolidated entities that are contractually limited to narrow activities that facilitate our transfer of or access to associated assets.
 
Ratings

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Ratings” in our Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of our financial strength and credit ratings and their impact on our business.

There have been no significant changes or actions in ratings or ratings outlooks for the Company that have occurred since the filing of our Form 10-K for the year ended December 31, 2024.
    
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, our products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and our strategies for managing this risk, vary by product. As of September 30, 2025, there have been no material changes in our economic exposure to market risk from December 31, 2024, a description of which may be found in our Annual Report on Form 10-K, for the year ended December 31, 2024, “Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission. See “Item 1A. Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.
 
ITEM 4. CONTROLS AND PROCEDURES

In order to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized, and reported on a timely basis, the Company’s management, including our Chief Executive Officer and Chief Financial Officer, have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e), as of September 30, 2025. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2025, our disclosure controls and procedures were effective. No change in our internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f), occurred during the quarter ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 21 to the Unaudited Interim Consolidated Financial Statements under “—Litigation and Regulatory Matters” for a description of certain pending litigation and regulatory matters affecting us, and certain risks to our businesses presented by such matters, which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

You should carefully consider the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. These risks could materially affect our business, results of operations or financial condition, cause the trading price of our Common Stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks are not exclusive, and additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c) The following table provides information about purchases by the Company during the three months ended September 30, 2025, of its Common Stock:

PeriodTotal Number
of Shares
Purchased(1)		Average
Price Paid
per Share		Total Number of
Shares Purchased
as Part of
Publicly Announced
Program(2)		Approximate Dollar Value of Shares that May Yet Be Purchased under the Program(2)
July 1, 2025 through July 31, 2025
802,352 $105.17 791,854 
August 1, 2025 through August 31, 2025
799,185 $105.91 786,952 
September 1, 2025 through September 30, 2025
805,124 $104.79 795,771 
Total2,406,661 2,374,577 $250,000,000 
__________
(1)Includes shares of Common Stock withheld from participants for income tax withholding purposes whose shares of restricted stock units vested during the period. Such restricted stock units were originally issued to participants pursuant to the Prudential Financial, Inc. Omnibus Incentive Plan.
(2)In December 2024, Prudential Financial’s Board of Directors authorized the Company to repurchase, at management’s discretion, up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2025 through December 31, 2025.

The approximate dollar value of shares that may yet be purchased under the program does not reflect any applicable excise tax payable in connection with share repurchases, which is recorded as part of the cost basis of treasury stock and is assessed on the fair value of stock repurchases, reduced by the fair value of any shares issued during the period.

ITEM 5. OTHER INFORMATION

Company Trading Plans or other Arrangements

Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended September 30, 2025, no such plans or other arrangements were adopted or terminated.
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ITEM 6. EXHIBITS

EXHIBIT INDEX
3.1
Amended and Restated Certificate of Incorporation of Prudential Financial, Inc. Incorporated by reference to Exhibit 3.1 to the Registrant’s January 22, 2015 Current Report on Form 8-K.
3.2
Amended and Restated By-Laws of Prudential Financial, Inc., effective September 12, 2023. Incorporated by reference to Exhibit 3.1 to the Registrant’s September 13, 2023 Current Report on Form 8-K.
31.1
Section 302 Certification of the Chief Executive Officer.
31.2
Section 302 Certification of the Chief Financial Officer.
32.1
Section 906 Certification of the Chief Executive Officer.
32.2
Section 906 Certification of the Chief Financial Officer.

101.INS - XBRLInstance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH - XBRLTaxonomy Extension Schema Document.
101.CAL - XBRLTaxonomy Extension Calculation Linkbase Document.
101.LAB - XBRLTaxonomy Extension Label Linkbase Document.
101.PRE - XBRLTaxonomy Extension Presentation Linkbase Document.
101.DEF - XBRLTaxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

174
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GLOSSARY

Throughout this Quarterly Report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.

Prudential Entities
CompanyPrudential Financial, Inc. and its subsidiariesPruco LifePruco Life Insurance Company
Gibraltar Life
The Gibraltar Life Insurance Co., Ltd.
PrudentialPrudential Financial, Inc. and its subsidiaries
PFIPrudential Financial, Inc. and its subsidiariesPrudential FinancialPrudential Financial, Inc.
PGFLPrudential Gibraltar Financial Life Insurance Co., Ltd.Prudential FundingPrudential Funding, LLC
PGIMThe global investment management business of Prudential Financial, Inc.Prudential Insurance/PICAThe Prudential Insurance Company of America
PIIHPrudential International Insurance Holdings, Ltd.Prudential of JapanThe Prudential Life Insurance Company, Ltd.
PLICPrudential Legacy Insurance Company of New JerseyRegistrantPrudential Financial, Inc.
PLNJPruco Life Insurance Company of New Jersey


175
Table of Contents
Defined Terms
AllstateThe Allstate CorporationOther Postretirement BenefitsCertain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents
AuguStarAuguStar Life Insurance Company, formerly known as The Ohio National Life Insurance CompanyPension BenefitsFunded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees
BoardPrudential Financial's Board of DirectorsPrismicPrismic Life Holding Company LP
Closed BlockCertain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these productsPrismic Re
Prismic Life Reinsurance, Ltd.
Credit-Linked Note StructuresAgreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes
Prismic Re International
Prismic Life Reinsurance International, Ltd.
Empower
Great-West and Great-West Life & Annuity Insurance Company of New
York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York, respectively
Regulation XXXValuation of Life Insurance Policies Model Regulation
Exchange ActThe Securities Exchange Act of 1934S&PStandard & Poor's Rating Services
Farmer Mac
Federal Agricultural Mortgage Corporation
Somerset ReSomerset Reinsurance Ltd.
FitchFitch Ratings Inc.
Star and Edison Businesses
AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K.K. and AIG Edison Service Co., Ltd. (former subsidiaries of American International Group, Inc., or AIG), collectively
Funds Withheld
Assets the Company retains the legal ownership of under certain reinsurance arrangements
Talcott ResolutionTalcott Resolution Life Insurance Company
Guideline AXXXThe Application of the Valuation of Life Insurance Policies Model Regulation
Tax Act of 2025
H.R.1, also referred to as the “One Big Beautiful Bill Act”
Hartford FinancialHartford Financial Services Group, Inc.U.S. GAAPGenerally accepted accounting principles in the United States of America
Moody'sMoody's Investors Service, Inc.Union HamiltonUnion Hamilton Reinsurance, Ltd.
MorningstarMorningstar, Inc.
Wilton Re
Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited
176
Table of Contents
Acronyms
ACLAllowance for Credit LossesLPs/LLCsLimited Partnerships and Limited Liability Companies
AIRAdditional Insurance Reserves
LTC
Long-Term Care
ALMAsset Liability ManagementMD&AManagement's Discussion and Analysis of Financial Condition and Results of Operations
AOCIAccumulated Other Comprehensive Income (Loss)
MRBs
Market Risk Benefits
ASCAccounting Standards CodificationNAICNational Association of Insurance Commissioners
ASUAccounting Standards UpdateNAVNet Asset Value
AUDAustralian Dollar
NCFCTI
Net CFC Tested Income
bpsBasis PointsNJDOBINew Jersey Department of Banking and Insurance
CECLCurrent Expected Credit LossNPRNon-Performance Risk
CLOCollateralized Loan ObligationsOCIOther Comprehensive Income (Loss)
CODM
Chief Operating Decision Maker
OTCOver-The-Counter
DACDeferred Policy Acquisition CostsOTTIOther-Than-Temporary Impairments
DOL
U.S. Department of Labor
PALACPrudential Annuities Life Assurance Corporation
DPLDeferred Profit LiabilityPDIPrudential Defined Income
DSIDeferred Sales Inducements
PHJ
Prudential Holdings of Japan, Inc.
EBITDAEarnings Before Interest, Taxes, Depreciation and AmortizationPOAPrudential of Argentina
ESR
Economic Solvency Ratio
POTThe Prudential Life Insurance Company of Taiwan Inc.
FANIPFunding Agreement Notes Issuance ProgramPRIACPrudential Retirement Insurance and Annuity Company
FASBFinancial Accounting Standards Board
PTE
Prohibited Transaction Class Exemptions
FHLBNYFederal Home Loan Bank of New YorkRAFRisk Appetite Framework
FLIACFortitude Life Insurance and Annuity CompanyRBCRisk-Based Capital
FSAFinancial Services Agency (an agency of the Japanese government)SECSecurities and Exchange Commission
GICsGuaranteed Investment ContractsSOFRSecured Overnight Financing Rate
GILTIGlobal Intangible Low-Taxed IncomeSVOSecurities Valuation Office
GMAB
Guaranteed Minimum Accumulation Benefits
TBATo-Be-Announced
GMDBGuaranteed Minimum Death BenefitsTDRTroubled Debt Restructuring
GMIBGuaranteed Minimum Income BenefitsU.S.The United States of America
GMIWB
Guaranteed Minimum Income and Withdrawal Benefits
URRUnearned Revenue Reserve
GMWB
Guaranteed Minimum Withdrawal Benefits
USDU.S. Dollar
HDIHighest Daily Lifetime IncomeVIEsVariable Interest Entities
IMR
Interest Maintenance Reserves
VOBAValue of Business Acquired


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Prudential Financial, Inc.
By:
/S/    YANELA C. FRIAS        
Yanela C. Frias
Executive Vice President and Chief Financial Officer
(Authorized signatory and principal financial officer)

Date: October 30, 2025
178

Source: View Original Filing on SEC EDGAR

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PRU Latest News

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[8-K] PRUDENTIAL FINANCIAL INC Reports Material Event
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[Form 4] PRUDENTIAL FINANCIAL INC Insider Trading Activity
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[Form 4] PRUDENTIAL FINANCIAL INC Insider Trading Activity

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