Form 8-K

8-K — PRUDENTIAL FINANCIAL INC

Accession: 0001137774-26-000087

Filed: 2026-04-14

Period: 2026-04-14

CIK: 0001137774

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pru-20260414.htm (Primary)

EX-99.1 (exhibit991-4q25qfsrestatem.htm)

GRAPHIC (image40.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pru-20260414.htm · Sequence: 1

pru-20260414

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

___________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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

___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________

New Jersey 001-16707 22-3703799

(State or other jurisdiction (Commission (I.R.S. Employer

of incorporation) File Number) Identification Number)

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

___________________________

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

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

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

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

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

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered

Common Stock, Par Value $.01 PRU New York Stock Exchange

5.950% Junior Subordinated Notes PRH New York Stock Exchange

5.625% Junior Subordinated Notes PRS New York Stock Exchange

4.125% Junior Subordinated Notes PFH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

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

Item 7.01    Regulation FD Disclosure.

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

Assets Under Management of the PGIM Segment

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

Other Related Revenues, Net of Related Expenses, of the PGIM Segment

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

Alternative Investment Income of the General Account

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

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

First Quarter 2026 Resegmentation

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

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

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

•“Individual Life” segment: There were no other impacts to this segment other than the transfer of the Guaranteed Universal Life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products.

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

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

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

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

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

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Revised Quarterly Financial Supplement (unaudited) for Prudential Financial, Inc. for fourth quarter 2025 (furnished and not filed).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date: April 14, 2026

PRUDENTIAL FINANCIAL, INC.

By: /s/ Robert E. Boyle

Name: Robert E. Boyle

Title:   Senior Vice President and Principal Accounting Officer

EX-99.1

EX-99.1

Filename: exhibit991-4q25qfsrestatem.htm · Sequence: 2

Document

Table of Contents

Exhibit 99.1

Prudential Financial, Inc. (PRU)

As Adjusted for Segmentation Changes

Quarterly Financial Supplement

Fourth Quarter 2025

Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited.

i

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

TABLE OF CONTENTS

Page

HIGHLIGHTS

Financial Metrics Summary

1

Financial Highlights

2

Other Financial Highlights

3

Operations Highlights

4

Combined Statements of Operations

5

Consolidated Balance Sheets

6

Combining Balance Sheets

7

Short-Term and Long-Term Debt - Unaffiliated

8

PGIM

Statements of Operations

9

Supplementary Revenue and Assets Under Management Information

10

Supplementary Assets Under Management Information

11

U.S.BUSINESSES

Combined Statements of Operations

12

Statements of Operations - Retirement

13

Retirement Sales Results and Account Values

14

Statements of Operations - Group Insurance

15

Group Insurance Supplementary Information

16

Statements of Operations - Individual Life

17

Individual Life Supplementary Information

18

Statements of Operations - U.S. Legacy Products

19

U.S. Legacy Products Supplementary Information

20

U.S. Legacy Products Market Risk Benefit Features

21

INTERNATIONAL BUSINESSES

Statements of Operations - International Businesses

22

Sales Results and Supplementary Information

23

CORPORATE AND OTHER

Statements of Operations

25

INVESTMENT PORTFOLIO

Investment Portfolio Composition

26

Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations

27

Investment Results

28

Investment Results - Japanese Insurance Operations

29

Investment Results - Excluding Japanese Insurance Operations

30

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES

31

KEY DEFINITIONS AND FORMULAS

35

RATINGS AND INVESTOR INFORMATION

38

ii

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

First Quarter 2026 Resegmentation

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

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

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

“Individual Life” segment: There were no other impacts to this segment other than the transfer of the Guaranteed Universal Life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products.

The updates made for these revisions are highlighted in yellow throughout Exhibit 99.1.

iii

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

FINANCIAL METRICS SUMMARY

(in millions, except per share and return on equity data)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Earnings

Adjusted operating income (loss) before income taxes:

PGIM 156  229  244  249  875  878  —%

U.S. Businesses 931  955  1,149  1,051  3,728  4,086  10%

International Businesses 848  761  881  757  3,106  3,247  5%

Corporate and Other (415) (280) (327) (552) (1,783) (1,574) 12%

Total adjusted operating income (loss) before income taxes 1,520  1,665  1,947  1,505  5,926  6,637  12%

Income taxes, applicable to adjusted operating income 332  381  426  337  1,338  1,476  10%

After-tax adjusted operating income (loss) 1,188  1,284  1,521  1,168  4,588  5,161  12%

Income (loss) attributable to Prudential Financial, Inc. 707  533  1,431  905  2,727  3,576  31%

Return on Equity

Operating Return on Average Equity (based on adjusted operating income) (1) 13.8  % 14.9  % 17.5  % 13.3  % 13.1  % 14.9  %

Return on Average Equity (based on net income (loss)) 9.8  % 7.1  % 18.3  % 11.2  % 9.6  % 11.7  %

Distributions to Shareholders

Dividends paid 486  485  481  480  1,892  1,932  2%

Share repurchases 250  250  250  250  1,000  1,000  —%

Total capital returned 736  735  731  730  2,892  2,932  1%

Per Share Data

Net income (loss) - diluted 1.96  1.48  4.01  2.55  7.50  9.99  33%

Adjusted Operating Income - diluted 3.29  3.58  4.26  3.30  12.62  14.43  14%

Shareholder dividends 1.35  1.35  1.35  1.35  5.20  5.40  4%

GAAP book value - diluted 83.59  85.98  90.69  92.05

Adjusted book value - diluted (2) 96.37  96.41  99.25  100.17

Shares Outstanding

Weighted average number of common shares - basic 354.3  353.1  351.1  349.0  357.5  351.8  -2%

Weighted average number of common shares - diluted 356.1  354.9  353.0  350.9  359.3  353.7  -2%

End of period common shares - basic 354.0  351.9  349.9  347.9

End of period common shares - diluted 357.5  355.7  353.9  352.4

__________

(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.

(2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

Page 1

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

FINANCIAL HIGHLIGHTS

(in millions, except per share data)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Earnings per share of Common Stock (diluted):

After-tax adjusted operating income (loss) 3.29  3.58  4.26  3.30  12.62  14.43

Reconciling items:

Realized investment gains (losses), net, and related charges and adjustments (0.69) (1.45) (1.63) (0.80) (5.98) (4.57)

Change in value of market risk benefits, net of related hedging gains (losses) (0.99) (1.20) 0.92  (0.06) (1.10) (1.34)

Market experience updates 0.11  0.12  (0.10) 0.07  (0.14) 0.19

Divested and Run-off Businesses:

Closed Block division (0.06) (0.05) 0.03  (0.11) (0.31) (0.19)

Other Divested and Run-off Businesses (0.14) 0.03  0.35  0.07  0.08  0.30

Difference in earnings allocated to participating unvested share-based payment awards 0.02  0.02  0.01  —  0.06  0.05

Other adjustments (1) 0.08  —  —  —  (0.05) 0.07

Total reconciling items, before income taxes (1.67) (2.53) (0.42) (0.83) (7.44) (5.49)

Income taxes, not applicable to adjusted operating income (0.34) (0.43) (0.17) (0.08) (2.32) (1.05)

Total reconciling items, after income taxes (1.33) (2.10) (0.25) (0.75) (5.12) (4.44)

Net income (loss) attributable to Prudential Financial, Inc. 1.96  1.48  4.01  2.55  7.50  9.99

Weighted average number of outstanding common shares - basic 354.3  353.1  351.1  349.0  357.5  351.8

Weighted average number of outstanding common shares - diluted 356.1  354.9  353.0  350.9  359.3  353.7

For earnings per share of Common Stock calculation:

Net income (loss) attributable to Prudential Financial, Inc. 707  533  1,431  905  2,727  3,576

Less: Earnings allocated to participating unvested share-based payment awards 10  6  15  10  32  41

Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 697  527  1,416  895  2,695  3,535

After-tax adjusted operating income (loss) 1,188  1,284  1,521  1,168  4,588  5,161

Less: Earnings allocated to participating unvested share-based payment awards 16  13  17  11  53  57

After-tax adjusted operating income for earnings per share of Common Stock calculation 1,172  1,271  1,504  1,157  4,535  5,104

___________

(1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

Page 2

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

OTHER FINANCIAL HIGHLIGHTS

(in millions, except per share data)

2024 2025

4Q 1Q 2Q 3Q 4Q

Capitalization Data (1):

Senior debt:

Short-term debt 953  1,406  1,373  1,386  1,443

Long-term debt 10,600  10,949  11,056  11,202  11,261

Junior subordinated long-term debt 8,587  8,591  7,595  7,595  7,595

Prudential Financial, Inc. Equity:

GAAP book value (total PFI equity) at end of period 27,872  29,883  30,582  32,094  32,438

Less: Accumulated other comprehensive income (AOCI) (6,711) (4,741) (3,921) (3,175) (3,077)

GAAP book value excluding AOCI (2) 34,583  34,624  34,503  35,269  35,515

Less: Cumulative change in fair value of funds withheld embedded derivatives (3) 141  62  67  (47) (24)

Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) 34  108  144  192  238

Adjusted book value 34,408  34,454  34,292  35,124  35,301

Book Value per Share of Common Stock:

GAAP book value per common share - diluted 77.62  83.59  85.98  90.69  92.05

GAAP book value excluding AOCI per share - diluted (2) 96.30  96.85  97.00  99.66  100.78

Adjusted book value per common share - diluted 95.82  96.37  96.41  99.25  100.17

End of period number of common shares - diluted 359.1  357.5  355.7  353.9  352.4

Common Stock Price Range (based on closing price):

High 129.52  122.33  112.71  109.89  117.60

Low 114.59  105.04  95.12  100.68  99.13

Close 118.53  111.68  107.44  103.74  112.88

Common Stock market capitalization (1) 42,031  39,535  37,808  36,299  39,271

__________

(1) As of end of period.

(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.

(3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

(4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

OPERATIONS HIGHLIGHTS

2024 2025

4Q 1Q 2Q 3Q 4Q

Assets Under Management and Administration (in billions) (1)(2):

PGIM:

Institutional customers - Third Party 601.1  620.2  647.6  654.9  652.0

Retail customers - Third Party 244.9  240.6  256.7  265.2  267.0

Affiliated 529.2  524.5  536.4  549.9  547.1

Total PGIM 1,375.2  1,385.3  1,440.7  1,470.0  1,466.1

U.S. Businesses 112.6  111.3  113.8  115.9  116.9

International Businesses 18.4  19.3  19.4  19.8  19.7

Corporate and Other 6.2  6.2  6.4  6.3  6.4

Total assets under management 1,512.4  1,522.1  1,580.3  1,612.0  1,609.1

Assets under administration 173.5  180.4  193.2  194.6  195.1

Total assets under management and administration 1,685.9  1,702.5  1,773.5  1,806.6  1,804.2

Distribution Representatives (1):

Prudential Advisors 2,794  2,906  2,985  3,034  3,061

Life Planners 6,035  6,175  6,161  6,141  6,235

Life Consultants 6,844  6,840  6,822  6,940  6,983

__________

(1) As of end of period.

(2) At fair market value.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 6,446  6,426  8,691  7,028  40,745  28,591  -30%

Policy charges and fee income 1,108  1,070  1,126  1,106  4,277  4,410  3%

Net investment income 4,519  4,600  4,872  4,947  17,375  18,938  9%

Asset management fees, commissions and other income 1,339  1,410  1,550  1,439  5,656  5,738  1%

Total revenues 13,412  13,506  16,239  14,520  68,053  57,677  -15%

Benefits and expenses (1):

Insurance and annuity benefits 7,344  7,195  9,485  7,936  44,075  31,960  -27%

Change in estimates of liability for future policy benefits (14) 100  96  50  108  232  115%

Interest credited to policyholders' account balances 1,083  1,135  1,215  1,271  3,949  4,704  19%

Interest expense 522  526  531  533  2,019  2,112  5%

Deferral of acquisition costs (684) (689) (699) (681) (2,601) (2,753) -6%

Amortization of acquisition costs 376  392  395  408  1,445  1,571  9%

Operating expenses 1,624  1,634  1,639  1,876  6,870  6,773  -1%

Variable expenses 1,641  1,548  1,630  1,622  6,262  6,441  3%

Total benefits and expenses 11,892  11,841  14,292  13,015  62,127  51,040  -18%

Adjusted operating income (loss) before income taxes 1,520  1,665  1,947  1,505  5,926  6,637  12%

Income taxes, applicable to adjusted operating income 332  381  426  337  1,338  1,476  10%

After-tax adjusted operating income 1,188  1,284  1,521  1,168  4,588  5,161  12%

Reconciling items:

Realized investment gains (losses), net, and related charges and adjustments (246) (516) (574) (282) (2,150) (1,618) 25%

Change in value of market risk benefits, net of related hedging gains (losses) (351) (426) 324  (22) (397) (475) -20%

Market experience updates 39  42  (36) 23  (52) 68  231%

Divested and Run-off Businesses:

Closed Block division (22) (18) 10  (38) (113) (68) 40%

Other Divested and Run-off Businesses (51) 12  123  23  30  107  257%

Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 3  (18) (11) 6  (16) (20) -25%

Other adjustments (2) 28  (1) (1) (1) (19) 25  232%

Total reconciling items, before income taxes (600) (925) (165) (291) (2,717) (1,981) 27%

Income taxes, not applicable to adjusted operating income (125) (186) (44) (68) (831) (423) 49%

Total reconciling items, after income taxes (475) (739) (121) (223) (1,886) (1,558) 17%

Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 920  740  1,782  1,214  3,209  4,656  45%

Income tax expense (benefit) 207  195  382  269  507  1,053  108%

Income (loss) before equity in earnings of joint ventures and other operating entities 713  545  1,400  945  2,702  3,603  33%

Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (6) (12) 31  (40) 25  (27) -208%

Income (loss) attributable to Prudential Financial, Inc. 707  533  1,431  905  2,727  3,576  31%

Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 35  33  52  36  119  156  31%

Net income (loss) 742  566  1,483  941  2,846  3,732  31%

Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 35  33  52  36  119  156  31%

Net income (loss) attributable to Prudential Financial, Inc. 707  533  1,431  905  2,727  3,576  31%

____________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 31-34 for reconciliation.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

CONSOLIDATED BALANCE SHEETS

(in millions)

12/31/2024 03/31/2025 06/30/2025 09/30/2025 12/31/2025

Assets:

Investments:

Fixed maturities, available-for-sale, at fair value 311,570  315,914  328,302  335,414  331,455

Fixed maturities, trading, at fair value 12,530  13,278  14,020  14,575  14,869

Assets supporting experience-rated contractholder liabilities, at fair value 3,707  3,769  4,282  4,648  4,842

Equity securities, at fair value 9,417  8,720  7,434  8,794  10,972

Commercial mortgage and other loans 62,341  62,694  62,966  64,813  64,715

Policy loans 9,795  9,876  9,946  9,951  9,958

Other invested assets 26,351  26,739  27,256  27,665  27,294

Short-term investments 9,069  8,716  6,375  6,248  6,414

Total investments 444,780  449,706  460,581  472,108  470,519

Cash and cash equivalents 18,497  16,063  16,638  17,469  19,712

Accrued investment income 3,441  3,383  3,560  3,581  3,636

Deferred policy acquisition costs 20,448  20,790  21,222  21,468  21,530

Value of business acquired 435  446  450  430  397

Market risk benefit assets 2,331  2,139  2,188  2,252  2,330

Reinsurance recoverables and deposit receivables 37,680  43,982  44,152  44,947  44,077

Income tax assets 866  300  839  240  279

Other assets 13,737  14,262  14,561  15,267  15,009

Separate account assets 193,372  188,191  194,761  198,540  196,251

Total assets 735,587  739,262  758,952  776,302  773,740

Liabilities:

Future policy benefits 268,912  269,969  270,133  272,553  266,914

Policyholders' account balances 166,254  170,278  180,931  188,657  191,307

Market risk benefit liabilities 4,455  5,021  4,859  4,771  4,623

Reinsurance and funds withheld payables 17,084  17,347  17,126  17,874  18,844

Securities sold under agreements to repurchase 6,796  7,549  8,205  9,937  9,598

Cash collateral for loaned securities 9,621  9,507  9,167  8,597  8,700

Income tax liabilities —  —  —  —  —

Short-term debt 953  1,406  1,373  1,386  1,443

Long-term debt 19,187  19,540  18,651  18,797  18,856

Other liabilities 17,397  16,789  18,872  18,507  18,964

Notes issued by consolidated variable interest entities 1,430  1,443  1,758  1,868  2,659

Separate account liabilities 193,372  188,191  194,761  198,540  196,251

Total liabilities 705,461  707,040  725,836  741,487  738,159

Mezzanine Equity:

Redeemable noncontrolling interests 1,939  2,019  2,213  2,358  2,794

Total mezzanine equity 1,939  2,019  2,213  2,358  2,794

Equity:

Accumulated other comprehensive income (loss) (6,711) (4,741) (3,921) (3,175) (3,077)

Other equity (1) 34,583  34,624  34,503  35,269  35,515

Total Prudential Financial, Inc. equity 27,872  29,883  30,582  32,094  32,438

Noncontrolling interests 315  320  321  363  349

Total equity 28,187  30,203  30,903  32,457  32,787

Total liabilities, mezzanine equity and equity 735,587  739,262  758,952  776,302  773,740

____________

(1) Includes $(24) million, $(47) million, $67 million, $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINING BALANCE SHEETS

(in millions)

As of December 31, 2025

Consolidated PFI Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other

Assets:

Total investments 470,519  46,523  423,996  3,652  228,588  158,699  33,057

Deferred policy acquisition costs 21,530  144  21,386  —  12,359  9,678  (651)

Other assets 85,440  1,428  84,012  6,173  56,968  19,393  1,478

Separate account assets 196,251  —  196,251  29,278  171,022  —  (4,049)

Total assets 773,740  48,095  725,645  39,103  468,937  187,770  29,835

Liabilities:

Future policy benefits 266,914  41,484  225,430  —  121,068  95,235  9,127

Policyholders' account balances 191,307  4,272  187,035  —  123,538  61,688  1,809

Debt 20,299  —  20,299  2,070  4,619  211  13,399

Other liabilities 63,388  3,942  59,446  3,329  31,421  8,781  15,915

Separate account liabilities 196,251  —  196,251  29,278  171,022  —  (4,049)

Total liabilities 738,159  49,698  688,461  34,677  451,668  165,915  36,201

Mezzanine Equity:

Redeemable noncontrolling interests 2,794  —  2,794  1,175  —  —  1,619

Total mezzanine equity 2,794  —  2,794  1,175  —  —  1,619

Equity:

Accumulated other comprehensive income (loss) (3,077) (155) (2,922) (50) (365) 65  (2,572)

Other equity (1) 35,515  (1,459) 36,974  3,144  17,555  21,762  (5,487)

Total Prudential Financial, Inc. equity 32,438  (1,614) 34,052  3,094  17,190  21,827  (8,059)

Noncontrolling interests 349  11  338  157  79  28  74

Total equity 32,787  (1,603) 34,390  3,251  17,269  21,855  (7,985)

Total liabilities, mezzanine equity and equity 773,740  48,095  725,645  39,103  468,937  187,770  29,835

As of December 31, 2024

Consolidated PFI Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other

Assets:

Total investments 444,780  47,466  397,314  2,624  204,091  159,678  30,921

Deferred policy acquisition costs 20,448  156  20,292  —  11,551  9,304  (563)

Other assets 76,987  1,193  75,794  4,775  55,046  11,056  4,917

Separate account assets 193,372  —  193,372  28,645  168,299  —  (3,572)

Total assets 735,587  48,815  686,772  36,044  438,987  180,038  31,703

Liabilities:

Future policy benefits 268,912  42,464  226,448  —  118,110  99,699  8,639

Policyholders' account balances 166,254  4,359  161,895  —  102,940  54,855  4,100

Debt 20,140  —  20,140  1,593  4,869  129  13,549

Other liabilities 56,783  3,632  53,151  2,393  28,793  7,570  14,395

Separate account liabilities 193,372  —  193,372  28,645  168,299  —  (3,572)

Total liabilities 705,461  50,455  655,006  32,631  423,011  162,253  37,111

Mezzanine Equity:

Redeemable noncontrolling interest 1,939  —  1,939  543  —  —  1,396

Total mezzanine equity 1,939  —  1,939  543  —  —  1,396

Equity:

Accumulated other comprehensive income (loss) (6,711) (188) (6,523) (154) (1,569) (2,302) (2,498)

Other equity (1) 34,583  (1,463) 36,046  2,883  17,465  20,057  (4,359)

Total Prudential Financial, Inc. equity 27,872  (1,651) 29,523  2,729  15,896  17,755  (6,857)

Noncontrolling interests 315  11  304  141  80  30  53

Total equity 28,187  (1,640) 29,827  2,870  15,976  17,785  (6,804)

Total liabilities, mezzanine equity and equity 735,587  48,815  686,772  36,044  438,987  180,038  31,703

____________

(1) Includes $(24) million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

As of December 31, 2025 As of December 31, 2024

Senior Debt Senior Debt

Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt Short-term Debt Long-term Debt Junior Subordinated Long-term Debt Total Debt

Borrowings by use of proceeds:

Capital Debt 36  6,464  7,595  14,095  347  5,890  7,588  13,825

Operating Debt 1,374  4,359  —  5,733  521  4,355  999  5,875

Limited recourse and non-recourse borrowing 33  438  —  471  85  355  —  440

Total Debt 1,443  11,261  7,595  20,299  953  10,600  8,587  20,140

As of December 31, 2025 As of December 31, 2024

Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1)(2) Other Affiliates Total Debt

Borrowings by sources:

Capital Debt 14,055  —  40  14,095  13,438  347  40  13,825

Operating Debt 4,884  849  —  5,733  5,380  495  —  5,875

Limited recourse and non-recourse borrowing —  33  438  471  —  85  355  440

Total Debt 18,939  882  478  20,299  18,818  927  395  20,140

__________

(1) Includes Prudential Funding, LLC.

(2) Capital Debt at The Prudential Insurance Company of America includes $0 million and $347 million of surplus notes as of December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - PGIM

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums —  —  —  —  —  —  —

Policy charges and fee income —  —  —  —  —  —  —

Net investment income 20  59  54  48  15  181  1107%

Asset management fees, commissions and other income 965  984  1,041  1,060  4,077  4,050  -1%

Total revenues 985  1,043  1,095  1,108  4,092  4,231  3%

Benefits and expenses (1):

Insurance and annuity benefits —  —  —  —  —  —  —

Change in estimates of liability for future policy benefits —  —  —  —  —  —  —

Interest credited to policyholders' account balances —  —  —  —  —  —  —

Interest expense 21  24  27  28  105  100  -5%

Deferral of acquisition costs —  —  —  —  (1) —  100%

Amortization of acquisition costs —  —  —  —  2  —  -100%

Operating expenses 504  477  503  489  1,841  1,973  7%

Variable expenses 304  313  321  342  1,270  1,280  1%

Total benefits and expenses 829  814  851  859  3,217  3,353  4%

Adjusted operating income (loss) before income taxes 156  229  244  249  875  878  —%

Total revenues 985  1,043  1,095  1,108  4,092  4,231  3%

Less: Passthrough distribution revenue 21  20  21  21  88  83  -6%

Less: Revenue associated with consolidations 18  50  45  42  141  155  10%

Total adjusted revenues (2) 946  973  1,029  1,045  3,863  3,993  3%

Adjusted operating margin (2)(3) 16.5  % 23.5  % 23.7  % 23.8  % 22.7  % 22.0  %

__________

(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.

(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.

(3) Reported Operating Margin based on total revenues is 22.5%, 22.3%, 22.0% and 15.8% for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively, and 20.8% and 21.4% for the twelve months ended December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Supplementary Revenue Information (in millions):

Analysis of revenues by type:

Asset management fees 828  825  844  858  3,179  3,355  6%

Other related revenues (1) 38  82  93  107  430  320  -26%

Service, distribution and other revenues 119  136  158  143  483  556  15%

Total PGIM revenues 985  1,043  1,095  1,108  4,092  4,231  3%

Analysis of asset management fees by source:

Institutional customers - Third Party 387  387  395  399  1,484  1,568  6%

Retail customers - Third Party 225  219  231  236  868  911  5%

Affiliated 216  219  218  223  827  876  6%

Total asset management fees 828  825  844  858  3,179  3,355  6%

Supplementary Assets Under Management Information (at fair market value) (in billions):

December 31, 2025

Public Equity Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total

Institutional customers - Third Party 76.4  468.4  69.8  36.0  1.4  652.0

Retail customers - Third Party 106.8  157.3  0.2  0.4  2.3  267.0

Affiliated 39.9  277.0  64.4  91.0  74.8  547.1

Total 223.1  902.7  134.4  127.4  78.5  1,466.1

December 31, 2024

Public Equity Public Fixed Income Real Estate Private Credit and Other Alternatives Multi-Asset Total

Institutional customers - Third Party 73.8  426.3  66.6  33.0  1.4  601.1

Retail customers - Third Party 106.4  135.4  0.2  0.4  2.5  244.9

Affiliated 35.5  270.5  60.4  84.6  78.2  529.2

Total 215.7  832.2  127.2  118.0  82.1  1,375.2

__________

(1) Other related revenues, net of related expenses are $57 million, $64 million, $49 million and $19 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively, and $189 million and $203 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION

(in billions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Institutional Customers - Third Party - Assets Under Management (at fair market value):

Beginning assets under management 601.1  620.2  647.6  654.9  562.7  601.1

Additions 23.8  22.1  18.8  20.6  101.4  85.3

Withdrawals (16.2) (19.5) (18.5) (25.0) (79.7) (79.2)

Net institutional additions (withdrawals), excluding realizations, distributions and money market activity 7.6  2.6  0.3  (4.4) 21.7  6.1

Realizations and distributions (1) (4.2) (2.3) (4.0) (3.1) (9.5) (13.6)

Change in market value 6.6  24.0  15.6  4.1  20.1  50.3

Net money market flows 1.7  0.8  (0.3) 0.5  (3.6) 2.7

Other (2) 7.4  2.3  (4.3) —  9.7  5.4

Ending assets under management 620.2  647.6  654.9  652.0  601.1  652.0

Retail Customers - Third Party - Assets Under Management (at fair market value):

Beginning assets under management 244.9  240.6  256.7  265.2  215.5  244.9

Additions 17.7  16.0  16.2  21.5  65.6  71.4

Withdrawals (17.9) (18.8) (15.9) (22.8) (64.2) (75.4)

Net retail additions (withdrawals), excluding money market activity (0.2) (2.8) 0.3  (1.3) 1.4  (4.0)

Change in market value (5.5) 18.6  9.2  2.7  29.7  25.0

Net money market flows 1.8  0.5  0.7  0.7  1.7  3.7

Other (2) (0.4) (0.2) (1.7) (0.3) (3.4) (2.6)

Ending assets under management 240.6  256.7  265.2  267.0  244.9  267.0

Affiliated - Assets Under Management (at fair market value):

Beginning assets under management 529.2  524.5  536.4  549.9  519.9  529.2

Additions 20.6  19.8  15.8  17.3  125.4  73.5

Withdrawals (20.7) (19.2) (14.0) (21.2) (100.8) (75.1)

Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity (0.1) 0.6  1.8  (3.9) 24.6  (1.6)

Realizations and distributions (1) (0.1) —  (0.6) (0.1) (0.4) (0.8)

Change in market value 3.9  10.9  13.2  2.8  10.8  30.8

Net money market flows (5.3) (2.1) —  1.5  (4.6) (5.9)

Other (2) (3.1) 2.5  (0.9) (3.1) (21.1) (4.6)

Ending assets under management 524.5  536.4  549.9  547.1  529.2  547.1

__________

(1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations.

(2) First quarter 2025 includes $6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd. which were transferred from affiliated to institutional assets under management. In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of $4.0 billion and $1.4 billion are reflected in institutional and retail, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 3,398  3,724  5,897  4,401  29,110  17,420  -40%

Policy charges and fee income 1,035  993  1,046  1,016  4,010  4,090  2%

Net investment income 2,700  2,760  2,948  2,982  10,406  11,390  9%

Asset management fees, commissions and other income 573  531  552  548  2,423  2,204  -9%

Total revenues 7,706  8,008  10,443  8,947  45,949  35,104  -24%

Benefits and expenses (1):

Insurance and annuity benefits 4,563  4,750  6,928  5,503  33,826  21,744  -36%

Change in estimates of liability for future policy benefits (11) 68  117  45  (273) 219  180%

Interest credited to policyholders' account balances 724  754  808  856  2,655  3,142  18%

Interest expense 295  286  291  299  1,246  1,171  -6%

Deferral of acquisition costs (411) (431) (426) (432) (1,650) (1,700) -3%

Amortization of acquisition costs 227  233  234  244  853  938  10%

Operating expenses 529  583  500  521  2,133  2,133  —%

Variable expenses 859  810  842  860  3,431  3,371  -2%

Total benefits and expenses 6,775  7,053  9,294  7,896  42,221  31,018  -27%

Adjusted operating income (loss) before income taxes 931  955  1,149  1,051  3,728  4,086  10%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums (2) 1,746  2,127  4,290  2,832  22,963  10,995  -52%

Policy charges and fee income 30  25  31  28  96  114  19%

Net investment income 1,758  1,819  1,963  1,998  6,299  7,538  20%

Asset management fees, commissions and other income 131  105  121  129  572  486  -15%

Total revenues 3,665  4,076  6,405  4,987  29,930  19,133  -36%

Benefits and expenses (1):

Insurance and annuity benefits 2,440  2,809  4,889  3,524  25,768  13,662  -47%

Change in estimates of liability for future policy benefits (25) 123  112  53  (363) 263  172%

Interest credited to policyholders' account balances 474  512  559  607  1,564  2,152  38%

Interest expense 15  9  7  12  22  43  95%

Deferral of acquisition costs (208) (206) (181) (166) (718) (761) -6%

Amortization of acquisition costs 64  68  68  87  193  287  49%

Operating expenses 137  138  138  134  487  547  12%

Variable expenses 242  226  215  200  922  883  -4%

Total benefits and expenses 3,139  3,679  5,807  4,451  27,875  17,076  -39%

Adjusted operating income (loss) before income taxes 526  397  598  536  2,055  2,057  —%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

(2) Includes pension risk transfer premiums of $1.0 billion, $2.4 billion, $0.2 billion and $0.0 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively, and $3.7 billion and $16.4 billion for the twelve months ended December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Sales and Additions:

Retail annuities (1) 3,473  3,135  3,377  3,574  14,036  13,559

Longevity reinsurance (2) 4,922  5,581  1,476  80  9,977  12,059

Fee-based stable value 1,081  1,048  551  1,086  5,774  3,766

Pension risk transfer and other (3) 1,048  2,225  4,326  2,520  20,580  10,119

Total 10,524  11,989  9,730  7,260  50,367  39,503

Account Value:

Beginning account value, gross 333,243  340,617  359,635  365,143  295,978  333,243

Sales and additions 10,524  11,989  9,730  7,260  50,367  39,503

Withdrawals and benefits (7,292) (6,188) (7,223) (7,682) (27,237) (28,385)

Net flows 3,232  5,801  2,507  (422) 23,130  11,118

Change in market value, interest credited and policy charges 1,627  5,525  6,207  4,190  15,181  17,549

Other (4) 2,515  7,692  (3,206) 1,127  (1,046) 8,128

Ending account value, gross 340,617  359,635  365,143  370,038  333,243  370,038

Reinsurance ceded (12,096) (11,579) (11,987) (12,888) (11,766) (12,888)

Ending account value, net 328,521  348,056  353,156  357,150  321,477  357,150

Amounts included in net flows above:

Retail annuities (1) 2,823  2,472  2,614  2,785  12,126  10,694

Longevity reinsurance (2) 3,385  3,873  (311) (1,706) 4,147  5,241

Fee-based stable value (883) (25) (1,049) (1,191) (3,188) (3,148)

Pension risk transfer and other (3) (2,093) (519) 1,253  (310) 10,045  (1,669)

Total 3,232  5,801  2,507  (422) 23,130  11,118

Amounts included in ending account value, net above:

Retail annuities (1) 43,543  49,649  54,553  57,532  42,286  57,532

Longevity reinsurance (2) 113,480  125,534  122,682  123,120  106,877  123,120

Fee-based stable value 66,947  67,362  67,727  67,763  66,899  67,763

Pension risk transfer and other (3) 104,551  105,511  108,194  108,735  105,415  108,735

Total 328,521  348,056  353,156  357,150  321,477  357,150

__________

(1) Primarily includes FlexGuard Suite (Registered Index-Linked Annuities) and Fixed Annuity products.

(2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts.

(3) Includes Spread-Based Stable Value, Structured Settlements and Funding Agreement-Backed Notes.

(4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 1,396  1,349  1,353  1,321  5,129  5,419  6%

Policy charges and fee income 197  184  183  164  678  728  7%

Net investment income 134  133  138  138  530  543  2%

Asset management fees, commissions and other income 21  21  20  22  90  84  -7%

Total revenues 1,748  1,687  1,694  1,645  6,427  6,774  5%

Benefits and expenses (1):

Insurance and annuity benefits 1,296  1,230  1,272  1,224  4,801  5,022  5%

Change in estimates of liability for future policy benefits —  —  —  —  —  —  —

Interest credited to policyholders' account balances 35  32  33  37  149  137  -8%

Interest expense 5  5  7  4  11  21  91%

Deferral of acquisition costs —  (4) —  —  (28) (4) 86%

Amortization of acquisition costs 2  4  2  1  6  9  50%

Operating expenses 194  186  181  190  734  751  2%

Variable expenses 127  109  109  112  440  457  4%

Total benefits and expenses 1,659  1,562  1,604  1,568  6,113  6,393  5%

Adjusted operating income (loss) before income taxes 89  125  90  77  314  381  21%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 15

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION

(dollar amounts in millions, or as otherwise noted)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Annualized New Business Premiums:

Group life 225  35  36  29  289  325

Group disability 175  42  42  27  261  286

Total 400  77  78  56  550  611

Future Policy Benefits (1):

Group life 2,422  2,396  2,334  2,306

Group disability 3,283  3,316  3,345  3,398

Total 5,705  5,712  5,679  5,704

Policyholders' Account Balances (1):

Group life 4,519  4,460  4,503  4,732

Group disability 117  104  99  100

Total 4,636  4,564  4,602  4,832

Separate Account Liabilities (1):

Group life 25,547  26,364  26,988  26,916

Group Life Insurance:

Gross premiums, policy charges and fee income (2) 1,196  1,195  1,155  1,159  4,526  4,705

Earned premiums 996  935  952  916  3,615  3,799

Earned policy charges and fee income 171  156  154  137  577  618

Benefits ratio (3) 87.1  % 83.1  % 84.1  % 81.3  % 86.9  % 84.0  %

Administrative expense ratio 10.8  % 11.5  % 10.5  % 11.7  % 11.3  % 11.1  %

Persistency ratio 97.0  % 96.8  % 96.5  % 96.1  %

Group Disability Insurance:

Gross premiums, policy charges and fee income (2) 429  447  434  432  1,639  1,742

Earned premiums 400  414  401  405  1,514  1,620

Earned policy charges and fee income 26  28  29  27  101  110

Benefits ratio (3) 65.6  % 75.3  % 79.7  % 85.3  % 73.3  % 76.5  %

Administrative expense ratio 25.8  % 24.8  % 24.0  % 24.9  % 25.0  % 24.9  %

Persistency ratio 95.3  % 94.1  % 92.9  % 91.8  %

Total Group Insurance:

Benefits ratio (3) 81.3  % 80.9  % 82.8  % 82.5  % 83.1  % 81.9  %

Administrative expense ratio 14.8  % 15.2  % 14.2  % 15.5  % 15.0  % 14.9  %

Net face amount of policies in force (in billions) (4) 2,127 2,118 2,118 2,117

__________

(1) As of end of period.

(2) Before returns of premiums to participating policyholders for favorable claims experience.

(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 83.8%, 76.4%, 81.7% and 86.9%, 71.8%, 82.7% for the twelve months ended December 31, 2025 and December 31, 2024, respectively.

(4) At end of period; net of reinsurance.

Page 16

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 237  232  236  231  957  936  -2%

Policy charges and fee income 430  354  454  445  1,620  1,683  4%

Net investment income 360  348  371  358  1,392  1,437  3%

Asset management fees, commissions and other income 84  80  82  90  296  336  14%

Total revenues 1,111  1,014  1,143  1,124  4,265  4,392  3%

Benefits and expenses (1):

Insurance and annuity benefits 522  427  482  422  1,910  1,853  -3%

Change in estimates of liability for future policy benefits 7  (38) (5) (3) 44  (39) -189%

Interest credited to policyholders' account balances 146  143  153  149  586  591  1%

Interest expense 111  102  104  105  366  422  15%

Deferral of acquisition costs (190) (209) (236) (250) (855) (885) -4%

Amortization of acquisition costs 106  104  105  106  413  421  2%

Operating expenses 109  156  105  104  453  474  5%

Variable expenses 248  247  282  305  1,048  1,082  3%

Total benefits and expenses 1,059  932  990  938  3,965  3,919  -1%

Adjusted operating income (loss) before income taxes 52  82  153  186  300  473  58%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

Page 17

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION

(in millions, or as otherwise noted)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

ANNUALIZED NEW BUSINESS PREMIUMS (1):

Term life 32  39  37  36  134  144

Universal life 18  18  24  21  59  81

Variable life 154  160  186  201  687  701

Total 204  217  247  258  880  926

ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):

Prudential Advisors 38  43  48  49  167  178

Third party distribution 166  174  199  209  713  748

Total 204  217  247  258  880  926

ACCOUNT VALUE ACTIVITY:

Policyholders' Account Balances (2):

Beginning account balance, gross 19,161  19,289  19,679  19,940  18,666  19,161

Premiums and deposits 347  346  349  361  1,090  1,403

Surrenders and withdrawals (417) (467) (419) (557) (1,547) (1,860)

Net sales (redemptions) (70) (121) (70) (196) (457) (457)

Benefit payments (31) (27) (31) 53  (56) (36)

Net flows (101) (148) (101) (143) (513) (493)

Interest credited and other 224  508  304  179  963  1,215

Net transfers (to) from separate account 145  168  193  288  615  794

Policy charges (140) (138) (135) (146) (570) (559)

Ending account balance, gross 19,289  19,679  19,940  20,118  19,161  20,118

Reinsurance ceded —  —  —  —  —  —

Ending account balance, net 19,289  19,679  19,940  20,118  19,161  20,118

Separate Account Liabilities:

Beginning account balance 54,803  53,323  57,995  61,376  46,453  54,803

Premiums and deposits 963  1,084  1,117  1,293  3,895  4,457

Surrenders and withdrawals (326) (315) (442) (558) (1,238) (1,641)

Net sales (redemptions) 637  769  675  735  2,657  2,816

Benefit payments (184) (165) (170) (244) (651) (763)

Net flows 453  604  505  491  2,006  2,053

Change in market value, interest credited and other (1,414) 4,608  3,450  1,398  8,390  8,042

Net transfers (to) from general account (145) (168) (193) (288) (615) (794)

Policy charges (374) (372) (381) (383) (1,431) (1,510)

Ending account balance 53,323  57,995  61,376  62,594  54,803  62,594

NET FACE AMOUNT IN FORCE (in billions) (3):

Term life 274  284  282  284

Universal life 25  25  25  25

Variable life 165  170  174  176

Total 464  479  481  485

__________

(1) Excludes corporate-owned life insurance.

(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.

(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

Page 18

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 19  16  18  17  61  70  15%

Policy charges and fee income 378  430  378  379  1,616  1,565  -3%

Net investment income 448  460  476  488  2,185  1,872  -14%

Asset management fees, commissions and other income 337  325  329  307  1,465  1,298  -11%

Total revenues 1,182  1,231  1,201  1,191  5,327  4,805  -10%

Benefits and expenses (1):

Insurance and annuity benefits 305  284  285  333  1,347  1,207  -10%

Change in estimates of liability for future policy benefits 7  (17) 10  (5) 46  (5) -111%

Interest credited to policyholders' account balances 69  67  63  63  356  262  -26%

Interest expense 164  170  173  178  847  685  -19%

Deferral of acquisition costs (13) (12) (9) (16) (49) (50) -2%

Amortization of acquisition costs 55  57  59  50  241  221  -8%

Operating expenses 89  103  76  93  459  361  -21%

Variable expenses 242  228  236  243  1,021  949  -7%

Total benefits and expenses 918  880  893  939  4,268  3,630  -15%

Adjusted operating income (loss) before income taxes 264  351  308  252  1,059  1,175  11%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

Page 19

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION

(in millions, or as otherwise noted)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Annuities Account Value (1):

Beginning account value, gross 93,598  89,139  90,263  90,034  101,384  93,598

Premiums and deposits (2) 6  8  4  6  31  24

Full surrenders and death benefits (2,477) (2,170) (2,633) (2,576) (9,831) (9,856)

Premiums and deposits net of full surrenders and death benefits (2,471) (2,162) (2,629) (2,570) (9,800) (9,832)

Partial withdrawals and other benefit payments (1,181) (1,036) (1,049) (1,228) (4,532) (4,494)

Net flows (3,652) (3,198) (3,678) (3,798) (14,332) (14,326)

Change in market value interest credited and other (332) 4,802  3,935  1,433  8,637  9,838

Policy charges (475) (480) (486) (466) (2,091) (1,907)

Ending account value, gross 89,139  90,263  90,034  87,203  93,598  87,203

Reinsurance ceded (8,608) (8,393) (8,315) (7,954) (8,764) (7,954)

Ending account value, net 80,531  81,870  81,719  79,249  84,834  79,249

Guaranteed Universal Life Policyholders' Account Balances (3):

Beginning account balance, gross 14,611  14,655  14,685  14,720  14,357  14,611

Premiums and deposits (2) 350  342  338  479  1,443  1,509

Surrenders and withdrawals (32) (26) (26) (29) (131) (113)

Net premiums (redemptions) 318  316  312  450  1,312  1,396

Benefit payments (30) (44) (29) (24) (106) (127)

Net flows 288  272  283  426  1,206  1,269

Interest credited and other 141  139  140  140  576  560

Policy charges (385) (381) (388) (389) (1,528) (1,543)

Ending account balance, gross 14,655  14,685  14,720  14,897  14,611  14,897

Reinsurance ceded (9,029) (9,043) (9,077) (9,244) (8,995) (9,244)

Ending account balance, net 5,626  5,642  5,643  5,653  5,616  5,653

Net Face Amount In Force (in billions) (4):

Guaranteed Universal Life 37 37 37 37

__________

(1) Represents discontinued annuities and guaranteed living benefits in general account and separate account. Includes alliance deposits and supplementary contracts.

(2) Represents renewal premiums or additional deposits on existing policies/contracts.

(3) Includes fixed rate funds and deferred revenues on guaranteed universal life products.

(4) At end of period; net of reinsurance.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES

(in millions)

2024 2025

4Q 1Q 2Q 3Q 4Q

MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):

Market Risk Benefits Account Values by Risk Management Design:

Account Values with Auto-Rebalancing Feature - risk retained by Prudential 64,932  61,716  62,634  62,435  60,554

Account Values with Auto-Rebalancing Feature - externally reinsured 1,902  1,763  1,758  1,713  1,628

Account Values without Auto-Rebalancing Feature 22,519  21,588  21,733  21,711  20,937

Total 89,353  85,067  86,125  85,859  83,119

Market Risk Benefits Net Amount at Risk by Product Design Type:

Net Amount at Risk with Auto-Rebalancing Feature 6,510  6,938  6,104  5,575  5,558

Net Amount at Risk without Auto-Rebalancing Feature 2,775  2,779  2,632  2,421  2,517

Total 9,285  9,717  8,736  7,996  8,075

__________

(1) At end of period.

Page 21

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums 3,057  2,709  2,800  2,627  11,656  11,193  -4%

Policy charges and fee income 88  92  96  104  324  380  17%

Net investment income 1,469  1,451  1,540  1,569  5,723  6,029  5%

Asset management fees, commissions and other income 124  147  159  116  222  546  146%

Total revenues 4,738  4,399  4,595  4,416  17,925  18,148  1%

Benefits and expenses (1):

Insurance and annuity benefits 2,789  2,446  2,559  2,428  10,268  10,222  —%

Change in estimates of liability for future policy benefits (3) 32  (21) 5  381  13  -97%

Interest credited to policyholders' account balances 347  369  390  402  1,210  1,508  25%

Interest expense (1) 1  2  1  (2) 3  250%

Deferral of acquisition costs (306) (297) (308) (286) (1,138) (1,197) -5%

Amortization of acquisition costs 165  174  175  179  646  693  7%

Operating expenses 436  467  466  499  1,793  1,868  4%

Variable expenses 463  446  451  431  1,661  1,791  8%

Total benefits and expenses 3,890  3,638  3,714  3,659  14,819  14,901  1%

Adjusted operating income (loss) before income taxes 848  761  881  757  3,106  3,247  5%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 22

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025

Actual exchange rate basis (1):

Net premiums, policy charges and fee income:

Japan 2,860  2,462  2,548  2,350  10,799  10,220

Emerging Markets 285  339  348  381  1,181  1,353

Total 3,145  2,801  2,896  2,731  11,980  11,573

Annualized new business premiums:

Japan 478  453  453  410  1,732  1,794

Emerging Markets 98  88  102  112  390  400

Total 576  541  555  522  2,122  2,194

Annualized new business premiums by distribution channel:

Life Planners 258  216  227  224  842  925

Life Consultants 130  150  138  110  480  528

Banks 95  93  108  103  459  399

Independent Agency and Other 93  82  82  85  341  342

Total 576  541  555  522  2,122  2,194

Constant exchange rate basis (2):

Net premiums, policy charges and fee income:

Japan 2,950  2,475  2,580  2,424  11,071  10,429

Emerging Markets 289  333  328  357  1,102  1,307

Total 3,239  2,808  2,908  2,781  12,173  11,736

Annualized new business premiums:

Japan 487  454  457  421  1,761  1,819

Emerging Markets 99  87  96  104  363  386

Total 586  541  553  525  2,124  2,205

Annualized new business premiums by distribution channel:

Life Planners 265  214  227  229  850  935

Life Consultants 132  151  139  112  486  534

Banks 95  93  106  100  448  394

Independent Agency and Other 94  83  81  84  340  342

Total 586  541  553  525  2,124  2,205

__________

(1) Translated based on applicable average exchange rates for the period shown.

(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 23

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION

2024 2025

4Q 1Q 2Q 3Q 4Q

Face amount of individual policies in force at end of period (in billions) (1)(2):

(Constant exchange rate basis)

Japan 533  530  526  524  521

Emerging Markets 49  50  52  54  56

Total 582  580  578  578  577

Policyholder Account Balances at end of period (in millions) (1)(2):

(Constant exchange rate basis)

International Businesses 55,548  49,858  51,945  53,903  55,367

Number of individual policies in force at end of period (in thousands) (3):

Japan 11,078  11,102  11,116  11,142  11,136

Emerging Markets 842  855  869  884  907

Total 11,920  11,957  11,985  12,026  12,043

International Businesses life insurance individual policy persistency:

13 months 91.4  % 92.0  % 92.8  % 93.6  % 94.0  %

25 months 83.4  % 83.2  % 83.0  % 82.6  % 83.4  %

Number of Life Planners at end of period:

Japan 4,309  4,356  4,285  4,282  4,283

Emerging Markets 1,726  1,819  1,876  1,859  1,952

Total Life Planners 6,035  6,175  6,161  6,141  6,235

Life Consultants 6,844  6,840  6,822  6,940  6,983

__________

(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

(2) Net of reinsurance.

(3) Direct business only; policy count includes annuities.

Page 24

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

STATEMENTS OF OPERATIONS - CORPORATE AND OTHER

(in millions)

2025 Year-to-date

1Q 2Q 3Q 4Q 2024 2025 % change

Revenues (1):

Premiums (9) (7) (6) —  (21) (22) -5%

Policy charges and fee income (15) (15) (16) (14) (57) (60) -5%

Net investment income 330  330  330  348  1,231  1,338  9%

Asset management fees, commissions and other income (323) (252) (202) (285) (1,066) (1,062) —%

Total revenues (17) 56  106  49  87  194  123%

Benefits and expenses (1):

Insurance and annuity benefits (8) (1) (2) 5  (19) (6) 68%

Change in estimates of liability for future policy benefits —  —  —  —  —  —  —

Interest credited to policyholders' account balances 12  12  17  13  84  54  -36%

Interest expense 207  215  211  205  670  838  25%

Deferral of acquisition costs 33  39  35  37  188  144  -23%

Amortization of acquisition costs (16) (15) (14) (15) (56) (60) -7%

Operating expenses 155  107  170  367  1,103  799  -28%

Variable expenses 15  (21) 16  (11) (100) (1) 99%

Total benefits and expenses 398  336  433  601  1,870  1,768  -5%

Adjusted operating income (loss) before income taxes (415) (280) (327) (552) (1,783) (1,574) 12%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

Page 25

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INVESTMENT PORTFOLIO COMPOSITION

(in millions)

December 31, 2025 December 31, 2024

Total Portfolio Closed Block Division Funds Withheld (1) PFI Excluding Closed Block Division and Funds Withheld Total Portfolio Closed Block Division Funds Withheld (1) PFI Excluding Closed Block Division and Funds Withheld

Amount % of Total Amount % of Total

Fixed maturities:

Public, available-for-sale, at fair value 238,205  18,833  4,576  214,796  53.6  % 230,018  19,103  4,837  206,078  54.9  %

Private, available-for-sale, at fair value 92,900  10,049  2,217  80,634  20.2  % 81,179  9,625  2,795  68,759  18.3  %

Fixed maturities, trading, at fair value 14,448  581  9,049  4,818  1.2  % 12,447  647  7,732  4,068  1.1  %

Assets supporting experience-rated contractholder liabilities, at fair value 4,842  —  —  4,842  1.2  % 3,707  —  —  3,707  1.0  %

Equity securities, at fair value 10,515  1,593  —  8,922  2.2  % 8,896  1,642  —  7,254  1.9  %

Commercial mortgage and other loans, at book value, net of allowance 63,921  7,463  263  56,195  14.0  % 61,872  7,652  233  53,987  14.4  %

Policy loans, at outstanding balance 9,958  3,217  —  6,741  1.7  % 9,795  3,348  —  6,447  1.7  %

Other invested assets, net of allowance (2) 24,066  4,532  1,850  17,684  4.4  % 23,577  4,929  1,867  16,781  4.4  %

Short-term investments, net of allowance 6,404  255  71  6,078  1.5  % 9,056  520  43  8,493  2.3  %

Subtotal (3) 465,259  46,523  18,026  400,710  100.0  % 440,547  47,466  17,507  375,574  100.0  %

Invested assets of other entities and operations (4) 5,260  —  —  5,260  4,233  —  —  4,233

Total investments 470,519  46,523  18,026  405,970  444,780  47,466  17,507  379,807

Fixed Maturities by Credit Quality (3)(5): December 31, 2025 December 31, 2024

PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value % of Total Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value % of Total

Public Fixed Maturities:

NAIC Rating (6)

1 184,052  2,585  23,277  —  163,360  76.1  % 176,693  3,412  20,161  —  159,944  77.6  %

2 46,660  907  2,952  —  44,615  20.8  % 43,221  522  3,744  —  39,999  19.4  %

Subtotal - High or Highest Quality Securities 230,712  3,492  26,229  —  207,975  96.9  % 219,914  3,934  23,905  —  199,943  97.0  %

3 5,605  86  540  —  5,151  2.4  % 4,807  60  574  —  4,293  2.1  %

4 1,105  44  9  —  1,140  0.5  % 1,264  48  30  —  1,282  0.6  %

5 480  16  25  7  464  0.2  % 439  16  12  7  436  0.2  %

6 87  6  5  22  66  0.0  % 196  7  9  70  124  0.1  %

Subtotal - Other Securities 7,277  152  579  29  6,821  3.1  % 6,706  131  625  77  6,135  3.0  %

Total 237,989  3,644  26,808  29  214,796  100.0  % 226,620  4,065  24,530  77  206,078  100.0  %

Private Fixed Maturities:

NAIC Rating (6)

1 21,362  336  1,431  —  20,267  25.1  % 18,756  257  1,920  —  17,093  24.9  %

2 47,978  1,777  1,961  —  47,794  59.3  % 44,179  765  3,453  —  41,491  60.3  %

Subtotal - High or Highest Quality Securities 69,340  2,113  3,392  —  68,061  84.4  % 62,935  1,022  5,373  —  58,584  85.2  %

3 7,581  390  116  19  7,836  9.7  % 6,483  114  282  —  6,315  9.2  %

4 3,343  54  52  22  3,323  4.1  % 2,646  15  101  28  2,532  3.7  %

5 1,228  22  20  44  1,186  1.5  % 1,051  30  34  29  1,018  1.5  %

6 244  29  6  39  228  0.3  % 437  24  11  140  310  0.4  %

Subtotal - Other Securities 12,396  495  194  124  12,573  15.6  % 10,617  183  428  197  10,175  14.8  %

Total 81,736  2,608  3,586  124  80,634  100.0  % 73,552  1,205  5,801  197  68,759  100.0  %

_____________

(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.

(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.

(5) Excludes fixed maturity securities classified as trading.

(6) Reflects equivalent ratings for investments of the international operations. Includes, as of December 31, 2025 and 2024, 1,482 securities with amortized cost of $9,683 million (fair value $9,598 million) and 803 securities with amortized cost of $4,147 million (fair value $3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)

(in millions)

December 31, 2025 December 31, 2024

Amount % of Total Amount % of Total

Investment Portfolio Composition - Japanese Insurance Operations (2):

Fixed maturities:

Public, available-for-sale, at fair value 102,061  65.4  % 102,904  65.1  %

Private, available-for-sale, at fair value 21,284  13.6  % 21,603  13.6  %

Fixed maturities, trading, at fair value 551  0.3  % 461  0.3  %

Assets supporting experience-rated contractholder liabilities, at fair value 4,842  3.1  % 3,707  2.3  %

Equity securities, at fair value 1,652  1.1  % 1,845  1.2  %

Commercial mortgage and other loans, at book value, net of allowance 14,487  9.3  % 16,137  10.2  %

Policy loans, at outstanding balance 2,708  1.7  % 2,608  1.6  %

Other invested assets, net of allowance (3) 6,357  4.1  % 6,588  4.2  %

Short-term investments, net of allowance 2,166  1.4  % 2,324  1.5  %

Total 156,108  100.0  % 158,177  100.0  %

December 31, 2025 December 31, 2024

Amount % of Total Amount % of Total

Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):

Fixed maturities:

Public, available-for-sale, at fair value 112,735  46.1  % 103,174  47.4  %

Private, available-for-sale, at fair value 59,350  24.3  % 47,156  21.7  %

Fixed maturities, trading, at fair value 4,267  1.7  % 3,607  1.7  %

Assets supporting experience-rated contractholder liabilities, at fair value —  0.0  % —  0.0  %

Equity securities, at fair value 7,270  3.0  % 5,409  2.5  %

Commercial mortgage and other loans, at book value, net of allowance 41,708  17.1  % 37,850  17.4  %

Policy loans, at outstanding balance 4,033  1.6  % 3,839  1.8  %

Other invested assets, net of allowance (3) 11,327  4.6  % 10,193  4.7  %

Short-term investments, net of allowance 3,912  1.6  % 6,169  2.8  %

Total 244,602  100.0  % 217,397  100.0  %

__________

(1) Excludes Closed Block division.

(2) Excludes assets classified as "Separate account assets" on our balance sheet.

(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INVESTMENT RESULTS (1)

(in millions)

Three Months Ended December 31,

2025

Investment Income Realized Gains (Losses)

Yield (2) Amount

General Account (3)

Fixed maturities (4) 4.50  % 3,605  (304)

Equity securities 3.07  % 60  —

Commercial mortgage and other loans 4.61  % 642  11

Policy loans 4.24  % 71  —

Short-term investments and cash equivalents 4.69  % 196  —

Gross investment income before investment expenses 4.49  % 4,574  (293)

Investment expenses -0.19  % (335) —

Subtotal 4.30  % 4,239  (293)

Other investments (4) 383  (119)

Investment results of other entities and operations (5) 62  15

Investment results of Funds Withheld (6) 381  (159)

Less: investment income related to adjusted operating income reconciling items (118) —

Total 4,947  (556)

Twelve Months Ended December 31,

2025 2024

Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)

Yield (2) Amount Yield (2) Amount

General Account (3)

Fixed maturities (4) 4.48  % 13,834  (452) 4.33  % 12,896  (2,076)

Equity securities 2.48  % 173  —  3.25  % 170  —

Commercial mortgage and other loans 4.58  % 2,461  (164) 4.38  % 2,237  (223)

Policy loans 4.51  % 292  —  4.62  % 292  —

Short-term investments and cash equivalents 5.26  % 836  1  6.35  % 996  (12)

Gross investment income before investment expenses 4.49  % 17,596  (615) 4.40  % 16,591  (2,311)

Investment expenses -0.17  % (1,209) —  -0.16  % (1,116) —

Subtotal 4.32  % 16,387  (615) 4.24  % 15,475  (2,311)

Other investments (4) 1,393  (1,820) 1,035  267

Investment results of other entities and operations (5) 233  19  59  48

Investment results of Funds Withheld (6) 1,404  (1,343) 1,292  (664)

Less: investment income related to adjusted operating income reconciling items (479) —  (486) —

Total 18,938  (3,759) 17,375  (2,660)

________

(1) Excludes Closed Block division.

(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. Prior periods have been updated to reflect the correction of an error.

(3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

(5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.

(6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS

(in millions)

Three Months Ended December 31,

2025

Investment Income Realized Gains (Losses)

Yield (1) Amount

Japanese Insurance Operations:

Fixed maturities (2) 3.31  % 1,178  (123)

Equity securities 4.17  % 19  —

Commercial mortgage and other loans 3.83  % 140  (7)

Policy loans 3.75  % 26  —

Short-term investments and cash equivalents 3.59  % 39  —

Gross investment income before investment expenses 3.38  % 1,402  (130)

Investment expenses -0.13  % (89) —

Subtotal 3.25  % 1,313  (130)

Other investments (2) 191  (109)

Total 1,504  (239)

Twelve Months Ended December 31,

2025 2024

Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)

Yield (1) Amount Yield (1) Amount

Japanese Insurance Operations:

Fixed maturities (2) 3.24  % 4,521  (41) 3.15  % 4,358  (805)

Equity securities 3.35  % 59  —  3.29  % 49  —

Commercial mortgage and other loans 3.85  % 580  (33) 3.81  % 632  (42)

Policy loans 3.83  % 102  —  3.81  % 98  —

Short-term investments and cash equivalents 4.36  % 162  —  5.57  % 126  (1)

Gross investment income before investment expenses 3.33  % 5,424  (74) 3.26  % 5,263  (848)

Investment expenses -0.13  % (349) —  -0.13  % (329) —

Subtotal 3.20  % 5,075  (74) 3.13  % 4,934  (848)

Other investments (2) 650  (282) 489  (465)

Total 5,725  (356) 5,423  (1,313)

__________

(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

(2) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments". Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains / (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)

(in millions)

Three Months Ended December 31,

2025

Investment Income Realized Gains (Losses)

Yield (2) Amount

Excluding Funds Withheld and Japanese Insurance Operations (3):

Fixed maturities (4) 5.47  % 2,427  (181)

Equity securities 2.73  % 41  —

Commercial mortgage and other loans 4.89  % 502  18

Policy loans 4.58  % 45  —

Short-term investments and cash equivalents 5.07  % 157  —

Gross investment income before investment expenses 5.26  % 3,172  (163)

Investment expenses -0.24  % (246) —

Subtotal 5.02  % 2,926  (163)

Other investments (4) 192  (10)

Total 3,118  (173)

Twelve Months Ended December 31,

2025 2024

Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses)

Yield (2) Amount Yield (2) Amount

Excluding Funds Withheld and Japanese Insurance Operations (3):

Fixed maturities (4) 5.52  % 9,313  (411) 5.36  % 8,538  (1,271)

Equity securities 2.18  % 114  —  3.23  % 121  —

Commercial mortgage and other loans 4.87  % 1,881  (131) 4.65  % 1,605  (181)

Policy loans 4.99  % 190  —  5.18  % 194  —

Short-term investments and cash equivalents 5.53  % 674  1  6.46  % 870  (11)

Gross investment income before investment expenses 5.32  % 12,172  (541) 5.26  % 11,328  (1,463)

Investment expenses -0.20  % (860) —  -0.19  % (787) —

Subtotal 5.12  % 11,312  (541) 5.07  % 10,541  (1,463)

Other investments (4) 743  (1,538) 546  732

Total 12,055  (2,079) 11,087  (731)

__________

(1) Excludes Closed Block division.

(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. Prior periods have been updated to reflect the correction of an error.

(3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

(4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Also included in "Other investments" are LP/LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES

(in millions)

Three Months Ended December 31, 2025

Reconciling Items

Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP

Revenues:

Premiums 7,028  —  —  (1) 463  112  —  —  7,602

Policy charges and fee income 1,106  23  —  (2) —  —  —  —  1,127

Net investment income 4,947  (3) —  —  524  121  —  —  5,589

Realized investment gains (losses), net (3) (174) (360) —  —  (121) (22) —  —  (677)

Asset management fees, commissions and other income 1,613  356  —  —  60  79  (37) —  2,071

Change in value of market risk benefits, net of related hedging gains (losses) —  —  (22) —  —  —  —  —  (22)

Total revenues 14,520  16  (22) (3) 926  290  (37) —  15,690

Benefits and expenses:

Insurance and annuity benefits 7,936  30  —  (1) 864  198  —  —  9,027

Change in estimates of liability for future policy benefits 50  (2) —  (25) —  9  —  —  32

Interest credited to policyholders' account balances 1,271  196  —  —  29  27  —  —  1,523

Interest expense 533  —  —  —  (2) 2  —  —  533

Deferral of acquisition costs (681) —  —  —  —  —  —  —  (681)

Amortization of acquisition costs 408  7  —  —  3  —  —  —  418

Operating expenses 1,876  —  —  —  67  23  —  —  1,966

Variable expenses 1,622  67  —  —  3  8  (43) 1  1,658

Total benefits and expenses 13,015  298  —  (26) 964  267  (43) 1  14,476

__________

(1) See page 35 for a definition of adjusted operating income.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(49) million for three months ended December 31, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $27 million and certain derivatives of $3 million for three months ended December 31, 2025.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES

(in millions)

Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024

Reconciling Items Reconciling Items

Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP

Revenues:

Premiums 28,591  —  — (1) 1,719  488  —  —  30,797  40,745  —  — (1) 1,690  463  —  —  42,897

Policy charges and fee income 4,410  268  — (12) —  —  —  —  4,666  4,277  99  — (87) —  9  —  —  4,298

Net investment income 18,938  (12) — —  2,056  491  —  —  21,473  17,375  (17) — —  2,048  503  —  —  19,909

Realized investment gains (losses), net (3) (598) (3,051) — —  (373) (110) —  —  (4,132) (585) (1,979) — —  (769) (96) —  —  (3,429)

Asset management fees, commissions and other income 6,336  1,604  — —  349  342  (186) —  8,445  6,241  156  — —  318  547  (135) —  7,127

Change in value of market risk benefits, net of related hedging gains (losses) —  —  (475) —  —  —  —  —  (475) —  —  (397) —  —  —  —  —  (397)

Total revenues 57,677  (1,191) (475) (13) 3,751  1,211  (186) —  60,774  68,053  (1,741) (397) (88) 3,287  1,426  (135) —  70,405

Benefits and expenses:

Insurance and annuity benefits 31,960  147  — (5) 3,406  792  —  —  36,300  44,075  (3) — (3) 2,983  765  —  —  47,817

Change in estimates of liability for future policy benefits 232  (85) — (76) —  32  —  —  103  108  33  — (33) —  (145) —  —  (37)

Interest credited to policyholders' account balances 4,704  107  — —  113  144  —  —  5,068  3,949  347  — —  117  169  —  —  4,582

Interest expense 2,112  —  — —  (8) 7  —  —  2,111  2,019  —  — —  (2) 13  —  —  2,030

Deferral of acquisition costs (2,753) (98) — —  —  —  —  —  (2,851) (2,601) —  — —  —  (1) —  —  (2,602)

Amortization of acquisition costs 1,571  51  — —  13  —  —  —  1,635  1,445  32  — —  12  3  —  —  1,492

Operating expenses 6,773  —  — —  270  99  —  (27) 7,115  6,870  —  — —  283  457  —  17  7,627

Variable expenses 6,441  305  — —  25  30  (166) 2  6,637  6,262  —  — —  7  135  (119) 2  6,287

Total benefits and expenses 51,040  427  —  (81) 3,819  1,104  (166) (25) 56,118  62,127  409  —  (36) 3,400  1,396  (119) 19  67,196

__________

(1) See page 35 for a definition of adjusted operating income.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(222) million and $(427) million for twelve months ended December 31, 2025 and December 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(253) million and $436 million and certain derivatives of $48 million and $(29) million for twelve months ended December 31, 2025 and December 31, 2024, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES

(in millions)

Three Months Ended March 31, 2025 Three Months Ended June 30, 2025

Reconciling Items Reconciling Items

Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP

Revenues:

Premiums 6,446  —  —  —  417  137  —  —  7,000  6,426  —  —  (1) 445  112  —  —  6,982

Policy charges and fee income 1,108  46  —  3  —  —  —  —  1,157  1,070  174  —  5  —  —  —  —  1,249

Net investment income 4,519  (3) —  —  493  121  —  —  5,130  4,600  (3) —  —  511  118  —  —  5,226

Realized investment gains (losses), net (3) (157) (489) —  —  (57) (27) —  —  (730) (148) (1,302) —  —  (198) (51) —  —  (1,699)

Asset management fees, commissions and other income 1,496  (190) —  —  (33) 23  (32) —  1,264  1,558  609  —  —  189  89  (51) —  2,394

Change in value of market risk benefits, net of related hedging gains (losses) —  —  (351) —  —  —  —  —  (351) —  —  (426) —  —  —  —  —  (426)

Total revenues 13,412  (636) (351) 3  820  254  (32) —  13,470  13,506  (522) (426) 4  947  268  (51) —  13,726

Benefits and expenses:

Insurance and annuity benefits 7,344  2  —  2  729  208  —  —  8,285  7,195  200  —  (5) 864  186  —  —  8,440

Change in estimates of liability for future policy benefits (14) 3  —  (38) —  (1) —  —  (50) 100  (254) —  (33) —  12  —  —  (175)

Interest credited to policyholders' account balances 1,083  (325) —  —  28  39  —  —  825  1,135  (64) —  —  29  38  —  —  1,138

Interest expense 522  —  —  —  (2) 2  —  —  522  526  —  —  —  (1) 1  —  —  526

Deferral of acquisition costs (684) (98) —  —  —  —  —  —  (782) (689) —  —  —  —  —  —  —  (689)

Amortization of acquisition costs 376  28  —  —  3  —  —  —  407  392  12  —  —  3  —  —  —  407

Operating expenses 1,624  —  —  —  65  43  —  (28) 1,704  1,634  —  —  —  69  14  —  —  1,717

Variable expenses 1,641  —  —  —  19  14  (35) —  1,639  1,548  100  —  —  1  5  (33) 1  1,622

Total benefits and expenses 11,892  (390) —  (36) 842  305  (35) (28) 12,550  11,841  (6) —  (38) 965  256  (33) 1  12,986

__________

(1) See page 35 for a definition of adjusted operating income.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(55) million and $(27) million for three months ended March 31, 2025 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(104) million and $(47) million and certain derivatives of $5 million and $55 million for three months ended March 31, 2025 and June 30, 2025, respectively.

Page 33

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES

(in millions)

Three Months Ended September 30, 2025

Reconciling Items

Adjusted Operating Income (Loss) basis (1) Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates Closed Block Division Other Divested and Run-off Businesses Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests Other adjustments (2) U.S. GAAP

Revenues:

Premiums 8,691  —  —  1  394  127  —  —  9,213

Policy charges and fee income 1,126  25  —  (18) —  —  —  —  1,133

Net investment income 4,872  (3) —  —  528  131  —  —  5,528

Realized investment gains (losses), net (3) (119) (900) —  —  3  (10) —  —  (1,026)

Asset management fees, commissions and other income 1,669  829  —  —  133  151  (66) —  2,716

Change in value of market risk benefits, net of related hedging gains (losses) —  —  324  —  —  —  —  —  324

Total revenues 16,239  (49) 324  (17) 1,058  399  (66) —  17,888

Benefits and expenses:

Insurance and annuity benefits 9,485  (85) —  (1) 949  200  —  —  10,548

Change in estimates of liability for future policy benefits 96  168  —  20  —  12  —  —  296

Interest credited to policyholders' account balances 1,215  300  —  —  27  40  —  —  1,582

Interest expense 531  —  —  —  (3) 2  —  —  530

Deferral of acquisition costs (699) —  —  —  —  —  —  —  (699)

Amortization of acquisition costs 395  4  —  —  4  —  —  —  403

Operating expenses 1,639  —  —  —  69  19  —  1  1,728

Variable expenses 1,630  138  —  —  2  3  (55) —  1,718

Total benefits and expenses 14,292  525  —  19  1,048  276  (55) 1  16,106

__________

(1) See page 35 for a definition of adjusted operating income.

(2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

(3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million for three months ended September 30, 2025. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(129) million and certain derivatives of $(15) million for three months ended September 30, 2025.

Page 34

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

KEY DEFINITIONS AND FORMULAS

1. Adjusted operating income before income taxes:

Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments." A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.

Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.

Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses),” which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.

Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.

2. After-tax adjusted operating income:

Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.

3. Annualized New Business Premiums:

Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation.

4. Assets Under Administration:

Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.

5. Assets Under Management:

Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.

6. Book value per share of Common Stock:

GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

Page 35

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

KEY DEFINITIONS AND FORMULAS

7. Borrowings - Capital Debt:

Debt utilized to meet the capital requirements of our business.

8. Borrowings - Operating Debt:

Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.

9. Divested and Run-off Businesses:

Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.

10. Earned Premiums:

The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.

11. General Account:

Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.

12. Group Insurance Benefits Ratios:

Ratio of policyholder benefits to earned premiums, policy charges and fee income.

13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios:

Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses.

14. Insurance and Annuity Benefits:

Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.

15. International Life Planners:

Captive insurance Advisors from Prudential of Japan and Brazil.

16. Life Consultants:

Captive insurance agents for Gibraltar Life.

17. Non-recourse and Limited-recourse Debt:

Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.

18. Other Related Revenues:

Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.

Page 36

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

KEY DEFINITIONS AND FORMULAS

19. PGIM Asset Under Management:

Institutional Customers - Third Party - Consists of third-party institutional assets.

Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships.

Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM.

Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.

Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).

Real Estate - Includes direct real estate equity and real estate mortgages.

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.

20. Policy Persistency - Group Insurance:

Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).

21. Policy Persistency - International Businesses:

13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.

22. Prudential Advisors:

Captive financial professionals selling across all products in the United States.

23. Prudential Financial, Inc. Equity:

Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests.

24. Separate Accounts:

Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.

25. U.S. Legacy Products - Net Amounts at Risk:

Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.

Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Page 37

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2025

RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS

as of April 14, 2026

Standard & Fitch

A.M. Best* Poor's Moody's* Ratings*

The Prudential Insurance Company of America A+ AA- Aa3 AA-

PRUCO Life Insurance Company A+ AA- Aa3 AA-

PRUCO Life Insurance Company of New Jersey A+ AA- NR AA-

The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR

Gibraltar Life Insurance Company, Ltd. NR A+ NR NR

The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR

CREDIT RATINGS:

as of April 14, 2026

Prudential Financial, Inc.:

Short-Term Borrowings AMB-1 A-1 P-2 F1

Long-Term Senior Debt a- A A3 A-

Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB

The Prudential Insurance Company of America:

Capital and surplus notes a A A2 A

Prudential Funding, LLC:

Short-Term Debt AMB-1 A-1+ P-1 F1+

Long-Term Senior Debt a+ AA- (P)A1 NR

PRICOA Global Funding I:

Long-Term Senior Debt aa- AA- Aa3 AA-

* NR indicates not rated.

INVESTOR INFORMATION:

Corporate Office:

Prudential Financial, Inc.

751 Broad Street

Newark, New Jersey 07102

Common Stock:

Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.

For more information, please visit our website at investor.prudential.com.

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