PRUDENTIAL FINANCIAL INC (PRU) · Material Event (8-K) SEC Filing

EX-99.1 2 exhibit991-2q26earningspre.htm EX-99.1 DocumentExhibit 99.1August 4, 2026 Prudential Financial, Inc. Announces Second Quarter 2026 ResultsNEWARK, N.J. Prudential Financial, Inc. (NYSE PRU) today reported second quarter 2026 results. Net income attributable to Prudential Financial, Inc. of $985 million or $2.80 per Common share versus net income of $533 million or $1.48 per share for the year-ago quarter. The current quarter included a net after-tax charge from our annual assumption update and other refinements of $299 million or $0.85 per Common share versus a charge of $134 million or $0.37 per share in the year-ago quarter. After-tax adjusted operating income of $1.438 billion or $4.08 per Common share versus $1.284 billion or $3.58 per share for the year-ago quarter. The current quarter included a net after-tax benefit from our annual assumption update and other refinements of $51 million or $0.15 per Common share versus a charge of $36 million or $0.10 per share in the year-ago quarter. Book value per Common share of $90.50 versus $85.98 per share for the year-ago quarter adjusted book value per Common share of $100.91 versus $96.41 per share for the year-ago quarter. Parent company highly liquid assets(1) of $4.2 billion versus $3.9 billion for the year-ago quarter. Assets under management(2) of $1.642 trillion versus $1.580 trillion for the year-ago quarter. Capital returned to shareholders totaled $743 million, including $250 million of share repurchases and $493 million of dividends, versus $735 million of capital returned to shareholders in the year-ago quarter. Dividends paid in the second quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%. Members of Prudential s senior management team will host an extended conference call on Wednesday, August 5, 2026, at 11 00 a.m. ET to provide an update on the Company s strategy and long-term vision at the beginning of its second quarter earnings call. The call is expected to last approximately 90 minutes and will be available via live webcast. Our second quarter results were strong as we continued to execute with discipline and build momentum, said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. The strength of our business and the progress we are making to operate more consistently and effectively is evident.PGIM delivered another quarter of strong investment performance and progressed its platform integration. Our U.S. Businesses continued to see benefits of investments in distribution and product diversification to meet evolving customer needs while supporting growth. Our International businesses generated strong earnings despite the impact of the sales suspension in Prudential of Japan, reflecting resilience of the underlying businesses and continued growth in Brazil.- more - Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 2 Prudential is a uniquely integrated financial services company with a strong foundation in businesses and markets benefiting from favorable structural growth trends, reinforced by clear competitive advantages. Our strategy is to build on those advantages by unlocking the full power of our asset management, retirement, and protection capabilities through deeper integration and greater leverage of our scale and expertise. We are confident this will enhance our ability to win in the markets where we choose to compete, accelerating earnings and free cash flow growth while creating sustainable shareholder value. OVERVIEW Net income attributable to Prudential Financial, Inc. ( Prudential or the Company ) was $985 million ($2.80 per Common share) for the second quarter of 2026, compared to net income of $533 million ($1.48 per Common share) for the second quarter of 2025. After-tax adjusted operating income was $1.438 billion ($4.08 per Common share) for the second quarter of 2026, compared to $1.284 billion ($3.58 per Common share) for the second quarter of 2025.Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this release under Non-GAAP Measures, and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3)RESULTS OF ONGOING OPERATIONS Prudential's ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.PGIMPGIM, the Company s global investment management business, reported adjusted operating income of $294 million for the second quarter of 2026, up compared to $229 million in the year-ago quarter. This increase primarily reflects higher asset management fees, mainly driven by equity market appreciation and strong investment performance, partially offset by the impact of net outflows and higher interest rates. This increase also includes higher net service, distribution, and other revenues.PGIM assets under management of $1.491 trillion increased 4% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net inflows in the quarter of $1.6 billion reflected third-party net inflows of $4.6 billion, partially offset by affiliated net outflows of $3.0 billion. Third-party institutional net inflows were $3.1 billion as public and private credit inflows were partially offset by public equity outflows. Third-party retail net inflows of $1.5 billion were primarily driven by public credit inflows, partially offset by public equity outflows. Third-party public equity outflows were consistent with the ongoing industry trend away from active equities.U.S. BusinessesU.S. Businesses, which includes the Company's Retirement, Group Insurance, Individual Life, and U.S. Legacy Products segments, reported adjusted operating income of $957 million for the second quarter of 2026, essentially unchanged compared to $955 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $26 million. Excluding this amount, the year-over-year decrease primarily reflects higher expenses to support continued business growth and less favorable underwriting results, partially offset by higher net investment spread results. - more - Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 3 Retirement Reported adjusted operating income of $392 million in the quarter, essentially unchanged compared to $397 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $2 million. Excluding this amount, the year-over-year decrease primarily reflects higher expenses, driven by continued business growth, and less favorable underwriting results, driven by mortality and run-off in our PRT block, partially offset by higher net investment spread results. Net account values of $363 billion increased 4% from the year-ago quarter, reflecting the benefits of market appreciation and business growth. Total sales in the quarter of $6.8 billion included $3.6 billion of retail annuity sales, reflecting continued strong momentum following the December 2025 launch of our latest registered index-linked annuity product.Group Insurance Reported adjusted operating income of $155 million in the quarter, up compared to $125 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $17 million. Excluding this amount, the year-over-year increase primarily reflects more favorable mortality in the working-age population in life underwriting results and higher net investment spread results, partially offset by higher expenses to support continued business growth. Year-to-date sales of $599 million increased 26% from the prior year period, driven by strong growth in disability product sales, including supplemental health products, and continued momentum in the Premier middle-market segment.Individual Life Reported adjusted operating income of $176 million in the quarter, more than doubling compared to $82 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $56 million. Excluding this amount, the year-over-year increase primarily reflects more favorable underwriting results and higher net investment spread results. Record second quarter sales of $237 million increased 9% from the year-ago quarter, primarily driven by variable accumulation products.U.S. Legacy Products Effective January 1, 2026, Prudential established the U.S. Legacy Products reporting segment, consisting of traditional variable annuities with guaranteed living benefit riders and certain other annuities products, previously included in the former Individual Retirement Strategies segment, as well as guaranteed universal life policies previously included in the Individual Life segment. This reporting segment represents run-off blocks consisting of products that are no longer being sold in U.S. markets. Reported adjusted operating income of $234 million in the quarter, down compared to $351 million in the year-ago quarter. This decrease includes an unfavorable comparable impact from our annual assumption update and other refinements of $49 million. Excluding this amount, the year-over-year decrease primarily reflects less favorable underwriting results related to the guaranteed universal life block and lower net fee income resulting from the continued run-off of the traditional variable annuity block, partially offset by market appreciation, and lower net investment spread results. Net legacy annuities account values of $76 billion decreased 7% from the year-ago quarter, driven by net outflows from the continued run-off of the block, partially offset by market appreciation.International BusinessesInternational Businesses reported adjusted operating income of $855 million for the second quarter, up compared to $761 million in the year-ago quarter. This increase includes a favorable comparable impact from our annual assumption update and other refinements of $81 million. Excluding this amount, the year-over-year increase primarily reflects higher net investment spread results, higher joint venture earnings, and business growth in Brazil. These were partially offset by the impact of the Prudential of Japan sales suspension, including higher expenses, as well as less favorable underwriting results.- more - Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 4 Constant dollar basis sales(4) of $361 million in the quarter decreased 33% from the year-ago quarter, primarily driven by the Prudential of Japan sales suspension.Corporate OtherCorporate Other reported a loss, on an adjusted operating income basis, of $279 million for the second quarter of 2026, essentially unchanged compared to a loss of $280 million in the year-ago quarter. These results include a favorable comparable impact from our annual assumption update and other refinements of $4 million.NET INCOMENet income of $985 million in the quarter included $655 million of pre-tax net realized investment losses and related charges and adjustments, including $76 million of pre-tax net credit-related losses, $71 million of pre-tax losses related to the net change in value of market risk benefits, $20 million of pre-tax losses related to market experience updates, and $123 million of pre-tax earnings from divested and run-off businesses. Net income of $533 million in the year-ago quarter included $516 million of pre-tax net realized investment losses and related charges and adjustments, including $78 million of pre-tax net credit-related losses, $426 million of pre-tax losses related to the net change in value of market risk benefits, $6 million of pre-tax losses from divested and run-off businesses, and $42 million of pre-tax gains related to market experience updates.EARNINGS CONFERENCE CALLMembers of Prudential s senior management team will host an extended conference call on Wednesday, August 5, 2026, at 11 00 a.m. ET to review these results and provide an update on Prudential s strategy and long-term vision. The call is expected to last approximately 90 minutes and will be broadcast live over the Company s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through August 19. To access a replay via phone starting at 3 00 p.m. ET on August 5 through August 19, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13761358.FORWARD-LOOKING STATEMENTS Certain of the statements included in this release, including those regarding our strategy and prospects for future performance and our ability to deliver earnings and free cash flow growth while creating sustainable shareholder value constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, believes, anticipates, includes, plans, assumes, estimates, projects, intends, should, will, shall and words that express a degree of confidence in a potential outcome, or variations of such words, are generally part of forward-looking statements. Forward-looking statements are made based on management s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc. s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, that our remediation efforts at Prudential of Japan may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default losses on insurance products due to mortality experience, and morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products. Additional factors and uncertainties that could cause actual results to differ can be found in the Risk Factors and Forward-Looking Statements sections included in Prudential Financial, Inc. s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.- more - Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 5 NON-GAAP MEASURESConsolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release.We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes Realized investment gains (losses), net, and related charges and adjustments . A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors. Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.Adjusted operating income excludes Change in value of market risk benefits, net of related hedging gains (losses) , which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments. - more - Prudential Financial, Inc. Second Quarter 2026 Earnings Release Page 6 Adjusted operating income does not equate to Net income as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.FOOTNOTES(1)Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and or foreign government bonds. For more information about highly liquid assets, see the section titled Management s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources included in Prudential Financial, Inc. s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.(2)For more information about assets under management, see the section titled Management s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Segment Measures included in Prudential Financial, Inc. s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.(3)While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.(4)For more information about constant dollar basis sales, see the section titled Management s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations by Segment International Businesses included in Prudential Financial, Inc. s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.Prudential Financial, Inc. (NYSE PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of June 30, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.MEDIA CONTACT Ashley Pope, ashley.pope prudential.comINVESTOR RELATIONS CONTACT Tina Madon, investor.relations prudential.com - more - Financial Highlights (in millions, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Adjusted operating income (loss) before income taxes (1) PGIM $ 294 $ 229 $ 484 $ 385 U.S. Businesses 957 955 1,913 1,886 International Businesses 855 761 1,665 1,609 Corporate and Other (279) (280) (609) (695) Total adjusted operating income (loss) before income taxes $ 1,827 $ 1,665 $ 3,453 $ 3,185 Reconciling Items Realized investment gains (losses), net, and related charges and adjustments $ (655) $ (516) $ (1,276) $ (762) Change in value of market risk benefits, net of related hedging gains (losses) (71) (426) (366) (777) Market experience updates (20) 42 (5) 81 Divested and Run-off Businesses Closed Block division (12) (18) (23) (40) Other Divested and Run-off Businesses 135 12 199 (39) Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (25) (18) (67) (15) Other adjustments (2) (1) (1) (4) 27 Total reconciling items, before income taxes (649) (925) (1,542) (1,525) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 1,178 $ 740 $ 1,911 $ 1,660 Income Statement Data Net income (loss) attributable to Prudential Financial, Inc. $ 985 $ 533 $ 1,582 $ 1,240 Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 51 33 60 68 Net income (loss) 1,036 566 1,642 1,308 Less Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 51 33 60 68 Income (loss) attributable to Prudential Financial, Inc. 985 533 1,582 1,240 Less Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 25 (12) 18 (18) Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities 960 545 1,564 1,258 Less Total reconciling items, before income taxes (649) (925) (1,542) (1,525) Less Income taxes, not applicable to adjusted operating income (loss) (171) (186) (390) (311) Total reconciling items, after income taxes (478) (739) (1,152) (1,214) After-tax adjusted operating income (loss) (1) 1,438 1,284 2,716 2,472 Income taxes, applicable to adjusted operating income 389 381 737 713 Adjusted operating income (loss) before income taxes (1) $ 1,827 $ 1,665 $ 3,453 $ 3,185 See footnotes on last page. Page 1 Financial Highlights (in millions, except per share data, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Earnings per share of Common Stock Net income (loss) attributable to Prudential Financial, Inc. $ 2.80 $ 1.48 $ 4.48 $ 3.44 Less Reconciling Items Realized investment gains (losses), net, and related charges and adjustments (1.88) (1.45) (3.66) (2.14) Change in value of market risk benefits, net of related hedging gains (losses) (0.20) (1.20) (1.05) (2.19) Market experience updates (0.06) 0.12 (0.01) 0.23 Divested and Run-off Businesses Closed Block division (0.03) (0.05) (0.07) (0.11) Other Divested and Run-off Businesses 0.39 0.03 0.57 (0.11) Difference in earnings allocated to participating unvested share-based payment awards 0.01 0.02 0.04 0.04 Other adjustments (2) (0.01) 0.08 Total reconciling items, before income taxes (1.77) (2.53) (4.19) (4.20) Less Income taxes, not applicable to adjusted operating income (loss) (0.49) (0.43) (0.98) (0.77) Total reconciling items, after income taxes (1.28) (2.10) (3.21) (3.43) After-tax adjusted operating income (loss) $ 4.08 $ 3.58 $ 7.69 $ 6.87 Weighted average number of outstanding common shares - basic 346.4 353.1 347.0 353.7 Weighted average number of outstanding common shares - diluted 348.1 354.9 348.8 355.5 For earnings per share of Common Stock calculation Net income (loss) attributable to Prudential Financial, Inc. $ 985 $ 533 $ 1,582 $ 1,240 Less Earnings allocated to participating unvested share-based payment awards 12 6 21 16 Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 973 $ 527 $ 1,561 $ 1,224 After-tax adjusted operating income (loss) (1) $ 1,438 $ 1,284 $ 2,716 $ 2,472 Less Earnings allocated to participating unvested share-based payment awards 17 13 34 29 After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,421 $ 1,271 $ 2,682 $ 2,443 Prudential Financial, Inc. Equity (as of end of period) GAAP book value (total PFI equity) at end of period $ 31,577 $ 30,582 Less Accumulated other comprehensive income (AOCI) (4,060) (3,921) GAAP book value excluding AOCI 35,637 34,503 Less Cumulative change in fair value of funds withheld embedded derivatives 20 67 Less Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 410 144 Adjusted book value $ 35,207 $ 34,292 End of period number of common shares - diluted 348.9 355.7 GAAP book value per common share - diluted $ 90.50 $ 85.98 GAAP book value excluding AOCI per share - diluted $ 102.14 $ 97.00 Adjusted book value per common share - diluted $ 100.91 $ 96.41 See footnotes on last page. Page 2 Financial Highlights (in millions, or as otherwise noted, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 PGIM PGIM Assets Managed by PGIM (in billions, as of end of period) Institutional customers - Third Party $ 663.0 $ 647.6 Retail customers - Third Party 282.3 256.7 Affiliated 546.0 536.4 Total PGIM $ 1,491.3 $ 1,440.7 Institutional Customers - Assets Under Management (in billions) Gross additions, excluding money market $ 22.3 $ 22.1 $ 47.0 $ 45.9 Net additions (withdrawals), excluding realizations, distributions and money market $ 3.1 $ 2.6 $ 4.7 $ 10.2 Retail Customers - Assets Under Management (in billions) Gross additions, excluding money market $ 19.9 $ 16.0 $ 41.5 $ 33.7 Net additions (withdrawals), excluding money market $ 1.5 $ (2.8) $ 1.7 $ (3.0) Affiliated - Assets Under Management (in billions) Gross additions, excluding money market $ 16.8 $ 19.8 $ 35.0 $ 40.4 Net additions (withdrawals), excluding realizations, distributions and money market $ (3.0) $ 0.6 $ (4.9) $ 0.5 U.S. Businesses Retirement Gross sales and additions (3) $ 6,847 $ 11,989 $ 14,216 $ 22,513 Net sales and additions (withdrawals) $ 220 $ 5,801 $ (468) $ 9,033 Total account value at end of period, net $ 362,730 $ 348,056 Group Insurance Annualized New Business Premiums (4) Group life $ 17 $ 35 $ 228 $ 260 Group disability 56 42 371 217 Total $ 73 $ 77 $ 599 $ 477 Individual Life Annualized New Business Premiums (4) Term life $ 42 $ 39 $ 80 $ 71 Universal life 20 18 37 36 Variable life 175 160 371 314 Total $ 237 $ 217 $ 488 $ 421 U.S. Legacy Products Total annuities account value at end of period, net (5) $ 76,094 $ 81,870 Total guaranteed universal life policyholder account balance, net (6) $ 5,645 $ 5,642 International Businesses International Businesses Annualized New Business Premiums (4)(7) Actual exchange rate basis $ 376 $ 541 $ 805 $ 1,117 Constant exchange rate basis $ 361 $ 535 $ 785 $ 1,113 See footnotes on last page. Page 3 Financial Highlights (in billions, as of end of period, unaudited) June 30, 2026 2025 Assets and Assets Under Management and Administration Total assets $ 783.6 $ 759.0 Assets under management (at fair market value) PGIM $ 1,491.3 $ 1,440.7 U.S. Businesses 122.1 113.8 International Businesses 22.0 19.4 Corporate and Other 6.7 6.4 Total assets under management 1,642.1 1,580.3 Assets under administration 193.7 193.2 Total assets under management and administration $ 1,835.8 $ 1,773.5 Page 4 (1) Adjusted operating income is a non-GAAP measure of performance. See Non-GAAP Measures within the earnings release for additional information. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Represents retail annuities, longevity reinsurance, fee-based stable value, pension risk transfer, spread-based stable value, structured settlements and funding agreement-backed notes. (4) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company s domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. (5) Represents discontinued annuities, guaranteed living benefits, alliance deposits and supplementary contracts. (6) Includes fixed rate funds and deferred revenues on guaranteed universal life products. (7) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. Page 5

EX-99.2 3 exhibit992-2q26qfs.htm EX-99.2 DocumentTable of ContentsExhibit 99.2 Prudential Financial, Inc. (PRU) Quarterly Financial Supplement Second Quarter 2026 Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited. iTable of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 TABLE OF CONTENTS Page HIGHLIGHTS Financial Metrics Summary 1 Financial Highlights 2 Other Financial Highlights 3 Operations Highlights 4 Combined Statements of Operations 5 Consolidated Balance Sheets 6 Combining Balance Sheets 7 Short-Term and Long-Term Debt - Unaffiliated 8 PGIM Statements of Operations 9 Supplementary Revenue and Assets Under Management Information 10 Supplementary Assets Under Management Information 11 U.S.BUSINESSES Combined Statements of Operations 12 Statements of Operations - Retirement 13 Retirement Sales Results and Account Values 14 Statements of Operations - Group Insurance 15 Group Insurance Supplementary Information 16 Statements of Operations - Individual Life 17 Individual Life Supplementary Information 18 Statements of Operations - U.S. Legacy Products 19 U.S. Legacy Products Supplementary Information 20 U.S. Legacy Products Market Risk Benefit Features 21 INTERNATIONAL BUSINESSES Statements of Operations - International Businesses 22 Sales Results and Supplementary Information 23 CORPORATE AND OTHER Statements of Operations 25 INVESTMENT PORTFOLIO Investment Portfolio Composition 26 Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations 27 Investment Results 28 Investment Results - Japanese Insurance Operations 29 Investment Results - Excluding Japanese Insurance Operations 30 ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS 31 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES 32 KEY DEFINITIONS AND FORMULAS 36 RATINGS AND INVESTOR INFORMATION 39 iiTable of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 FINANCIAL METRICS SUMMARY (in millions, except per share and return on equity data) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Earnings Adjusted operating income (loss) before income taxes PGIM 229 244 249 190 294 385 484 26% U.S. Businesses 955 1,149 1,051 956 957 1,886 1,913 1% International Businesses 761 881 757 810 855 1,609 1,665 3% Corporate and Other (280) (327) (552) (330) (279) (695) (609) 12% Total adjusted operating income (loss) before income taxes 1,665 1,947 1,505 1,626 1,827 3,185 3,453 8% Income taxes, applicable to adjusted operating income 381 426 337 348 389 713 737 3% After-tax adjusted operating income (loss) 1,284 1,521 1,168 1,278 1,438 2,472 2,716 10% Income (loss) attributable to Prudential Financial, Inc. 533 1,431 905 597 985 1,240 1,582 28% Return on Equity Operating Return on Average Equity (based on adjusted operating income) (1) 14.9 % 17.5 % 13.3 % 14.6 % 16.4 % 14.4 % 15.5 % Return on Average Equity (based on net income (loss)) 7.1 % 18.3 % 11.2 % 7.4 % 12.4 % 8.4 % 9.9 % Distributions to Shareholders Dividends paid 485 481 480 496 493 971 989 2% Share repurchases 250 250 250 250 250 500 500 % Total capital returned 735 731 730 746 743 1,471 1,489 1% Per Share Data Net income (loss) - diluted 1.48 4.01 2.55 1.68 2.80 3.44 4.48 30% Adjusted Operating Income - diluted 3.58 4.26 3.30 3.61 4.08 6.87 7.69 12% Shareholder dividends 1.35 1.35 1.35 1.40 1.40 2.70 2.80 4% GAAP book value - diluted 85.98 90.69 92.05 91.28 90.50 Adjusted book value - diluted (2) 96.41 99.25 100.17 99.79 100.91 Shares Outstanding Weighted average number of common shares - basic 353.1 351.1 349.0 347.7 346.4 353.7 347.0 -2% Weighted average number of common shares - diluted 354.9 353.0 350.9 349.4 348.1 355.5 348.8 -2% End of period common shares - basic 351.9 349.9 347.9 347.3 345.2 End of period common shares - diluted 355.7 353.9 352.4 350.3 348.9 __________ (1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3. (2) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3. Page 1Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 FINANCIAL HIGHLIGHTS (in millions, except per share data) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Earnings per share of Common Stock (diluted) After-tax adjusted operating income (loss) 3.58 4.26 3.30 3.61 4.08 6.87 7.69 Reconciling items Realized investment gains (losses), net, and related charges and adjustments (1.45) (1.63) (0.80) (1.78) (1.88) (2.14) (3.66) Change in value of market risk benefits, net of related hedging gains (losses) (1.20) 0.92 (0.06) (0.84) (0.20) (2.19) (1.05) Market experience updates 0.12 (0.10) 0.07 0.04 (0.06) 0.23 (0.01) Divested and Run-off Businesses Closed Block division (0.05) 0.03 (0.11) (0.03) (0.03) (0.11) (0.07) Other Divested and Run-off Businesses 0.03 0.35 0.07 0.18 0.39 (0.11) 0.57 Difference in earnings allocated to participating unvested share-based payment awards 0.02 0.01 0.02 0.01 0.04 0.04 Other adjustments (1) (0.01) 0.08 (0.01) Total reconciling items, before income taxes (2.53) (0.42) (0.83) (2.42) (1.77) (4.20) (4.19) Income taxes, not applicable to adjusted operating income (0.43) (0.17) (0.08) (0.49) (0.49) (0.77) (0.98) Total reconciling items, after income taxes (2.10) (0.25) (0.75) (1.93) (1.28) (3.43) (3.21) Net income (loss) attributable to Prudential Financial, Inc. 1.48 4.01 2.55 1.68 2.80 3.44 4.48 Weighted average number of outstanding common shares - basic 353.1 351.1 349.0 347.7 346.4 353.7 347.0 Weighted average number of outstanding common shares - diluted 354.9 353.0 350.9 349.4 348.1 355.5 348.8 For earnings per share of Common Stock calculation Net income (loss) attributable to Prudential Financial, Inc. 533 1,431 905 597 985 1,240 1,582 Less Earnings allocated to participating unvested share-based payment awards 6 15 10 9 12 16 21 Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation 527 1,416 895 588 973 1,224 1,561 After-tax adjusted operating income (loss) 1,284 1,521 1,168 1,278 1,438 2,472 2,716 Less Earnings allocated to participating unvested share-based payment awards 13 17 11 17 17 29 34 After-tax adjusted operating income for earnings per share of Common Stock calculation 1,271 1,504 1,157 1,261 1,421 2,443 2,682 ___________ (1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. Page 2Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 OTHER FINANCIAL HIGHLIGHTS (in millions, except per share data) 2025 2026 2Q 3Q 4Q 1Q 2Q Capitalization Data (1) Senior debt Short-term debt 1,373 1,386 1,443 946 955 Long-term debt 11,056 11,202 11,261 11,286 11,324 Junior subordinated long-term debt 7,595 7,595 7,595 7,596 8,339 Prudential Financial, Inc. Equity GAAP book value (total PFI equity) at end of period 30,582 32,094 32,438 31,975 31,577 Less Accumulated other comprehensive income (AOCI) (3,921) (3,175) (3,077) (3,450) (4,060) GAAP book value excluding AOCI (2) 34,503 35,269 35,515 35,425 35,637 Less Cumulative change in fair value of funds withheld embedded derivatives (3) 67 (47) (24) 60 20 Less Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4) 144 192 238 409 410 Adjusted book value 34,292 35,124 35,301 34,956 35,207 Book Value per Share of Common Stock GAAP book value per common share - diluted 85.98 90.69 92.05 91.28 90.50 GAAP book value excluding AOCI per share - diluted (2) 97.00 99.66 100.78 101.13 102.14 Adjusted book value per common share - diluted 96.41 99.25 100.17 99.79 100.91 End of period number of common shares - diluted 355.7 353.9 352.4 350.3 348.9 Common Stock Price Range (based on closing price) High 112.71 109.89 117.60 118.72 109.20 Low 95.12 100.68 99.13 92.00 94.21 Close 107.44 103.74 112.88 97.69 107.93 Common Stock market capitalization (1) 37,808 36,299 39,271 33,928 37,257 __________ (1) As of end of period. (2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income. (3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. (4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses. Page 3Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 OPERATIONS HIGHLIGHTS 2025 2026 2Q 3Q 4Q 1Q 2Q Assets Under Management and Administration (in billions) (1)(2) PGIM Institutional customers - Third Party 647.6 654.9 652.0 638.8 663.0 Retail customers - Third Party 256.7 265.2 267.0 259.0 282.3 Affiliated 536.4 549.9 547.1 535.5 546.0 Total PGIM 1,440.7 1,470.0 1,466.1 1,433.3 1,491.3 U.S. Businesses 113.8 115.9 116.9 115.3 122.1 International Businesses 19.4 19.8 19.7 20.8 22.0 Corporate and Other 6.4 6.3 6.4 6.4 6.7 Total assets under management 1,580.3 1,612.0 1,609.1 1,575.8 1,642.1 Assets under administration 193.2 194.6 195.1 190.9 193.7 Total assets under management and administration 1,773.5 1,806.6 1,804.2 1,766.7 1,835.8 Distribution Representatives (1) Prudential Advisors 2,985 3,034 3,061 3,112 3,159 Life Planners 6,161 6,141 6,235 6,281 6,169 Life Consultants 6,822 6,940 6,983 6,947 6,917 __________ (1) As of end of period. (2) At fair market value. Page 4Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 6,426 8,691 7,028 7,838 6,325 12,872 14,163 10% Policy charges and fee income 1,070 1,126 1,106 1,108 1,138 2,178 2,246 3% Net investment income 4,600 4,872 4,947 5,008 5,152 9,119 10,160 11% Asset management fees, commissions and other income 1,410 1,550 1,439 1,280 1,540 2,749 2,820 3% Total revenues 13,506 16,239 14,520 15,234 14,155 26,918 29,389 9% Benefits and expenses (1) Insurance and annuity benefits 7,195 9,485 7,936 8,713 6,993 14,539 15,706 8% Change in estimates of liability for future policy benefits 100 96 50 41 347 86 388 351% Interest credited to policyholders' account balances 1,135 1,215 1,271 1,304 1,380 2,218 2,684 21% Interest expense 526 531 533 539 541 1,048 1,080 3% Deferral of acquisition costs (689) (699) (681) (624) (635) (1,373) (1,259) 8% Amortization of acquisition costs 392 395 408 397 418 768 815 6% Operating expenses 1,634 1,639 1,876 1,729 1,734 3,258 3,463 6% Variable expenses 1,548 1,630 1,622 1,509 1,550 3,189 3,059 -4% Total benefits and expenses 11,841 14,292 13,015 13,608 12,328 23,733 25,936 9% Adjusted operating income (loss) before income taxes 1,665 1,947 1,505 1,626 1,827 3,185 3,453 8% Income taxes, applicable to adjusted operating income 381 426 337 348 389 713 737 3% After-tax adjusted operating income 1,284 1,521 1,168 1,278 1,438 2,472 2,716 10% Reconciling items Realized investment gains (losses), net, and related charges and adjustments (516) (574) (282) (621) (655) (762) (1,276) -67% Change in value of market risk benefits, net of related hedging gains (losses) (426) 324 (22) (295) (71) (777) (366) 53% Market experience updates 42 (36) 23 15 (20) 81 (5) -106% Divested and Run-off Businesses Closed Block division (18) 10 (38) (11) (12) (40) (23) 43% Other Divested and Run-off Businesses 12 123 23 64 135 (39) 199 610% Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (18) (11) 6 (42) (25) (15) (67) -347% Other adjustments (2) (1) (1) (1) (3) (1) 27 (4) -115% Total reconciling items, before income taxes (925) (165) (291) (893) (649) (1,525) (1,542) -1% Income taxes, not applicable to adjusted operating income (186) (44) (68) (219) (171) (311) (390) -25% Total reconciling items, after income taxes (739) (121) (223) (674) (478) (1,214) (1,152) 5% Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities 740 1,782 1,214 733 1,178 1,660 1,911 15% Income tax expense (benefit) 195 382 269 129 218 402 347 -14% Income (loss) before equity in earnings of joint ventures and other operating entities 545 1,400 945 604 960 1,258 1,564 24% Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (12) 31 (40) (7) 25 (18) 18 200% Income (loss) attributable to Prudential Financial, Inc. 533 1,431 905 597 985 1,240 1,582 28% Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 33 52 36 9 51 68 60 -12% Net income (loss) 566 1,483 941 606 1,036 1,308 1,642 26% Less Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 52 36 9 51 68 60 -12% Net income (loss) attributable to Prudential Financial, Inc. 533 1,431 905 597 985 1,240 1,582 28% ____________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 32-35 for reconciliation. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. Page 5Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 CONSOLIDATED BALANCE SHEETS (in millions) 06 30 2025 09 30 2025 12 31 2025 03 31 2026 06 30 2026 Assets Investments Fixed maturities, available-for-sale, at fair value 328,302 335,414 331,455 330,851 333,526 Fixed maturities, trading, at fair value 14,020 14,575 14,869 15,831 16,758 Assets supporting experience-rated contractholder liabilities, at fair value 4,282 4,648 4,842 4,781 5,405 Equity securities, at fair value 7,434 8,794 10,972 12,552 14,389 Commercial mortgage and other loans 62,966 64,813 64,715 65,412 65,985 Policy loans 9,946 9,951 9,958 9,988 9,984 Other invested assets 27,256 27,665 27,294 27,792 28,574 Short-term investments 6,375 6,248 6,414 6,917 7,216 Total investments 460,581 472,108 470,519 474,124 481,837 Cash and cash equivalents 16,638 17,469 19,712 15,936 15,162 Accrued investment income 3,560 3,581 3,636 3,633 3,758 Deferred policy acquisition costs 21,222 21,468 21,530 21,730 21,880 Value of business acquired 450 430 397 382 366 Market risk benefit assets 2,188 2,252 2,330 2,166 2,430 Reinsurance recoverables and deposit receivables 44,152 44,947 44,077 43,213 44,218 Income tax assets 839 240 279 37 Other assets 14,561 15,267 15,009 15,176 14,916 Separate account assets 194,761 198,540 196,251 189,036 198,950 Total assets 758,952 776,302 773,740 765,396 783,554 Liabilities Future policy benefits 270,133 272,553 266,914 262,470 260,944 Policyholders' account balances 180,931 188,657 191,307 192,131 202,223 Market risk benefit liabilities 4,859 4,771 4,623 5,000 4,731 Reinsurance and funds withheld payables 17,126 17,874 18,844 19,270 19,864 Securities sold under agreements to repurchase 8,205 9,937 9,598 10,975 10,069 Cash collateral for loaned securities 9,167 8,597 8,700 8,905 9,236 Income tax liabilities 255 Short-term debt 1,373 1,386 1,443 946 955 Long-term debt 18,651 18,797 18,856 18,882 19,663 Other liabilities 18,872 18,507 18,964 19,316 18,315 Notes issued by consolidated variable interest entities 1,758 1,868 2,659 3,283 4,017 Separate account liabilities 194,761 198,540 196,251 189,036 198,950 Total liabilities 725,836 741,487 738,159 730,469 748,967 Mezzanine Equity Redeemable noncontrolling interests 2,213 2,358 2,794 2,608 2,652 Total mezzanine equity 2,213 2,358 2,794 2,608 2,652 Equity Accumulated other comprehensive income (loss) (3,921) (3,175) (3,077) (3,450) (4,060) Other equity (1) 34,503 35,269 35,515 35,425 35,637 Total Prudential Financial, Inc. equity 30,582 32,094 32,438 31,975 31,577 Noncontrolling interests 321 363 349 344 358 Total equity 30,903 32,457 32,787 32,319 31,935 Total liabilities, mezzanine equity and equity 758,952 776,302 773,740 765,396 783,554 ____________ (1) Includes $20 million, $60 million, $(24) million, $(47) million and $67 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively. Page 6Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINING BALANCE SHEETS (in millions) As of June 30, 2026 Consolidated PFI Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other Assets Total investments 481,837 45,668 436,169 4,455 253,923 157,603 20,188 Deferred policy acquisition costs 21,880 138 21,742 12,661 9,763 (682) Other assets 80,887 964 79,923 5,580 56,742 18,603 (1,002) Separate account assets 198,950 198,950 29,673 173,344 (4,067) Total assets 783,554 46,770 736,784 39,708 496,670 185,969 14,437 Liabilities Future policy benefits 260,944 40,582 220,362 120,130 90,919 9,313 Policyholders' account balances 202,223 4,212 198,011 134,265 63,611 135 Debt 20,618 20,618 1,936 4,516 225 13,941 Other liabilities 66,232 3,563 62,669 3,944 46,087 9,880 2,758 Separate account liabilities 198,950 198,950 29,673 173,344 (4,067) Total liabilities 748,967 48,357 700,610 35,553 478,342 164,635 22,080 Mezzanine Equity Redeemable noncontrolling interests 2,652 2,652 946 1,706 Total mezzanine equity 2,652 2,652 946 1,706 Equity Accumulated other comprehensive income (loss) (4,060) (159) (3,901) (59) (1,153) (201) (2,488) Other equity (1) 35,637 (1,439) 37,076 3,096 19,404 21,507 (6,931) Total Prudential Financial, Inc. equity 31,577 (1,598) 33,175 3,037 18,251 21,306 (9,419) Noncontrolling interests 358 11 347 172 77 28 70 Total equity 31,935 (1,587) 33,522 3,209 18,328 21,334 (9,349) Total liabilities, mezzanine equity and equity 783,554 46,770 736,784 39,708 496,670 185,969 14,437 As of December 31, 2025 Consolidated PFI Closed Block Division PFI Excluding Closed Block Division PGIM U.S. Businesses International Businesses Corporate and Other Assets Total investments 470,519 46,523 423,996 3,652 238,446 158,699 23,199 Deferred policy acquisition costs 21,530 144 21,386 12,359 9,678 (651) Other assets 85,440 1,428 84,012 6,173 56,968 19,393 1,478 Separate account assets 196,251 196,251 29,278 171,022 (4,049) Total assets 773,740 48,095 725,645 39,103 478,795 187,770 19,977 Liabilities Future policy benefits 266,914 41,484 225,430 121,068 95,235 9,127 Policyholders' account balances 191,307 4,272 187,035 123,538 61,688 1,809 Debt 20,299 20,299 2,070 4,619 211 13,399 Other liabilities 63,388 3,942 59,446 3,329 41,279 8,781 6,057 Separate account liabilities 196,251 196,251 29,278 171,022 (4,049) Total liabilities 738,159 49,698 688,461 34,677 461,526 165,915 26,343 Mezzanine Equity Redeemable noncontrolling interest 2,794 2,794 1,175 1,619 Total mezzanine equity 2,794 2,794 1,175 1,619 Equity Accumulated other comprehensive income (loss) (3,077) (155) (2,922) (50) (365) 65 (2,572) Other equity (1) 35,515 (1,459) 36,974 3,144 17,555 21,762 (5,487) Total Prudential Financial, Inc. equity 32,438 (1,614) 34,052 3,094 17,190 21,827 (8,059) Noncontrolling interests 349 11 338 157 79 28 74 Total equity 32,787 (1,603) 34,390 3,251 17,269 21,855 (7,985) Total liabilities, mezzanine equity and equity 773,740 48,095 725,645 39,103 478,795 187,770 19,977 ____________ (1) Includes $20 million and $(24) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of June 30, 2026 and December 31, 2025, respectively. Page 7Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED (in millions) As of June 30, 2026 As of December 31, 2025 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 48 6,568 7,590 14,206 36 6,464 7,595 14,095 Operating Debt 875 4,361 749 5,985 1,374 4,359 5,733 Limited recourse and non-recourse borrowing 32 395 427 33 438 471 Total Debt 955 11,324 8,339 20,618 1,443 11,261 7,595 20,299 As of June 30, 2026 As of December 31, 2025 Prudential Financial, Inc. The Prudential Insurance Company of America (1) Other Affiliates Total Debt Prudential Financial, Inc. The Prudential Insurance Company of America (1) Other Affiliates Total Debt Borrowings by sources Capital Debt 14,168 38 14,206 14,055 40 14,095 Operating Debt 5,135 850 5,985 4,884 849 5,733 Limited recourse and non-recourse borrowing 28 399 427 33 438 471 Total Debt 19,303 878 437 20,618 18,939 882 478 20,299 __________ (1) Includes Prudential Funding, LLC. Page 8Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - PGIM (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums Policy charges and fee income Net investment income 59 54 48 34 73 79 107 35% Asset management fees, commissions and other income 984 1,041 1,060 1,006 1,034 1,949 2,040 5% Total revenues 1,043 1,095 1,108 1,040 1,107 2,028 2,147 6% Benefits and expenses (1) Insurance and annuity benefits Change in estimates of liability for future policy benefits Interest credited to policyholders' account balances Interest expense 24 27 28 25 24 45 49 9% Deferral of acquisition costs Amortization of acquisition costs Operating expenses 477 503 489 525 469 981 994 1% Variable expenses 313 321 342 300 320 617 620 % Total benefits and expenses 814 851 859 850 813 1,643 1,663 1% Adjusted operating income (loss) before income taxes 229 244 249 190 294 385 484 26% Total revenues 1,043 1,095 1,108 1,040 1,107 2,028 2,147 6% Less Passthrough distribution revenue 20 21 21 20 20 41 40 -2% Less Revenue associated with consolidations 50 45 42 23 44 68 67 -1% Total adjusted revenues (2) 973 1,029 1,045 997 1,043 1,919 2,040 6% Adjusted operating margin (2)(3) 23.5 % 23.7 % 23.8 % 19.1 % 28.2 % 20.1 % 23.7 % __________ (1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions. (2) Not calculated in accordance with GAAP. Adjusted revenue excludes pass-through distribution revenue, revenue attributable to consolidated entities and revenue associated with certain incentive fee-related compensation expense. Adjusted operating income before income taxes as a percentage of total adjusted revenues. (3) Reported Operating Margin based on total revenues is 26.8%, 18.3%, 22.5%, 22.3% and 22.0% for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and 22.7% and 19.0% for the six months ended June 30, 2026 and June 30, 2025, respectively. Page 9Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION (in millions, or as otherwise noted) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Supplementary Revenue Information Analysis of revenues by type Asset management fees 825 844 858 847 864 1,653 1,711 4% Other related revenues (1) 82 93 107 65 94 120 159 33% Service, distribution and other revenues 136 158 143 128 149 255 277 9% Total PGIM revenues 1,043 1,095 1,108 1,040 1,107 2,028 2,147 6% Analysis of asset management fees by source Institutional customers - Third Party 387 395 399 398 402 774 800 3% Retail customers - Third Party (2) 219 231 236 216 224 444 440 -1% Affiliated (2) 219 218 223 233 238 435 471 8% Total asset management fees 825 844 858 847 864 1,653 1,711 4% Trailing twelve months net flows by source (in billions) Institutional customers - Third Party 10.2 12.7 6.1 0.1 0.6 Retail customers - Third Party (1.5) (2.5) (4.0) (3.6) 0.7 Affiliated 16.0 11.3 (1.6) (3.4) (7.0) Total net flows 24.7 21.5 0.5 (6.9) (5.7) Trailing twelve months net flows by asset class (in billions) Public equity (9.3) (15.2) (17.9) (22.6) (27.2) Public credit 23.0 26.9 22.3 21.5 28.8 Private credit 8.4 7.3 5.2 3.8 2.9 Real estate 2.8 1.7 4.3 3.6 3.8 Multi-asset 0.1 (0.1) (14.6) (14.2) (14.7) Other alternatives (0.3) 0.9 1.2 1.0 0.7 Total net flows 24.7 21.5 0.5 (6.9) (5.7) Supplementary Assets Under Management Information (at fair market value) (in billions) June 30, 2026 Public Equity Public Credit Private Credit Real Estate Multi-Asset Other Alternatives Total Institutional customers - Third Party 80.7 472.8 30.5 71.1 1.5 6.4 663.0 Retail customers - Third Party 107.4 172.2 0.1 2.3 0.3 282.3 Affiliated 42.7 276.2 89.1 64.6 72.4 1.0 546.0 Total 230.8 921.2 119.7 135.7 76.2 7.7 1,491.3 June 30, 2025 Public Equity Public Credit Private Credit Real Estate Multi-Asset Other Alternatives Total Institutional customers - Third Party 81.2 461.5 28.3 69.2 1.4 6.0 647.6 Retail customers - Third Party 108.0 145.8 0.2 2.4 0.3 256.7 Affiliated 37.6 270.4 87.7 62.9 76.5 1.3 536.4 Total 226.8 877.7 116.0 132.3 80.3 7.6 1,440.7 __________ (1) Other related revenues, net of related expenses are $57 million, $35 million, $57 million, $64 million and $49 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $92 million and $68 million for the six months ended June 30, 2026 and June 30, 2025, respectively. (2) First quarter 2026 has been updated to conform to current period presentation. Page 10Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION (in billions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Institutional Customers - Third Party - Assets Under Management (at fair market value) Beginning assets under management 620.2 647.6 654.9 652.0 638.8 601.1 652.0 Additions 22.1 18.8 20.6 24.7 22.3 45.9 47.0 Withdrawals (19.5) (18.5) (25.0) (23.1) (19.2) (35.7) (42.3) Net institutional additions (withdrawals), excluding realizations, distributions and money market activity 2.6 0.3 (4.4) 1.6 3.1 10.2 4.7 Realizations and distributions (1) (2.3) (4.0) (3.1) (3.1) (1.9) (6.5) (5.0) Change in market value 24.0 15.6 4.1 (8.3) 21.9 30.6 13.6 Net money market flows 0.8 (0.3) 0.5 (3.7) 1.3 2.5 (2.4) Other (2) 2.3 (4.3) 0.3 (0.2) 9.7 0.1 Ending assets under management 647.6 654.9 652.0 638.8 663.0 647.6 663.0 Retail Customers - Third Party - Assets Under Management (at fair market value) Beginning assets under management 240.6 256.7 265.2 267.0 259.0 244.9 267.0 Additions 16.0 16.2 21.5 21.6 19.9 33.7 41.5 Withdrawals (18.8) (15.9) (22.8) (21.4) (18.4) (36.7) (39.8) Net retail additions (withdrawals), excluding money market activity (2.8) 0.3 (1.3) 0.2 1.5 (3.0) 1.7 Change in market value 18.6 9.2 2.7 (8.6) 19.6 13.1 11.0 Net money market flows 0.5 0.7 0.7 1.1 2.4 2.3 3.5 Other (2) (0.2) (1.7) (0.3) (0.7) (0.2) (0.6) (0.9) Ending assets under management 256.7 265.2 267.0 259.0 282.3 256.7 282.3 Affiliated - Assets Under Management (at fair market value) Beginning assets under management 524.5 536.4 549.9 547.1 535.5 529.2 547.1 Additions 19.8 15.8 17.3 18.2 16.8 40.4 35.0 Withdrawals (19.2) (14.0) (21.2) (20.1) (19.8) (39.9) (39.9) Net affiliated additions (withdrawals), excluding realizations, distributions and money market activity 0.6 1.8 (3.9) (1.9) (3.0) 0.5 (4.9) Realizations and distributions (1) (0.6) (0.1) (0.1) (0.1) (0.1) (0.2) Change in market value 10.9 13.2 2.8 (6.4) 14.9 14.8 8.5 Net money market flows (2.1) 1.5 (2.5) (0.6) (7.4) (3.1) Other (2) 2.5 (0.9) (3.1) (0.7) (0.7) (0.6) (1.4) Ending assets under management 536.4 549.9 547.1 535.5 546.0 536.4 546.0 __________ (1) Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations. (2) In third quarter 2025, Prudential completed the sale of its ownership in the PGIM SITE business in Taiwan to E.SUN Financial Holding Co., Ltd. and the outflows of $4.0 billion and $1.4 billion are reflected in institutional and retail, respectively. Page 11Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 3,724 5,897 4,401 4,894 3,575 7,122 8,469 19% Policy charges and fee income 993 1,046 1,016 1,006 1,041 2,028 2,047 1% Net investment income 2,760 2,948 2,982 3,066 3,091 5,460 6,157 13% Asset management fees, commissions and other income 531 552 548 484 505 1,104 989 -10% Total revenues 8,008 10,443 8,947 9,450 8,212 15,714 17,662 12% Benefits and expenses (1) Insurance and annuity benefits 4,750 6,928 5,503 6,049 4,629 9,313 10,678 15% Change in estimates of liability for future policy benefits 68 117 45 21 160 57 181 218% Interest credited to policyholders' account balances 754 808 856 886 953 1,478 1,839 24% Interest expense 286 291 299 295 294 581 589 1% Deferral of acquisition costs (431) (426) (432) (393) (428) (842) (821) 2% Amortization of acquisition costs 233 234 244 241 255 460 496 8% Operating expenses 583 500 521 555 542 1,112 1,097 -1% Variable expenses 810 842 860 840 850 1,669 1,690 1% Total benefits and expenses 7,053 9,294 7,896 8,494 7,255 13,828 15,749 14% Adjusted operating income (loss) before income taxes 955 1,149 1,051 956 957 1,886 1,913 1% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. Page 12Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums (2) 2,127 4,290 2,832 3,245 1,952 3,873 5,197 34% Policy charges and fee income 25 31 28 31 33 55 64 16% Net investment income 1,819 1,963 1,998 2,085 2,096 3,577 4,181 17% Asset management fees, commissions and other income 105 121 129 96 92 236 188 -20% Total revenues 4,076 6,405 4,987 5,457 4,173 7,741 9,630 24% Benefits and expenses (1) Insurance and annuity benefits 2,809 4,889 3,524 3,935 2,642 5,249 6,577 25% Change in estimates of liability for future policy benefits 123 112 53 25 153 98 178 82% Interest credited to policyholders' account balances 512 559 607 648 690 986 1,338 36% Interest expense 9 7 12 11 7 24 18 -25% Deferral of acquisition costs (206) (181) (166) (174) (177) (414) (351) 15% Amortization of acquisition costs 68 68 87 79 89 132 168 27% Operating expenses 138 138 134 145 145 275 290 5% Variable expenses 226 215 200 216 232 468 448 -4% Total benefits and expenses 3,679 5,807 4,451 4,885 3,781 6,818 8,666 27% Adjusted operating income (loss) before income taxes 397 598 536 572 392 923 964 4% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. (2) Includes pension risk transfer premiums of $0.2 billion, $1.4 billion, $1.0 billion, $2.4 billion and $0.2 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $1.6 billion and $0.2 billion for the six months ended June 30, 2026 and June 30, 2025, respectively. Page 13Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Sales and Additions Retail annuities (1) 3,135 3,377 3,574 3,284 3,585 6,608 6,869 Longevity reinsurance (2) 5,581 1,476 80 154 980 10,503 1,134 Fee-based stable value 1,048 551 1,086 1,113 915 2,129 2,028 Pension risk transfer and other (3) 2,225 4,326 2,520 2,818 1,367 3,273 4,185 Total 11,989 9,730 7,260 7,369 6,847 22,513 14,216 Account Value Beginning account value, gross 340,617 359,635 365,143 370,038 369,081 333,243 370,038 Sales and additions 11,989 9,730 7,260 7,369 6,847 22,513 14,216 Withdrawals and benefits (6,188) (7,223) (7,682) (8,057) (6,627) (13,480) (14,684) Net flows 5,801 2,507 (422) (688) 220 9,033 (468) Change in market value, interest credited and policy charges 5,525 6,207 4,190 1,517 7,029 7,152 8,546 Other (4) 7,692 (3,206) 1,127 (1,786) 349 10,207 (1,437) Ending account value, gross 359,635 365,143 370,038 369,081 376,679 359,635 376,679 Reinsurance ceded (11,579) (11,987) (12,888) (13,336) (13,949) (11,579) (13,949) Ending account value, net 348,056 353,156 357,150 355,745 362,730 348,056 362,730 Amounts included in net flows above Retail annuities (1) 2,472 2,614 2,785 2,429 2,629 5,295 5,058 Longevity reinsurance (2) 3,873 (311) (1,706) (1,664) (838) 7,258 (2,502) Fee-based stable value (25) (1,049) (1,191) (1,257) (99) (908) (1,356) Pension risk transfer and other (3) (519) 1,253 (310) (196) (1,472) (2,612) (1,668) Total 5,801 2,507 (422) (688) 220 9,033 (468) Amounts included in ending account value, net above Retail annuities (1) 49,649 54,553 57,532 58,177 65,648 Longevity reinsurance (2) 125,534 122,682 123,120 120,015 120,662 Fee-based stable value 67,362 67,727 67,763 67,518 67,060 Pension risk transfer and other (3) 105,511 108,194 108,735 110,035 109,360 Total 348,056 353,156 357,150 355,745 362,730 __________ (1) Primarily includes FlexGuard suite (Registered Index-Linked Annuities) and fixed annuity products. (2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. (3) Includes spread-based stable value, structured settlements and funding agreement-backed notes. (4) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business, net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts. Page 14Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 1,349 1,353 1,321 1,390 1,360 2,745 2,750 % Policy charges and fee income 184 183 164 186 178 381 364 -4% Net investment income 133 138 138 138 146 267 284 6% Asset management fees, commissions and other income 21 20 22 20 24 42 44 5% Total revenues 1,687 1,694 1,645 1,734 1,708 3,435 3,442 % Benefits and expenses (1) Insurance and annuity benefits 1,230 1,272 1,224 1,318 1,208 2,526 2,526 % Change in estimates of liability for future policy benefits (3) (3) Interest credited to policyholders' account balances 32 33 37 33 32 67 65 -3% Interest expense 5 7 4 5 4 10 9 -10% Deferral of acquisition costs (4) (25) (4) (25) -525% Amortization of acquisition costs 4 2 1 2 2 6 4 -33% Operating expenses 186 181 190 206 199 380 405 7% Variable expenses 109 109 112 132 136 236 268 14% Total benefits and expenses 1,562 1,604 1,568 1,696 1,553 3,221 3,249 1% Adjusted operating income (loss) before income taxes 125 90 77 38 155 214 193 -10% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Page 15Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION (dollar amounts in millions, or as otherwise noted) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Annualized New Business Premiums Group life 35 36 29 211 17 260 228 Group disability 42 42 27 315 56 217 371 Total 77 78 56 526 73 477 599 Future Policy Benefits (1) Group life 2,396 2,334 2,306 2,328 2,198 Group disability 3,316 3,345 3,398 3,472 3,529 Total 5,712 5,679 5,704 5,800 5,727 Policyholders' Account Balances (1) Group life 4,460 4,503 4,732 4,493 4,618 Group disability 104 99 100 106 108 Total 4,564 4,602 4,832 4,599 4,726 Separate Account Liabilities (1) Group life 26,364 26,988 26,916 26,737 28,058 Group Life Insurance Gross premiums, policy charges and fee income (2) 1,195 1,155 1,159 1,141 1,209 2,391 2,350 Earned premiums 935 952 916 946 907 1,931 1,853 Earned policy charges and fee income 156 154 137 156 147 327 303 Benefits ratio (3) 83.1 % 84.1 % 81.3 % 86.0 % 81.2 % 85.2 % 83.6 % Administrative expense ratio 11.5 % 10.5 % 11.7 % 11.5 % 11.3 % 11.1 % 11.4 % Persistency ratio 96.8 % 96.5 % 96.1 % 96.5 % 96.3 % Group Disability Insurance Gross premiums, policy charges and fee income (2) 447 434 432 477 490 876 967 Earned premiums 414 401 405 444 453 814 897 Earned policy charges and fee income 28 29 27 30 31 54 61 Benefits ratio (3) 75.3 % 79.7 % 85.3 % 78.4 % 78.5 % 70.6 % 78.4 % Administrative expense ratio 24.8 % 24.0 % 24.9 % 26.2 % 23.8 % 25.3 % 25.0 % Persistency ratio 94.1 % 92.9 % 91.8 % 94.2 % 93.7 % Total Group Insurance Benefits ratio (3) 80.9 % 82.8 % 82.5 % 83.7 % 80.4 % 81.1 % 82.0 % Administrative expense ratio 15.2 % 14.2 % 15.5 % 15.9 % 15.1 % 15.0 % 15.5 % Net face amount of policies in force (in billions) (4) 2,118 2,118 2,117 2,059 2,108 __________ (1) As of end of period. (2) Before returns of premiums to participating policyholders for favorable claims experience. (3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 76.2%, 82.7% and 78.3% for the three months ended June 30, 2026, respectively, and 82.4%, 74.7% and 80.2% for the three months ended June 30, 2025, respectively. (4) At end of period net of reinsurance. Page 16Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 232 236 231 234 232 469 466 -1% Policy charges and fee income 354 454 445 431 460 784 891 14% Net investment income 348 371 358 368 377 708 745 5% Asset management fees, commissions and other income 80 82 90 88 92 164 180 10% Total revenues 1,014 1,143 1,124 1,121 1,161 2,125 2,282 7% Benefits and expenses (1) Insurance and annuity benefits 427 482 422 462 457 949 919 -3% Change in estimates of liability for future policy benefits (38) (5) (3) (8) (7) (31) (15) 52% Interest credited to policyholders' account balances 143 153 149 147 163 289 310 7% Interest expense 102 104 105 105 104 213 209 -2% Deferral of acquisition costs (209) (236) (250) (216) (222) (399) (438) -10% Amortization of acquisition costs 104 105 106 108 111 210 219 4% Operating expenses 156 105 104 115 110 265 225 -15% Variable expenses 247 282 305 269 269 495 538 9% Total benefits and expenses 932 990 938 982 985 1,991 1,967 -1% Adjusted operating income (loss) before income taxes 82 153 186 139 176 134 315 135% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. Page 17Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION (in millions, or as otherwise noted) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 ANNUALIZED NEW BUSINESS PREMIUMS (1) Term life 39 37 36 38 42 71 80 Universal life 18 24 21 17 20 36 37 Variable life 160 186 201 196 175 314 371 Total 217 247 258 251 237 421 488 ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1) Prudential Advisors 43 48 49 44 50 81 94 Third party distribution 174 199 209 207 187 340 394 Total 217 247 258 251 237 421 488 ACCOUNT VALUE ACTIVITY Policyholders' Account Balances (2) Beginning account balance 19,289 19,679 19,940 20,118 20,238 19,161 20,118 Premiums and deposits 346 349 361 392 348 693 740 Surrenders and withdrawals (467) (419) (557) (460) (454) (884) (914) Net sales (redemptions) (121) (70) (196) (68) (106) (191) (174) Benefit payments (27) (31) 53 (19) (20) (58) (39) Net flows (148) (101) (143) (87) (126) (249) (213) Interest credited and other 508 304 179 131 593 732 724 Net transfers (to) from separate account 168 193 288 219 242 313 461 Policy charges (138) (135) (146) (143) (140) (278) (283) Ending account balance 19,679 19,940 20,118 20,238 20,807 19,679 20,807 Separate Account Liabilities Beginning account balance 53,323 57,995 61,376 62,594 60,704 54,803 62,594 Premiums and deposits 1,084 1,117 1,293 1,177 1,115 2,047 2,292 Surrenders and withdrawals (315) (442) (558) (349) (424) (641) (773) Net sales (redemptions) 769 675 735 828 691 1,406 1,519 Benefit payments (165) (170) (244) (288) (98) (349) (386) Net flows 604 505 491 540 593 1,057 1,133 Change in market value, interest credited and other 4,608 3,450 1,398 (1,825) 6,935 3,194 5,110 Net transfers (to) from general account (168) (193) (288) (219) (242) (313) (461) Policy charges (372) (381) (383) (386) (390) (746) (776) Ending account balance 57,995 61,376 62,594 60,704 67,600 57,995 67,600 NET FACE AMOUNT IN FORCE (in billions) (3) Term life 284 282 284 289 293 Universal life 25 25 25 25 25 Variable life 170 174 176 177 182 Total 479 481 485 491 500 __________ (1) Excludes corporate-owned life insurance. (2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products. (3) At end of period net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life. Page 18Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 16 18 17 25 31 35 56 60% Policy charges and fee income 430 378 379 358 370 808 728 -10% Net investment income 460 476 488 475 472 908 947 4% Asset management fees, commissions and other income 325 329 307 280 297 662 577 -13% Total revenues 1,231 1,201 1,191 1,138 1,170 2,413 2,308 -4% Benefits and expenses (1) Insurance and annuity benefits 284 285 333 334 322 589 656 11% Change in estimates of liability for future policy benefits (17) 10 (5) 4 17 (10) 21 310% Interest credited to policyholders' account balances 67 63 63 58 68 136 126 -7% Interest expense 170 173 178 174 179 334 353 6% Deferral of acquisition costs (12) (9) (16) (3) (4) (25) (7) 72% Amortization of acquisition costs 57 59 50 52 53 112 105 -6% Operating expenses 103 76 93 89 88 192 177 -8% Variable expenses 228 236 243 223 213 470 436 -7% Total benefits and expenses 880 893 939 931 936 1,798 1,867 4% Adjusted operating income (loss) before income taxes 351 308 252 207 234 615 441 -28% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates. Page 19Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION (in millions, or as otherwise noted) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Annuities Account Value (1) Beginning account value, gross 89,139 90,263 90,034 87,203 81,636 93,598 87,203 Premiums and deposits (2) 8 4 6 5 5 14 10 Full surrenders and death benefits (2,170) (2,633) (2,576) (2,425) (2,613) (4,647) (5,038) Premiums and deposits net of full surrenders and death benefits (2,162) (2,629) (2,570) (2,420) (2,608) (4,633) (5,028) Partial withdrawals and other benefit payments (1,036) (1,049) (1,228) (1,131) (934) (2,217) (2,065) Net flows (3,198) (3,678) (3,798) (3,551) (3,542) (6,850) (7,093) Change in market value interest credited and other 4,802 3,935 1,433 (1,583) 5,787 4,470 4,204 Policy charges (480) (486) (466) (433) (426) (955) (859) Ending account value, gross 90,263 90,034 87,203 81,636 83,455 90,263 83,455 Reinsurance ceded (8,393) (8,315) (7,954) (7,575) (7,361) (8,393) (7,361) Ending account value, net 81,870 81,719 79,249 74,061 76,094 81,870 76,094 Guaranteed Universal Life Policyholders' Account Balances (3) Beginning account balance, gross 14,655 14,685 14,720 14,897 14,921 14,611 14,897 Premiums and deposits (2) 342 338 479 331 316 692 647 Surrenders and withdrawals (26) (26) (29) (24) (26) (58) (50) Net premiums (redemptions) 316 312 450 307 290 634 597 Benefit payments (44) (29) (24) (31) (31) (74) (62) Net flows 272 283 426 276 259 560 535 Interest credited and other 139 140 140 131 137 280 268 Policy charges (381) (388) (389) (383) (381) (766) (764) Ending account balance, gross 14,685 14,720 14,897 14,921 14,936 14,685 14,936 Reinsurance ceded (9,043) (9,077) (9,244) (9,273) (9,291) (9,043) (9,291) Ending account balance, net 5,642 5,643 5,653 5,648 5,645 5,642 5,645 Net Face Amount In Force (in billions) (4) Guaranteed Universal Life 37 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. Page 20Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES (in millions) 2025 2026 2Q 3Q 4Q 1Q 2Q MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1) Market Risk Benefits Account Values by Risk Management Design Account Values with Auto-Rebalancing Feature - risk retained by Prudential 62,634 62,435 60,554 56,589 58,028 Account Values with Auto-Rebalancing Feature - externally reinsured 1,758 1,713 1,628 1,493 1,495 Account Values without Auto-Rebalancing Feature 21,733 21,711 20,937 19,584 19,867 Total 86,125 85,859 83,119 77,666 79,390 Market Risk Benefits Net Amount at Risk by Product Design Type Net Amount at Risk with Auto-Rebalancing Feature 6,104 5,575 5,558 6,252 5,325 Net Amount at Risk without Auto-Rebalancing Feature 2,632 2,421 2,517 2,750 2,588 Total 8,736 7,996 8,075 9,002 7,913 __________ (1) At end of period. Page 21Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums 2,709 2,800 2,627 2,949 2,755 5,766 5,704 -1% Policy charges and fee income 92 96 104 117 114 180 231 28% Net investment income 1,451 1,540 1,569 1,607 1,643 2,920 3,250 11% Asset management fees, commissions and other income 147 159 116 114 179 271 293 8% Total revenues 4,399 4,595 4,416 4,787 4,691 9,137 9,478 4% Benefits and expenses (1) Insurance and annuity benefits 2,446 2,559 2,428 2,667 2,368 5,235 5,035 -4% Change in estimates of liability for future policy benefits 32 (21) 5 20 187 29 207 614% Interest credited to policyholders' account balances 369 390 402 414 425 716 839 17% Interest expense 1 2 1 3 6 9 % Deferral of acquisition costs (297) (308) (286) (263) (240) (603) (503) 17% Amortization of acquisition costs 174 175 179 173 179 339 352 4% Operating expenses 467 466 499 563 535 903 1,098 22% Variable expenses 446 451 431 400 376 909 776 -15% Total benefits and expenses 3,638 3,714 3,659 3,977 3,836 7,528 7,813 4% Adjusted operating income (loss) before income taxes 761 881 757 810 855 1,609 1,665 3% __________ (1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. Page 22Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 Actual exchange rate basis (1) Net premiums, policy charges and fee income Japan 2,462 2,548 2,350 2,688 2,445 5,322 5,133 Emerging Markets 339 348 381 378 424 624 802 Total 2,801 2,896 2,731 3,066 2,869 5,946 5,935 Annualized new business premiums Japan 453 453 410 328 258 931 586 Emerging Markets 88 102 112 101 118 186 219 Total 541 555 522 429 376 1,117 805 Annualized new business premiums by distribution channel Life Planners 216 227 224 154 78 474 232 Life Consultants 150 138 110 105 109 280 214 Banks 93 108 103 85 86 188 171 Independent Agency and Other 82 82 85 85 103 175 188 Total 541 555 522 429 376 1,117 805 Constant exchange rate basis (2) Net premiums, policy charges and fee income Japan 2,440 2,550 2,395 2,770 2,531 5,352 5,301 Emerging Markets 321 317 345 332 359 600 691 Total 2,761 2,867 2,740 3,102 2,890 5,952 5,992 Annualized new business premiums Japan 451 453 417 335 262 934 597 Emerging Markets 84 93 101 89 99 179 188 Total 535 546 518 424 361 1,113 785 Annualized new business premiums by distribution channel Life Planners 211 223 225 152 69 471 221 Life Consultants 150 138 111 107 110 281 217 Banks 92 105 100 82 81 187 163 Independent Agency and Other 82 80 82 83 101 174 184 Total 535 546 518 424 361 1,113 785 __________ (1) Translated based on applicable average exchange rates for the period shown. (2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. Page 23Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION 2025 2026 2Q 3Q 4Q 1Q 2Q Face amount of individual policies in force at end of period (in billions) (1)(2) (Constant exchange rate basis) Japan 517 515 512 506 501 Emerging Markets 51 52 53 57 59 Total 568 567 565 563 560 Policyholder Account Balances at end of period (in millions) (1)(2) (Constant exchange rate basis) International Businesses 51,391 53,342 54,797 55,531 56,936 Number of individual policies in force at end of period (in thousands) (3) Japan 11,116 11,142 11,136 11,045 10,945 Emerging Markets 869 884 907 925 939 Total 11,985 12,026 12,043 11,970 11,884 International Businesses life insurance individual policy persistency 13 months 93.0 % 94.0 % 94.0 % 93.8 % 93.7 % 25 months 83.0 % 83.0 % 83.0 % 84.7 % 85.6 % Number of Life Planners at end of period Japan 4,285 4,282 4,283 4,243 4,068 Emerging Markets 1,876 1,859 1,952 2,038 2,101 Total Life Planners 6,161 6,141 6,235 6,281 6,169 Life Consultants 6,822 6,940 6,983 6,947 6,917 __________ (1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. (2) Net of reinsurance. (3) Direct business only policy count includes annuities. Page 24Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 STATEMENTS OF OPERATIONS - CORPORATE AND OTHER (in millions) 2025 2026 Year-to-date 2Q 3Q 4Q 1Q 2Q 2025 2026 % change Revenues (1) Premiums (7) (6) (5) (5) (16) (10) 38% Policy charges and fee income (15) (16) (14) (15) (17) (30) (32) -7% Net investment income 330 330 348 301 345 660 646 -2% Asset management fees, commissions and other income (252) (202) (285) (324) (178) (575) (502) 13% Total revenues 56 106 49 (43) 145 39 102 162% Benefits and expenses (1) Insurance and annuity benefits (1) (2) 5 (3) (4) (9) (7) 22% Change in estimates of liability for future policy benefits Interest credited to policyholders' account balances 12 17 13 4 2 24 6 -75% Interest expense 215 211 205 216 217 422 433 3% Deferral of acquisition costs 39 35 37 32 33 72 65 -10% Amortization of acquisition costs (15) (14) (15) (17) (16) (31) (33) -6% Operating expenses 107 170 367 86 188 262 274 5% Variable expenses (21) 16 (11) (31) 4 (6) (27) -350% Total benefits and expenses 336 433 601 287 424 734 711 -3% Adjusted operating income (loss) before income taxes (280) (327) (552) (330) (279) (695) (609) 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 25Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INVESTMENT PORTFOLIO COMPOSITION (in millions) June 30, 2026 December 31, 2025 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 239,451 17,934 4,714 216,803 52.8 % 238,205 18,833 4,576 214,796 53.6 % Private, available-for-sale, at fair value 93,913 10,018 2,087 81,808 19.9 % 92,900 10,049 2,217 80,634 20.2 % Fixed maturities, trading, at fair value 15,429 550 9,945 4,934 1.2 % 14,448 581 9,049 4,818 1.2 % Assets supporting experience-rated contractholder liabilities, at fair value 5,405 5,405 1.3 % 4,842 4,842 1.2 % Equity securities, at fair value 13,900 1,631 58 12,211 3.0 % 10,515 1,593 8,922 2.2 % Commercial mortgage and other loans, at book value, net of allowance 65,301 7,475 368 57,458 14.0 % 63,921 7,463 263 56,195 14.0 % Policy loans, at outstanding balance 9,984 3,157 6,827 1.7 % 9,958 3,217 6,741 1.7 % Other invested assets, net of allowance (2) 25,220 4,621 2,049 18,550 4.5 % 24,066 4,532 1,850 17,684 4.4 % Short-term investments, net of allowance 7,214 282 115 6,817 1.6 % 6,404 255 71 6,078 1.5 % Subtotal (3) 475,817 45,668 19,336 410,813 100.0 % 465,259 46,523 18,026 400,710 100.0 % Invested assets of other entities and operations (4) 6,020 6,020 5,260 5,260 Total investments 481,837 45,668 19,336 416,833 470,519 46,523 18,026 405,970 Fixed Maturities by Credit Quality (3)(5) June 30, 2026 December 31, 2025 PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value % of Total Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value % of Total Public Fixed Maturities NAIC Rating (6) 1 186,020 1,728 25,045 162,703 75.1 % 184,052 2,585 23,277 163,360 76.1 % 2 49,396 621 3,161 2 46,854 21.6 % 46,660 907 2,952 44,615 20.8 % Subtotal - High or Highest Quality Securities 235,416 2,349 28,206 2 209,557 96.7 % 230,712 3,492 26,229 207,975 96.9 % 3 6,333 67 741 5,659 2.6 % 5,605 86 540 5,151 2.4 % 4 1,116 32 15 1,133 0.5 % 1,105 44 9 1,140 0.5 % 5 436 12 13 22 413 0.2 % 480 16 25 7 464 0.2 % 6 59 6 1 23 41 0.0 % 87 6 5 22 66 0.0 % Subtotal - Other Securities 7,944 117 770 45 7,246 3.3 % 7,277 152 579 29 6,821 3.1 % Total 243,360 2,466 28,976 47 216,803 100.0 % 237,989 3,644 26,808 29 214,796 100.0 % Private Fixed Maturities NAIC Rating (6) 1 22,032 241 1,599 20,674 25.3 % 21,362 336 1,431 20,267 25.1 % 2 49,648 1,257 2,295 48,610 59.4 % 47,978 1,777 1,961 47,794 59.3 % Subtotal - High or Highest Quality Securities 71,680 1,498 3,894 69,284 84.7 % 69,340 2,113 3,392 68,061 84.4 % 3 7,644 285 148 45 7,736 9.5 % 7,581 390 116 19 7,836 9.7 % 4 3,992 34 91 3,935 4.8 % 3,343 54 52 22 3,323 4.1 % 5 696 15 21 34 656 0.8 % 1,228 22 20 44 1,186 1.5 % 6 197 33 4 29 197 0.2 % 244 29 6 39 228 0.3 % Subtotal - Other Securities 12,529 367 264 108 12,524 15.3 % 12,396 495 194 124 12,573 15.6 % Total 84,209 1,865 4,158 108 81,808 100.0 % 81,736 2,608 3,586 124 80,634 100.0 % _____________ (1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. (2) Other invested assets consist of investments in limited partnerships and limited liability companies ( LPs LLCs ), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. (3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as Separate account assets on our balance sheet. (4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as Separate account assets on our balance sheet. (5) Excludes fixed maturity securities classified as trading. (6) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2026 and December 31, 2025, 2,018 securities with amortized cost of $10,759 million (fair value $10,766 million) and 1,482 securities with amortized cost of $9,683 million (fair value $9,598 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings. Page 26Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) (in millions) June 30, 2026 December 31, 2025 Amount % of Total Amount % of Total Investment Portfolio Composition - Japanese Insurance Operations (2) Fixed maturities Public, available-for-sale, at fair value 100,483 65.1 % 102,061 65.4 % Private, available-for-sale, at fair value 20,540 13.3 % 21,284 13.6 % Fixed maturities, trading, at fair value 718 0.5 % 551 0.3 % Assets supporting experience-rated contractholder liabilities, at fair value 5,405 3.5 % 4,842 3.1 % Equity securities, at fair value 1,610 1.0 % 1,652 1.1 % Commercial mortgage and other loans, at book value, net of allowance 14,139 9.1 % 14,487 9.3 % Policy loans, at outstanding balance 2,667 1.7 % 2,708 1.7 % Other invested assets, net of allowance (3) 6,862 4.4 % 6,357 4.1 % Short-term investments, net of allowance 2,230 1.4 % 2,166 1.4 % Total 154,654 100.0 % 156,108 100.0 % June 30, 2026 December 31, 2025 Amount % of Total Amount % of Total Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2) Fixed maturities Public, available-for-sale, at fair value 116,320 45.5 % 112,735 46.1 % Private, available-for-sale, at fair value 61,268 23.9 % 59,350 24.3 % Fixed maturities, trading, at fair value 4,216 1.6 % 4,267 1.7 % Assets supporting experience-rated contractholder liabilities, at fair value 0.0 % 0.0 % Equity securities, at fair value 10,601 4.1 % 7,270 3.0 % Commercial mortgage and other loans, at book value, net of allowance 43,319 16.9 % 41,708 17.1 % Policy loans, at outstanding balance 4,160 1.6 % 4,033 1.6 % Other invested assets, net of allowance (3) 11,688 4.6 % 11,327 4.6 % Short-term investments, net of allowance 4,587 1.8 % 3,912 1.6 % Total 256,159 100.0 % 244,602 100.0 % __________ (1) Excludes Closed Block division. (2) Excludes assets classified as Separate account assets on our balance sheet. (3) Other invested assets consist of investments in LPs LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Page 27Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INVESTMENT RESULTS (1) (in millions) Three Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (2) Amount Yield (2) Amount General Account (3) Fixed maturities (4) 4.67 % 3,791 (314) 4.39 % 3,406 (78) Equity securities 2.99 % 85 2.63 % 41 Commercial mortgage and other loans 4.77 % 674 (25) 4.42 % 597 (64) Policy loans 4.40 % 75 4.52 % 74 Short-term investments and cash equivalents 4.97 % 185 2 4.82 % 202 Gross investment income before investment expenses 4.64 % 4,810 (337) 4.39 % 4,320 (142) Investment expenses -0.17 % (320) -0.16 % (293) Subtotal 4.47 % 4,490 (337) 4.23 % 4,027 (142) Other investments (4) 304 (674) 261 (1,133) Investment results of other entities and operations (5) 88 (10) 72 (25) Investment results of Funds Withheld (6) 388 (508) 355 (201) Less investment income related to adjusted operating income reconciling items (118) (115) Total 5,152 (1,529) 4,600 (1,501) Six Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (2) Amount Yield (2) Amount General Account (3) Fixed maturities (4) 4.68 % 7,493 (930) 4.40 % 6,719 (38) Equity securities 2.70 % 142 2.38 % 78 Commercial mortgage and other loans 4.73 % 1,324 (50) 4.46 % 1,197 (114) Policy loans 4.46 % 150 4.54 % 147 Short-term investments and cash equivalents 4.86 % 385 (5) 4.45 % 432 Gross investment income before investment expenses 4.64 % 9,494 (985) 4.40 % 8,573 (152) Investment expenses -0.17 % (622) -0.16 % (576) Subtotal 4.47 % 8,872 (985) 4.24 % 7,997 (152) Other investments (4) 627 (402) 546 (1,429) Investment results of other entities and operations (5) 137 30 104 (2) Investment results of Funds Withheld (6) 769 (508) 705 (591) Less investment income related to adjusted operating income reconciling items (245) (233) Total 10,160 (1,865) 9,119 (2,174) ________ (1) Excludes Closed Block division. (2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. (3) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties, assets classified as Separate account assets on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in Other investments. Also included in Other investments are LP LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives. (5) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations. (6) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. Page 28Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS (in millions) Three Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (1) Amount Yield (1) Amount Japanese Insurance Operations Fixed maturities (2) 3.45 % 1,219 (238) 3.16 % 1,108 (27) Equity securities 5.10 % 20 4.78 % 21 Commercial mortgage and other loans 3.93 % 139 (15) 3.72 % 145 (8) Policy loans 3.63 % 25 3.70 % 26 Short-term investments and cash equivalents 4.14 % 40 1 4.31 % 44 Gross investment income before investment expenses 3.53 % 1,443 (252) 3.26 % 1,344 (35) Investment expenses -0.12 % (87) -0.13 % (89) Subtotal 3.41 % 1,356 (252) 3.13 % 1,255 (35) Other investments (2) 174 (15) 119 (194) Total 1,530 (267) 1,374 (229) Six Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (1) Amount Yield (1) Amount Japanese Insurance Operations Fixed maturities (2) 3.45 % 2,420 (787) 3.17 % 2,202 84 Equity securities 3.78 % 30 3.42 % 30 Commercial mortgage and other loans 3.88 % 275 (15) 3.78 % 296 (14) Policy loans 3.73 % 50 3.79 % 51 Short-term investments and cash equivalents 4.11 % 86 (1) 4.14 % 81 Gross investment income before investment expenses 3.51 % 2,861 (803) 3.26 % 2,660 70 Investment expenses -0.12 % (171) -0.13 % (171) Subtotal 3.39 % 2,690 (803) 3.13 % 2,489 70 Other investments (2) 320 5 261 (138) Total 3,010 (798) 2,750 (68) __________ (1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. (2) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in Other investments . Also included in Other investments are LP LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. Realized gains (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives. Page 29Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) (in millions) Three Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (2) Amount Yield (2) Amount Excluding Funds Withheld and Japanese Insurance Operations (3) Fixed maturities (4) 5.63 % 2,572 (76) 5.43 % 2,298 (51) Equity securities 2.64 % 65 1.78 % 20 Commercial mortgage and other loans 5.04 % 535 (10) 4.70 % 452 (56) Policy loans 4.89 % 50 5.09 % 48 Short-term investments and cash equivalents 5.26 % 145 1 4.99 % 158 Gross investment income before investment expenses 5.37 % 3,367 (85) 5.20 % 2,976 (107) Investment expenses -0.20 % (233) -0.18 % (204) Subtotal 5.17 % 3,134 (85) 5.02 % 2,772 (107) Other investments (4) 130 (659) 142 (939) Total 3,264 (744) 2,914 (1,046) Six Months Ended June 30, 2026 2025 Investment Income Realized Gains (Losses) Investment Income Realized Gains (Losses) Yield (2) Amount Yield (2) Amount Excluding Funds Withheld and Japanese Insurance Operations (3) Fixed maturities (4) 5.65 % 5,073 (143) 5.46 % 4,517 (122) Equity securities 2.50 % 112 2.00 % 48 Commercial mortgage and other loans 5.01 % 1,049 (35) 4.74 % 901 (100) Policy loans 4.94 % 100 5.06 % 96 Short-term investments and cash equivalents 5.13 % 299 (4) 4.54 % 351 Gross investment income before investment expenses 5.39 % 6,633 (182) 5.23 % 5,913 (222) Investment expenses -0.20 % (451) -0.18 % (405) Subtotal 5.19 % 6,182 (182) 5.05 % 5,508 (222) Other investments (4) 307 (407) 285 (1,291) Total 6,489 (589) 5,793 (1,513) __________ (1) Excludes Closed Block division. (2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments. (3) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as Separate account assets on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. (4) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in Other investments. Also included in Other investments are LP LLCs, investment real estate held through direct ownership, derivative instruments, and other miscellaneous investments. Realized gains (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives. Page 30Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS (in millions) Three Months Ended June 30, 2026 Premiums Policy Charges and Fee Income Net investment income Asset Management Fees, Commissions and Other Income Insurance and Annuity Benefits Change in Estimates of Liability for Future Policy Benefits Deferral of Acquisition Costs Amortization of Acquisition Costs Operating Expenses Adjusted Operating Income (Loss) Before Income Taxes Retirement 21 (9) (14) 117 (91) Group Insurance (22) (50) 28 Individual Life 24 2 (8) 30 U.S. Legacy Products 36 21 15 International Businesses 263 9 193 79 Corporate and Other (4) 4 Total 262 60 (9) 9 (62) 319 65 Three Months Ended June 30, 2025 Premiums Policy Charges and Fee Income Net investment income Asset Management Fees, Commissions and Other Income Insurance and Annuity Benefits Change in Estimates of Liability for Future Policy Benefits Deferral of Acquisition Costs Amortization of Acquisition Costs Operating Expenses Adjusted Operating Income (Loss) Before Income Taxes Retirement 54 24 140 (17) (93) Group Insurance (11) 11 Individual Life (51) (33) (38) (2) 48 (26) U.S. Legacy Products 60 5 (29) 20 64 International Businesses 56 3 (1) 61 1 (2) Corporate and Other Total 110 9 3 (16) 134 (2) (16) 68 (46) Page 31Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Six Months Ended June 30, 2026 Six 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 14,163 829 250 15,242 12,872 (1) 862 249 13,982 Policy charges and fee income 2,246 133 2,379 2,178 220 8 2,406 Net investment income 10,160 (4) 1,043 249 11,448 9,119 (6) 1,004 239 10,356 Realized investment gains (losses), net (3) (327) (1,555) (65) 17 (1,930) (305) (1,791) (255) (78) (2,429) Asset management fees, commissions and other income 3,147 871 203 319 (126) 4,414 3,054 419 156 112 (83) 3,658 Change in value of market risk benefits, net of related hedging gains (losses) (366) (366) (777) (777) Total revenues 29,389 (555) (366) 2,010 835 (126) 31,187 26,918 (1,158) (777) 7 1,767 522 (83) 27,196 Benefits and expenses Insurance and annuity benefits 15,706 55 (2) 1,838 397 17,994 14,539 202 (3) 1,593 394 16,725 Change in estimates of liability for future policy benefits 388 1 7 156 552 86 (251) (71) 11 (225) Interest credited to policyholders' account balances 2,684 319 55 25 3,083 2,218 (389) 57 77 1,963 Interest expense 1,080 (3) 1 1,078 1,048 (3) 3 1,048 Deferral of acquisition costs (1,259) (1,259) (1,373) (98) (1,471) Amortization of acquisition costs 815 20 6 841 768 40 6 814 Operating expenses 3,463 134 47 3 3,647 3,258 134 57 (28) 3,421 Variable expenses 3,059 326 3 10 (59) 1 3,340 3,189 100 20 19 (68) 1 3,261 Total benefits and expenses 25,936 721 5 2,033 636 (59) 4 29,276 23,733 (396) (74) 1,807 561 (68) (27) 25,536 __________ (1) See page 36 for a definition of adjusted operating income. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(150) million and $(82) million for six months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $64 million and $(151) million and certain derivatives of $(14) million and $60 million for six months ended June 30, 2026 and June 30, 2025, respectively. Page 32Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended June 30, 2026 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 6,325 426 129 6,880 6,426 (1) 445 112 6,982 Policy charges and fee income 1,138 119 (10) 1,247 1,070 174 5 1,249 Net investment income 5,152 (5) 513 123 5,783 4,600 (3) 511 118 5,226 Realized investment gains (losses), net (3) (133) (1,391) (37) (5) (1,566) (148) (1,302) (198) (51) (1,699) Asset management fees, commissions and other income 1,673 1,291 229 271 (76) 3,388 1,558 609 189 89 (51) 2,394 Change in value of market risk benefits, net of related hedging gains (losses) (71) (71) (426) (426) Total revenues 14,155 14 (71) (10) 1,131 518 (76) 15,661 13,506 (522) (426) 4 947 268 (51) 13,726 Benefits and expenses Insurance and annuity benefits 6,993 (12) (5) 1,050 203 8,229 7,195 200 (5) 864 186 8,440 Change in estimates of liability for future policy benefits 347 15 151 513 100 (254) (33) 12 (175) Interest credited to policyholders' account balances 1,380 558 27 9 1,974 1,135 (64) 29 38 1,138 Interest expense 541 (1) 1 541 526 (1) 1 526 Deferral of acquisition costs (635) (635) (689) (689) Amortization of acquisition costs 418 9 3 430 392 12 3 407 Operating expenses 1,734 64 15 1,813 1,634 69 14 1,717 Variable expenses 1,550 114 4 (51) 1 1,618 1,548 100 1 5 (33) 1 1,622 Total benefits and expenses 12,328 669 10 1,143 383 (51) 1 14,483 11,841 (6) (38) 965 256 (33) 1 12,986 __________ (1) See page 36 for a definition of adjusted operating income. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(104) million and $(27) million for three months ended June 30, 2026 and June 30, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(56) million and $(47) million and certain derivatives of $2 million and $55 million for three months ended June 30, 2026 and June 30, 2025, respectively. Page 33Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended September 30, 2025 Three Months Ended December 31, 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 8,691 1 394 127 9,213 7,028 (1) 463 112 7,602 Policy charges and fee income 1,126 25 (18) 1,133 1,106 23 (2) 1,127 Net investment income 4,872 (3) 528 131 5,528 4,947 (3) 524 121 5,589 Realized investment gains (losses), net (3) (119) (900) 3 (10) (1,026) (174) (360) (121) (22) (677) Asset management fees, commissions and other income 1,669 829 133 151 (66) 2,716 1,613 356 60 79 (37) 2,071 Change in value of market risk benefits, net of related hedging gains (losses) 324 324 (22) (22) Total revenues 16,239 (49) 324 (17) 1,058 399 (66) 17,888 14,520 16 (22) (3) 926 290 (37) 15,690 Benefits and expenses Insurance and annuity benefits 9,485 (85) (1) 949 200 10,548 7,936 30 (1) 864 198 9,027 Change in estimates of liability for future policy benefits 96 168 20 12 296 50 (2) (25) 9 32 Interest credited to policyholders' account balances 1,215 300 27 40 1,582 1,271 196 29 27 1,523 Interest expense 531 (3) 2 530 533 (2) 2 533 Deferral of acquisition costs (699) (699) (681) (681) Amortization of acquisition costs 395 4 4 403 408 7 3 418 Operating expenses 1,639 69 19 1 1,728 1,876 67 23 1,966 Variable expenses 1,630 138 2 3 (55) 1,718 1,622 67 3 8 (43) 1 1,658 Total benefits and expenses 14,292 525 19 1,048 276 (55) 1 16,106 13,015 298 (26) 964 267 (43) 1 14,476 __________ (1) See page 36 for a definition of adjusted operating income. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(91) million and $(49) million for three months ended September 30, 2025 and December 31, 2025, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(129) million and $27 million and certain derivatives of $(15) million and $3 million for three months ended September 30, 2025 and December 31, 2025, respectively. Page 34Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended March 31, 2026 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 7,838 403 121 8,362 Policy charges and fee income 1,108 14 10 1,132 Net investment income 5,008 1 530 126 5,665 Realized investment gains (losses), net (3) (194) (164) (28) 22 (364) Asset management fees, commissions and other income 1,474 (420) (26) 48 (50) 1,026 Change in value of market risk benefits, net of related hedging gains (losses) (295) (295) Total revenues 15,234 (569) (295) 10 879 317 (50) 15,526 Benefits and expenses Insurance and annuity benefits 8,713 67 3 788 194 9,765 Change in estimates of liability for future policy benefits 41 1 (8) 5 39 Interest credited to policyholders' account balances 1,304 (239) 28 16 1,109 Interest expense 539 (2) 537 Deferral of acquisition costs (624) (624) Amortization of acquisition costs 397 11 3 411 Operating expenses 1,729 70 32 3 1,834 Variable expenses 1,509 212 3 6 (8) 1,722 Total benefits and expenses 13,608 52 (5) 890 253 (8) 3 14,793 __________ (1) See page 36 for a definition of adjusted operating income. (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. (3) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(46) million for three months ended March 31, 2026. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $120 million and certain derivatives of $(16) million for three months ended March 31, 2026. Page 35Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 KEY DEFINITIONS AND FORMULAS 1. Adjusted operating income before income taxes Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes Realized investment gains (losses), net, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors. Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. Adjusted operating income excludes Change in value of market risk benefits, net of related hedging gains (losses), which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests and redeemable noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. Adjusted operating income does not equate to Net income as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above. 2. After-tax adjusted operating income Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments. 3. Annualized New Business Premiums Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Life Consultants include production by captive agents associated with the Japan operation. 4. Assets Under Administration Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee. 5. Assets Under Management Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses. 6. Book value per share of Common Stock GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position. Page 36Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 KEY DEFINITIONS AND FORMULAS 7. Borrowings - Capital Debt Debt utilized to meet the capital requirements of our business. 8. Borrowings - Operating Debt Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences. 9. Divested and Run-off Businesses Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for discontinued operations accounting treatment under U.S. GAAP. 10. Earned Premiums The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed. 11. General Account Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting Future Policy Benefits and Policyholders' Account Balances . General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account. 12. Group Insurance Benefits Ratios Ratio of policyholder benefits to earned premiums, policy charges and fee income. 13. Group Life Insurance and Group Disability Insurance Administrative Expense Ratios Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third party administrators passthrough fees and expenses. 14. Insurance and Annuity Benefits Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses. 15. International Life Planners Captive insurance Advisors from Prudential of Japan and Brazil. 16. Life Consultants Captive insurance agents for Gibraltar Life. 17. Non-recourse and Limited-recourse Debt Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets. 18. Other Related Revenues Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues. Page 37Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 KEY DEFINITIONS AND FORMULAS 19. PGIM Asset Under Management Institutional Customers - Third Party - Consists of third-party institutional assets. Retail Customers - Third Party - Consists of individual mutual funds and third-party sub-advisory relationships. Affiliated - Includes the Company's general account assets, as well as certain separate account assets of the Company's insurance and retirement businesses managed by PGIM. Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust. Public Credit - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages). Private Credit - Represents debt financing issued by entities directly to investors outside of public capital markets. Real Estate - Includes direct real estate equity and real estate mortgages Multi-Asset - Represents funds or products that invest in more than one asset class, balancing equity, public credit, and target date funds. Other Alternatives - Represents private equity, hedge funds, and other alternative strategies. 20. Policy Persistency - Group Insurance Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan). 21. Policy Persistency - International Businesses 13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month. 22. Prudential Advisors Captive financial professionals selling across all products in the United States. 23. Prudential Financial, Inc. Equity Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests and redeemable noncontrolling interests. 24. Separate Accounts Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account. 25. U.S. Legacy Products - Net Amounts at Risk Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. Page 38Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Second Quarter 2026 RATINGS AND INVESTOR INFORMATION FINANCIAL STRENGTH RATINGS as of August 4, 2026 Standard Fitch A.M. Best* Poor's Moody's* Ratings* The Prudential Insurance Company of America A+ AA- Aa3 AA- PRUCO Life Insurance Company A+ AA- Aa3 AA- PRUCO Life Insurance Company of New Jersey A+ AA- NR AA- The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NR A+ NR NR Gibraltar Life Insurance Company, Ltd. NR A+ NR NR The Prudential Gibraltar Financial Life Insurance Co. Ltd. NR A+ NR NR CREDIT RATINGS as of August 4, 2026 Prudential Financial, Inc. Short-Term Borrowings AMB-1 A-1 P-2 F1 Long-Term Senior Debt a- A A3 A- Junior Subordinated Long-Term Debt bbb BBB+ Baa1 BBB The Prudential Insurance Company of America Capital and surplus notes a A A2 A Prudential Funding, LLC Short-Term Debt AMB-1 A-1+ P-1 F1+ Long-Term Senior Debt a+ AA- (P)A1 NR PRICOA Global Funding I Long-Term Senior Debt aa- AA- Aa3 AA- * NR indicates not rated. INVESTOR INFORMATION Corporate Office Prudential Financial, Inc. 751 Broad Street Newark, New Jersey 07102 Common Stock Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU. For more information, please visit our website at investor.prudential.com. Page 39