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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

  FORM 8-K

___________________________

  

CURRENT REPORT

 Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 2, 2022

 ___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 ___________________________

New Jersey			001-16707			22-3703799
(State or other jurisdiction			(Commission			(I.R.S. Employer
of incorporation)			File Number)			Identification No.)

 

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

 

(973) 802-6000

(Registrant’s telephone number, including area code)

 ___________________________

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, Par Value $.01			PRU			New York Stock Exchange
5.625% Junior Subordinated Notes			PRS			New York Stock Exchange
4.125% Junior Subordinated Notes			PFH			New York Stock Exchange

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

Emerging growth company     ☐

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

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Item 2.02    Results of Operations and Financial Condition.

Prudential Financial, Inc. (the "Company") furnishes herewith, as Exhibit 99.1, a news release announcing second quarter 2022 results.

Item 7.01    Regulation FD Disclosure.

A.			Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for second quarter 2022.
B.			Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Wednesday, August 3, 2022 at 11:00 A.M. ET, to discuss the Company's second quarter 2022 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						News release of Prudential Financial, Inc. dated August 2, 2022, announcing second quarter 2022 results (furnished and not filed).
99.2						Quarterly Financial Supplement for Prudential Financial, Inc. for second quarter 2022 (furnished and not filed).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

 

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

 

Date: August 2, 2022

PRUDENTIAL FINANCIAL, INC.
By:			/s/ Robert D. Axel
			Name: Robert D. Axel Title:   Senior Vice President and Principal Accounting Officer

 

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Exhibit 99.1

August 2, 2022

Prudential Financial, Inc. Announces

Second Quarter 2022 Results

•Net loss attributable to Prudential Financial, Inc. of $565 million or $1.53 per Common share versus net income of $2.158 billion or $5.40 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 $1.048 billion or $2.80 per Common share versus a benefit of $182 million or $0.45 per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sales of a block of legacy variable annuities and the Full Service business of $1.140 billion or $3.04 per Common share.

•After-tax adjusted operating income of $664 million or $1.74 per Common share versus $1.440 billion or $3.60 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 $1.124 billion or $2.94 per Common share versus $24 million or $0.06 per share in the year-ago quarter. The current quarter also included an after-tax gain due to the sale of a block of legacy variable annuities of $673 million or $1.76 per Common share.

•Book value per Common share of $74.72 versus $160.31 per share for the year-ago quarter; adjusted book value per Common share of $104.19 versus $104.39 per share for the year-ago quarter.

•Parent company highly liquid assets(1) of $7.1 billion versus $4.9 billion for the year-ago quarter.

•Assets under management(2) of $1.410 trillion versus $1.730 trillion for the year-ago quarter.

•Capital returned to shareholders of $832 million in the quarter, including $375 million of share repurchases and $457 million of dividends, versus $1.335 billion in the year-ago quarter. Dividends paid were $1.20 per Common share, representing a 5% yield on adjusted book value.

Charles Lowrey, Chairman and CEO, commented on results:

“Our second quarter results reflect macroeconomic trends, including rising interest rates, widening credit spreads, and equity market declines, as well as the strengthening of our Individual Life reserves through our annual review of assumptions. We also continued to make significant strategic progress transforming our businesses to be less market sensitive and more nimble, while making additional investments to support our long-term, sustainable growth.

We completed the sales of our Full Service business and a significant portion of our traditional variable annuities, which reduced our market sensitivity by 20%. We are increasing our presence in Africa through a programmatic acquisition in a key growth market. We also continued to expand our products and solutions, and are expecting to reach our $750 million cost savings program target one year ahead of schedule.

Our actions are supported by the strength of our rock solid balance sheet, which gives us the financial flexibility to navigate through the current macroeconomic environment, while continuing to invest in our businesses and return capital to shareholders. Our strategy continues to position us well for the future and to be a leader in expanding access to insurance, investing, and retirement security around the world. We remain confident that we are on the right path to drive long-term sustainable growth and create value for all of our stakeholders.”

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release						Page 2

NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net loss attributable to Prudential Financial, Inc. was $565 million ($1.53 per Common share) for the second quarter of 2022, compared to net income of $2.158 billion ($5.40 per Common share) for the second quarter of 2021. After-tax adjusted operating income was $664 million ($1.74 per Common share) for the second quarter of 2022, compared to $1.440 billion ($3.60 per Common share) for the second quarter of 2021.

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 press release under “Non-GAAP Measures” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.

RESULTS OF ONGOING OPERATIONS

The Company’s ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $206 million for the second quarter of 2022, compared to $315 million in the year-ago quarter. This decrease reflects lower Other Related Revenues, driven by a decrease in seed and co-investment income, and lower asset management fees.

PGIM assets under management of $1.257 trillion were down 17% from the year-ago quarter, reflecting the impact of market depreciation resulting from higher interest rates and credit spreads, as well as declines in equity markets. While third-party net outflows of $0.2 billion in the current quarter reflect $8.3 billion of retail outflows mainly from fixed income, they were mostly offset by strong institutional inflows of $8.1 billion primarily driven by fixed income.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $370 million for the second quarter of 2022, compared to $1.047 billion in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $1.410 billion as well as a gain on the sale of a block of legacy variable annuities of $852 million. Excluding these items, current quarter results primarily reflect lower net investment spread results and lower net fee income, partially offset by a gain on a strategic investment and more favorable underwriting results.

Retirement Strategies, consisting of Institutional Retirement Strategies (former Retirement segment) and Individual Retirement Strategies (former Individual Annuities segment), reported adjusted operating income of $1.703 billion for the second quarter of 2022, compared to $922 million in the year-ago quarter.

Institutional Retirement Strategies:

•Reported adjusted operating income of $398 million in the current quarter, compared to $450 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of $14 million. Excluding this item, current quarter results primarily reflect lower net investment spread results, partially offset by higher reserve gains.

•Account values of $235 billion declined 4% from the year-ago quarter, driven by unfavorable foreign exchange impacts and market depreciation. Net inflows in the current quarter totaled $0.1 billion as sales of $3.7 billion were mostly offset by withdrawals and benefit payments.

Individual Retirement Strategies:

•Reported adjusted operating income of $1.305 billion in the current quarter, compared to $472 million in the year-ago quarter. This increase includes a favorable comparative impact from our annual assumption update and other refinements of $40 million as well as a gain on the sale of a block of legacy variable annuities of $852 million. Excluding these items, current quarter results primarily reflect lower fee income, net of distribution expenses and other associated costs, partially offset by a gain on a strategic investment and higher net investment spread results.

•Account values of $123 billion were down 32% from the year-ago quarter, reflecting the sale of a block of legacy variable annuities, market depreciation, and net outflows. Gross sales of $1.6 billion in the current quarter reflect the continued momentum from our FlexGuard products.

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release						Page 3

Group Insurance:

•Reported adjusted operating income of $53 million in the current quarter, compared to $17 million in the year-ago quarter. This increase includes an unfavorable comparative impact from our annual assumption update and other refinements of $4 million. Excluding this item, current quarter results primarily reflect more favorable underwriting results in both group life and disability, partially offset by lower net investment spread results.

•Reported earned premiums, policy charges, and fees of $1.4 billion decreased 3% from the year-ago quarter.

Individual Life:

•Reported a loss, on an adjusted operating income basis, of $1.325 billion in the current quarter, compared to adjusted operating income of $146 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $1.408 billion, primarily driven by updated policyholder behavior and mortality assumptions in the current quarter. Excluding this item, current quarter results primarily reflect lower net investment spread results and higher expenses, partially offset by more favorable underwriting results.

•Sales of $155 million in the current quarter decreased 14% from the year-ago quarter, driven by lower Universal Life and Term sales.

Assurance IQ reported a loss, on an adjusted operating income basis, of $61 million in the current quarter, compared to a loss of $38 million in the year-ago quarter. This higher loss includes an unfavorable impact from our annual assumption update and other refinements of $17 million in the current quarter. Excluding this item, current quarter results primarily reflect lower revenues, partially offset by lower expenses.

International Businesses

International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $555 million for the second quarter of 2022, compared to $803 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $17 million. Excluding this item, current quarter results primarily reflect lower earnings from joint venture investments, lower net investment spread results, and less favorable underwriting results, partially offset by business growth.

Life Planner:

•Reported adjusted operating income of $343 million in the current quarter, compared to $407 million in the year-ago quarter. This decrease includes an unfavorable comparative impact from our annual assumption update and other refinements of $21 million. Excluding this item, current quarter results primarily reflect lower net investment spread results and less favorable underwriting results, partially offset by business growth.

•Constant dollar basis sales(3) of $240 million in the current quarter increased 2% from the year-ago quarter, primarily driven by growth in Brazil.

Gibraltar Life & Other:

•Reported adjusted operating income of $212 million in the current quarter, compared to $396 million in the year-ago quarter. This decrease includes a favorable comparative impact from our annual assumption update and other refinements of $4 million. Excluding this item, current quarter results primarily reflect lower earnings from joint venture investments, lower net investment spread results, and less favorable underwriting results.

•Constant dollar basis sales(3) of $240 million in the current quarter decreased 8% from the year-ago quarter, primarily driven by lower protection product sales in the Bank channel.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $259 million for the second quarter of 2022, compared to a loss of $336 million in the year-ago quarter. This lower loss includes an unfavorable

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release						Page 4

comparative impact from our annual assumption update and other refinements of $1 million. Excluding this item, current quarter results primarily reflect lower expenses, higher income from pension and other employee benefit plans, and higher net investment income.

NET INCOME

Net loss in the current quarter included $2.350 billion of pre-tax net realized investment losses and related charges and adjustments, largely reflecting the impacts of rising interest rates, and also $104 million of net impairment and credit-related losses, $531 million of pre-tax gains related to market experience updates, and $415 million of pre-tax earnings from divested and run-off businesses, including a pre-tax gain of $690 million on the sale of the Full Service business.

Net income for the year-ago quarter included $358 million of pre-tax net realized investment gains and related charges and adjustments, including $61 million of net impairment and credit-related gains, $370 million of pre-tax earnings from divested and run-off businesses, and $225 million of pre-tax gains related to market experience updates.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Wednesday, August 3, 2022, at 11:00 a.m. ET to discuss with the investment community the Company’s second quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in the Q&A by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). All others may join the conference call in listen-only mode by dialing one of the above numbers. A replay will remain on the Investor Relations website through August 17. To access a replay via phone starting at 3:00 p.m. ET on August 3 through August 17 dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13725141.

FORWARD-LOOKING STATEMENTS

Certain of the statements included in this release, including those regarding our strategy to become a higher growth and less market sensitive company, our cost savings program, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more people, our strategy to create sustainable, long-term growth, our efforts to expand access to investing, insurance, and retirement security around the world, and other business strategies, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 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.

NON-GAAP MEASURES

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release.

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release						Page 5

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,” as adjusted, 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 our tax and capital profile.

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. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.

Adjusted operating income excludes 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, 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, changes in the fair value of contingent consideration, and goodwill impairments. Earnings attributable to 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.

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) 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

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Prudential Financial, Inc. Second Quarter 2022 Earnings Release						Page 6

(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 entitled “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 entitled “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)For more information about constant dollar basis sales, see the section entitled “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 more than $1.4 trillion in assets under management as of June 30, 2022, 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 more than a century. For more information, please visit news.prudential.com.

MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com

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Financial Highlights
(in millions, unaudited)
			Three Months Ended												Six Months Ended
			June 30												June 30
			2022						2021						2022						2021
Adjusted operating income (loss) before income taxes (1):
PGIM			$	206					$	315					$	394					$	966
U.S. Businesses			370						1,047						1,313						1,890
International Businesses			555						803						1,356						1,674
Corporate and Other			(259)						(336)						(625)						(658)
Total adjusted operating income before income taxes			$	872					$	1,829					$	2,438					$	3,872
Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments			$	(2,350)					$	358					$	(3,710)					$	1,413
Market experience updates			531						225						525						529
Divested and Run-off Businesses:
Closed Block division			13						31						36						65
Other Divested and Run-off Businesses			402						339						103						384
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests			21						4						(1)						(50)
Other adjustments (2)			—						(13)						(17)						(26)
Total reconciling items, before income taxes			(1,383)						944						(3,064)						2,315
Income (loss) before income taxes and equity in earnings of operating joint ventures			$	(511)					$	2,773					$	(626)					$	6,187
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc.			$	(565)					$	2,158					$	(596)					$	4,986
Income (loss) attributable to noncontrolling interests			(7)						25						(20)						1
Net income (loss)			(572)						2,183						(616)						4,987
Less: Earnings attributable to noncontrolling interests			(7)						25						(20)						1
Income (loss) attributable to Prudential Financial, Inc.			(565)						2,158						(596)						4,986
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests			(43)						(6)						(28)						44
Income (loss) (after-tax) before equity in earnings of operating joint ventures			(522)						2,164						(568)						4,942
Less: Total reconciling items, before income taxes			(1,383)						944						(3,064)						2,315
Less: Income taxes, not applicable to adjusted operating income			(197)						220						(614)						431
Total reconciling items, after income taxes			(1,186)						724						(2,450)						1,884
After-tax adjusted operating income (1)			664						1,440						1,882						3,058
Income taxes, applicable to adjusted operating income			208						389						556						814
Adjusted operating income before income taxes (1)			$	872					$	1,829					$	2,438					$	3,872
See footnotes on last page.

Page 1

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Financial Highlights
(in millions, except per share data, unaudited)
			Three Months Ended												Six Months Ended
			June 30												June 30
			2022						2021						2022						2021
Earnings per share of Common Stock:
Net income (loss) attributable to Prudential Financial, Inc.			$	(1.53)					$	5.40					$	(1.62)					$	12.39
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments			(6.23)						0.91						(9.81)						3.56
Market experience updates			1.41						0.57						1.39						1.33
Divested and Run-off Businesses:
Closed Block division			0.03						0.08						0.10						0.16
Other Divested and Run-off Businesses			1.07						0.86						0.27						0.97
Difference in earnings allocated to participating unvested share-based payment awards			0.01						(0.03)						0.03						(0.07)
Other adjustments (2)			—						(0.03)						(0.04)						(0.07)
Total reconciling items, before income taxes			(3.71)						2.36						(8.06)						5.88
Less: Income taxes, not applicable to adjusted operating income			(0.44)						0.56						(1.53)						1.09
Total reconciling items, after income taxes			(3.27)						1.80						(6.53)						4.79
After-tax adjusted operating income			$	1.74					$	3.60					$	4.91					$	7.60
Weighted average number of outstanding common shares (basic)			374.4						391.1						375.3						393.7
Weighted average number of outstanding common shares (diluted)			377.1						394.1						378.1						396.4
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.			$	(565)					$	2,158					$	(596)					$	4,986
Less: Earnings allocated to participating unvested share-based payment awards			6						31						13						75
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation			$	(571)					$	2,127					$	(609)					$	4,911
After-tax adjusted operating income (1)			$	664					$	1,440					$	1,882					$	3,058
Less: Earnings allocated to participating unvested share-based payment awards			9						20						26						46
After-tax adjusted operating income for earnings per share of Common Stock calculation (1)			$	655					$	1,420					$	1,856					$	3,012
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period			$	28,235					$	63,048
Less: Accumulated other comprehensive income (AOCI)			(10,178)						23,277
GAAP book value excluding AOCI			38,413						39,771
Less: Cumulative effect of foreign exchange rate remeasurement and currency
translation adjustments corresponding to realized gains/losses			(962)						(1,287)
Adjusted book value			$	39,375					$	41,058
End of period number of common shares (diluted)			377.9						393.3
GAAP book value per common share - diluted			74.72						160.31
GAAP book value excluding AOCI per share - diluted			101.65						101.12
Adjusted book value per common share - diluted			104.19						104.39
See footnotes on last page.

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Financial Highlights
(in millions, or as otherwise noted, unaudited)
			Three Months Ended												Six Months Ended
			June 30												June 30
			2022						2021						2022						2021
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period):
Institutional customers			$	560.7					$	618.6
Retail customers			314.3						401.2
General account			382.4						491.6
Total PGIM			$	1,257.4					$	1,511.4
Institutional Customers - Assets Under Management (in billions):
Gross additions, other than money market			$	24.6					$	23.0					$	41.4					$	44.2
Net additions, other than money market			$	8.1					$	5.6					$	8.4					$	6.7
Retail Customers - Assets Under Management (in billions):
Gross additions, other than money market			$	16.1					$	19.2					$	36.3					$	48.9
Net additions (withdrawals), other than money market			$	(8.3)					$	(0.3)					$	(12.9)					$	4.1
U.S. Businesses:
Retirement Strategies:
Institutional Retirement Strategies:
Gross additions			$	3,700					$	661					$	5,978					$	10,421
Net additions (withdrawals)			$	140					$	(5,083)					$	(2,481)					$	(965)
Total account value at end of period			$	234,594					$	243,843
Individual Retirement Strategies:
Fixed and Variable Annuity Sales and Account Values:
Gross sales			$	1,598					$	1,693					$	3,141					$	3,548
Sales, net of full surrenders and death benefits			$	38					$	(990)					$	(607)					$	(1,627)
Total account value at end of period			$	123,138					$	182,411
Group Insurance:
Group Insurance Annualized New Business Premiums (3):
Group life			$	26					$	16					$	206					$	191
Group disability			17						35						147						155
Total			$	43					$	51					$	353					$	346
Individual Life:
Individual Life Insurance Annualized New Business Premiums (3):
Term life			$	23					$	34					$	47					$	65
Universal life (4)			22						34						44						61
Variable life			110						112						214						258
Total			$	155					$	180					$	305					$	384
International Businesses:
International Businesses:
International Businesses Annualized New Business Premiums (3)(5):
Actual exchange rate basis			$	457					$	492					$	918					$	998
Constant exchange rate basis			$	480					$	498					$	952					$	1,008
See footnotes on last page.

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Financial Highlights
(in billions, as of end of period, unaudited)
			June 30
			2022						2021
Assets and Assets Under Management and Administration:
Total assets			$	695.6					$	926.5
Assets under management (at fair market value):
PGIM			$	1,257.4					$	1,511.4
U.S. Businesses			132.2						162.6
International Businesses			13.6						13.2
Corporate and Other			6.4						42.8
Total assets under management			1,409.6						1,730.0
Assets under administration			145.9						372.2
Total assets under management and administration			$	1,555.5					$	2,102.2
See footnotes on last page.

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(1)			Adjusted operating income is a non-GAAP measure of performance. See NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(2)			Represents adjustments not included in the above reconciling items. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration, and goodwill impairments.
(3)			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.
(4)			Prior period amounts have been reclassified to conform to current period presentation.
(5)			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 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Second Quarter 2022

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.

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Table of Contents

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2022
						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
						Combined Statements of Operations - Retirement Strategies						13
						Statements of Operations - Institutional Retirement Strategies						14
						Institutional Retirement Strategies Sales Results and Account Values						15
						Statements of Operations - Individual Retirement Strategies						16
						Individual Retirement Strategies Sales Results and Account Values						17
						Individual Retirement Strategies Account Value Activity						18
						Individual Retirement Strategies Living Benefit Features						19
						Individual Retirement Strategies Death Benefit Features						20
						Statements of Operations - Group Insurance						21
						Group Insurance Supplementary Information						22
						Statements of Operations - Individual Life						23
						Individual Life Supplementary Information						24
						Statements of Operations - Assurance IQ						25
						INTERNATIONAL BUSINESSES
						Combined Statements of Operations						26
						Statements of Operations - Life Planner						27
						Statements of Operations - Gibraltar Life and Other						28
						Sales Results and Supplementary Information						29
						CORPORATE AND OTHER
						Statements of Operations						31
						INVESTMENT PORTFOLIO
						Investment Portfolio Composition						32
						Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations						33
						Investment Results						34
						Investment Results - Japanese Insurance Operations						35
						Investment Results - Excluding Japanese Insurance Operations						36
						INCOME STATEMENT IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS						37
						COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES						38
						KEY DEFINITIONS AND FORMULAS						40
						RATINGS AND INVESTOR INFORMATION						43

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2022

In October 2021, we announced the creation of Retirement Strategies, a new U.S. business that would serve the retirement needs of both our institutional and individual customers by bringing the institutional investment and pension solutions offered through our Retirement business together with the financial solutions and capabilities of our Individual Annuities business. As of the second quarter of 2022, this new structure has been fully operationalized; therefore, the results of our former Retirement segment (now known as the “Institutional Retirement Strategies” operating segment) and our former Individual Annuities segment (now known as the “Individual Retirement Strategies” operating segment) have been aggregated into the Retirement Strategies segment. Prior periods have been updated to conform to this new presentation.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			FINANCIAL METRICS SUMMARY
			(in millions, except per share and return on equity data)
															2021																					2022																					Year-to-date
															2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Earnings
						Adjusted operating income (loss) before income taxes:
									PGIM						315									327						350						188									206												966						394						-59%
									U.S. Businesses						1,047									1,090						895						943									370												1,890						1,313						-31%
									International Businesses						803									887						829						801									555												1,674						1,356						-19%
									Corporate and Other						(336)									(460)						(489)						(366)									(259)												(658)						(625)						5%
						Total adjusted operating income before income taxes									1,829									1,844						1,585						1,566									872												3,872						2,438						-37%
						Income taxes, applicable to adjusted operating income									389									357						358						348									208												814						556						-32%
						After-tax adjusted operating income									1,440									1,487						1,227						1,218									664												3,058						1,882						-38%
						Income (loss) attributable to Prudential Financial, Inc.									2,158									1,530						1,208						(31)									(565)												4,986						(596)						-112%
			Return on Equity
						Operating Return on Average Equity (based on adjusted operating income) (1)									14.2		%							14.5		%				11.8		%				11.8		%							6.6		%										15.4		%				9.3		%
						Return on Average Equity (based on net income (loss))									14.3		%							9.8		%				7.8		%				-0.2		%							-6.3		%										15.9		%				-2.7		%
			Distributions to Shareholders
						Dividends paid									460									451						443						462									457												927						919						-1%
						Share repurchases									875									875						375						375									375												1,250						750						-40%
						Total capital returned									1,335									1,326						818						837									832												2,177						1,669						-23%
			Per Share Data
						Net income (loss) (diluted) (2)									5.40									3.90						3.13						(0.10)									(1.53)												12.39						(1.62)						-113%
						Adjusted Operating Income (diluted)									3.60									3.78						3.18						3.17									1.74												7.60						4.91						-35%
						Shareholder dividends									1.15									1.15						1.15						1.20									1.20												2.30						2.40						4%
						Book value									160.31									160.29						161.26						115.28									74.72
						Book value excluding AOCI and FX (3)									104.39									106.85						108.72						107.16									104.19
			Shares Outstanding
						Weighted average number of common shares (basic)									391.1									383.8						377.7						376.1									374.4												393.7						375.3						-5%
						Weighted average number of common shares (diluted)									394.1									386.8						380.9						379.1									377.1												396.4						378.1						-5%
						End of period common shares (basic)									386.8									378.9						376.3						375.7									372.6
						End of period common shares (diluted)									393.3									386.1						383.7						381.5									377.9
			__________
			(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 and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
			(2) For the three months ended June 30, 2022 and March 31, 2022, and for the six months ended June 30, 2022 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended June 30, 2022 and March 31, 2022, and for the six months ended June 30, 2022 all potential stock options and compensation programs were considered antidilutive.
			(3) AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			FINANCIAL HIGHLIGHTS
			(in millions, except per share data)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			Earnings per share of Common Stock (diluted):
			After-tax adjusted operating income									3.60									3.78						3.18						3.17									1.74												7.60						4.91
			Reconciling items:
			Realized investment gains (losses), net, and related charges and adjustments									0.91									0.25						0.30						(3.59)									(6.23)												3.56						(9.81)
			Market experience updates									0.57									(0.51)						1.10						(0.02)									1.41												1.33						1.39
			Divested and Run-off Businesses:
			Closed Block division									0.08									0.07						0.13						0.06									0.03												0.16						0.10
			Other Divested and Run-off Businesses									0.86									0.12						0.75						(0.79)									1.07												0.97						0.27
			Difference in earnings allocated to participating unvested share-based payment awards									(0.03)									—						—						0.03									0.01												(0.07)						0.03
			Other adjustments (1)									(0.03)									(0.02)						(2.83)						(0.04)									—												(0.07)						(0.04)
			Total reconciling items, before income taxes									2.36									(0.09)						(0.55)						(4.35)									(3.71)												5.88						(8.06)
			Income taxes, not applicable to adjusted operating income									0.56									(0.21)						(0.50)						(1.08)									(0.44)												1.09						(1.53)
			Total reconciling items, after income taxes									1.80									0.12						(0.05)						(3.27)									(3.27)												4.79						(6.53)
			Net income (loss) attributable to Prudential Financial, Inc.									5.40									3.90						3.13						(0.10)									(1.53)												12.39						(1.62)
			Weighted average number of outstanding common shares (basic)									391.1									383.8						377.7						376.1									374.4												393.7						375.3
			Weighted average number of outstanding common shares (diluted)									394.1									386.8						380.9						379.1									377.1												396.4						378.1
			For earnings per share of Common Stock calculation:
			Net income (loss) attributable to Prudential Financial, Inc.									2,158									1,530						1,208						(31)									(565)												4,986						(596)
			Less: Earnings allocated to participating unvested share-based payment awards									31									23						17						7									6												75						13
			Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation									2,127									1,507						1,191						(38)									(571)												4,911						(609)
			After-tax adjusted operating income									1,440									1,487						1,227						1,218									664												3,058						1,882
			Less: Earnings allocated to participating unvested share-based payment awards									20									23						17						17									9												46						26
			After-tax adjusted operating income for earnings per share of Common Stock calculation									1,420									1,464						1,210						1,201									655												3,012						1,856
			___________
			(1) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			OTHER FINANCIAL HIGHLIGHTS
			(in millions, except per share data)
															2021																					2022
															2Q									3Q						4Q						1Q									2Q
			Capitalization Data (1):
			Senior Debt:
			Short-term Debt												909									909						722						544									558
			Long-term Debt												12,055									11,070						11,003						11,082									11,008
			Junior Subordinated Long-term Debt												7,615									7,617						7,619						8,607									8,604
			Prudential Financial, Inc. Equity:
			Including accumulated other comprehensive income												63,048									61,887						61,876						43,978									28,235
			Excluding accumulated other comprehensive income (2)												39,771									40,051						40,552						39,773									38,413
			Amount included above for remeasurement of foreign currency (3)												(1,287)									(1,205)						(1,164)						(1,107)									(962)
			Excluding accumulated other comprehensive income and adjusted to remove amount
			included for remeasurement of foreign currency (3)												41,058									41,256						41,716						40,880									39,375
			Book Value per Share of Common Stock:
			Including accumulated other comprehensive income												160.31									160.29						161.26						115.28									74.72
			Excluding accumulated other comprehensive income (2)												101.12									103.73						105.69						104.25									101.65
			Amount included above for remeasurement of foreign currency (3)												(3.27)									(3.12)						(3.03)						(2.91)									(2.54)
			Excluding accumulated other comprehensive income and adjusted to remove amount
			included for remeasurement of foreign currency (3)												104.39									106.85						108.72						107.16									104.19
			End of period number of common shares (diluted)												393.3									386.1						383.7						381.5									377.9
			Common Stock Price Range (based on closing price):
			High												108.51									108.01						114.00						121.38									121.06
			Low												92.71									95.71						100.05						102.05									91.33
			Close												102.47									105.20						108.24						118.17									95.68
			Common Stock market capitalization (1)												39,635									39,860						40,731						44,396									35,650
			__________
			(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) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			OPERATIONS HIGHLIGHTS
									2021																					2022
									2Q									3Q						4Q						1Q									2Q
			Assets Under Management and Administration (in billions) (1)(2):
			PGIM:
			Institutional customers						618.6									625.3						629.4						593.7									560.7
			Retail customers						401.2									395.4						401.4						364.7									314.3
			General account						491.6									493.2						493.0						456.2									382.4
			Total PGIM						1,511.4									1,513.9						1,523.8						1,414.6									1,257.4
			U.S. Businesses						162.6									160.0						163.1						151.9									132.2
			International Businesses						13.2									12.1						12.8						13.8									13.6
			Corporate and Other						42.8									40.6						42.6						39.8									6.4
			Total assets under management						1,730.0									1,726.6						1,742.3						1,620.1									1,409.6
			Assets under administration						372.2									372.4						382.5						370.7									145.9
			Total assets under management and administration						2,102.2									2,099.0						2,124.8						1,990.8									1,555.5
			Distribution Representatives (1):
			Prudential Advisors						3,005									2,979						2,846						2,835									2,817
			International Life Planners						6,071									6,138						6,024						6,056									5,924
			Gibraltar Life Consultants						7,088									7,094						7,100						7,022									6,910
			Prudential Advisor Productivity (in thousands)						80									83						106						76									83
			__________
			(1) As of end of period.
			(2) At fair market value.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINED STATEMENTS OF OPERATIONS
			(in millions)
									2021																					2022																		Year-to-date
									2Q									3Q						4Q						1Q									2Q									2021						2022						% change
			Revenues (1):
			Premiums						6,086									12,651						6,723						7,300									6,634									12,973						13,934						7%
			Policy charges and fee income						1,393									1,589						1,512						1,454									1,615									2,885						3,069						6%
			Net investment income						3,490									3,666						3,617						3,413									3,241									6,877						6,654						-3%
			Asset management fees, commissions and other income						1,649									1,757						1,892						1,490									2,284									3,639						3,774						4%
			Total revenues						12,618									19,663						13,744						13,657									13,774									26,374						27,431						4%
			Benefits and expenses (1):
			Insurance and annuity benefits						6,692									13,520						7,626						8,035									8,694									14,222						16,729						18%
			Interest credited to policyholders' account balances						667									665						667						655									663									1,351						1,318						-2%
			Interest expense						370									367						362						364									401									745						765						3%
			Deferral of acquisition costs						(608)									(646)						(599)						(581)									(522)									(1,299)						(1,103)						15%
			Amortization of acquisition costs						503									525						510						535									605									1,045						1,140						9%
			General and administrative expenses						3,165									3,388						3,593						3,083									3,061									6,438						6,144						-5%
			Total benefits and expenses						10,789									17,819						12,159						12,091									12,902									22,502						24,993						11%
			Adjusted operating income before income taxes						1,829									1,844						1,585						1,566									872									3,872						2,438						-37%
			Income taxes, applicable to adjusted operating income						389									357						358						348									208									814						556						-32%
			After-tax adjusted operating income						1,440									1,487						1,227						1,218									664									3,058						1,882						-38%
			Reconciling items:
			Realized investment gains (losses), net, and related charges and adjustments						358									98						116						(1,360)									(2,350)									1,413						(3,710)						-363%
			Market experience updates						225									(199)						420						(6)									531									529						525						-1%
			Divested and Run-off Businesses:
			Closed Block division						31									27						48						23									13									65						36						-45%
			Other Divested and Run-off Businesses						339									48						284						(299)									402									384						103						-73%
			Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests						4									(3)						12						(22)									21									(50)						(1)						98%
			Other adjustments (2)						(13)									(9)						(1,077)						(17)									—									(26)						(17)						35%
			Total reconciling items, before income taxes						944									(38)						(197)						(1,681)									(1,383)									2,315						(3,064)						-232%
			Income taxes, not applicable to adjusted operating income						220									(98)						(188)						(417)									(197)									431						(614)						-242%
			Total reconciling items, after income taxes						724									60						(9)						(1,264)									(1,186)									1,884						(2,450)						-230%
			Income (loss) before income taxes and equity in earnings of operating joint ventures						2,773									1,806						1,388						(115)									(511)									6,187						(626)						-110%
			Income tax expense (benefit)						609									259						170						(69)									11									1,245						(58)						-105%
			Income (loss) before equity in earnings of operating joint ventures						2,164									1,547						1,218						(46)									(522)									4,942						(568)						-111%
			Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests						(6)									(17)						(10)						15									(43)									44						(28)						-164%
			Income (loss) attributable to Prudential Financial, Inc.						2,158									1,530						1,208						(31)									(565)									4,986						(596)						-112%
			Earnings attributable to noncontrolling interests						25									35						34						(13)									(7)									1						(20)						-2100%
			Net income (loss)						2,183									1,565						1,242						(44)									(572)									4,987						(616)						-112%
			Less: Income (loss) attributable to noncontrolling interests						25									35						34						(13)									(7)									1						(20)						-2100%
			Net income (loss) attributable to Prudential Financial, Inc.						2,158									1,530						1,208						(31)									(565)									4,986						(596)						-112%
			__________
			(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, revenues of Divested and Run-off Businesses, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition, and include revenues representing equity in earnings of operating joint ventures 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 the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 38 and 39 for reconciliation.
			(2) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of $837 million after-tax, $1,060 million pre-tax, in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			CONSOLIDATED BALANCE SHEETS
			(in millions)
									06/30/2021									09/30/2021						12/31/2021						03/31/2022									06/30/2022
			Assets:
			Investments:
			Fixed maturities, available-for-sale, at fair value
			(net of allowance for credit losses $80; $92; $114; $192; $109) (amortized cost $338,942; $332,957; $333,459; $332,640; $319,003)						382,981									373,252						372,410						344,957									306,655
			Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses
			(net of allowance for credit losses $7; $6; $5; $4; $3) (fair value $1,987; $1,956; $1,803; $1,679; $1,475)						1,662									1,644						1,514						1,432									1,280
			Fixed maturities, trading, at fair value
			(amortized cost $6,690; $9,583; $8,741; $8,262; $7,354)						6,567									9,548						8,823						7,724									6,272
			Assets supporting experience-rated contractholder liabilities, at fair value						24,596									3,424						3,358						3,184									2,785
			Equity securities, at fair value
			(cost $5,413; $5,100; $5,815; $4,872; $4,502)						8,018									7,727						8,574						7,397									6,402
			Commercial mortgage and other loans
			(net of allowance for credit losses $172; $117; $119; $121; $196)						64,359									57,786						58,666						59,304									56,840
			Policy loans						10,652									10,471						10,386						10,207									10,024
			Other invested assets
			(net of allowance for credit losses $2; $2; $2; $2; $1)						20,384									20,205						21,833						21,540									21,310
			Short-term investments
			(net of allowance for credit losses $0; $0; $0; $0; $0)						6,325									4,733						6,635						4,592									6,828
			Total investments						525,544									488,790						492,199						460,337									418,396
			Cash and cash equivalents						15,145									15,605						12,888						14,086									14,359
			Accrued investment income						3,037									2,808						2,855						2,838									2,798
			Deferred policy acquisition costs						19,029									18,067						18,192						18,479									18,632
			Value of business acquired						1,057									815						771						714									571
			Income tax assets						—									—						—						—									696
			Other assets
			(net of allowance for credit losses $15; $16; $19; $20; $21) (1)						21,957									164,645						164,532						151,991									34,534
			Separate account assets						340,692									241,852						246,145						229,621									205,613
			Total assets						926,461									932,582						937,582						878,066									695,599
			Liabilities:
			Future policy benefits						289,233									291,721						290,784						284,380									275,096
			Policyholders' account balances						159,548									122,337						122,633						122,465									130,352
			Securities sold under agreements to repurchase						9,557									9,899						10,185						9,085									8,006
			Cash collateral for loaned securities						4,431									4,382						4,251						4,771									5,741
			Income tax liabilities						10,196									10,540						9,513						4,501									—
			Senior short-term debt						909									909						722						544									558
			Senior long-term debt						12,055									11,070						11,003						11,082									11,008
			Junior subordinated long-term debt						7,615									7,617						7,619						8,607									8,604
			Other liabilities
			(net of allowance for credit losses $20; $21; $21; $19; $18) (1)						28,257									169,414						171,845						158,072									21,471
			Notes issued by consolidated variable interest entities						284									282						274						260									232
			Separate account liabilities						340,692									241,852						246,145						229,621									205,613
			Total liabilities						862,777									870,023						874,974						833,388									666,681
			Equity:
			Accumulated other comprehensive income (loss)						23,277									21,836						21,324						4,205									(10,178)
			Other equity						39,771									40,051						40,552						39,773									38,413
			Total Prudential Financial, Inc. equity						63,048									61,887						61,876						43,978									28,235
			Noncontrolling interests						636									672						732						700									683
			Total equity						63,684									62,559						62,608						44,678									28,918
			Total liabilities and equity						926,461									932,582						937,582						878,066									695,599
			__________
			(1) September 30, 2021, December 31, 2021 and March 31, 2022 balances include the carrying amounts of Assets and Liabilities "held-for-sale" related to the April 2022 dispositions of the Full Service Retirement Business and a portion of Individual Retirement Strategies' Traditional Variable Annuity Block of Business.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINING BALANCE SHEETS
			(in millions)
									As of June 30, 2022
									Consolidated PFI						Closed Block Division									PFI Excluding Closed Block Division									PGIM						U.S. Businesses						International Businesses						Corporate and Other
			Assets:
			Total investments						418,396						51,061									367,335									3,441						168,022						172,496						23,376
			Deferred policy acquisition costs						18,632						179									18,453									—						11,122						7,679						(348)
			Other assets						52,958						1,357									51,601									4,173						29,712						9,458						8,258
			Separate account assets						205,613						—									205,613									41,874						166,861						—						(3,122)
			Total assets						695,599						52,597									643,002									49,488						375,717						189,633						28,164
			Liabilities:
			Future policy benefits						275,096						44,934									230,162									—						102,266						118,471						9,425
			Policyholders' account balances						130,352						4,664									125,688									—						72,270						45,125						8,293
			Debt						20,170						—									20,170									1,729						7,889						289						10,263
			Other liabilities						35,450						4,445									31,005									2,447						11,015						10,607						6,936
			Separate account liabilities						205,613						—									205,613									41,874						166,861						—						(3,122)
			Total liabilities						666,681						54,043									612,638									46,050						360,301						174,492						31,795
			Equity:
			Accumulated other comprehensive loss						(10,178)						(107)									(10,071)									(162)						(5,516)						(2,056)						(2,337)
			Other equity						38,413						(1,351)									39,764									2,573						20,844						17,161						(814)
			Total Prudential Financial, Inc. equity						28,235						(1,458)									29,693									2,411						15,328						15,105						(3,151)
			Noncontrolling interests						683						12									671									1,027						88						36						(480)
			Total equity						28,918						(1,446)									30,364									3,438						15,416						15,141						(3,631)
			Total liabilities and equity						695,599						52,597									643,002									49,488						375,717						189,633						28,164
									As of December 31, 2021
									Consolidated PFI						Closed Block Division									PFI Excluding Closed Block Division									PGIM						U.S. Businesses						International Businesses						Corporate and Other
			Assets:
			Total investments						492,199						58,800									433,399									4,808						191,928						204,475						32,188
			Deferred policy acquisition costs						18,192						188									18,004									—						10,714						7,658						(368)
			Other assets (1)						181,046						991									180,055									4,828						70,007						10,603						94,617
			Separate account assets						246,145						—									246,145									43,930						205,951						—						(3,736)
			Total assets						937,582						59,979									877,603									53,566						478,600						222,736						122,701
			Liabilities:
			Future policy benefits						290,784						45,596									245,188									—						108,439						127,661						9,088
			Policyholders' account balances						122,633						4,737									117,896									—						59,987						49,503						8,406
			Debt						19,344						—									19,344									1,698						8,513						166						8,967
			Other liabilities (1)						196,068						11,086									184,982									4,192						65,038						16,125						99,627
			Separate account liabilities						246,145						—									246,145									43,930						205,951						—						(3,736)
			Total liabilities						874,974						61,419									813,555									49,820						447,928						193,455						122,352
			Equity:
			Accumulated other comprehensive income						21,324						(46)									21,370									(48)						9,218						12,182						18
			Other equity						40,552						(1,406)									41,958									2,721						21,362						17,062						813
			Total Prudential Financial, Inc. equity						61,876						(1,452)									63,328									2,673						30,580						29,244						831
			Noncontrolling interests						732						12									720									1,073						92						37						(482)
			Total equity						62,608						(1,440)									64,048									3,746						30,672						29,281						349
			Total liabilities and equity						937,582						59,979									877,603									53,566						478,600						222,736						122,701
			______________
			(1) Balances include the carrying amounts of Assets and Liabilities "held-for-sale" related to the April 2022 dispositions of the Full Service Retirement Business and a portion of Individual Retirement Strategies' Traditional Variable Annuity Block of Business.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
			(in millions)
									As of June 30, 2022																								As of December 31, 2021
									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						—						4,978						8,604						13,582						98						4,975						7,619						12,692
			Operating Debt						387						5,653						—						6,040						420						5,650						—						6,070
			Limited recourse and non-recourse borrowing						171						377						—						548						204						378						—						582
			Total Debt						558						11,008						8,604						20,170						722						11,003						7,619						19,344
									As of June 30, 2022																								As of December 31, 2021
															The Prudential																								The Prudential
									Prudential						Insurance Company						Other												Prudential						Insurance Company						Other
									Financial, Inc.						of America (1)(2)						Affiliates						Total Debt						Financial, Inc.						of America (1)(2)						Affiliates						Total Debt
			Borrowings by sources:
			Capital Debt						13,092						444						46						13,582						12,096						444						152						12,692
			Operating Debt						5,605						435						—						6,040						5,602						468						—						6,070
			Limited recourse and non-recourse borrowing						—						205						343						548						—						274						308						582
			Total Debt						18,697						1,084						389						20,170						17,698						1,186						460						19,344
			__________
			(1) Includes Prudential Funding, LLC.
			(2) Capital Debt at The Prudential Insurance Company of America includes $344 million of surplus notes as of June 30, 2022 and $344 million as of December 31, 2021.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - PGIM
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						—									—						—						—									—												—						—						—
			Policy charges and fee income						—									—						—						—									—												—						—						—
			Net investment income						71									13						47						(4)									(14)												97						(18)						-119%
			Asset management fees, commissions and other income						938									1,059						1,051						930									843												2,226						1,773						-20%
			Total revenues						1,009									1,072						1,098						926									829												2,323						1,755						-24%
			Benefits and expenses (1):
			Insurance and annuity benefits						—									—						—						—									—												—						—						—
			Interest credited to policyholders' account balances						—									—						—						—									—												—						—						—
			Interest expense						6									6						6						6									10												13						16						23%
			Deferral of acquisition costs						(1)									(1)						(1)						(1)									—												(3)						(1)						67%
			Amortization of acquisition costs						1									2						1						1									1												3						2						-33%
			General and administrative expenses						688									738						742						732									612												1,344						1,344						—%
			Total benefits and expenses						694									745						748						738									623												1,357						1,361						—%
			Adjusted operating income before income taxes						315									327						350						188									206												966						394						-59%
			Total revenues						1,009									1,072						1,098						926									829												2,323						1,755						-24%
			Less: Passthrough distribution revenue						29									30						29						19									29												61						48						-21%
			Less: Revenue associated with consolidations						35									46						19						15									(21)												6						(6)						-200%
			Total adjusted revenues (2)						945									996						1,050						892									821												2,256						1,713						-24%
			Adjusted operating margin (2)(3)						33.3		%							32.8		%				33.3		%				21.1		%							25.1		%										42.8		%				23.0		%
			__________
			(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and exclude certain components of the consideration for acquisitions.
			(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
			(3) Reported Operating Margin based on total revenues is 24.8%, 20.3%, 31.9%, 30.5%, and 31.2% for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively, and 22.5% and 41.6% for the six months ended June 30, 2022 and June 30, 2021, respectively.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Supplementary Revenue Information (in millions):
			Analysis of revenues by type:
			Asset management fees						803									847						857						809									756												1,598						1,565						-2%
			Other related revenues (1)						86									92						143						19									17												168						36						-79%
			Service, distribution and other revenues						120									133						98						98									56												557						154						-72%
			Total PGIM revenues						1,009									1,072						1,098						926									829												2,323						1,755						-24%
			Analysis of asset management fees by source:
			Institutional customers						349									366						376						363									357												697						720						3%
			Retail customers						307									332						334						301									274												609						575						-6%
			General account						147									149						147						145									125												292						270						-8%
			Total asset management fees						803									847						857						809									756												1,598						1,565						-2%
			Supplementary Assets Under Management Information (at fair market value) (in billions):
									June 30, 2022
									Public Equity									Public Fixed Income						Real Estate						Private Credit and Other Alternatives									Multi-Asset												Total
			Institutional customers						46.3									408.0						74.2						30.9									1.3												560.7
			Retail customers						99.3									140.7						2.0						0.8									71.5												314.3
			General account						3.5									251.8						55.6						71.5									—												382.4
			Total						149.1									800.5						131.8						103.2									72.8												1,257.4
									June 30, 2021
									Public Equity									Public Fixed Income						Real Estate						Private Credit and Other Alternatives									Multi-Asset												Total
			Institutional customers						62.2									471.2						54.2						24.4									6.6												618.6
			Retail customers						145.6									178.7						1.8						0.7									74.4												401.2
			General account						4.8									337.5						69.6						79.7									—												491.6
			Total						212.6									987.4						125.6						104.8									81.0												1,511.4
			__________
			(1) Other related revenues, net of related expenses are $2 million, $8 million, $87 million, $56 million, and $62 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively, and $10 million and $119 million for the six months ended June 30, 2022 and June 30, 2021, respectively.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
			(in billions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022
			Institutional Customers - Assets Under Management (at fair market value):
			Assets gathered by Investment Management & Advisory Services sales force:
			Beginning assets under management						528.6									555.6						562.4						568.0									536.9												550.2						568.0
			Additions						23.0									14.0						20.2						16.8									24.6												44.2						41.4
			Withdrawals						(17.4)									(13.3)						(16.7)						(16.5)									(16.5)												(37.5)						(33.0)
			Change in market value						18.8									1.7						4.0						(34.2)									(46.5)												(0.6)						(80.7)
			Net money market flows						0.8									(1.1)						(1.9)						4.4									(3.4)												(1.7)						1.0
			Other						1.8									5.5						—						(1.6)									44.6												1.0						43.0
			Ending assets under management						555.6									562.4						568.0						536.9									539.7												555.6						539.7
			Affiliated institutional assets under management						63.0									62.9						61.4						56.8									21.0												63.0						21.0
			Total assets managed for institutional customers at end of period						618.6									625.3						629.4						593.7									560.7												618.6						560.7
			Net institutional additions, excluding money market activity						5.6									0.7						3.5						0.3									8.1												6.7						8.4
			Retail Customers - Assets Under Management (at fair market value):
			Assets gathered by Investment Management & Advisory Services sales force:
			Beginning assets under management						250.8									266.0						262.8						265.8									238.7												252.5						265.8
			Additions						19.2									16.9						23.7						20.2									16.1												48.9						36.3
			Withdrawals						(19.5)									(17.3)						(27.3)						(24.8)									(24.4)												(44.8)						(49.2)
			Change in market value						16.9									1.0						5.0						(22.5)									(33.0)												10.8						(55.5)
			Net money market flows						0.2									0.3						0.1						0.6									0.3												0.3						0.9
			Other						(1.6)									(4.1)						1.5						(0.6)									6.3												(1.7)						5.7
			Ending assets under management						266.0									262.8						265.8						238.7									204.0												266.0						204.0
			Affiliated retail assets under management						135.2									132.6						135.6						126.0									110.3												135.2						110.3
			Total assets managed for retail customers at end of period						401.2									395.4						401.4						364.7									314.3												401.2						314.3
			Net retail additions (withdrawals), excluding money market activity						(0.3)									(0.4)						(3.6)						(4.6)									(8.3)												4.1						(12.9)

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						2,545									8,639						3,054						3,074									3,271												5,029						6,345						26%
			Policy charges and fee income						1,331									1,519						1,440						1,377									1,528												2,736						2,905						6%
			Net investment income						1,924									2,110						2,006						1,998									1,802												3,820						3,800						-1%
			Asset management fees, commissions and other income						845									880						991						809									1,760												1,660						2,569						55%
			Total revenues						6,645									13,148						7,491						7,258									8,361												13,245						15,619						18%
			Benefits and expenses (1):
			Insurance and annuity benefits						3,550									9,946						4,349						4,278									5,608												7,247						9,886						36%
			Interest credited to policyholders' account balances						433									436						438						430									450												875						880						1%
			Interest expense						199									200						201						202									217												397						419						6%
			Deferral of acquisition costs						(304)									(294)						(301)						(258)									(253)												(645)						(511)						21%
			Amortization of acquisition costs						252									247						247						241									323												487						564						16%
			General and administrative expenses						1,468									1,523						1,662						1,422									1,646												2,994						3,068						2%
			Total benefits and expenses						5,598									12,058						6,596						6,315									7,991												11,355						14,306						26%
			Adjusted operating income before income taxes						1,047									1,090						895						943									370												1,890						1,313						-31%
			__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, goodwill impairment and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						1,120									7,202						1,522						1,592									1,802												2,171						3,394						56%
			Policy charges and fee income						666									672						664						615									507												1,318						1,122						-15%
			Net investment income						1,175									1,301						1,221						1,230									1,070												2,324						2,300						-1%
			Asset management fees, commissions and other income						437									471						460						413									1,399												886						1,812						105%
			Total revenues						3,398									9,646						3,867						3,850									4,778												6,699						8,628						29%
			Benefits and expenses (1):
			Insurance and annuity benefits						1,636									7,735						2,011						2,031									2,301												3,060						4,332						42%
			Interest credited to policyholders' account balances						179									177						173						167									181												357						348						-3%
			Interest expense						9									9						7						8									15												16						23						44%
			Deferral of acquisition costs						(101)									(95)						(87)						(81)									(87)												(207)						(168)						19%
			Amortization of acquisition costs						158									146						142						134									111												293						245						-16%
			General and administrative expenses						595									604						592						551									554												1,200						1,105						-8%
			Total benefits and expenses						2,476									8,576						2,838						2,810									3,075												4,719						5,885						25%
			Adjusted operating income before income taxes						922									1,070						1,029						1,040									1,703												1,980						2,743						39%
			__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						1,094									7,178						1,502						1,554									1,799												2,115						3,353						59%
			Policy charges and fee income						9									9						9						8									10												18						18						—%
			Net investment income						952									1,054						990						968									892												1,877						1,860						-1%
			Asset management fees, commissions and other income						115									145						139						113									93												262						206						-21%
			Total revenues						2,170									8,386						2,640						2,643									2,794												4,272						5,437						27%
			Benefits and expenses (1):
			Insurance and annuity benefits						1,570									7,662						1,950						1,935									2,259												2,913						4,194						44%
			Interest credited to policyholders' account balances						89									85						84						81									76												179						157						-12%
			Interest expense						4									4						3						4									(2)												7						2						-71%
			Deferral of acquisition costs						(2)									(8)						(3)						(2)									(3)												(7)						(5)						29%
			Amortization of acquisition costs						4									9						5						5									3												8						8						—%
			General and administrative expenses						55									63						58						52									63												108						115						6%
			Total benefits and expenses						1,720									7,815						2,097						2,075									2,396												3,208						4,471						39%
			Adjusted operating income before income taxes						450									571						543						568									398												1,064						966						-9%
__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
			(in millions)
												2021																					2022																		Year-to-date
												2Q									3Q						4Q						1Q									2Q									2021						2022
			Beginning total account value									247,496									243,843						246,068						245,720									239,102									243,387						245,720
			Additions									661									8,045						3,501						2,278									3,700									10,421						5,978
			Withdrawals and benefits									(5,744)									(4,546)						(4,893)						(4,899)									(3,560)									(11,386)						(8,459)
			Change in market value, interest credited and interest income									1,346									618						570						(1,570)									(2,389)									693						(3,959)
			Other (1)									84									(1,892)						474						(2,427)									(2,259)									728						(4,686)
			Ending total account value									243,843									246,068						245,720						239,102									234,594									243,843						234,594
			Net additions (withdrawals)									(5,083)									3,499						(1,392)						(2,621)									140									(965)						(2,481)
			Amounts included in ending total account value above:
			Investment-only stable value wraps									72,857									71,962						70,207						68,582									71,125
			International reinsurance (2)(3)									81,402									79,993						82,406						81,816									74,021
			Group annuities and other products (3)									89,584									94,113						93,107						88,704									89,448
			Ending total account value									243,843									246,068						245,720						239,102									234,594
			__________
			(1) 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.
			(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.
			(3) The amounts for second and third quarters of 2021 have been reclassified to conform to current period presentation.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						26									24						20						38									3												56						41						-27%
			Policy charges and fee income						657									663						655						607									497												1,300						1,104						-15%
			Net investment income						223									247						231						262									178												447						440						-2%
			Asset management fees, commissions and other income						322									326						321						300									1,306												624						1,606						157%
			Total revenues						1,228									1,260						1,227						1,207									1,984												2,427						3,191						31%
			Benefits and expenses (1):
			Insurance and annuity benefits						66									73						61						96									42												147						138						-6%
			Interest credited to policyholders' account balances						90									92						89						86									105												178						191						7%
			Interest expense						5									5						4						4									17												9						21						133%
			Deferral of acquisition costs						(99)									(87)						(84)						(79)									(84)												(200)						(163)						19%
			Amortization of acquisition costs						154									137						137						129									108												285						237						-17%
			General and administrative expenses						540									541						534						499									491												1,092						990						-9%
			Total benefits and expenses						756									761						741						735									679												1,511						1,414						-6%
			Adjusted operating income before income taxes						472									499						486						472									1,305												916						1,777						94%
			__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
			(in millions)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			Variable Annuities:
			Beginning total account value									170,630									176,554						172,813						176,439									162,936												170,546						176,439
			Sales: FlexGuard Suite (1)(2)									1,479									1,317						1,369						1,405									1,451												3,053						2,856
			Other variable annuities (2)(3)									156									146						137						114									80												332						194
			Total sales									1,635									1,463						1,506						1,519									1,531												3,385						3,050
			Full surrenders and death benefits									(2,658)									(2,545)						(2,625)						(2,156)									(1,528)												(5,112)						(3,684)
			Sales, net of full surrenders and death benefits									(1,023)									(1,082)						(1,119)						(637)									3												(1,727)						(634)
			Partial withdrawals and other benefit payments									(1,238)									(1,237)						(1,522)						(1,371)									(915)												(2,570)						(2,286)
			Net flows									(2,261)									(2,319)						(2,641)						(2,008)									(912)												(4,297)						(2,920)
			Change in market value, interest credited, and other (4)									9,106									(518)						7,176						(10,643)									(43,832)												12,140						(54,475)
			Policy charges									(921)									(904)						(909)						(852)									(618)												(1,835)						(1,470)
			Ending total account value									176,554									172,813						176,439						162,936									117,574												176,554						117,574
			Variable Annuities Account Value by Product:
			FlexGuard Suite (1)(2)									5,534									6,824						8,699						9,625									9,533												5,534						9,533
			Other variable annuities (2)(3)									171,020									165,989						167,740						153,311									108,041												171,020						108,041
			Ending total account value									176,554									172,813						176,439						162,936									117,574												176,554						117,574
			Fixed Annuities and other products:
			Beginning total account value									5,812									5,857						5,865						5,866									5,858												5,734						5,866
			Sales									58									37						45						24									67												163						91
			Full surrenders and death benefits									(25)									(28)						(28)						(32)									(32)												(63)						(64)
			Sales, net of full surrenders and death benefits									33									9						17						(8)									35												100						27
			Partial withdrawals and other benefit payments									(90)									(97)						(99)						(96)									(79)												(187)						(175)
			Net flows									(57)									(88)						(82)						(104)									(44)												(87)						(148)
			Interest credited and other									102									96						84						96									(249)												210						(153)
			Policy charges									—									—						(1)						—									(1)												—						(1)
			Ending total account value, gross									5,857									5,865						5,866						5,858									5,564												5,857						5,564
			Reinsurance ceded									(459)									(463)						(477)						(481)									(514)												(459)						(514)
			Ending total account value, net									5,398									5,402						5,389						5,377									5,050												5,398						5,050
			SALES BY DISTRIBUTION CHANNEL:
			Variable and Fixed Annuities (5):
			Insurance Agents									630									578						635						614									607												1,243						1,221
			Wirehouses									131									90						113						84									58												265						142
			Independent Marketing Organization									3									3						3						1									2												9						3
			Independent Financial Planners									860									762						725						766									843												1,892						1,609
			Bank Distribution									69									67						75						78									88												139						166
			Total									1,693									1,500						1,551						1,543									1,598												3,548						3,141
			__________
			(1) Includes Prudential FlexGuard and FlexGuard Income.
			(2) Prior period amounts have been reclassified to conform to current period presentation.
			(3) Includes Prudential Premier Investment (PPI), MyRock and legacy products with and without guaranteed minimum income and withdrawal benefits.
			(4) Includes impact from the sale of the Traditional Variable Annuity Block of Business.
			(5) Amounts represent gross sales.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
			(in millions)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			Account Values in General Account (1):
			Beginning balance									15,450									17,102						18,300						20,062									20,928												13,843						20,062
			Premiums and deposits									1,512									1,341						1,359						1,366									1,596												3,152						2,962
			Full surrenders and death benefits									(94)									(93)						(101)						(106)									(225)												(201)						(331)
			Premiums and deposits net of full surrenders and death benefits									1,418									1,248						1,258						1,260									1,371												2,951						2,631
			Partial withdrawals and other benefit payments									(150)									(159)						(184)						(174)									(124)												(311)						(298)
			Net flows									1,268									1,089						1,074						1,086									1,247												2,640						2,333
			Change in market value, interest credited and other (2)									392									140						701						72									(2,461)												596						(2,389)
			Net transfers (to) from separate account									(8)									(31)						(12)						(292)									(283)												23						(575)
			Policy charges									—									—						(1)						—									(1)												—						(1)
			Ending balance, gross									17,102									18,300						20,062						20,928									19,430												17,102						19,430
			Reinsurance ceded									(459)									(463)						(477)						(481)									(514)												(459)						(514)
			Ending balance, net									16,643									17,837						19,585						20,447									18,916												16,643						18,916
			Account Values in Separate Account (1):
			Beginning balance									160,992									165,309						160,378						162,243									147,866												162,437						162,243
			Premiums and deposits									181									159						192						177									2												396						179
			Full surrenders and death benefits									(2,589)									(2,480)						(2,552)						(2,082)									(1,335)												(4,974)						(3,417)
			Premiums and deposits net of full surrenders and death benefits									(2,408)									(2,321)						(2,360)						(1,905)									(1,333)												(4,578)						(3,238)
			Partial withdrawals and other benefit payments									(1,178)									(1,175)						(1,437)						(1,293)									(870)												(2,446)						(2,163)
			Net flows									(3,586)									(3,496)						(3,797)						(3,198)									(2,203)												(7,024)						(5,401)
			Change in market value, interest credited and other (2)									8,816									(562)						6,559						(10,619)									(41,620)												11,754						(52,239)
			Net transfers (to) from general account									8									31						12						292									283												(23)						575
			Policy charges									(921)									(904)						(909)						(852)									(618)												(1,835)						(1,470)
			Ending balance									165,309									160,378						162,243						147,866									103,708												165,309						103,708
			__________
			(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
			(2) Includes impact from the sale of the Traditional Variable Annuity Block of Business.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES LIVING BENEFIT FEATURES
			(in millions)
																								2021																					2022
																								2Q									3Q						4Q						1Q									2Q
			ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
			Variable Annuity Account Values
			Guaranteed minimum accumulation benefits																					1,831									1,743						1,702						1,543									546
			Guaranteed minimum withdrawal benefits																					319									302						302						271									112
			Guaranteed minimum income benefits																					2,547									2,430						2,444						2,202									1,631
			Guaranteed minimum withdrawal & income benefits - risk retained by Prudential																					138,097									133,982						135,293						123,571									87,601
			Guaranteed minimum withdrawal & income benefits - externally reinsured																					3,299									3,228						3,303						3,068									2,660
			Total																					146,093									141,685						143,044						130,655									92,550
			Account Values by Product Design Type
			Account Values with Auto-Rebalancing Feature - risk retained by Prudential																					115,152									111,582						113,110						103,805									73,070
			Account Values with Auto-Rebalancing Feature - externally reinsured																					3,299									3,228						3,303						3,068									2,660
			Account Values without Auto-Rebalancing Feature																					27,642									26,875						26,631						23,782									16,820
			Total																					146,093									141,685						143,044						130,655									92,550
			Net Amount at Risk by Product Design Type
			Net Amount at Risk with Auto-Rebalancing Feature - risk retained by Prudential																					2,898									3,287						2,931						4,485									5,754
			Net Amount at Risk without Auto-Rebalancing Feature																					422									450						409						734									1,526
			Total																					3,320									3,737						3,340						5,219									7,280
			__________
			(1) At end of period.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES DEATH BENEFIT FEATURES
			(in millions)
																								2021																					2022
																								2Q									3Q						4Q						1Q									2Q
			ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
			Variable Annuity Account Values
			Return of net deposits:
			Account value																					134,910									130,968						132,265						120,838									84,119
			Net amount at risk																					200									203						199						311									640
			Minimum return, anniversary contract value, or maximum contract value:
			Account value																					29,959									28,912						29,121						26,565									19,122
			Net amount at risk																					2,049									2,419						2,055						3,187									4,529
			Account Values by Product Design Type
			Account Values with Auto-Rebalancing Feature																					118,450									114,810						116,413						106,873									75,730
			Account Values without Auto-Rebalancing Feature																					46,419									45,070						44,973						40,530									27,511
			Total																					164,869									159,880						161,386						147,403									103,241
			Net Amount at Risk by Product Design Type
			Net Amount at Risk with Auto-Rebalancing Feature																					1,027									1,334						1,066						1,910									2,961
			Net Amount at Risk without Auto-Rebalancing Feature																					1,222									1,288						1,188						1,588									2,208
			Total																					2,249									2,622						2,254						3,498									5,169
			__________
			(1) At end of period.

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Table of Contents

			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						1,201									1,217						1,259						1,219									1,208												2,410						2,427						1%
			Policy charges and fee income						158									169						174						181									151												352						332						-6%
			Net investment income						133									142						131						124									117												265						241						-9%
			Asset management fees, commissions and other income						26									25						26						20									20												47						40						-15%
			Total revenues						1,518									1,553						1,590						1,544									1,496												3,074						3,040						-1%
			Benefits and expenses (1):
			Insurance and annuity benefits						1,207									1,394						1,493						1,351									1,145												2,595						2,496						-4%
			Interest credited to policyholders' account balances						43									41						40						36									38												90						74						-18%
			Interest expense						1									—						1						1									1												2						2						—%
			Deferral of acquisition costs						—									—						(3)						(2)									—												—						(2)						—%
			Amortization of acquisition costs						2									1						1						1									2												3						3						—%
			General and administrative expenses						248									252						263						268									257												499						525						5%
			Total benefits and expenses						1,501									1,688						1,795						1,655									1,443												3,189						3,098						-3%
			Adjusted operating income (loss) before income taxes						17									(135)						(205)						(111)									53												(115)						(58)						50%
			__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
			(dollar amounts in millions, or as otherwise noted)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			Annualized New Business Premiums:
			Group life									16									51						23						180									26												191						206
			Group disability									35									17						49						130									17												155						147
			Total									51									68						72						310									43												346						353
			Future Policy Benefits (1):
			Group life									2,482									2,574						2,756						2,606									2,480
			Group disability									2,906									2,954						3,030						3,066									3,089
			Total									5,388									5,528						5,786						5,672									5,569
			Policyholders' Account Balances (1):
			Group life									6,624									6,380						6,175						5,992									5,978
			Group disability									131									131						131						137									133
			Total									6,755									6,511						6,306						6,129									6,111
			Separate Account Liabilities (1):
			Group life									27,185									27,345						27,097						25,938									23,772
			Group Life Insurance:
			Gross premiums, policy charges and fee income (2)									1,068									1,004						1,053						1,059									1,103												2,104						2,162
			Earned premiums									904									915						928						916									887												1,827						1,803
			Earned policy charges and fee income									138									148						151						158									127												311						285
			Benefits ratio (3)									91.1		%							105.2		%				109.8		%				103.6		%							87.7		%										97.8		%				95.9		%
			Administrative operating expense ratio									11.0		%							11.7		%				11.5		%				10.7		%							10.7		%										10.9		%				10.7		%
			Persistency ratio									96.6		%							96.5		%				96.4		%				96.3		%							96.4		%
			Group Disability Insurance:
			Gross premiums, policy charges and fee income (2)									317									322						355						340									344												631						684
			Earned premiums									297									302						331						303									321												583						624
			Earned policy charges and fee income									20									21						23						23									24												41						47
			Benefits ratio (3)									80.9		%							85.9		%				87.3		%				73.4		%							73.0		%										80.7		%				73.2		%
			Administrative operating expense ratio									32.7		%							32.3		%				31.4		%				31.1		%							32.2		%										32.5		%				31.7		%
			Persistency ratio									94.0		%							93.5		%				93.4		%				92.8		%							92.4		%
			Total Group Insurance:
			Benefits ratio (3)									88.8		%							100.7		%				104.3		%				96.5		%							84.0		%										93.9		%				90.4		%
			Administrative operating expense ratio									16.1		%							16.8		%				16.5		%				15.6		%							15.9		%										15.9		%				15.8		%
			Net face amount of policies in force (in billions) (4)									1,960									1,976						2,004						2,021									2,068
			__________
			(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 87.1%, 75.5%, and 84.20% for the three months ended June 30, 2022, respectively, and 91.1%, 80.9%, and 88.7% for the three months ended June 30, 2021, respectively.
			(4) At end of period; net of reinsurance.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - STATEMENTS OF OPERATIONS - INDIVIDUAL LIFE
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						224									220						273						263									261												448						524						17%
			Policy charges and fee income						507									678						602						581									870												1,066						1,451						36%
			Net investment income						615									667						653						644									614												1,230						1,258						2%
			Asset management fees, commissions and other income						270									274						279						269									263												507						532						5%
			Total revenues						1,616									1,839						1,807						1,757									2,008												3,251						3,765						16%
			Benefits and expenses (1):
			Insurance and annuity benefits						707									817						845						896									2,162												1,592						3,058						92%
			Interest credited to policyholders' account balances						211									218						225						227									231												428						458						7%
			Interest expense						187									187						190						189									198												375						387						3%
			Deferral of acquisition costs						(203)									(199)						(211)						(175)									(166)												(438)						(341)						22%
			Amortization of acquisition costs						92									100						104						106									210												191						316						65%
			General and administrative expenses						476									506						573						463									698												1,001						1,161						16%
			Total benefits and expenses						1,470									1,629						1,726						1,706									3,333												3,149						5,039						60%
			Adjusted operating income (loss) before income taxes						146									210						81						51									(1,325)												102						(1,274)						-1349%
			__________
			(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
			(in millions, or as otherwise noted)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			ANNUALIZED NEW BUSINESS PREMIUMS (1):
			Term life									34									26						24						24									23												65						47
			Universal life (2)									34									19						22						22									22												61						44
			Variable life									112									144						136						104									110												258						214
			Total									180									189						182						150									155												384						305
			ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
			Prudential Advisors									40									35						38						35									33												76						68
			Third party distribution									140									154						144						115									122												308						237
			Total									180									189						182						150									155												384						305
			ACCOUNT VALUE ACTIVITY:
			Policyholders' Account Balances (3):
			Beginning balance									30,385									30,567						30,602						30,876									31,079												29,950						30,876
			Premiums and deposits									573									1,103						691						671									623												1,328						1,294
			Surrenders and withdrawals									(293)									(888)						(386)						(424)									(437)												(598)						(861)
			Net sales									280									215						305						247									186												730						433
			Benefit payments									(57)									(77)						(52)						(60)									(60)												(121)						(120)
			Net flows									223									138						253						187									126												609						313
			Interest credited and other									374									312						451						367									404												809						771
			Net transfers from separate account									101									97						88						168									98												224						266
			Policy charges									(516)									(512)						(518)						(519)									(525)												(1,025)						(1,044)
			Ending balance									30,567									30,602						30,876						31,079									31,182												30,567						31,182
			Separate Account Liabilities:
			Beginning balance									42,836									45,502						45,555						48,133									45,226												41,428						48,133
			Premiums and deposits									646									708						762						658									700												1,386						1,358
			Surrenders and withdrawals									(294)									(258)						(272)						(238)									(237)												(562)						(475)
			Net sales									352									450						490						420									463												824						883
			Benefit payments									(136)									(140)						(150)						(146)									(116)												(288)						(262)
			Net flows									216									310						340						274									347												536						621
			Change in market value, interest credited and other									2,847									147						2,639						(2,699)									(6,231)												4,348						(8,930)
			Net transfers to general account									(101)									(97)						(88)						(168)									(98)												(224)						(266)
			Policy charges									(296)									(307)						(313)						(314)									(313)												(586)						(627)
			Ending balance									45,502									45,555						48,133						45,226									38,931												45,502						38,931
			NET FACE AMOUNT IN FORCE (in billions) (4):
			Term life									241									241						299						299									298
			Universal life (2)									97									96						99						98									99
			Variable life									145									149						152						149									144
			Total									483									486						550						546									541
			__________
			(1) Excludes corporate-owned life insurance.
			(2) The amounts for second, third and fourth quarters of 2021 have been reclassified to conform to current period presentation.
			(3) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
			(4) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting Adjusted Operating Income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			U.S. BUSINESSES - STATEMENTS OF OPERATIONS - ASSURANCE IQ
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						—									—						—						—									—												—						—						—
			Policy charges and fee income						—									—						—						—									—												—						—						—
			Net investment income						1									—						1						—									1												1						1						—%
			Asset management fees, commissions and other income						112									110						226						107									78												220						185						-16%
			Total revenues						113									110						227						107									79												221						186						-16%
			Benefits and expenses (1):
			Insurance and annuity benefits						—									—						—						—									—												—						—						—
			Interest credited to policyholders' account balances						—									—						—						—									—												—						—						—
			Interest expense						2									4						3						4									3												4						7						75%
			Deferral of acquisition costs						—									—						—						—									—												—						—						—
			Amortization of acquisition costs						—									—						—						—									—												—						—						—
			General and administrative expenses						149									161						234						140									137												294						277						-6%
			Total benefits and expenses						151									165						237						144									140												298						284						-5%
			Adjusted operating loss before income taxes						(38)									(55)						(10)						(37)									(61)												(77)						(98)						-27%
			__________
			(1) Revenues exclude changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude goodwill impairment and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						3,547									4,021						3,682						4,234									3,363												7,958						7,597						-5%
			Policy charges and fee income						76									86						88						92									101												177						193						9%
			Net investment income						1,354									1,376						1,373						1,297									1,286												2,654						2,583						-3%
			Asset management fees, commissions and other income						116									135						130						103									(14)												235						89						-62%
			Total revenues						5,093									5,618						5,273						5,726									4,736												11,024						10,462						-5%
			Benefits and expenses (1):
			Insurance and annuity benefits						3,152									3,573						3,289						3,764									3,083												6,988						6,847						-2%
			Interest credited to policyholders' account balances						200									195						195						191									179												409						370						-10%
			Interest expense						1									1						3						3									5												2						8						300%
			Deferral of acquisition costs						(320)									(367)						(307)						(328)									(286)												(681)						(614)						10%
			Amortization of acquisition costs						264									291						276						305									291												581						596						3%
			General and administrative expenses						993									1,038						988						990									909												2,051						1,899						-7%
			Total benefits and expenses						4,290									4,731						4,444						4,925									4,181												9,350						9,106						-3%
			Adjusted operating income before income taxes						803									887						829						801									555												1,674						1,356						-19%
			__________
			(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 include revenues representing equity in earnings of operating joint ventures. 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. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						1,826									1,983						1,829						2,225									1,762												4,094						3,987						-3%
			Policy charges and fee income						41									53						51						53									49												103						102						-1%
			Net investment income						549									580						582						574									555												1,082						1,129						4%
			Asset management fees, commissions and other income						67									79						73						72									59												134						131						-2%
			Total revenues						2,483									2,695						2,535						2,924									2,425												5,413						5,349						-1%
			Benefits and expenses (1):
			Insurance and annuity benefits						1,652									1,778						1,658						1,979									1,636												3,641						3,615						-1%
			Interest credited to policyholders' account balances						46									47						49						49									45												97						94						-3%
			Interest expense						—									1						2						2									3												1						5						400%
			Deferral of acquisition costs						(163)									(173)						(165)						(176)									(145)												(345)						(321)						7%
			Amortization of acquisition costs						110									128						122						145									128												260						273						5%
			General and administrative expenses						431									439						441						447									415												888						862						-3%
			Total benefits and expenses						2,076									2,220						2,107						2,446									2,082												4,542						4,528						—%
			Adjusted operating income before income taxes						407									475						428						478									343												871						821						-6%
			__________
			(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 include revenues representing equity in earnings of operating joint ventures. 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. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						1,721									2,038						1,853						2,009									1,601												3,864						3,610						-7%
			Policy charges and fee income						35									33						37						39									52												74						91						23%
			Net investment income						805									796						791						723									731												1,572						1,454						-8%
			Asset management fees, commissions and other income						49									56						57						31									(73)												101						(42)						-142%
			Total revenues						2,610									2,923						2,738						2,802									2,311												5,611						5,113						-9%
			Benefits and expenses (1):
			Insurance and annuity benefits						1,500									1,795						1,631						1,785									1,447												3,347						3,232						-3%
			Interest credited to policyholders' account balances						154									148						146						142									134												312						276						-12%
			Interest expense						1									—						1						1									2												1						3						200%
			Deferral of acquisition costs						(157)									(194)						(142)						(152)									(141)												(336)						(293)						13%
			Amortization of acquisition costs						154									163						154						160									163												321						323						1%
			General and administrative expenses						562									599						547						543									494												1,163						1,037						-11%
			Total benefits and expenses						2,214									2,511						2,337						2,479									2,099												4,808						4,578						-5%
			Adjusted operating income before income taxes						396									412						401						323									212												803						535						-33%
			__________
			(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 include revenues representing equity in earnings of operating joint ventures. 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. Revenues and Benefits and expenses exclude market experience updates.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
			(in millions)
												2021																					2022																					Year-to-date
												2Q									3Q						4Q						1Q									2Q												2021						2022
			Actual exchange rate basis (1):
			Net premiums, policy charges and fee income:
			Japan, excluding Gibraltar Life									1,698									1,845						1,687						2,065									1,580												3,853						3,645
			Gibraltar Life									1,756									2,071						1,890						2,048									1,653												3,938						3,701
			All other countries									169									191						193						213									231												344						444
			Total									3,623									4,107						3,770						4,326									3,464												8,135						7,790
			Annualized new business premiums:
			Japan, excluding Gibraltar Life									184									183						174						200									159												390						359
			Gibraltar Life									261									270						211						205									231												519						436
			All other countries									47									51						53						56									67												89						123
			Total									492									504						438						461									457												998						918
			Annualized new business premiums by distribution channel:
			Life Planners									231									234						227						256									226												479						482
			Gibraltar Life Consultants									137									150						93						100									140												242						240
			Banks									61									71						68						52									33												179						85
			Independent Agency									63									49						50						53									58												98						111
			Total									492									504						438						461									457												998						918
			Constant exchange rate basis (2):
			Net premiums, policy charges and fee income:
			Japan, excluding Gibraltar Life									1,742									1,896						1,763						2,184									1,747												3,917						3,931
			Gibraltar Life									1,802									2,123						1,966						2,165									1,824												4,012						3,989
			All other countries									181									201						215						225									231												372						456
			Total									3,725									4,220						3,944						4,574									3,802												8,301						8,376
			Annualized new business premiums:
			Japan, excluding Gibraltar Life									187									186						178						208									174												394						382
			Gibraltar Life									262									272						212						207									240												521						447
			All other countries									49									51						58						57									66												93						123
			Total									498									509						448						472									480												1,008						952
			Annualized new business premiums by distribution channel:
			Life Planners									236									237						236						265									240												487						505
			Gibraltar Life Consultants									138									151						93						101									145												243						246
			Banks									61									71						68						52									33												179						85
			Independent Agency									63									50						51						54									62												99						116
			Total									498									509						448						472									480												1,008						952
			__________
			(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 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
												2021																														2022
												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, excluding Gibraltar Life									386									386						386						385									384
			Gibraltar Life									359									358						357						355									348
			All other countries									37									39						40						42									42
			Total									782									783						783						782									774
			Number of individual policies in force at end of period (in thousands) (3):
			Japan, excluding Gibraltar Life									4,354									4,385						4,405						4,436									4,447
			Gibraltar Life									6,949									6,941						6,907						6,868									6,805
			All other countries									615									636						652						664									682
			Total									11,918									11,962						11,964						11,968									11,934
			International life insurance individual policy persistency:
			Life Planner:
			13 months									92.4		%							93.1		%				93.1		%				92.8		%							92.7		%
			25 months									86.9		%							87.0		%				86.7		%				85.9		%							85.4		%
			Gibraltar Life (4):
			13 months									95.2		%							95.7		%				95.9		%				95.9		%							95.7		%
			25 months									90.0		%							89.8		%				89.9		%				90.1		%							90.2		%
			Number of Life Planners at end of period:
			Japan									4,595									4,630						4,566						4,557									4,481
			All other countries									1,476									1,508						1,458						1,499									1,443
			Total Life Planners									6,071									6,138						6,024						6,056									5,924
			Gibraltar Life Consultants									7,088									7,094						7,100						7,022									6,910
			__________
			(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 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.
			(4) Reflects business sold by Life Consultants and Independent Agents.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
			(in millions)
									2021																					2022																					Year-to-date
									2Q									3Q						4Q						1Q									2Q												2021						2022						% change
			Revenues (1):
			Premiums						(6)									(9)						(13)						(8)									—												(14)						(8)						43%
			Policy charges and fee income						(14)									(16)						(16)						(15)									(14)												(28)						(29)						-4%
			Net investment income						141									167						191						122									167												306						289						-6%
			Asset management fees, commissions and other income						(250)									(317)						(280)						(352)									(305)												(482)						(657)						-36%
			Total revenues						(129)									(175)						(118)						(253)									(152)												(218)						(405)						-86%
			Benefits and expenses (1):
			Insurance and annuity benefits						(10)									1						(12)						(7)									3												(13)						(4)						69%
			Interest credited to policyholders' account balances						34									34						34						34									34												67						68						1%
			Interest expense						164									160						152						153									169												333						322						-3%
			Deferral of acquisition costs						17									16						10						6									17												30						23						-23%
			Amortization of acquisition costs						(14)									(15)						(14)						(12)									(10)												(26)						(22)						15%
			General and administrative expenses						16									89						201						(61)									(106)												49						(167)						-441%
			Total benefits and expenses						207									285						371						113									107												440						220						-50%
			Adjusted operating loss before income taxes						(336)									(460)						(489)						(366)									(259)												(658)						(625)						5%
			Adjusted operating income (loss) before income taxes comprised as follows:
			Investment income						36									40						63						27									50												72						77						7%
			Interest expense on debt						(211)									(209)						(199)						(198)									(209)												(419)						(407)						3%
			Long-term and deferred compensation expense						(28)									(8)						(10)						(46)									12												(64)						(34)						47%
			Other (2)						(133)									(283)						(343)						(149)									(112)												(247)						(261)						-6%
			Adjusted operating loss before income taxes						(336)									(460)						(489)						(366)									(259)												(658)						(625)						5%
			__________
			(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 include consolidating adjustments.
			(2) Includes pension and employee benefits and other corporate activities, including consolidating adjustments.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2022
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
												June 30, 2022																																				December 31, 2021
																		Closed						PFI Excluding																														Closed						PFI Excluding
												Total						Block						Closed Block Division																								Total						Block						Closed Block Division
												Portfolio						Division						Amount						% of Total																		Portfolio						Division						Amount						% of Total
						Fixed maturities:
						Public, available-for-sale, at fair value						244,484						22,881						221,603						61.4		%																305,035						28,167						276,868						65.0		%
						Public, held-to-maturity, at amortized cost, net of allowance (1)						1,202						—						1,202						0.3		%																1,413						—						1,413						0.3		%
						Private, available-for-sale, at fair value						61,721						9,407						52,314						14.5		%																66,897						10,237						56,660						13.3		%
						Private, held-to-maturity, at amortized cost, net of allowance (1)						78						—						78						0.0		%																101						—						101						0.1		%
						Fixed maturities, trading, at fair value						6,084						1,009						5,075						1.4		%																8,610						1,137						7,473						1.8		%
						Assets supporting experience-rated contractholder liabilities, at fair value						2,785						—						2,785						0.8		%																3,358						—						3,358						0.8		%
						Equity securities, at fair value						5,740						1,675						4,065						1.1		%																7,875						2,288						5,587						1.3		%
						Commercial mortgage and other loans, at book value, net of allowance						56,526						7,956						48,570						13.4		%																57,387						8,241						49,146						11.6		%
						Policy loans, at outstanding balance						10,024						3,702						6,322						1.7		%																10,386						3,815						6,571						1.5		%
						Other invested assets, net of allowance (2)						17,186						4,256						12,930						3.6		%																16,843						4,358						12,485						2.9		%
						Short-term investments, net of allowance						6,821						175						6,646						1.8		%																6,600						557						6,043						1.4		%
						Subtotal (3)						412,651						51,061						361,590						100.0		%																484,505						58,800						425,705						100.0		%
						Invested assets of other entities and operations (4)						5,745						—						5,745																								7,694						—						7,694
						Total investments						418,396						51,061						367,335																								492,199						58,800						433,399
			Fixed Maturities by Credit Quality (3)(5):									June 30, 2022																																				December 31, 2021
												PFI Excluding Closed Block Division																																				PFI Excluding Closed Block Division
																		Gross						Gross																														Gross						Gross
												Amortized						Unrealized						Unrealized						Allowance for						Fair												Amortized						Unrealized						Unrealized						Allowance for						Fair
												Cost						Gains						Losses						Credit Losses						Value						% of Total						Cost						Gains						Losses						Credit Losses						Value						% of Total
						Public Fixed Maturities:
						NAIC Rating (6)
						1						179,895						10,149						10,909						—						179,135						80.8		%				195,493						27,963						595						—						222,861						80.5		%
						2						37,134						872						4,022						—						33,984						15.3		%				38,830						5,254						148						—						43,936						15.9		%
						Subtotal - High or Highest Quality Securities						217,029						11,021						14,931						—						213,119						96.1		%				234,323						33,217						743						—						266,797						96.4		%
						3						6,220						144						719						—						5,645						2.5		%				6,313						429						196						—						6,546						2.4		%
						4						2,553						44						386						—						2,211						1.0		%				2,642						88						66						1						2,663						0.9		%
						5						542						16						98						8						452						0.2		%				620						45						14						3						648						0.2		%
						6						214						3						26						15						176						0.2		%				249						14						19						30						214						0.1		%
						Subtotal - Other Securities						9,529						207						1,229						23						8,484						3.9		%				9,824						576						295						34						10,071						3.6		%
						Total						226,558						11,228						16,160						23						221,603						100.0		%				244,147						33,793						1,038						34						276,868						100.0		%
						Private Fixed Maturities:
						NAIC Rating (6)
						1						14,738						185						1,453						—						13,470						25.7		%				12,433						941						71						—						13,303						23.5		%
						2						33,000						596						3,258						—						30,338						58.0		%				31,607						2,029						260						—						33,376						58.9		%
						Subtotal - High or Highest Quality Securities						47,738						781						4,711						—						43,808						83.7		%				44,040						2,970						331						—						46,679						82.4		%
						3						5,296						66						463						—						4,899						9.4		%				5,966						287						39						—						6,214						11.0		%
						4						2,640						91						187						—						2,544						4.9		%				2,833						106						74						8						2,857						5.0		%
						5						1,022						10						72						22						938						1.8		%				769						23						33						24						735						1.3		%
						6						154						5						—						34						125						0.2		%				185						19						1						28						175						0.3		%
						Subtotal - Other Securities						9,112						172						722						56						8,506						16.3		%				9,753						435						147						60						9,981						17.6		%
						Total						56,850						953						5,433						56						52,314						100.0		%				53,793						3,405						478						60						56,660						100.0		%
						_____________
			(1) On an amortized cost basis, net of allowance, as of June 30, 2022, includes $1,125 million (fair value, $1,307 million) and $78 million (fair value, $84 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $77 million (fair value, $84 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations. On an amortized cost basis, net of allowance, as of December 31, 2021, includes $1,324 million (fair value, $1,594 million) and $101 million (fair value, $110 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $89 million (fair value, $99 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations.
			(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. Also excludes assets "held-for-sale" of $40,669 million as of December 31, 2021.
			(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, 2022 and December 31, 2021, 745 securities with amortized cost of $7,028 million (fair value $6,519 million) and 617 securities with amortized cost of $4,547 million (fair value $4,596 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
			(in millions)
															June 30, 2022																		December 31, 2021
															Amount						% of Total												Amount						% of Total
						Japanese Insurance Operations (2):
									Fixed maturities:
									Public, available-for-sale, at fair value						118,161						69.3		%										146,600						72.2		%
									Public, held-to-maturity, at amortized cost, net of allowance						1,202						0.7		%										1,413						0.7		%
									Private, available-for-sale, at fair value						19,431						11.4		%										21,079						10.4		%
									Private, held-to-maturity, at amortized cost, net of allowance						78						0.0		%										101						0.1		%
									Fixed maturities, trading, at fair value						680						0.4		%										839						0.4		%
									Assets supporting experience-rated contractholder liabilities, at fair value						2,785						1.6		%										3,328						1.6		%
									Equity securities, at fair value						1,829						1.1		%										2,187						1.1		%
									Commercial mortgage and other loans, at book value, net of allowance						19,024						11.2		%										19,969						9.8		%
									Policy loans, at outstanding balance						2,500						1.5		%										2,726						1.3		%
									Other invested assets (3)						4,622						2.7		%										4,203						2.1		%
									Short-term investments, net of allowance						240						0.1		%										692						0.3		%
									Total						170,552						100.0		%										203,137						100.0		%
															June 30, 2022																		December 31, 2021
															Amount						% of Total												Amount						% of Total
						Excluding Japanese Insurance Operations (2):
									Fixed maturities:
									Public, available-for-sale, at fair value						103,442						54.1		%										130,268						58.5		%
									Public, held-to-maturity, at amortized cost						—						0.0		%										—						0.0		%
									Private, available-for-sale, at fair value						32,883						17.2		%										35,581						16.0		%
									Private, held-to-maturity, at amortized cost						—						0.0		%										—						0.0		%
									Fixed maturities, trading, at fair value						4,395						2.3		%										6,634						3.0		%
									Assets supporting experience-rated contractholder liabilities, at fair value						—						0.0		%										30						0.0		%
									Equity securities, at fair value						2,236						1.2		%										3,400						1.6		%
									Commercial mortgage and other loans, at book value, net of allowance						29,546						15.5		%										29,177						13.1		%
									Policy loans, at outstanding balance						3,822						2.0		%										3,845						1.7		%
									Other invested assets, net of allowance (3)						8,308						4.3		%										8,282						3.7		%
									Short-term investments, net of allowance						6,406						3.4		%										5,351						2.4		%
									Total (4)						191,038						100.0		%										222,568						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.
						(4) Excludes assets "held-for-sale" of $40,669 million as of December 31, 2021.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INVESTMENT RESULTS (1)
			(in millions)
												Three Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (5)						Amount												Yield (5)						Amount
			General Account (2)
						Fixed maturities (3)						3.60		%				2,629						(571)						3.68		%				2,729						177
						Equity securities						3.89		%				42						—						3.73		%				46						—
						Commercial mortgage and other loans						3.66		%				443						(75)						3.99		%				496						40
						Policy loans						4.51		%				72						—						4.49		%				77						—
						Short-term investments and cash equivalents						1.68		%				54						2						0.65		%				19						—
						Gross investment income before investment expenses						3.61		%				3,240						(644)						3.64		%				3,367						217
						Investment expenses						-0.08		%				(81)						—						-0.16		%				(139)						—
						Subtotal						3.53		%				3,159						(644)						3.48		%				3,228						217
						Other investments (3)												267						(553)												409						189
			Investment results of other entities and operations (4)															(8)						110												286						(36)
			Less: investment income related to adjusted operating income reconciling items															(177)																		(433)
						Total												3,241						(1,087)												3,490						370
												Six Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (5)						Amount												Yield (5)						Amount
			General Account (2)
						Fixed maturities (3)						3.65		%				5,377						(926)						3.66		%				5,485						1,238
						Equity securities						2.29		%				56						—						2.29		%				57						—
						Commercial mortgage and other loans						3.64		%				903						(74)						3.93		%				973						49
						Policy loans						4.49		%				144						—						4.72		%				163						—
						Short-term investments and cash equivalents						1.08		%				72						(1)						0.47		%				28						—
						Gross investment income before investment expenses						3.56		%				6,552						(1,001)						3.59		%				6,706						1,287
						Investment expenses						-0.12		%				(212)						—						-0.15		%				(265)						—
						Subtotal						3.44		%				6,340						(1,001)						3.44		%				6,441						1,287
						Other investments (3)												720						(681)												758						1,085
			Investment results of other entities and operations (4)															162						179												520						5
			Less: investment income related to adjusted operating income reconciling items															(568)																		(842)
						Total												6,654						(1,503)												6,877						2,377
			__________
			(1) Excludes Closed Block division.
			(2) 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 and assets classified as "Separate account assets" on our balance sheet.
			(3) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
			(4) Includes invested income of commercial loans, assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
			(5) 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. The denominator in the yield percentage includes assets "held-for-sale" as of March 31, 2022 and December 31, 2021. 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 commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
			(in millions)
												Three Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (1)						Amount												Yield (1)						Amount
			Japanese Insurance Operations:
						Fixed maturities (2)						2.70		%				943						117						2.72		%				976						113
						Equity securities						6.75		%				33						—						6.66		%				36						—
						Commercial mortgage and other loans						3.60		%				174						(11)						3.80		%				189						17
						Policy loans						3.76		%				25						—						3.49		%				25						—
						Short-term investments and cash equivalents						1.45		%				3						—						0.52		%				1						—
						Gross investment income before investment expenses						2.86		%				1,178						106						2.90		%				1,227						130
						Investment expenses						-0.14		%				(63)						—						-0.15		%				(62)						—
						Subtotal						2.72		%				1,115						106						2.75		%				1,165						130
						Other investments (2)												62						(852)												122						495
						Total												1,177						(746)												1,287						625
												Six Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (1)						Amount												Yield (1)						Amount
			Japanese Insurance Operations:
						Fixed maturities (2)						2.70		%				1,909						77						2.69		%				1,945						56
						Equity securities						3.66		%				37						—						3.76		%				40						—
						Commercial mortgage and other loans						3.63		%				352						(9)						3.78		%				375						21
						Policy loans						3.89		%				51						—						4.14		%				60						—
						Short-term investments and cash equivalents						1.76		%				6						—						0.45		%				2						—
						Gross investment income before investment expenses						2.84		%				2,355						68						2.85		%				2,422						77
						Investment expenses						-0.14		%				(123)						—						-0.14		%				(118)						—
						Subtotal						2.70		%				2,232						68						2.71		%				2,304						77
						Other investments (2)												136						(1,575)												215						(437)
						Total												2,368						(1,507)												2,519						(360)
			__________
			(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 commercial loans and 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 held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
			(in millions)
												Three Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (4)						Amount												Yield (4)						Amount
			Excluding Japanese Insurance Operations (2):
						Fixed maturities (3)						4.43		%				1,686						(688)						4.58		%				1,753						64
						Equity securities						1.68		%				9						—						1.48		%				10						—
						Commercial mortgage and other loans						3.70		%				269						(64)						4.12		%				307						23
						Policy loans						5.02		%				47						—						5.22		%				52						—
						Short-term investments and cash equivalents						1.69		%				51						2						0.66		%				18						—
						Gross investment income before investment expenses						4.23		%				2,062						(750)						4.27		%				2,140						87
						Investment expenses						-0.03		%				(18)						—						-0.17		%				(77)						—
						Subtotal						4.20		%				2,044						(750)						4.10		%				2,063						87
						Other investments (3)												205						299												287						(306)
						Total												2,249						(451)												2,350						(219)
												Six Months Ended June 30
												2022																		2021
												Investment Income												Realized Gains (Losses)						Investment Income												Realized Gains (Losses)
												Yield (4)						Amount												Yield (4)						Amount
			Excluding Japanese Insurance Operations (2):
						Fixed maturities (3)						4.52		%				3,468						(1,003)						4.57		%				3,540						1,182
						Equity securities						1.34		%				19						—						1.18		%				17						—
						Commercial mortgage and other loans						3.65		%				551						(65)						4.04		%				598						28
						Policy loans						4.91		%				93						—						5.14		%				103						—
						Short-term investments and cash equivalents						1.05		%				66						(1)						0.47		%				26						—
						Gross investment income before investment expenses						4.15		%				4,197						(1,069)						4.22		%				4,284						1,210
						Investment expenses						-0.10		%				(89)						—						-0.17		%				(147)						—
						Subtotal						4.05		%				4,108						(1,069)						4.05		%				4,137						1,210
						Other investments (3)												584						894												543						1,522
						Total												4,692						(175)												4,680						2,732
			__________
			(1) Excludes Closed Block division.
			(2) 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 and assets classified as "Separate account assets" on our balance sheet.
			(3) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
			(4) 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. The denominator in the yield percentage includes assets "held-for-sale" as of March 31, 2022 and December 31, 2021. 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 commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			INCOME STATEMENT IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS (1)
			(in millions)
									Three Months Ended June 30, 2022
									Premiums						Policy Charges and Fee Income						Asset Management Fees, Commissions and Other Income						Insurance and Annuity Benefits						Interest Credited to Policyholders' Account Balances						Amortization of Acquisition Costs						General and Administrative Expenses						Adjusted Operating Income (Loss) Before Income Taxes
			Retirement Strategies - Institutional Retirement Strategies						—						—						—						4						(4)						—						—						—
			Retirement Strategies - Individual Retirement Strategies						—						—						—						(27)						1						1						—						25
			Group Insurance						—						—						—						3						—						—						—						(3)
			Individual Life						—						281						—						1,572						—						85						25						(1,401)
			Assurance IQ						—						—						(17)						—						—						—						—						(17)
			International Businesses - Life Planner						—						2						—						23						—						(2)						—						(19)
			International Businesses - Gibraltar Life and Other						—						—						—						3						—						9						—						(12)
			Corporate and Other						—						—						—						(4)						—						—						—						4
			Total						—						283						(17)						1,574						(3)						93						25						(1,423)
									Three Months Ended June 30, 2021
									Premiums						Policy Charges and Fee Income						Asset Management Fees, Commissions and Other Income						Insurance and Annuity Benefits						Interest Credited to Policyholders' Account Balances						Amortization of Acquisition Costs						General and Administrative Expenses						Adjusted Operating Income (Loss) Before Income Taxes
			Retirement Strategies - Institutional Retirement Strategies (2)						—						—						—						14						—						—						—						(14)
			Retirement Strategies - Individual Retirement Strategies						—						—						—						(6)						2						19						—						(15)
			Group Insurance						4						—						—						3						—						—						—						1
			Individual Life						—						(59)						—						(42)						—						(8)						(16)						7
			International Businesses - Life Planner						—						(10)						—						(4)						—						(8)						—						2
			International Businesses - Gibraltar Life and Other						—						—						—						4						—						12						—						(16)
			Corporate and Other						—						—						—						(5)						—						—						—						5
			Total						4						(69)						—						(36)						2						15						(16)						(30)
			__________
			(1) Includes one-time impact for annual actuarial assumption updates and other refinements in our insurance businesses as well as the impact from updated Assurance IQ persistency assumptions.
			(2) Prior period amounts have been restated to conform to the current period presentation, as the results of the Full Service Retirement Business were transferred to Divested and Run-off Businesses in the third quarter of 2021. This business was subsequently sold in April, 2022.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
			(in millions)
									Three Months Ended June 30, 2022																																																												Three Months Ended June 30, 2021
																		Reconciling Items																																																												Reconciling Items
									Adjusted Operating Income (Loss) basis (1)									Total realized investment gains (losses), net, and related charges and adjustments						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to 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						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests						Other adjustments (2)									U.S. GAAP
			Revenues:
			Premiums						6,634									—						—						443						35						—						—									7,112												6,086									—						—						463						230						—						—									6,779
			Policy charges and fee income						1,615									(57)						(7)						—						—						—						—									1,551												1,393									(43)						(16)						—						66						—						—									1,400
			Net investment income						3,241									(4)						—						520						181						—						—									3,938												3,490									(6)						—						629						439						—						—									4,552
			Realized investment gains (losses), net						268									(1,440)						279						(60)						(194)						—						—									(1,147)												101									20						129						265						120						—						—									635
			Asset management fees, commissions and other income						2,016									(797)						—						(374)						679						43						—									1,567												1,548									406						—						256						362						(21)						—									2,551
			Total revenues						13,774									(2,298)						272						529						701						43						—									13,021												12,618									377						113						1,613						1,217						(21)						—									15,917
			Benefits and Expenses:
			Insurance and annuity benefits						8,694									334						(202)						411						168						—						—									9,405												6,692									34						(30)						1,466						286						—						—									8,448
			Interest credited to policyholders' account balances						663									(83)						—						31						54						—						—									665												667									33						(17)						31						360						—						—									1,074
			Interest expense						401									—						—						—						—						—						—									401												370									—						—						—						1						—						—									371
			Deferral of acquisition costs						(522)									—						—						—						(1)						—						—									(523)												(608)									—						—						—						(1)						—						—									(609)
			Amortization of acquisition costs						605									23						(52)						4						1						—						—									581												503									(54)						(61)						5						(1)						—						—									392
			General and administrative expenses						3,061									(222)						(5)						70						77						22						—									3,003												3,165									6						(4)						80						233						(25)						13									3,468
			Total benefits and expenses						12,902									52						(259)						516						299						22						—									13,532												10,789									19						(112)						1,582						878						(25)						13									13,144
									Six Months Ended June 30, 2022																																																												Six Months Ended June 30, 2021
																		Reconciling Items																																																												Reconciling Items
									Adjusted Operating Income (Loss) basis (1)									Total realized investment gains (losses), net, and related charges and adjustments						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to 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						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests						Other adjustments (2)									U.S. GAAP
			Revenues:
			Premiums						13,934									—						—						852						278						—						—									15,064												12,973									—						—						894						455						—						—									14,322
			Policy charges and fee income						3,069									(135)						16						—						60						—						—									3,010												2,885									(119)						(10)						—						134						—						—									2,890
			Net investment income						6,654									(14)						—						1,074						582						—						—									8,296												6,877									(18)						—						1,215						860						—						—									8,934
			Realized investment gains (losses), net						414									(1,968)						332						40						(281)						—						—									(1,463)												270									1,871						224						337						12						—						—									2,714
			Asset management fees, commissions and other income						3,360									(1,320)						—						(472)						(272)						33						—									1,329												3,369									39						—						532						118						(49)						—									4,009
			Total revenues						27,431									(3,437)						348						1,494						367						33						—									26,236												26,374									1,773						214						2,978						1,579						(49)						—									32,869
			Benefits and expenses:
			Insurance and annuity benefits						16,729									293						(243)						1,249						480						—						—									18,508												14,222									(144)						(168)						2,681						571						—						—									17,162
			Interest credited to policyholders' account balances						1,318									(36)						31						61						(540)						—						—									834												1,351									307						(30)						62						152						—						—									1,842
			Interest expense						765									—						—						—						1						—						—									766												745									—						—						—						3						—						—									748
			Deferral of acquisition costs						(1,103)									—						—						—						(1)						—						—									(1,104)												(1,299)									—						—						—						(2)						—						—									(1,301)
			Amortization of acquisition costs						1,140									236						39						9						4						—						—									1,428												1,045									186						(110)						11						1						—						—									1,133
			General and administrative expenses						6,144									(220)						(4)						139						320						34						17									6,430												6,438									11						(7)						159						470						1						26									7,098
			Total benefits and expenses						24,993									273						(177)						1,458						264						34						17									26,862												22,502									360						(315)						2,913						1,195						1						26									26,682
			__________
			(1) See page 40 for a definition of adjusted operating income.
			(2) Represents adjustments not included in the above reconciling items. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration, and goodwill impairments.

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			Prudential Financial, Inc.
			Quarterly Financial Supplement
			Second Quarter 2022
			COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
			(in millions)
									Three Months Ended September 30, 2021																																																												Three Months Ended December 31, 2021
																		Reconciling Items																																																												Reconciling Items
									Adjusted Operating Income (Loss) basis (1)									Total realized investment gains (losses), net, and related charges and adjustments						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to 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						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests						Other adjustments (2)									U.S. GAAP
			Revenues:
			Premiums						12,651									—						—						419						123						—						—									13,193												6,723									—						—						476						113						—						—									7,312
			Policy charges and fee income						1,589									(59)						(19)						—						59						—						—									1,570												1,512									(70)						(16)						—						58						—						—									1,484
			Net investment income						3,666									(8)						—						650						409						—						—									4,717												3,617									(14)						—						635						398						—						—									4,636
			Realized investment gains (losses), net						122									113						(37)						168						66						—						—									432												185									98						193						302						100						—						—									878
			Asset management fees, commissions and other income						1,635									73						—						84						(40)						(23)						—									1,729												1,707									159						—						235						38						(25)						—									2,114
			Total revenues						19,663									119						(56)						1,321						617						(23)						—									21,641												13,744									173						177						1,648						707						(25)						—									16,424
			Benefits and expenses:
			Insurance and annuity benefits						13,520									(9)						110						1,184						198						—						—									15,003												7,626									(12)						(142)						1,486						209						—						—									9,167
			Interest credited to policyholders' account balances						665									68						7						31						146						—						—									917												667									75						(22)						31						(28)						—						—									723
			Interest expense						367									—						—						—						1						—						—									368												362									—						—						—						—						—						—									362
			Deferral of acquisition costs						(646)									—						—						—						(2)						—						—									(648)												(599)									—						—						—						—						—						—									(599)
			Amortization of acquisition costs						525									(27)						25						4						2						—						—									529												510									(6)						(78)						6						3						—						—									435
			Goodwill impairment						—									—						—						—						—						—						—									—												—									—						—						—						—						—						1,060									1,060
			General and administrative expenses						3,388									(11)						1						75						224						(20)						9									3,666												3,593									—						(1)						77						239						(37)						17									3,888
			Total benefits and expenses						17,819									21						143						1,294						569						(20)						9									19,835												12,159									57						(243)						1,600						423						(37)						1,077									15,036
									Three Months Ended March 31, 2022
																		Reconciling Items
									Adjusted Operating Income (Loss) basis (1)									Total realized investment gains (losses), net, and related charges and adjustments						Market experience updates						Closed Block Division						Other Divested and Run-off Businesses						Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests						Other adjustments (2)									U.S. GAAP
			Revenues:
			Premiums						7,300									—						—						409						243						—						—									7,952
			Policy charges and fee income						1,454									(78)						23						—						60						—						—									1,459
			Net investment income						3,413									(10)						—						554						401						—						—									4,358
			Realized investment gains (losses), net						146									(528)						53						100						(87)						—						—									(316)
			Asset management fees, commissions and other income						1,344									(523)						—						(98)						(951)						(10)						—									(238)
			Total revenues						13,657									(1,139)						76						965						(334)						(10)						—									13,215
			Benefits and expenses:
			Insurance and annuity benefits						8,035									(41)						(41)						838						312						—						—									9,103
			Interest credited to policyholders' account balances						655									47						31						30						(594)						—						—									169
			Interest expense						364									—						—						—						1						—						—									365
			Deferral of acquisition costs						(581)									—						—						—						—						—						—									(581)
			Amortization of acquisition costs						535									213						91						5						3						—						—									847
			General and administrative expenses						3,083									2						1						69						243						12						17									3,427
			Total benefits and expenses						12,091									221						82						942						(35)						12						17									13,330
			__________
			(1) See page 40 for a definition of adjusted operating income.
			(2) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of $837 million after-tax, $1,060 million pre-tax, in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2022

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,” as adjusted, 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 our tax and capital profile.

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. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.

Adjusted Operating Income excludes 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, 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, as well as changes in the fair value of contingent consideration, and goodwill impairments. Earnings attributable to 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 IRS 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 Gibraltar Life Consultants include production by captive agents associated with consolidated joint venture of Gibraltar Life and Other operations.

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:

Equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Book value per share excluding Accumulated Other Comprehensive Income (Loss) (“AOCI”) and adjusted to remove amount included for remeasurement of foreign currency exchange rate is a non-GAAP measure. These items are excluded in order to highlight the book value attributable to our core business operations. 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, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market along with the supporting investments that are marked to market through AOCI under GAAP. However, book value per share excluding AOCI and adjusted to remove the amount included for foreign currency exchange rate remeasurement is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2022

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 a premium, net of any amount 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. Gibraltar Life:

Includes results from consolidated joint venture operation of Gibraltar Life and Other operations.

13. Gibraltar Life Consultants:

Captive insurance agents for Gibraltar Life.

14. Group Insurance Benefits Ratios:

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

15. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:

Ratio of administrative operating expenses (excluding commissions) to gross premiums, and net policy charges and fee income.

16. Individual Retirement Strategies Account Values in General Account and Separate Account:

Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.

17. Individual Retirement Strategies - 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.

18. 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.

19. International Life Planners:

Captive insurance Advisors in our Life Planner operations.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2022

KEY DEFINITIONS AND FORMULAS

20. 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.

21. Other Related Revenues:

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

22. PGIM Asset Under Management Classifications:

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

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

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

Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.

Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.

23. 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).

24. 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.

25. Prudential Advisors:

Captive financial professionals in our insurance operations in the United States.

26. Prudential Advisor Productivity:

Commissions on new sales of all products by Prudential Advisors financial professionals under contract for the entire period, divided by the number of those financial professionals. Excludes commissions on new sales by financial professionals hired or departed during the period. For interim reporting periods, the productivity measures are annualized.

27. 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.

28. 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.

29. Wrap-Fee Products:

Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2022

RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS

as of August 2, 2022

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 2, 2022

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-

A1

A+

PRICOA Global Funding I:

Long-Term Senior Debt

aa-

AA-

Aa3

AA-

* NR indicates not rated.

INVESTOR INFORMATION:

Corporate Office:

Prudential Financial, Inc.

751 Broad Street

Newark, New Jersey 07102

Common Stock:

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

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

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