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2Q25 INVESTOR UPDATE Expanding access to investing, insurance, and retirement security 2Q25 INVESTOR UPDATE Expanding access to investing, insurance, and retirement security
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PRUDENTIAL INVESTMENT THESIS ROCK SOLID Demonstrated financial strength DIFFERENTIATED Thoughtful strategies and business design produce a competitive advantage DISCIPLINED Positioned for long-term growth EVOLVING AND DELIVERING ON OUR STRATEGY TO DRIVE SUSTAINABLE, PROFITABLE GROWTH 150 years of service and commitment to providing insurance protection $1.6 trillion in assets under management supporting diversified businesses(1) (1) As of June 30, 2025. 50 million customers in over 50 countries 5% 5 year Annual Dividends Per Share CAGR (2) (2) From 2019 to 2024; based on annual dividend per share. 22 PRUDENTIAL INVESTMENT THESIS EVOLVING AND DELIVERING ON OUR STRATEGY TO DRIVE SUSTAINABLE, PROFITABLE GROWTH DIFFERENTIATED Thoughtful strategies and business design produce a competitive advantage DISCIPLINED Positioned for long-term growth 150 years of service and commitment to providing insurance protection 50 million customers in over 50 countries $1.6 trillion in assets under management supporting diversified businesses (1) 5% 5-yr Annual Dividends Per Share CAGR(2) (1) As of June 30, 2025. (2) From 2019 to 2024; based on annual dividend per share. ROCK SOLID Demonstrated financial strength
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INTEGRATED SET OF BUSINESSES AT SCALE WITH LONG-TERM GROWTH POTENTIAL Earnings Contribution(1) (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25. Pie chart percentages exclude Corporate & Other operations loss of $1,672 million. See reconciliation of non-GAAP measures in Appendix for more information. Business Earnings Contribution PGIM 11% International Businesses 40% U.S. Businesses 49% Total $6.1 billion Key Statistics Revenues(2) $59B Adjusted Book Value Per Share(3) $96.41 Employees(4) 38K+ Adjusted Dividend Yield(5) 5.6% (2) Based on last twelve months of revenue on a pre-tax adjusted operating income basis through 2Q25. (3) As of June 30, 2025. See reconciliation of non-GAAP measures in Appendix for more information. (4) As of December 31, 2024. (5) Based on 2Q25 annualized dividend per share divided by adjusted book value per share. 33 INTEGRATED SET OF BUSINESSES AT SCALE WITH LONG-TERM GROWTH POTENTIAL PGIM 11% U.S. Businesses 49% International Businesses 40% Earnings Contribution(1) Key Statistics Revenues(2): $59B Adjusted Book Value Per Share(3): $96.41 Employees(4): 38K+ Adjusted Dividend Yield(5): 5.6% $6.1 billion (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25. Pie chart percentages exclude Corporate & Other o perations loss of $1,672 million. See reconciliation of non-GAAP measures in Appendix for more information. (2) Based on last twelve months of revenue on a pre-tax adjusted operating income basis through 2Q25. (3) As of June 30, 2025. See reconciliation of non-GAAP measures in Appendix for more information. (4) As of December 31, 2024. (5) Based on 2Q25 annualized dividend per share divided by adjusted book value per share.
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DIFFERENTIATED BUSINESS DESIGN Deeply connected businesses that help one another grow, unlocking value for our shareholders 44 DIFFERENTIATED BUSINESS DESIGN RETIREMENT & INSURANCE PGIM OPEN- ARCHITECTURE SOLUTIONS BRAND SCALE QUALITY GLOBAL INVESTMENT MANAGEMENT EXPERTISE REINSURANCE/ THIRD-PARTY CAPITAL Deeply connected businesses that help one another grow, unlocking value for our shareholders
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COMPETITIVE ADVANTAGES SUPPORT STRATEGIC EXECUTION Leverage our Strengths: • Leading global asset manager • Best-in-class liability origination • Cross-business synergies • Omni-channel distribution • Strong brand reputation • Track record of fulfilling promises Execute on Strategic Priorities: • Invest in growth businesses and markets around the world • Deliver industry-leading customer and client experiences, blending human touch with advanced technology • Create the next generation of financial solutions to serve the diverse needs of a broader range of customers and clients 55 COMPETITIVE ADVANTAGES SUPPORT STRATEGIC EXECUTION Leverage our Strengths: • Leading global asset manager • Best-in-class liability origination • Cross-business synergies • Omni-channel distribution • Strong brand reputation • Track record of fulfilling promises Execute on Strategic Priorities: Invest in growth businesses and markets around the world Deliver industry-leading customer and client experiences, blending human touch with advanced technology Create the next generation of financial solutions to serve the diverse needs of a broader range of customers and clients
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PROGRESS ON DRIVING SUSTAINABLE, PROFITABLE GROWTH KEY PRIORITIES 1. EVOLVING AND DELIVERING ON OUR STRATEGY 2. IMPROVING OUR EXECUTION 3. FOSTERING A HIGH-PERFORMANCE CULTURE DEMONSTRATED PROGRESS Integrating PGIM’s multi-manager model into a unified business, including a $1 trillion public and private credit platform, to drive operating efficiencies, cross-selling opportunities, and increased revenue 66 PROGRESS ON DRIVING SUSTAINABLE, PROFITABLE GROWTH EVOLVING AND DELIVERING ON OUR STRATEGY 1 IMPROVING OUR EXECUTION 2 FOSTERING A HIGH-PERFORMANCE CULTURE 3 Integrating PGIM’s multi-manager model into a unified business, including a $1 trillion public and private credit platform, to drive operating efficiencies, cross-selling opportunities, and increased revenue KEY PRIORITIES DEMONSTRATED PROGRESS
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WELL POSITIONED IN CURRENT MACRO ENVIRONMENT BALANCE SHEET STRENGTH TO SUPPORT ALL STAKEHOLDERS • Highly liquid assets of $3.9 billion (1) • Strong statutory solvency ratios support AA financial strength • High quality, well diversified investment portfolio • Disciplined Asset Liability Management (1) Parent company 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. 77(1) Parent company 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. WELL POSITIONED IN CURRENT MACRO ENVIRONMENT Highly liquid assets of $3.9 billion(1), 2023(1) Strong statutory solvency ratios support AA financial strength, High quality, well diversified investment portfolio Disciplined Asset Liability Management BALANCE SHEET STRENGTH TO SUPPORT ALL STAKEHOLDERS
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SUSTAINABILITY HIGHLIGHTS • $40.9M disbursed through grants by The Prudential Foundation supporting 163 nonprofit partners, who collectively reached over 7 million individuals(1) • 76% reduction in our operational emissions since our 2017 baseline year for the facilities in our emissions reduction targets as part of our effort to drive cost efficiencies (2) • AI. Established our Global Responsible AI Program, a risk-based program and framework for managing and mitigating risks associated with AI products (3) • $39.6B of sustainable investments held by our General Account that aim to promote sustainability and achieve market returns to support our policyholder obligations (3) • 94% of our U.S. employees state that they know what they can do to help deliver on our Customer Experience mission (4) • #1 ranked in the Insurance: Life & Health Industry by FORTUNE® World’s Most Admired Companies TM (5) (1) The Prudential Foundations’ 2024 contributions. (2) Refer to the 2024 Sustainability Report (page 47) for specifics on our in-scope facilities and how our Scope 1 & 2 data were calculated. (3) As of December 31, 2024. (4) As of 2024. (5) From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Under used license. Fortune is a registered trademark and Fortune World’s Most Admired Companies is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and does not endorse products or services of, Prudential Financial, Inc. 88 SUSTAINABILITY HIGHLIGHTS (1) The Prudential Foundations' 2024 contributions. (2) Refer to the 2024 Sustainability Report (page 47) for specifics on our in -scope facilities and how our Scope 1 & 2 data were cal culated. (3) As of December 31, 2024. (4) As of 2024. (5) From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Under used license. Fortune is a registered trademark and Fortune World's Most Admired Companies is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and does not endorse products or services of, Prudential Financial, Inc . AI$40.9M disbursed through grants by The Prudential Foundation supporting 163 nonprofit partners, who collectively reached over 7 million individuals(1) Established our Global Responsible AI Program, a risk-based program and framework for managing and mitigating risks associated with AI products(3) $39.6B of sustainable investments held by our General Account that aim to promote sustainability and achieve market returns to support our policyholder obligations(3) reduction in our operational emissions since our 2017 baseline year for the facilities in our emissions reduction targets as part of our effort to drive cost efficiencies(2) 76% 94% of our U.S. employees state that they know what they can do to help deliver on our Customer Experience mission(4) #1 ranked in the Insurance: Life & Health Industry by FORTUNE® World's Most Admired Companies (5)
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ROCK SOLID. DEMONSTRATED FINANCIAL STRENGTH ROCK SOLID DEMONSTRATED FINANCIAL STRENGTH
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ROBUST APPROACH TO CAPITAL & LIQUIDITY MANAGEMENT Financial Strength “AA” standards for capital Liquidity Significant resources available Risk Appetite Framework Capitalized to remain competitive under stress scenarios 1010 ROBUST APPROACH TO CAPITAL & LIQUIDITY MANAGEMENT Financial Strength “AA” standards for capital Liquidity Significant resources available Risk Appetite Framework Capitalized to remain competitive under stress scenarios
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SIGNIFICANT FINANCIAL STRENGTH Objectives Position Highly Liquid Assets (1) > than $3 billion $3.9 billion Regulatory Capital Ratios (2) Consistent with AA objectives PICA RBC ratio > than 375% Japan solvency margin ratios > than 700% Ratios remain in excess of our objectives (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. (2) PICA RBC ratio is disclosed in annual statutory statement. Japan solvency margin ratios are disclosed quarterly in Prudential’s Form 10-Q/10-K. Economic Solvency Ratios (ESR) for Prudential of Japan and Gibraltar Life as of March 2025 are estimated to be between 180 - to 200%. Off-Balance Sheet Resources Resource Capacity Maturity Date Credit Facility $4.0 billion July 2029 Contingent Capital $1.5 billion May 2030 Contingent Capital $1.5 billion February 2033 and 2053 Prudential Holdings of Japan Facility ¥100 billion September 2029 As of June 30, 2025 unless otherwise noted. 1111 As of June 30, 2025 unless otherwise noted. (1) Highly liquid assets predominantly include cash, short -term investments, U.S. Treasury securities, obligations of other U.S. gov ernment authorities and agencies, and/or foreign government bonds. (2) PICA RBC ratio is disclosed in annual statutory statement. Japan solvency margin ratios are disclosed quarterly in Prudential ’s Form 10-Q/10-K. Economic Solvency Ratios (ESR) for Prudential of Japan and Gibraltar Life as of March 2025 are estimated to be between 180-200%. SIGNIFICANT FINANCIAL STRENGTH Off-Balance Sheet Resources Resource Capacity Maturity Date Credit Facility $4.0 billion July 2029 Contingent Capital $1.5 billion $1.5 billion May 2030 February 2033 and 2053 Prudential Holdings of Japan Facility ¥100 billion September 2029 Highly Liquid Assets(1) Regulatory Capital Ratios(2) Objectives Ratios remain in excess of our objectives Consistent with AA objectives PICA RBC ratio > 375% Japan solvency margin ratios > 700% > $3 billion $3.9 billion Position Off-Balance Sheet Resources
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PRESERVING BALANCE SHEET STRENGTH, AS WE HAVE DONE FOR 150+ YEARS Stress Parameters • Equity Market Decline • Insurance Shocks • Interest Rate Shock • Credit Shock • Currency Shock Our Toolbox • Disciplined ALM and hedging • On-balance sheet capital capacity • Off-balance sheet resources • Credit facilities • Contingent capital • Shift in our product mix • Ability to adjust product pricing • Affiliated and external reinsurance • Prudent management Outcomes • Maintain appropriate and competitive regulatory capital levels at insurance companies • Maintain adequate cash position at parent company • Relatively resilient to equity market and interest rate declines • Highly effective variable annuity hedging program 1212 Our ToolboxStress Parameters Outcomes • Maintain appropriate and competitive regulatory capital levels at insurance companies • Maintain adequate cash position at parent company • Relatively resilient to equity market and interest rate declines • Highly effective variable annuity hedging program • Disciplined ALM and hedging • On-balance sheet capital capacity • Off-balance sheet resources – Credit facilities – Contingent capital • Shift in our product mix • Ability to adjust product pricing • Affiliated and external reinsurance • Prudent managementCurrency Shock Interest Rate Shock Credit Shock Equity Market Decline Insurance Shocks PRESERVING BALANCE SHEET STRENGTH, AS WE HAVE DONE FOR 150+ YEARS
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BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO PORTFOLIO COMPOSITION1 PORTFOLIO COMPOSITION Total $387 billion Government Securities 21% Corporate Securities, Public 29% Corporate Securities, Private 19% Structured Products 7% Mortgage Loans 14% Alternatives 3% Equities 1% Other 6% HIGHLIGHTS • Broadly diversified, high quality portfolio with strong Asset Liability Management –High allocation to government securities (mostly U.S. and Japan) –Significant protections with private credit • Benefits from PGIM’s expertise and direct origination capabilities • Disciplined framework for credit management (1) General Account excluding the Closed Block Division, funds withheld, and assets supporting experience-related contractholder liabilities as of June 30, 2025, on a U.S. GAAP carrying value basis. Mortgage loans include commercial, agricultural, residential, and other loans. Structured products include commercial and residential mortgage-backed securities, collateralized loan obligations, and other asset-backed securities. Alts include investments in LP’s/LLC’s, and real estate held through direct ownership. Other includes policy loans, fixed maturities - trading, short-term investments, derivatives, and other miscellaneous assets. 1313 GGoovveerrnnmmeenntt SSeeccuurriittiieess 2211%% CCoorrppoorraattee SSeeccuurriittiieess,, PPuubblliicc 2299%% CCoorrppoorraattee SSeeccuurriittiieess,, PPrriivvaattee 1199%% SSttrruuccttuurreedd PPrroodduuccttss 77%% MMoorrttggaaggee LLooaannss 1144%% AAlltteerrnnaattiivveess 33%% EEqquuiittiieess 11%% OOtthheerr 66%% BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO $387 billion (1) General Account excluding the Closed Block Division, funds w ithheld, and assets supporting experience-related contractholder liabilities as of June 30, 2025, on a U.S. GAAP carrying value basis. Mortgage loans include commercial, agricultural, residential, and other loans. Structured products include commercial and residential mortgage -backed securities, collateralized loan obligations, and other asset -backed securities. Alts include investments in LPs/LLCs, and real estate held through direct ownership. Other includes policy loans, fixed maturities - trading, short-term investments, derivatives, and other miscellaneous assets. HIGHLIGHTS • Broadly diversified, high quality portfolio with strong Asset Liability Management – High allocation to government securities (mostly U.S. and Japan) – Significant protections with private credit • Benefits from PGIM’s expertise and direct origination capabilities • Disciplined framework for credit management PORTFOLIO COMPOSITION(1)
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ADJUSTED ASSET LEVERAGE IN-LINE WITH PEERS Asset Leverage(1) Asset Leverage PRU 13x Life Group Average 8.5x Adjustments Exclude non-credit risk assets(2) For example: government bonds, equities, etc. Exclude Closed Block, ASCL, & Funds Withheld(3): Risks ultimately inure to the contractholders or reinsurer Adjust Equity for FX Remeasurement and Goodwill: Historical non-economic accounting mismatch Adjusted Asset Leverage Adjusted Asset Leverage PRU 7.5x Life Group Average 7.9x As of March 31, 2025. Sourced from 1Q25 10‐Q and QFS. Life Group Average includes: Aflac, Ameriprise, Brighthouse, CNO, Equitable, Lincoln, MetLife, Principal, Prudential, RGA, Unum, and Voya. (1) Asset leverage defined as invested assets divided by equity excluding accumulated other comprehensive income. (2) U.S. dollar and foreign government bonds, assets supporting experience-rated contractholder liabilities (ASCL), equity securities, policy loans, other invested assets, and short-term investments. (3) If assets supporting experience-rated contractholder liabilities, or assets supporting the Closed Block, are insufficient to make guaranteed benefits payments, such payments must be made by the relevant insurance company. Peers do not segregate the Closed Block business and disclosures indicate that liabilities are currently in excess of Closed Block assets. For purposes of the adjusted asset leverage, Closed Block assets are excluded with no adjustment to equity. 1414 ADJUSTED ASSET LEVERAGE IN-LINE WITH PEERS 13.0x 8.5x PRU Life Group Average 7.5x 7.9x PRU Life Group Average Asset Leverage(1) Adjusted Asset LeverageAdjustments EExxcclluuddee nnoonn--ccrreeddiitt rriisskk aasssseettss((22)):: • For example: government bonds, equities, etc. EExxcclluuddee CClloosseedd BBlloocckk,, AASSCCLL,, && FFuunnddss WWiitthhhheelldd((33)):: • Risks ultimately inure to the contractholders or reinsurer A Addjjuusstt EEqquuiittyy ffoorr FFXX RReemmeeaassuurreemmeenntt aanndd GGooooddwwiillll:: • Historical non-economic accounting mismatch As of March 31, 2025. Sourced from 1Q25 10‐Q and QFS. Life Group Average includes: Aflac, Ameriprise, Brighthouse, CNO, Equitable, Lincoln, MetLife, Principal, Prudential, RGA, Unum, and Voya. (1) Asset leverage defined as invested assets divided by equity excluding accumulated other comprehensive income. (2) U.S. dollar and foreign government bonds, assets supporting experience -rated contractholder liabilities (ASCL), equity securities, policy loans, other invested assets, and short -term investments. (3) If assets supporting experience-rated contractholder liabilities, or assets supporting the Closed Block, are insufficient to make guaranteed benefits payments, such payments must be made by the relevant insurance company. Peers do not segregate the Closed Block business and disclosures indicate that liabilities are currently in excess of Closed Block ass ets. For purposes of the adjusted asset leverage, Closed Block assets are excluded with no adjustment to equity.
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BALANCED APPROACH TO CAPITAL ALLOCATION 1. Maintain Financial Strength 2. Organic Growth at Attractive Returns 3. Sustainable and Growing Dividends 4. Acquisitions 5. Share Repurchases Shareholder Distributions Share Repurchases ($ millions) Dividends ($ millions) Total ($ millions) 2017 1,250 1,300 2,550 2018 1,500 1,526 3,026 2019 2,500 1,644 4,144 2020 500 1,769 2,269 2021 2,500 1,821 $4,321 2022 1,500 1,822 3,322 2023 1,000 1,850 2,850 2024 1,000 1,892 2,892 1H25 Highlighted 500 971 1,471 1515 BALANCED APPROACH TO CAPITAL ALLOCATION 2. Organic Growth at Attractive Returns 3. Sustainable and Growing Dividends 5. Share Repurchases Maintain Financial Strength1. Acquisitions4. Shareholder Distributions ($ millions) 1,300 1,526 1,644 1,769 1,821 1,822 1,850 1,892 971 1,250 1,500 2,500 500 2,500 1,500 1,000 1,000 500 $$22,,555500 $$33,,002266 $$44,,114444 $$22,,226699 $$44,,332211 $$33,,332222 $$22,,885500 $$22,,889922 $$11,,447711 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Share Repurchases Dividends Bar order corresponds with the order of the legend to the left of the chart
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DOUBLE-DIGIT DIVIDEND GROWTH SUPPORTED BY STRONG EARNINGS AND CASH FLOW COVERAGE Year ($ per share) Annual Dividends 2008 $0.58 2009 $0.70 2010 $1.15 2011 $1.45 2012 $1.60 2013 $1.73 2014 $2.17 2015 $2.44 2016 $2.80 2017 $3.00 2018 $3.60 2019 $4.00 2020 $4.40 2021 $4.60 2022 $4.80 2023 $5.00 2024 $5.20 There is 15% CAGR increase between 2008 and 2024 Increased quarterly dividend by 4% in 1Q25, the 17th consecutive annual increase 41% 2024 Dividend Payout Ratio(1) (1) Based on annual dividend per share divided by annual after-tax adjusted operating income per share. See reconciliation of non-GAAP measures in Appendix for more information. 1616 DOUBLE-DIGIT DIVIDEND GROWTH SUPPORTED BY STRONG EARNINGS AND CASH FLOW COVERAGE $$00..5588$$00..7700 $$11..1155 $$11..4455$$11..6600$$11..7733 $$22..1177 $$22..4444 $$22..8800$$33..0000 $$33..6600 $$44..0000 $$44..4400$$44..6600$$44..8800$$55..0000$$55..2200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 41% 2024 Dividend Payout Ratio(1) 15% CAGR ($ per share) Annual Dividends Increased quarterly dividend by 4% in 1Q25, the 17th consecutive annual increase (1) Based on annual dividend per share divided by annual after-tax adjusted operating income per share. See reconciliation of non-GAAP measures in Appendix for more information.
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DIFFERENTIATED. THOUGHTFUL STRATEGIES AND BUSINESS DESIGN PRODUCE A COMPETITIVE ADVANTAGE DIFFERENTIATED THOUGHTFUL STRATEGIES AND BUSINESS DESIGN PRODUCE A COMPETITIVE ADVANTAGE
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PGIM A LEADING GLOBAL INVESTMENT MANAGER ACROSS A BROAD RANGE OF PRIVATE AND PUBLIC ASSET CLASSES Earnings Contribution(1) Business Highlights: •Diversified capabilities and clients – Capabilities in high growth asset classes, including private R E, private credit, and public fixed income – Diverse client base with third-party investors representing 74% of asset management fees(2) •Strong investment performance(3) – Percentage of AUM(4) outperforming public benchmarks: 5 Year: 75%, 10 Year: 76% •Deep expertise and proprietary origination generates competitive edge for insurance businesses Disciplined approach to growth to manage margins through the cycle (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. (2) Based on last twelve months of PGIM asset management fees through 2Q25. (3) PGIM calculations as of June 30, 2025 for $879 billion of third-party AUM managed against public benchmarks. Past performance is not a guarantee or reliable indicator of future results. All investments involve risk, including the possible loss of capital. Performance is defined as outperformance (gross of fees) relative to each individual strategy’s respective benchmark(s). (4) Represents PGIM’s benchmarked AUM (66% of total third-party AUM is benchmarked over 5 years and 50% over 10 years). This calculation does not include non-benchmarked assets (including general account assets and assets not managed by PGIM). Returns are calculated gross of investment management fees, which would reduce an investor’s net return. Excess performance is based on all actively managed Fixed Income, Equity, and Real Estate AUM for Jennison Associates, PGIM Fixed Income, PGIM Quantitative Solutions, PGIM Real Estate, PGIM Private Capital, and PGIM Investments. 1818 PGIM (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. (2) Based on last twelve months of PGIM asset management fees through 2Q25 . (3) PGIM calculations as of June 30, 2025 for $879 billion of third-party AUM managed against public benchmarks. Past performance is not a guarantee or reliable indicator of future results. All investments involve risk, including the possible loss of capital. Performance is defined as outperformance (gross of fees) relative to each individual strategy’s res pective benchmark(s). (4) Represents PGIM’s benchmarked AUM (66% of total third -party AUM is benchmarked over 5 years and 50% over 10 years). This calculation does not include non -benchmarked assets (including general account assets and assets not managed by PGIM). Returns are calculated gross of investment management fees, which would reduce an investor’s net return. Ex cess performance is based on all actively managed Fixed Income, Equity, and Real Estate AUM for Jennison Associates, PGIM Fixed Income, PGIM Quantitative Solutions, PGIM Real Estate, PGIM Private Capital, and PGIM Investm ents. A LEADING GLOBAL INVESTMENT MANAGER ACROSS A BROAD RANGE OF PRIVATE AND PUBLIC ASSET CLASSES $885 Earnings Contribution(1) ($ millions) Disciplined approach to growth to manage margins through the cycle Business Highlights: • Diversified capabilities and clients – Capabilities in high growth asset classes, including private RE, private credit, and public fixed income – Diverse client base with third-party investors representing 74% of asset management fees(2) • Strong investment performance(3) – Percentage of AUM(4) outperforming public benchmarks: 5 Year: 75%, 10 Year: 76% • Deep expertise and proprietary origination generates competitive edge for insurance businesses PGIM 11%
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LEADERSHIP POSITIONS ACROSS INVESTMENT PLATFORM Product Mix by Asset Management Fees(1) Product Mix Asset Management Fee Alternatives: Total of the following 2 rows 33% Alternatives: R E Equity & Debt 20% Alternatives: Private Credit & Other Alts 13% Public Fixed Income 39% Public Equity 22% Multi-Asset Class 6% Scale Across Markets #3 Real Estate Manager Worldwide #5 Defined Benefit Assets Differentiated Investment Strategies #2 Real Estate Debt #2 Privately Placed Debt #2 Emerging Market Debt #4 Core Bond Strategies #4 Active U.S. Large-Cap Growth Equity #5 Active Global Bond Assets Note: See Appendix for sources of rankings. Data as of June 30, 2025. (1) Based on last twelve months of PGIM asset management fees through 2Q25. 1919 RE Equity & Debt 20% Private Credit & Other Alts 13% Public Fixed Income 39% Public Equity 22% Multi-Asset Class 6% PGIM LEADERSHIP POSITIONS ACROSS INVESTMENT PLATFORM Product Mix by Asset Management Fees(1) 3333%% AAlltteerrnnaattiivveess Note: See Appendix for sources of rankings. Data as of June 30, 2025. (1) Based on last twelve months of PGIM asset management fees through 2Q25. ##22 Real Estate Debt Differentiated Investment Strategies ##33 Real Estate Manager Worldwide ##55 Defined Benefit Assets Scale Across Markets ##44 Core Bond Strategies ##44 Active U.S. Large-Cap Growth Equity ##22 Emerging Market Debt ##22 Privately Placed Debt ##55 Active Global Bond Assets
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BENEFITS FROM LARGE AND DIVERSE FIXED INCOME PLATFORM 800+ investment professionals seeking income opportunities across the public and private fixed income spectrum 270+ private credit originators across corporate and real asset strategies Average approximately ~$30bn annually in private origination approximately ~20+ years of proprietary data driving investment decisions and portfolio management Strong recovery rates across the PGIM private fixed income platform $1.15T in Credit Assets(1) Private Fixed Income • Corporate (Direct Lending, Mezzanine, Investment Grade, Below Investment Grade) • Real Estate Debt • Asset-Backed Finance • Agriculture Debt • Infrastructure Debt Public Fixed Income • Investment Grade Corporates / Core • High Yield / Bank Loans • Emerging Markets Debt • SECURITIZED / Mortgages Data as of June 30, 2025, unless otherwise stated. (1) Inclusive of net AUM and $49B of AUA. 2020 PGIM BENEFITS FROM LARGE AND DIVERSE FIXED INCOME PLATFORM Data as of June 30, 2025, unless otherwise stated. (1) Inclusive of net AUM and $49B of AUA. CCoorrppoorraattee ((DDiirreecctt LLeennddiinngg,, MMeezzzzaanniinnee,, IInnvveessttmmeenntt GGrraaddee,, BBeellooww IInnvveessttmmeenntt GGrraaddee)) IInnffrraassttrruuccttuurree DDeebbtt AAsssseett--BBaacckkeedd FFiinnaannccee Private Fixed Income Public Fixed Income IInnvveessttmmeenntt GGrraaddee CCoorrppoorraatteess // CCoorree SSeeccuurriittiizzeedd // MMoorrttggaaggeess EEmmeerrggiinngg MMaarrkkeettss DDeebbtt RReeaall EEssttaattee DDeebbtt AAggrriiccuullttuurree DDeebbtt HHiigghh YYiieelldd // BBaannkk LLooaannss 880000++ investment professionals seeking income opportunities across the public and private fixed income spectrum 2 27700++ private credit originators across corporate and real asset strategies Average ~~$$3300bbnn annually in private origination ~20+ years of pprroopprriieettaarryy ddaattaa driving investment decisions and portfolio management SSttrroonngg recovery rates across the PGIM private fixed income platform $$11..1155TT iinn CCrreeddiitt AAsssseettss((11))
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U.S. Businesses BROAD BUSINESS PORTFOLIO WITH ROBUST LIABILITY ORIGINATION CAPABILITIES Earnings Contribution(1) Business Highlights: •Diverse customer base with further growth potential across demographics •Complementary solutions across businesses •Strong multi-channel distribution •Synergies with PGIM’s investment expertise Scaled businesses with improved risk profile and growth potential (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. 2121 U.S. Businesses BROAD BUSINESS PORTFOLIO WITH ROBUST LIABILITY ORIGINATION CAPABILITIES $3,786 U.S. Businesses 49% Earnings Contribution(1) ($ millions) (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. Scaled businesses with improved risk profile and growth potential Business Highlights: • Diverse customer base with further growth potential across demographics • Complementary solutions across businesses • Strong multi-channel distribution • Synergies with PGIM’s investment expertise
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LEADING DISTRIBUTION MODEL WITH END-TO-END CUSTOMER ENGAGEMENT Distribution through a wide range of channels Individuals •Financial professionals •Embedded partnerships Institutions •Pension plan sponsors •Reinsurers •Brokers Workplace •Employers •Associations Ability to meet customers where and how they want • In Person • Hybrid • Digital 2222 U.S. Businesses LEADING DISTRIBUTION MODEL WITH END-TO-END CUSTOMER ENGAGEMENT Distribution through a wide range of channels Ability to meet customers where and how they want Individuals • Financial professionals • Embedded partnerships Institutions • Pension plan sponsors • Reinsurers • Brokers Workplace • Employers • Associations DigitalHybridIn Person
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International Businesses MARKET LEADER IN JAPAN WITH EXPANDING PRESENCE IN GROWTH MARKETS Earnings Contribution(1) Business Highlights: •A profitable, at scale market-leading franchise in Japan •Expanding in targeted, high growth emerging markets through investments in organic growth and selective M&A •Synergies with PGIM’s investment expertise Consistent earnings contribution and cash flow to PFI (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. 2323 International Businesses (1) Based on last twelve months of pre-tax adjusted operating income through 2Q25 excluding Corporate & Other operations. MARKET LEADER IN JAPAN WITH EXPANDING PRESENCE IN GROWTH MARKETS $3,117 International Businesses 40% Consistent earnings contribution and cash flow to PFI Business Highlights: • A profitable, at scale market-leading franchise in Japan • Expanding in targeted, high growth emerging markets through investments in organic growth and selective M&A • Synergies with PGIM’s investment expertise Earnings Contribution(1) ($ millions)
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ATTRACTIVE MIX OF DEVELOPED AND EMERGING MARKETS PROVIDE LONG-TERM GROWTH Developed: Japan •Highly productive distribution system; world class captive agents, complemented by third-party channels •Aging population provides opportunity for expanding our broad product portfolio to more comprehensively address accumulation and retirement needs of customers •Wealthy households with significant investable assets Emerging Markets •Expanding economies and rising affluent and middle class: Latin America, Southeast Asia, Africa, and China •Low insurance penetration with growing demand for protection, retirement, and savings products •Thoughtful ownership approaches and business models tailored to local market dynamics and opportunities 2424 International Businesses ATTRACTIVE MIX OF DEVELOPED AND EMERGING MARKETS PROVIDE LONG-TERM GROWTH Developed: Japan • Highly productive distribution system; world class captive agents, complemented by third-party channels • Aging population provides opportunity for expanding our broad product portfolio to more comprehensively address accumulation and retirement needs of customers • Wealthy households with significant investable assets Emerging Markets • Expanding economies and rising affluent and middle class: Latin America, Southeast Asia, Africa, and China • Low insurance penetration with growing demand for protection, retirement, and savings products • Thoughtful ownership approaches and business models tailored to local market dynamics and opportunities
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DISCIPLINED. POSITIONED FOR LONG-TERM GROWTH DISCIPLINED POSITIONED FOR LONG-TERM GROWTH
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PGIM EXECUTION ON STRATEGY DRIVING GROWTH Growth opportunities from: • Expanding alternatives platform • Investing in next-gen retail and high-net worth (HNW) • Capitalizing on growing demand for solutions • Broadening geographic footprint internationally 2626 PGIM EXECUTION ON STRATEGY DRIVING GROWTH Growth opportunities from: Expanding alternatives platform Investing in next-gen retail and high-net worth (HNW) Broadening geographic footprint internationally Capitalizing on growing demand for solutions
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GROWTH IN ALTERNATIVES Market Opportunity(1) ($ trillions) 2023 16.8 2029E 29.2 Increase of 10% CAGR PGIM’s Positioning Total Alternatives(2) $343B Real Estate(3) $213B Private Credit(4) $119B Key Growth Initiatives • Continue to strengthen dedicated Private Asset-Backed Finance (ABF) capability • Broadened private alternative capabilities with acquisitions of Deerpath Capital (direct lending) and Montana Capital Partners (PE secondaries) • Developing best-in-class capabilities in key private alternative adjacencies (e.g., large-cap direct lending, data centers) Note: Data as of June 30, 2025, unless otherwise stated. (1) Alternatives AUM from Preqin the Future of Alternatives 2029 report, published September 2024. Includes private equity, private debt, hedge funds, real estate, infrastructure, and natural resources. (2) Public and Private Alternatives AUM/AUA includes hedge fund, private credit, private equity secondaries, real estate and infrastructure strategies across all PGIM businesses. (3) Real Estate includes direct real estate investments and REITs and represents gross AUM and AUA of $166B and $48B, respectively; net AUM is $138B. (4) Private Credit represents gross AUM and AUA of $118B and $1B, respectively; net AUM is $115B. 2727 PGIM GROWTH IN ALTERNATIVES $16.8 $29.2 2023 2029E PGIM’s PositioningMarket Opportunity(1) Key Growth Initiatives $343BTotal Alternatives(2) $213BReal Estate(3) $119BPrivate Credit(4) 10% CAGR ($ trillions) • Continue to strengthen dedicated Private Asset-Backed Finance (ABF) capability • Broadened private alternative capabilities with acquisitions of Deerpath Capital (direct lending) and Montana Capital Partners (PE secondaries) • Developing best-in-class capabilities in key private alternative adjacencies (e.g., large-cap direct lending, data centers) Note: Data as of June 30, 2025, unless otherwise stated. (1) Alternatives AUM from Preqin the Future of Alternatives 2029 report, published September 2024. Includes private equity, private debt, hedge funds, real es tate, infrastructure, and natural resources. (2) Public and Private Alternatives AUM/AUA includes hedge fund, private credit, private equity secondaries, real estate and infr astructure strategies across all PGIM businesses. (3) Real Estate includes direct real estate investments and REITs and represents gross AUM and AUA of $166B and $48B, respectively; net AUM is $138B. (4) Private Credit represents gross AUM and AUA of $118B and $1B, respectively; net AUM is $115B.
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INVESTING IN NEXT GENERATION RETAIL & HNW GROWTH HNW •Dedicated offerings include RE and direct lending strategies tailored to the HNW market •Acquired Custom Harvest, a differentiated tax-managed direct index offering, and have more than doubled direct index AUM since acquisition Active ETF’s •54 active ETF’s offered since launching platform in 2018 •The 12th largest active ETF manager with $17B in assets managed International Coverage •Suite of 29 UCITS funds targeting European and Asian client needs •Targeted coverage of global financial intermediaries in key private banking hubs across Europe and Asia Note: See Appendix for sources of rankings. Data as of June 30, 2025. 2828 PGIM INVESTING IN NEXT GENERATION RETAIL & HNW GROWTH Note: See Appendix for sources of rankings. Data as of June 30, 2025. • Dedicated offerings include RE and direct lending strategies tailored to the HNW market • Acquired Custom Harvest, a differentiated tax-managed direct index offering, and have more than doubled direct index AUM since acquisition HNW • 54 active ETFs offered since launching platform in 2018 • The 12th largest active ETF manager with $17B in assets managed Active ETFs • Suite of 29 UCITS funds targeting European and Asian client needs • Targeted coverage of global financial intermediaries in key private banking hubs across Europe and Asia International Coverage
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CAPITALIZING ON GROWING DEMAND FOR SOLUTIONS Third-Party Insurance $101B in Assets •Experienced insurance partner well versed in capital requirements and asset-liability management •Prismic, a $17B reinsurance platform, fuels growth for assets originated and optimized for insurance liabilities •Manage third-party insurance AUM across 100+ clients Pensions $356B in Assets •Pension solutions offering that includes LDI, Multi-Asset Solutions, and PRT •Manage $116B in LDI AUM •Manage pension AUM across 1,000+ clients Defined Contribution $186B in Assets •Top 15 global asset manager for DC plans •Suite of PGIM RetireWellTM capabilities focused on retirement preparedness and decumulation solutions Note: See Appendix for sources of rankings. Data as of June 30, 2025. 2929 PGIM CAPITALIZING ON GROWING DEMAND FOR SOLUTIONS Note: See Appendix for sources of rankings. Data as of June 30, 2025. • Experienced insurance partner well versed in capital requirements and asset-liability management • Prismic, a $17B reinsurance platform, fuels growth for assets originated and optimized for insurance liabilities • Manage third-party insurance AUM across 100+ clients Third-Party Insurance $101B in Assets • Pension solutions offering that includes LDI, Multi-Asset Solutions, and PRT • Manage $116B in LDI AUM • Manage pension AUM across 1,000+ clients Pensions $356B in Assets • Top 15 global asset manager for DC plans • Suite of PGIM RetireWellTM capabilities focused on retirement preparedness and decumulation solutions Defined Contribution $186B in Assets
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BROADENING GEOGRAPHIC PRESENCE IN KEY MARKETS With 1,400+ investment professionals located across 42 offices in 19 countries, our experts are present in key financial centers around the world. AMERICAS $1,091 Billion in AUM EMEA $121 Billion in AUM ASIA PACIFIC $229 Billion in AUM • Top 3 foreign manager of Japanese Institutional assets • Hired Head of Middle East and opened office in Abu Dhabi • Over 100 sales professionals serving client needs across EMEA and APAC • Leading manager of active E M strategies across public debt and equities Note: See Appendix for sources of rankings. Data as of June 30, 2025. 3030 PGIM $1,091 Billion in AUM AMERICAS $121 Billion in AUM EMEA $229 Billion in AUM ASIA PACIFIC WWiitthh 11,,440000++ iinnvveessttmmeenntt pprrooffeessssiioonnaallss llooccaatteedd aaccrroossss 4422 ooffffiicceess iinn 1199 ccoouunnttrriieess,, oouurr eexxppeerrttss aarree pprreesseenntt iinn kkeeyy ffiinnaanncciiaall cceenntteerrss aarroouunndd tthhee wwoorrlldd.. Note: See Appendix for sources of rankings. Data as of June 30, 2025. BROADENING GEOGRAPHIC PRESENCE IN KEY MARKETS • Top 3 foreign manager of Japanese Institutional assets • Hired Head of Middle East and opened office in Abu Dhabi • Over 100 sales professionals serving client needs across EMEA and APAC • Leading manager of active EM strategies across public debt and equities
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U.S. Businesses BUILDING ON A STRONG CORE Growth opportunities from: • Strengthening our foundational businesses • Enhancing customer and advisor experiences • Expanding in our chosen markets to accelerate growth 3131 U.S. Businesses BUILDING ON A STRONG CORE Growth opportunities from: Strengthening our foundational businesses Enhancing customer and advisor experiences Expanding in our chosen markets to accelerate growth
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STRENGTHENING OUR FOUNDATIONAL BUSINESSES Retirement Strategies • Expanding access to retirement security in our current markets by broadening our product offerings and market penetration • Delivering retirement security through innovative and tech-forward solutions • Bringing additional income protection and increased retirement certainty to retail wealth and workplace retirement opportunities Group Insurance • Expanding in target customer segments and enhancing Disability and Voluntary Benefits platform and products • Deepening employer and participant relationships for superior customer experiences in moments that matter Individual Life • Expanding our distribution relationships and product portfolio to drive continued growth in advisor-led accumulation and protection solutions • Unlocking growth in the low and middle markets by expanding access to new customer segments through simplified solutions 3232 U.S. Businesses STRENGTHENING OUR FOUNDATIONAL BUSINESSES • Expanding access to retirement security in our current markets by broadening our product offerings and market penetration • Delivering retirement security through innovative and tech-forward solutions • Bringing additional income protection and increased retirement certainty to retail wealth and workplace retirement opportunities Retirement Strategies • Expanding in target customer segments and enhancing Disability and Voluntary Benefits platform and products • Deepening employer and participant relationships for superior customer experiences in moments that matter Group Insurance • Expanding our distribution relationships and product portfolio to drive continued growth in advisor-led accumulation and protection solutions • Unlocking growth in the low and middle markets by expanding access to new customer segments through simplified solutions Individual Life
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ENHANCING CAPABILITIES TO SIMPLIFY CUSTOMER AND ADVISOR EXPERIENCES Building a culture of continuous improvement… • Process Simplification and Automation • Customer Onboarding Optimization • Digital Enablement …to drive enhancements for customers and advisors while realizing cost savings 3333 U.S. Businesses ENHANCING CAPABILITIES TO SIMPLIFY CUSTOMER AND ADVISOR EXPERIENCES …to drive enhancements for customers and advisors while realizing cost savings Building a culture of continuous improvement… Process Simplification and Automation Customer Onboarding Optimization Digital Enablement
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EXPANDING IN CHOSEN MARKETS TO ACCELERATE GROWTH As more individuals near retirement… Individuals near retirement 2020 55M 2055 85M which is +55% …many are financially unprepared $40T Unprotected nest egg assets Approximately ~45% “At risk” for maintaining standard of living in retirement Approximately ~100M Americans remain uninsured or underinsured How we solve it and grow: •Simplified, affordable, and accessible products •Complementary multi-channel distribution channels that meet diverse customer needs - Prudential Advisors - Institutional relationships - Digital platform partnerships •Extensive market expertise, including scale, brand, and quality Sources: Cerulli, LIMRA, Investment Company Institute, Insured Retirement Institute, Alliance for Lifetime Income, and Prudential analysis. 3434 U.S. Businesses EXPANDING IN CHOSEN MARKETS TO ACCELERATE GROWTH 55M 85M 2020 2055 ++5555%% …many are financially unprepared $40T Unprotected nest egg assets Americans remain uninsured or underinsured~100M “At risk” for maintaining standard of living in retirement~45% As more individuals near retirement… Sources: Cerulli, LIMRA, Investment Company Institute, Insured Retirement Institute, Alliance for Lifetime Income, and Prudential analysis. How we solve it and grow: • Simplified, affordable, and accessible products • Complementary multi-channel distribution channels that meet diverse customer needs - Prudential Advisors - Institutional relationships - Digital platform partnerships • Extensive market expertise, including scale, brand, and quality
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International Businesses EXPANDING MARKET SHARE Growth opportunities from: • Continuing market leadership in Japan • Expanding our presence in targeted, high growth emerging markets 3535 International Businesses EXPANDING MARKET SHARE Growth opportunities from: Continuing market leadership in Japan Expanding our presence in targeted, high growth emerging markets
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WELL POSITIONED FOR CONTINUED OUTPERFORMANCE IN JAPAN • Scaled and diversified multichannel distribution model with a robust network of captive agents • Diverse and balanced product line-up to meet evolving needs of customers • Provide lifetime peace of mind to diversified customer segments 3636 International Businesses WELL POSITIONED FOR CONTINUED OUTPERFORMANCE IN JAPAN Scaled and diversified multichannel distribution model with a robust network of captive agents Diverse and balanced product line-up to meet evolving needs of customers Provide lifetime peace of mind to diversified customer segments
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LEVERAGE OUR PARTNERSHIPS WITH MARKET-LEADING COMPANIES FOR FUTURE GROWTH IN EMERGING MARKETS Latin America Brazil Largest private sector bank in Brazil and a leading financial institution in Latin America > than 50 million retail clients Chile, Peru, Colombia Leading pension provider with business across Chile, Peru, and Colombia #1 in Chile by AUM(1) #2 in Latin America by AUM(2) Brazil and Mexico Mercado Pago is the fintech branch of Mercado Libre, the largest online commerce & payment ecosystem in LatAm Potential to reach approximately ~60M Mercado Pago users & approximately ~100M Mercado Libre users across the ecosystem Africa South Africa Leading provider of integrated independent advice together with retirement, investment, health and wealth management solutions #1 multi-manager (3) #1 retirement fund administrator(4) Ghana Financial services provider with multiline presence #1 in life insurance(5) #1 in general insurance(5) #1 in pensions(6) Kenya Financial services provider with multiline presence #2 in life insurance(7) #1 in pension administration(7) Asia China Global innovation-driven consumer group creating high-quality products and services in health, happiness, wealth, and intelligent manufacturing sectors India Global business conglomerate with diverse interests in pharma, financial services, and real estate Offices in over 30 countries and brand presence in over 100 markets Indonesia Leading consumer-centric diversified group & ecosystem with businesses across several industries, including financial services > than 200 million customers and users (1) Superintendencia de Pensiones (Chilean Pension Regulator). As of June 30, 2025. (2) Superintendencia de Pensiones (Pension Regulator) per country as of June 30, 2025. LatAm defined as Chile, Peru, Colombia, Mexico, Uruguay, Costa Rica, Dominican Rep., and El Salvador. (3) Alexforbes 2025 Manager WatchTM Survey. (4) Financial Sector Conduct Authority. Based on total members under administration as of March 31, 2024. (5) Ghanaian National Insurance Commission. Based on insurance revenue as of March 31, 2025. (6) National Pensions Regulatory Authority (NPRA). Based on AUM as of 2025. (7) Kenya Insurance Regulatory Authority (IRA), 4Q24 insurance industry statistics. 3737 (1) Superintendencia de Pensiones (Chilean Pension Regulator). As of June 30, 2025. (2) Superintendencia de Pensiones (Pension Regulator) per country as of June 30, 2025. LatAm defined as Chile, Peru, Colombia, Mexico, Uruguay, Costa Rica, Dominican Rep., and El Salvador. (3) Alexforbes 2025 Manager Watch Survey. (4) Financial Sector Conduct Authority. Based on total members under administration as of March 31, 2024. (5) Ghanaian National Insurance Commission. Based on insurance revenue as of March 31, 2025. (6) National Pensions Regulatory Authority (NPRA). Based on AUM as of 2025. (7) Kenya Insurance Regulatory Authority (IRA), 4Q24 insurance industry statistics. Asia China Global innovation-driven consumer group creating high-quality products and services in health, happiness, wealth, and intelligent manufacturing sectors India Global business conglomerate with diverse interests in pharma, financial services, and real estate Offices in over 30 countries and brand presence in over 100 markets Indonesia Leading consumer-centric diversified group & ecosystem with businesses across several industries, including financial services >200 million customers and users Africa South Africa Leading provider of integrated independent advice together with retirement, investment, health and wealth management solutions #1 multi-manager (3) #1 retirement fund administrator(4) Ghana Financial services provider with multiline presence #1 in life insurance(5) #1 in general insurance(5) #1 in pensions(6) Kenya Financial services provider with multiline presence #2 in life insurance (7) #1 in pension administration(7) Latin America Brazil Largest private sector bank in Brazil and a leading financial institution in Latin America >50 million retail clients Chile, Peru, Colombia Leading pension provider with business across Chile, Peru, and Colombia #1 in Chile by AUM(1) #2 in Latin America by AUM(2) Brazil and Mexico Mercado Pago is the fintech branch of Mercado Libre, the largest online commerce & payment ecosystem in LatAm Potential to reach ~60M Mercado Pago users & ~100M Mercado Libre users across the ecosystem International Businesses LEVERAGE OUR PARTNERSHIPS WITH MARKET-LEADING COMPANIES FOR FUTURE GROWTH IN EMERGING MARKETS
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PRUDENTIAL INVESTMENT THESIS ROCK SOLID Demonstrated financial strength DIFFERENTIATED Thoughtful strategies and business design produce a competitive advantage DISCIPLINED Positioned for long-term growth EVOLVING AND DELIVERING ON OUR STRATEGY TO DRIVE SUSTAINABLE, PROFITABLE GROWTH 150 years of service and commitment to providing insurance protection $1.6 trillion in assets under management supporting diversified businesses(1) 50 million customers in over 50 countries 5% 5 year Annual Dividends Per Share CAGR(2) (1) As of June 30, 2025. (2) From 2019 to 2024; based on annual dividend per share. 3838 PRUDENTIAL INVESTMENT THESIS EVOLVING AND DELIVERING ON OUR STRATEGY TO DRIVE SUSTAINABLE, PROFITABLE GROWTH DIFFERENTIATED Thoughtful strategies and business design produce a competitive advantage DISCIPLINED Positioned for long-term growth 150 years of service and commitment to providing insurance protection 50 million customers in over 50 countries $1.6 trillion in assets under management supporting diversified businesses (1) 5% 5-yr Annual Dividends Per Share CAGR(2) (1) As of June 30, 2025. (2) From 2019 to 2024; based on annual dividend per share. ROCK SOLID Demonstrated financial strength
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APPENDIXAPPENDIX
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SOURCES OF RANKINGS BUSINESS MARKET POSITION SOURCE PGIM #3 Real Estate Manager Pensions & Investments Top Real Estate Managers list, published October 7, 2024. AUM as of June 30, 2024. Participation in the ranking is voluntary. PGIM #2 Real Estate Debt #2 Privately Placed Debt #2 Emerging Market Debt #4 Core Bond Strategies #4 Active U.S. Large-Cap Growth Equity #5 Active Global Bond Assets #5 Defined Benefit Assets #11 Defined Contribution Assets Pensions & Investments Top Money Managers list published June 2025. This ranking represents U.S. institutional, tax- exempt client assets under management as of December 31, 2024. Participation in the P&I ranking is voluntary and open to managers that have any kind of U.S. institutional tax- exempt assets. PGIM #12 Active ETF Manager Based on Simfund US active ETF AUM data as of June 30, 2025. PGIM Top 3 Foreign Manager of Japanese Institutional Assets PGIM Japan, based on the total AUM for discretionary managed accounts as of the end of March 2025 provided by R&I’s Nenkin Joho #973. 4040 SOURCES OF RANKINGS BUSINESS MARKET POSITION SOURCE PGIM #3 Real Estate Manager Pensions & Investments Top Real Estate Managers list, published October 7, 2024. AUM as of June 30, 2024. Participation in the ranking is voluntary. #2 Real Estate Debt #2 Privately Placed Debt #2 Emerging Market Debt #4 Core Bond Strategies #4 Active U.S. Large-Cap Growth Equity #5 Active Global Bond Assets #5 Defined Benefit Assets #11 Defined Contribution Assets Pensions & Investments Top Money Managers list published June 2025. This ranking represents U.S. institutional, tax-exempt client assets under management as of December 31, 2024. Participation in the P&I ranking is voluntary and open to managers that have any kind of U.S. institutional tax-exempt assets. #12 Active ETF Manager Based on Simfund US active ETF AUM data as of June 30, 2025. Top 3 Foreign Manager of Japanese Institutional Assets PGIM Japan, based on the total AUM for discretionary managed accounts as of the end of March 2025 provided by R&I’s Nenkin Joho #973.
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FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, including those relating to Prudential Financial, Inc.’s and its subsidiaries’ financial strength, strategy, growth prospects and market opportunities, ability to manage risk associated with equity market decline, insurance shock, interest rate shock, credit shock or currency shock, capital allocation strategy (including the payment of dividends and repurchase of shares), our goals and commitments related to sustainability, and the expected impact of the organizational change within PGIM, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “believes”, “anticipates”, “includes”, “plans”, “assumes”, “estimates”, “projects”, “intends”, “should”, “will”, “shall”, or variations of such words are generally part of forward- looking statements. Forward- looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward- looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Each of our forward-looking statements contained herein is subject to the risk that we will be unable to execute our strategy and other risks. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc which is headquartered in the United Kingdom. 4141 FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, including those relating to Prudential Financial, Inc.’s and its subsidiaries’ financial strength, strategy, growth prospects and market opportunities, ability to manage risk associated with equity market decline, insurance shock, interest rate shock, credit shock or currency shock, capital allocation strategy (including the payment of dividends and repurchase of shares), our goals and commitments related to sustainability, and the expected impact of the organizational change within PGIM, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects”, “believes”, “anticipates”, “includes”, “plans”, “assumes”, “estimates”, “projects”, “intends”, “should”, “will”, “shall”, or variations of such words are generally part of forward- looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward- looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Each of our forward-looking statements contained herein is subject to the risk that we will be unable to execute our strategy and other risks. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation. ____________________________________________________________________________ Prudential Financial, Inc. of the United States is not affiliated with Prudential plc which is headquartered in the United Kingdom.
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NON-GAAP MEASURES This presentation includes references to adjusted operating income and adjusted book value. Consolidated adjusted operating income and adjusted book value are not calculated based on accounting principles generally accepted in the United States of America (GAAP). For additional information about adjusted operating income and adjusted book value and the comparable GAAP measures, including reconciliations between the comparable measures, please refer to our quarterly results news releases, which are available on our website at investor.prudential.com. Reconciliations are also included as part of this presentation. We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this presentation 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) in brackets, net, and related charges and adjustments”. A significant element of realized investment gains and losses are impairments and credit- related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors. 4242 NON-GAAP MEASURES This presentation includes references to adjusted operating income and adjusted book value. Consolidated adjusted operating income and adjusted book value are not calculated based on accounting principles generally accepted in the United States of America (GAAP). For additional information about adjusted operating income and adjusted book value and the comparable GAAP measures, including reconciliations between the comparable measures, please refer to our quarterly results news releases, which are available on our website at investor.prudential.com. Reconciliations are also included as part of this presentation. We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this presentation provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com. Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net, and related charges and adjustments”. A significant element of realized investment gains and losses are impairments and credit- related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.
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Realized investment gains (losses) in brackets within certain businesses for which such gains (losses) in brackets 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. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses) in brackets”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests 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) in brackets, the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions. 4343 NON-GAAP MEASURES (CONTINUED) 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. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests 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), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.
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RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE Twelve Months Ended 6/30/2025 ($ millions, except per share data) Net income (loss) in brackets attributable to Prudential Financial, Inc. 1,631 Income (loss) in brackets attributable to noncontrolling interests and redeemable noncontrolling interests 201 Net income (loss) in brackets 1,832 Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 201 Income (loss) in brackets attributable to Prudential Financial, Inc. 1,631 Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (77) in brackets Income (loss) in brackets before equity in earnings of joint ventures and other operating entities 1,708 Less: Reconciling Items: Realized investment gains (losses), in brackets net, and related charges and adjustments (3,024) in brackets Change in value of market risk benefits, net of related hedging gains (losses) in brackets (1,000) in brackets Market experience updates 14 Divested and Run-off Businesses: Closed Block division (90) in brackets Other Divested and Run-off Businesses (12) in brackets Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 39 Other adjustments (1) 21 Total reconciling items, before income taxes (4,052) in brackets Less: Income taxes, not applicable to adjusted operating income (1,012) in brackets Total reconciling items, after income taxes (3,040) in brackets After-tax adjusted operating income 4,748 Income taxes, applicable to adjusted operating income 1,368 Adjusted operating income (loss) in brackets before income taxes 6,116 After-tax adjusted operating income per share 13.16 (1) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. 4444 RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE (1) Represents adjustments not included in the above reconciling items, including certain components of consideration for busines s acquisitions, which are recognized as compensation expense over the requisite service periods. ($ millions, except per share data) NNeett iinnccoommee ((lloossss)) aattttrriibbuuttaabbllee ttoo PPrruuddeennttiiaall FFiinnaanncciiaall,, IInncc.. 1,631$ Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 201 NNeett iinnccoommee ((lloossss)) 1,832 Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 201 IInnccoommee ((lloossss)) aattttrriibbuuttaabbllee ttoo PPrruuddeennttiiaall FFiinnaanncciiaall,, IInncc.. 1,631 Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (77) IInnccoommee ((lloossss)) bbeeffoorree eeqquuiittyy iinn eeaarrnniinnggss ooff jjooiinntt vveennttuurreess aanndd ootthheerr ooppeerraattiinngg eennttiittiieess 1,708 Less: Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments (3,024) Change in value of market risk benefits, net of related hedging gains (losses) (1,000) Market experience updates 14 Divested and Run-off Businesses: Closed Block division (90) Other Divested and Run-off Businesses (12) Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 39 Other adjustments(1) 21 Total reconciling items, before income taxes (4,052) Less: Income taxes, not applicable to adjusted operating income (1,012) Total reconciling items, after income taxes (3,040) AAfftteerr--ttaaxx aaddjjuusstteedd ooppeerraattiinngg iinnccoommee 4,748 Income taxes, applicable to adjusted operating income 1,368 AAddjjuusstteedd ooppeerraattiinngg iinnccoommee ((lloossss)) bbeeffoorree iinnccoommee ttaaxxeess 6,116$ AAfftteerr--ttaaxx aaddjjuusstteedd ooppeerraattiinngg iinnccoommee ppeerr sshhaarree 13.16$ TTwweellvvee MMoonntthhss EEnnddeedd 66//3300//22002255
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RECONCILIATION BETWEEN ADJUSTED BOOK VALUE AND THE COMPARABLE GAAP MEASURE June 30, 2025 ($ millions, except per share data) GAAP book value 30,582 Less: Accumulated other comprehensive income (AOCI) (3,921) in brackets GAAP book value excluding AOCI 34,503 Less: Cumulative change in fair value of funds withheld embedded derivatives(1) 67 Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) in brackets 144 Adjusted book value 34,292 Number of diluted shares 355.7 GAAP book value per Common share - diluted 85.98 GAAP book value excluding AOCI per Common share - diluted 97.00 Adjusted book value per Common share - diluted 96.41 (1) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. 4545 RECONCILIATIONS BETWEEN ADJUSTED BOOK VALUE AND THE COMPARABLE GAAP MEASURE (1) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. ($ millions, except per share data) JJuunnee 3300,, 22002255 GGAAAAPP bbooookk vvaalluuee 30,582$ Less: Accumulated other comprehensive income (AOCI) (3,921) GGAAAAPP bbooookk vvaalluuee eexxcclluuddiinngg AAOOCCII 34,503 Less: Cumulative change in fair value of funds withheld embedded derivatives(1) 67 Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) 144 AAddjjuusstteedd bbooookk vvaalluuee 34,292$ Number of diluted shares 355.7 GAAP book value per Common share - diluted 85.98$ GAAP book value excluding AOCI per Common share - diluted 97.00$ Adjusted book value per Common share - diluted 96.41$