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Prudential STRATEGY UPDATE August 2026
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22 A STRONG FOUNDATION SIGNIFICANT REACH ACROSS BUSINESSES AND MARKETS WITH FAVORABLE STRUCTURAL GROWTH RATES GROUP INSURANCE Delivering industry leading workplace benefits and absence solutions that help employers and associations support the financial security, well-being, and productivity of their workforce and members INDIVIDUAL LIFE Providing protection, accumulation, and wealth planning solutions to customers across all life stages RETIREMENT Helping individuals build, protect, and convert retirement savings into lifelong financial security while helping institutions fulfill pension commitments, manage longevity risk, and support retirement outcomes PGIM Leading public and private asset manager by scale and performance for institutions; significant growth opportunities across global and retail channels INTERNATIONAL Providing retirement and longevity solutions to millions of new retirees, while continuing to protect families and help customers build long-term financial security Starting from a position of strength, anchored in a set of distinctive advantages
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33 PGIM 12% Retirement 25% Group Insurance 4% Individual Life 8% U.S. Legacy Products 12% International 39% A GLOBAL LEADER IN FINANCIAL SERVICES TODAY COMPETING FROM A POSITION OF SCALE, DIVERSIFICATION, AND FINANCIAL STRENGTH TTM Earnings Contribution(1) Prudential by the Numbers 50M Customers ~$3B of Capital Returned to Shareholders in 2025 4% 5-yr Annual Dividends per Share CAGR(4) 150+ Years of Service and Commitment $3B+ Highly Liquid Assets(3) Target $1.5T Asset Management Assets under Management(2) Note: See Appendix for all sources and footnotes. $6.9 billion
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44 WHAT SETS PRUDENTIAL APART OUR UNIQUELY INTEGRATED MODEL CREATES A POWERFUL COMPETITIVE MOAT ✓ Formidable global brand ✓ Trust earned over a century ✓ Industry-leading liability generation capabilities across retirement, protection, and savings products globally ✓ World class asset management platform capable of sourcing, managing, and allocating capital across public and private markets ✓ Breadth of customer relationships and distribution reach Distinctive Advantages Developed Retirement Markets AssetManagement AssetManagement Protection Retirement Select Retirement Markets in Europe United States Japan
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55 OUR STRATEGIC PRIORITIES SCALING CHOSEN BUSINESSES, STRENGTHENING PERFORMANCE, AND INVESTING IN HIGHEST-CONVICTION OPPORTUNITIES ✓ Reduce our retirement and insurance footprint of more than a dozen countries by roughly half ✓ Focus exclusively on large, developed markets ✓ Exit emerging markets ✓ Concentrate on global retirement, asset management, and select protection businesses ✓ Target both organic and inorganic sources of growth ✓ Become category leaders in chosen businesses BUILDING SCALE IN OUR CHOSEN BUSINESSES 2 OPTIMIZING CAPITAL DEPLOYMENT ✓ Strengthen earnings contribution from capital-light businesses ✓ Pursue disciplined growth in retirement ✓ Manage product mix within each business to improve capital efficiency 3 LEVERAGING GLOBAL SCALE TO BECOME MORE EFFICIENT ✓ Further integrate our businesses to improve operating efficiency and speed of execution ✓ Achieve $750M in pre-tax run-rate benefits by year-end 2028 through enterprise redesign ✓ Increase operating leverage and drive sustainable improvement in earnings and free cash flow growth 4 MAKING DELIBERATE GEOGRAPHIC CHOICES 1 STRATEGY ANCHORED ON FOUR PRIORITIES
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66 WHAT SUCCESS LOOKS LIKE THE OUTCOMES OUR STRATEGY IS DESIGNED TO DELIVER Deliver top-quartile earnings growth excluding the earnings from our legacy variable annuity business Increase free cash flow conversion through a greater contribution from fee-based earnings and highly cash generative businesses Continue to deliver strong returns on capital by concentrating investment where we have a clear edge – and moving away from areas that dilute performance 1 2 3
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77 2020 2024 2029P U.S., Japan, Select Countries in Europe Remaining Countries in the OECD CAPITALIZING ON LARGE AND DURABLE SECULAR TRENDS POSITIONED AT THE INTERSECTION OF LARGE, DEVELOPED MARKETS AND ENDURING DEMOGRAPHIC AND SAVINGS TRENDS More than Three-Quarters of OECD(1) Retirement Assets… …are in Our Focus Markets U.S. Japan Select Countries in Europe Note: See Appendix for all sources and footnotes. $55T $63T $75T 81% 19% 20% 80% 21% 79% (2) (3) 4%
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88 GROWING NEED FOR RETIREMENT INCOME AND ADVICE PUTTING THE DURABLE DEMAND INTO CONTEXT… 39M 65+ segment by 2050, projected to grow despite shrinking population(4) ~40% Household financial assets in investments by 2034, up from 20% in 2024(5) <5% Households have access to holistic financial advice(6) Growing need for financial advice as Japanese households shift assets to investments… 30M Americans will turn 65 by 2030(1) $137T U.S. Retirement Savings Gap by 2050, up from $28T in 2015(2) 54% U.S. pre-retirees worry about outliving their savings(3) Demographic shifts in U.S. fueling a growing retirement gap… Note: See Appendix for all sources and footnotes.
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99 DEEPENING LEADERSHIP IN GLOBAL RETIREMENT LEVERAGING OUR DIFFERENTIATED CAPABILITIES TO STRENGTHEN AND BUILD LEADERSHIP POSITIONS Market Opportunity Strong Starting Positions in Largest Retirement Markets U.S. Japan Europe • Significant retirement savings, with a substantial unmet demand for protected lifetime income solutions • Aging demographics, new government initiatives, and a rising need for products that help customers save and convert assets into secure income • Sweeping pension reforms accelerating Defined Benefit unwind and shift to bulk annuities and pension consolidation • Retail – Strengthen leadership in annuity offerings • Institutional – Continue to scale Pension Risk Transfer opportunity in ~$3T U.S. corporate pension market • Captive Channel – Moving to a stronger relationship-based model focused on delivering long-term value to customers • Third-Party Channel – Strengthening distribution in banks and independent agencies • Institutional – Build on leadership in longevity reinsurance to address growing demand for de-risking solutions • #4 RILA(1) • #1 PRT(2) • #3 Largest Life Insurer by Inforce Face Amount(3) • 11% overall share of Life & Annuity market(3) • Top 3 longevity reinsurer (U.K., Netherlands)(4) Primary Focus Areas Advancing leadership across our retirement businesses through enhanced capabilities, market share gains, and greater operating leverage Note: See Appendix for all sources and footnotes.
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1010 PGIM OFFERS UNIQUE VALUE TODAY SCALED CREDIT PLATFORM FOUNDATIONAL TO HOW WE WIN IN OUR CHOSEN BUSINESSES Credit Platform – $1.2T in Assets(1) Private Credit – $270B Public Credit – $946B Industry-leading position across key asset classes provides broad market access and information advantage Large global sourcing network drives differentiated origination across direct, indirect, sponsored, and non-sponsored markets Key Strategies • Real Estate Debt (Investment Grade, Senior Debt, High Yield, Agriculture) • Corporate Credit (IG, High Yield, Direct Lending, Mezzanine) • Infrastructure Debt (Core Infrastructure, Power, Energy) • Asset Backed Finance (Consumer, Commercial, Mortgage, Fund, Specialty) Key Strategies • IG Corporates • Securitized Products (CLOs, ABS, CMBS, RMBS) • Government Debt • Leveraged Finance (High Yield, Bank Loans) • Emerging Market Debt • Mortgages • Money Markets • Multi-Sector • Municipals Top 5 Active Fixed Income Manager Globally(2) 5,400+ Lending Relationships 2nd Largest Real Estate Manager(2) #2 Player in Private Placements(2) Top 10 Global CLO Manager(3) Note: See Appendix for all sources and footnotes.
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1111 FURTHER ADVANCE PGIM'S MARKET-LEADING FRANCHISE BUILD ON STRENGTHS AND EXPAND INTO NEW ASSET CLASSES, GEOGRAPHIES, AND CLIENT CHANNELS Growing origination advantage to broaden investor base and drive differentiated deal flow, third-party capital growth, and syndication earnings Scale and Broaden Capabilities Expand International Footprint Diversify Client Base Grow leadership in credit and real assets, scale asset-backed finance and direct lending, and expand into primary private equity and infrastructure equity Roughly half of the $147T(1) global asset pool sits outside North America, compared to only a quarter of PGIM’s third-party AUM today Expanding where demand for private market solutions is accelerating including insurance, sovereign wealth, and family office channels Note: See Appendix for all sources and footnotes.
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1212 GROUP INSURANCE STRATEGY ANCHORED IN DIVERSIFICATION INCREASING PRESENCE IN A LARGE AND GROWING ADDRESSABLE MARKET KEY GROWTH OPPORTUNITIES • Retaining our leadership position in the National market segment (5,000+ lives) while expanding in the Premier market segment (100-5,000 lives) and in disability, absence management, and supplemental health • Deepening employer and participant relationships to better cross-sell our expanding product portfolio #3 Group Life and AD&D(2) #6 Group Disability(2) Industry Product Mix Industry Segment Mix Note: See Appendix for all sources and footnotes. Life Disability Supp Health Medical Stop Loss Dental Vision Other $200B Products we offer Products we do not offer (1) Association 5,000+ lives 500 - 4,999 lives <500 lives LimitedSignificantPru segment maturity: Moderate $200B (1)
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1313 A SCALED, MARKET-LEADING LIFE INSURANCE BUSINESS INDIVIDUAL LIFE GENERATES ATTRACTIVE SYNERGIES AND IS ADDITIVE TO PGIM’S PORTFOLIO GROWTH KEY GROWTH OPPORTUNITIES • Provide protection strategies through broad distribution reach and accumulation-focused life insurance solutions • Address growing wealth-transfer needs through market- leading accumulation and private placement capabilities • Expand access to protection for 43 million underinsured households through digital capabilities, streamlined underwriting, and embedded B2B distribution partnerships • Accelerate innovation, improve customer outcomes, and strengthen competitive advantage through data and AI Top 2 Carrier in 16 of our 19 key relationships #1 2025 Full Year Total Premiums(2)Note: See Appendix for all sources and footnotes. 2025 2030F $18.1B $21.7B Life Industry Sales ($B, All Carriers)(1) 0.9 0.8 3.1 3.4 4.7 6.3 3.1 4.0 Variable Universal Life Indexed Universal Life Term Life Fixed Universal Life Whole Life 6.3 7.2 ~5% CAGR in PRU’s focus areas (2025-2030F)
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1414 ROTATING CAPITAL TO HIGHEST CONVICTION OPPORTUNITIES MAKING INTENTIONAL CHOICES TO REDUCE OUR FOOTPRINT Retirement Protection Asset Management U.S. Japan Select Countries in Europe PGIM PRT Annuities Retirement & Investment Products PRT & Longevity Reinsurance Group Insurance Individual Life Life Insurance Focus Markets
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1515 REDESIGNING THE FINANCIAL PROFILE ACHIEVING OUR OBJECTIVES WILL REQUIRE CONSISTENT EXECUTION AND DISCIPLINED CAPITAL ALLOCATION Stronger Earnings Growth and a Higher Quality Mix Structural Efficiency Better Balance Between Capital-Intensive and Capital-Light Businesses ~$750M in pre-tax run-rate benefits by year-end 2028, with the full benefit reflected in 2029 operating results 150 basis points improvement to adjusted operating expense ratio(1) over the next 3 years
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1616 A MULTI-YEAR JOURNEY, BUT THE PATH IS CLEAR POSITIONING PRUDENTIAL TO DRIVE GREATER VALUE CREATION Strengthening our financial profile and reinforcing the AA ratings position we maintain today Repositioning Prudential to be a more focused and resilient company across market cycles Creating strong financial outcomes, including top-quartile earnings growth, excluding the earnings from our legacy variable annuity business, and improving free cash flow conversion
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1717 APPENDIX
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1818 FOOTNOTES Slide 3 1Based on last twelve months of pre-tax adjusted operating income through 2Q26. Pie chart percentages exclude Corporate & Other operations loss of $1,488 million. See reconciliation of non-GAAP measures in Appendix for more information. 2As of June 30, 2026. Reflects ~$1.49T of PGIM AUM. 3Highly 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. 4From 2020 to 2025; based on annual dividend per share. 7 1Organization for Economic Co-operation and Development, Pensions at a Glance, 2020 & 2024: Assets earmarked for retirement (pillar 2 and pillar 3 assets) in OECD countries. 2029 estimates based on Prudential analysis and should not be relied upon as predictions of future industry performance. Actual results may differ significantly. 2Select Countries in Europe include U.K. and Netherlands. 3Remaining OECD Countries: Australia, Austria, Belgium, Canada, Chile, Colombia, Costa Rica, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Korea, Latvia, Lithuania, Luxembourg, Mexico, New Zealand, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Türkiye. 8 1LIMRA / Alliance for Lifetime Income ‘Peak 65’ Research. 2World Economic Forum – “Investing in (and for) Our Future” White Paper, June 2019. 3Alliance for Lifetime Income – Protected Retirement Income and Planning (PRIP) Study 2025. 4United Nations World Population Prospects 2022. 5Bank of Japan Flow of Funds Statistics, BCG Analysis. 6Nomura Research Institute, BCG Analysis. 9 1LIMRA U.S. FY25 Sales Data. 2Largest manager of pension risk assets based on LIMRA, U.S. Group Annuity Risk Transfer Survey, fourth quarter 2024. 3Based on Inforce excluding Japan Post as of March 31, 2025. Data published by LIAJ. 4Lane Clark & Peacock LLP.
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1919 FOOTNOTES (CONTINUED) Slide 10 Note: PGIM sourced data as June 30, 2026 (unless otherwise noted). Assets represent gross AUM/AUA unless otherwise noted. Asset totals may not sum due to rounding. AUM/AUA are based on company estimates and subject to change. 1Includes public credit, private credit (includes corporate credit, infrastructure debt, and asset-backed finance), and private real estate debt. 2Pension & Investments. ‘Top Money Managers’ June 2025. 3CreditFlux, March 2026. 11 12026 Boston Consulting Group Global Asset Management Report. 12 1LIMRA and EY. 2LIMRA 2Q25 In Force Rankings. 13 1Life Insurance coverage includes both individual and workplace group life insurance, based on LIMRA. 2030 estimates are provided for strategic planning purposes only, do not represent LIMRA projections, and should not be relied upon as predictions of future industry performance. Actual results may differ significantly. 2LIMRA. 15 1Adjusted Operating Expense Ratio excludes PGIM and is calculated on a constant exchange rate basis. Reflects general and administrative expenses excluding variable expenses and certain other items as a percentage of revenues excluding Pension Risk Transfer premiums and certain other items.
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2020 FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, the 2Q26 Earnings Call presentation, and made during the earnings and strategy call, including those regarding our strategy, objectives, goals, priorities, expectations, plans, initiatives, or anticipated future performance, financial targets and objectives and capital priorities, planned transactions, actions to reduce costs and the expected impacts thereof, PGIM margin expansion, expected impacts to AOI of our annual assumption updates, our expectations for the pension risk transfer business, our expectations for earnings growth in the Individual Life business, the expected full year 2026 loss for our Corporate & Other segment, those under the heading “Seasonality of Key Financial Items,” trends and opportunities, the durability of our earnings profile, the expected duration, financial impact, including the expected impact to adjusted operating income, capital, economic solvency ratio and cash flow, and outcome of the Prudential of Japan sales suspension and the related remediation efforts, 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 include, among others, that our remediation efforts in Japan may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension at Prudential of Japan may continue for longer than we expect, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products. Additional factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 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. In addition, our statements under the heading “Seasonality of Key Financial Items” are subject to the risk that different earnings and expense patterns will emerge. 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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2121 NON-GAAP MEASURES This presentation includes references to adjusted operating income. Consolidated adjusted operating income is 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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2222 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.
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2323 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 business acquisitions, which are recognized as compensation expense over the requisite service periods. ($ millions, except per share data) Net income (loss) attributable to Prudential Financial, Inc. 3,918$ Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 148 Net income (loss) 4,066 Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests 148 Income (loss) attributable to Prudential Financial, Inc. 3,918 Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 9 Income (loss) before equity in earnings of joint ventures and other operating entities 3,909 Less: Reconciling Items: Realized investment gains (losses), net, and related charges and adjustments (2,132) Change in value of market risk benefits, net of related hedging gains (losses) (64) Market experience updates (18) Divested and Run-off Businesses: Closed Block division (51) Other Divested and Run-off Businesses 345 Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (72) Other adjustments(1) (6) Total reconciling items, before income taxes (1,998) Less: Income taxes, not applicable to adjusted operating income (502) Total reconciling items, after income taxes (1,496) After-tax adjusted operating income 5,405 Income taxes, applicable to adjusted operating income 1,500 Adjusted operating income (loss) before income taxes 6,905$ After-tax adjusted operating income per share 15.25$ Twelve Months Ended 6/30/2026