Slide 1: 2Q25 Investor Update
2Q25 INVESTOR UPDATE 2Q25 INVESTOR UPDATE Expanding access to investing, insurance, and retirement security
Slide 2: Prudential Investment Thesis
PRUDENTIAL INVESTMENT PRUDENTIAL INVESTMENT THESIS THESIS ROCK SOLID ROCK SOLID DIFFERENTIATED DIFFERENTIATED DISCIPLINED DISCIPLINED Demonstrated financial Thoughtful strategies and Positioned for Demonstrated strength financial Thoughtful strategies business design anda produce Positioned for long
Slide 3: Integrated Set of Businesses at Scale with Long-Term Growth Potential
INTEGRATED SETOF INTEGRATED SET OFBUSINESSES BUSINESSESATATSCALE SCALE WITH WITHLONG-TERM LONG-TERMGROWTH GROWTHPOTENTIAL POTENTIAL Earnings EarningsContribution (1) Contribution(1) Key Statistics Key Statistics PGIM 11% Revenues Revenues(2) (2): $59B $59B Business Earnings Contribution PGIM 11% Int
Slide 4: Differentiated Business Design
DIFFERENTIATED BUSINESS DIFFERENTIATED BUSINESS DESIGN DESIGN BRAND Deeply connected RETIREMENT & SCALE businesses that help INSURANCE one another grow, unlocking value for our QUALITY shareholders our shareholders OPEN- ARCHITECTURE SOLUTIONS REINSURANCE/ GLOBAL THIRD-PARTY INVESTMENT MANAGEMENT PG
Slide 5: Competitive Advantages Support Strategic Execution
COMPETITIVE ADVANTAGES COMPETITIVE ADVANTAGES SUPPORT SUPPORT STRATEGIC STRATEGIC EXECUTION EXECUTION Leverage our Strengths: ExecutePriorities: Execute on Strategic on Strategic Priorities: Leverage our Strengths: • Leading global asset manager • Invest in growth businesses and and • Leading global
Slide 6: Progress on Driving Sustainable, Profitable Growth
PROGRESS ON DRIVING SUSTAINABLE, PROFITABLE GROWTH PROGRESS ON DRIVING SUSTAINABLE, PROFITABLE GROWTH KEY PRIORITIES 1 2 3 EVOLVING AND FOSTERING A IMPROVING OUR DELIVERING ON OUR HIGH-PERFORMANCE EXECUTION KEY PRIORITIES STRATEGY CULTURE 1. EVOLVING AND DELIVERING ON OUR STRATEGY 2. IMPROVING OUR E
Slide 7: Well Positioned in Current Macro Environment
WELL POSITIONED WELL POSITIONED IN CURRENT IN CURRENT MACRO MACRO ENVIRONMENT ENVIRONMENT •Highly Highlyliquid liquidassets assetsofof$3.9 $3.9billion billion(1)(1), 2023(1) • Strong statutory solvency ratios support AA financial strength Strong statutory solvency ratios support BALANCE BALANCE SHEE
Slide 8: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS SUSTAINABILITY HIGHLIGHTS • $40.9M disbursed through grants by The Prudential Foundation supporting 163 nonprofit partners, who collectively reached over 7 million individuals(1) $40.9M • 76% reduction in our operational emissions since our 2017 baseline year for the facili
Slide 9: Rock Solid. Demonstrated Financial Strength
ROCK SOLID. SOLID DEMONSTRATED DEMONSTRATED FINANCIAL STRENGTH FINANCIAL STRENGTH
Slide 10: Robust Approach to Capital & Liquidity Management
ROBUST APPROACH ROBUST APPROACH TO CAPITAL TO CAPITAL & LIQUIDITY & LIQUIDITY MANAGEMENT MANAGEMENT Financial Strength Liquidity RiskAppetite Risk Appetite Financial Strength “AA” standards Liquidity Significant resources Framework Framework for capital available “AA” standards Significant resources
Slide 11: Significant Financial Strength
SIGNIFICANT FINANCIAL SIGNIFICANT FINANCIAL STRENGTH STRENGTH Objectives Objectives Position Position Highly Liquid Assets (1) Highly > $3 billion $3.9 billion > $3 billion $3.9 billion than Liquid Capital Regulatory Assets Ratios (2) (1) Consistent with AA objectives Ratios remain in excess of our
Slide 12: Preserving Balance Sheet Strength, as We Have Done for 150+ Years
PRESERVING PRESERVING BALANCE BALANCE SHEETSHEET STRENGTH, STRENGTH, AS WE HAVEWE AS DONE FOR DONE HAVE 150+ YEARS FOR 150+ YEARS StressParameters Stress Parameters Our OurToolbox Toolbox Outcomes Outcomes •• Disciplined ALM Disciplined and ALM hedging and hedging •• Maintain Maintainappropriate app
Slide 13: Broadly Diversified, High Quality Investment Portfolio
BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT INVESTMENTPORTFOLIO PORTFOLIO PORTFOLIOCOMPOSITION PORTFOLIO COMPOSITION (1) 1 HIGHLIGHTS HIGHLIGHTS $387 billion • Broadly diversified, high quality portfolio • Broadly diversified, high quality portfolio PORTFOLIO COMPOSITION E q u i tie s O t h e r wit
Slide 14: Adjusted Asset Leverage In-Line with Peers
ADJUSTED ASSET ADJUSTED ASSET LEVERAGE LEVERAGE IN-LINE IN-LINE WITH PEERS WITH PEERS Asset Leverage Asset Leverage(1)(1) Adjustments Adjustments AdjustedAsset Adjusted AssetLeverage Leverage Exclude Exclude nnon-credit on-credit risrisk k asassets sets(2): (2) 13.0x For• example: government For exa
Slide 15: Balanced Approach to Capital Allocation
BALANCED APPROACH BALANCED APPROACH TO CAPITAL TO CAPITAL ALLOCATION ALLOCATION Shareholder Shareholder Distributions Distributions 1. Maintain MaintainFinancial FinancialStrength Strength ($ millions) 2. Organic Growth at Attractive Returns 3. Sustainable and Growing Dividends $4,321 $4,144 2. Orga
Slide 16: Double-Digit Dividend Growth Supported by Strong Earnings and Cash Flow Coverage
DOUBLE-DIGIT DOUBLE-DIGIT DIVIDEND DIVIDEND GROWTH GROWTH SUPPORTED SUPPORTED BY STRONG EARNINGS BY STRONGANDEARNINGS CASH FLOW COVERAGE AND CASH FLOW COVERAGE ($ per share) Year Annual Dividends ($ per share) 2008 $0.58 Annual Dividends 2009 $0.70 $5.20 2010 $1.15 $5.00 $4.80 2011 $1.45 $4.60 $4.40
Slide 17: Differentiated.
DIFFERENTIATED. DIFFERENTIATED THOUGHTFUL THOUGHTFULSTRATEGIES STRATEGIESAND AND BUSINESS BUSINESSDESIGN DESIGNPRODUCE PRODUCEA A COMPETITIVE COMPETITIVEADVANTAGE ADVANTAGE
Slide 18: PGIM: A Leading Global Investment Manager
PGIM PGIM A LEADING GLOBAL INVESTMENT MANAGER ACROSS A BROAD RANGE OF PRIVATE A LEADING GLOBAL AND PUBLIC ASSET CLASSES INVESTMENT MANAGER ACROSS A BROAD RANGE OF PRIVATE AND PUBLIC ASSET CLASSES Earnings Contribution Earnings Contribution(1) (1) Business Highlights: Business Highlights: ($ millions
Slide 19: Leadership Positions Across Investment Platform
PGIM LEADERSHIP POSITIONS ACROSS INVESTMENT PLATFORM LEADERSHIP POSITIONS ACROSS INVESTMENT PLATFORM Product MixbybyAsset Product Mix Asset Management Management FeesFees (1) (1) Scale AcrossMarkets Scale Across Markets #3 Real Estate Manager #5 Defined Multi-Asset Class 6% Worldwide #3 #5 Benefit A
Slide 20: Benefits from Large and Diverse Fixed Income Platform
PGIM BENEFITS FROM LARGE AND DIVERSE FIXED INCOME PLATFORM BENEFITS FROM LARGE AND DIVERSE FIXED INCOME PLATFORM Private Private Fixed Fixed Income Income Public Fixed Public Income Fixed Income 800+ investment 800+ investment professionals professionals seeking income seeking income opportunities o
Slide 21: Broad Business Portfolio with Robust Liability Origination Capabilities
U.S. Businesses U.S. Businesses BROAD BUSINESS BROAD BUSINESSPORTFOLIO PORTFOLIOWITH ROBUST LIABILITY WITH ROBUST ORIGINATION LIABILITY ORIGINATION CAPABILITIES CAPABILITIES Earnings Contribution Earnings Contribution(1) (1) Business Business Highlights: Highlights: ($ millions) •Diverse customer ba
Slide 22: Leading Distribution Model with End-to-End Customer Engagement
U.S. Businesses LEADING DISTRIBUTION MODEL WITH END-TO-END LEADING DISTRIBUTION MODEL WITH END-TO-END CUSTOMER ENGAGEMENT CUSTOMER ENGAGEMENT Distribution Distribution through through a wide a Ability to meet Ability to meet customers customers where and wide range ofrange of channels channels where
Slide 23: Market Leader in Japan with Expanding Presence in Growth Markets
International International Businesses Businesses MARKET LEADER MARKET LEADERININJAPAN JAPANWITH EXPANDING PRESENCE IN GROWTH WITH EXPANDING MARKETS PRESENCE IN GROWTH MARKETS (1) Earnings EarningsContribution Contribution(1) Business Highlights: Business Highlights: ($ millions) • Aprofitable, •A p
Slide 24: Attractive Mix of Developed and Emerging Markets Provide Long-Term Growth
International Businesses ATTRACTIVE MIX OF DEVELOPED AND EMERGING MARKETS ATTRACTIVE MIX OF DEVELOPED AND EMERGING MARKETS PROVIDE LONG-TERM GROWTH PROVIDE LONG-TERM GROWTH Developed: Japan Developed: Japan Emerging Markets Emerging Markets • •Highly Highly productive productive distribution distrib
Slide 25: Disciplined. Positioned for Long-Term Growth
DISCIPLINED. DISCIPLINED POSITIONED FOR POSITIONED FOR LONG-TERM GROWTH LONG-TERM GROWTH
Slide 26: PGIM: Execution on Strategy Driving Growth
PGIM PGIM EXECUTION EXECUTION ON STRATEGY ON STRATEGY DRIVING GROWTH DRIVING GROWTH Expanding • Expanding alternatives alternativesplatform platform • Investing in next-gen retail and high-net worth (HNW) Investing in next-gen retail Growth opportunities • Capitalizing on growing demand for and high
Slide 27: Growth in Alternatives
PGIM GROWTH IN ALTERNATIVES GROWTH IN ALTERNATIVES Market Opportunity Market Opportunity(1) (1) PGIM’s PGIM’s Positioning Positioning KeyKey Growth Growth Initiatives Initiatives • Continue to strengthen dedicated ($ trillions) • Private ContinueAsset-Backed to strengthenFinance dedicated Total Alte
Slide 28: Investing in Next Generation Retail & HNW Growth
PGIM INVESTING IN NEXT GENERATION RETAIL & HNW GROWTH INVESTING IN NEXT GENERATION RETAIL & HNW GROWTH •• Dedicated Dedicatedofferings offeringsinclude includeRE REand anddirect directlending lendingstrategies strategiestailored tailoredtotothe theHNW HNWmarket market HNW HNW •• Acquired AcquiredCus
Slide 29: Capitalizing on Growing Demand for Solutions
PGIM CAPITALIZING ON GROWING DEMAND FOR SOLUTIONS CAPITALIZING ON GROWING DEMAND FOR SOLUTIONS •• Experienced Experiencedinsurance insurancepartner partnerwell wellversed versedinincapital capitalrequirements requirementsand andasset-liability asset-liabilitymanagement management Third-Party Third-P
Slide 30: Broadening Geographic Presence in Key Markets
PGIM BROADENING BROADENING GEOGRAPHIC GEOGRAPHIC PRESENCE PRESENCE IN KEY MARKETSIN KEY MARKETS W ith1,400+ With 1,400investment + investm ent profeslocated professionals sionalsacross locat42 edoffices acrosins 19 42countries, offices our in 1 9 couare experts ntrpresent ies, ouinr ekey xpfinancial
Slide 31: Building on a Strong Core
U.S. Businesses U.S. Businesses BUILDING BUILDING ON AON A STRONG STRONG CORE CORE Strengthening our • Strengthening foundational our foundational businesses businesses Growth opportunities from: • Enhancing customer and advisor Growth experiences Enhancing customer and opportunities • Expanding in
Slide 32: Strengthening Our Foundational Businesses
U.S. Businesses STRENGTHENING OUR FOUNDATIONAL BUSINESSES STRENGTHENING OUR FOUNDATIONAL BUSINESSES •• Expanding Expandingaccess accesstotoretirement retirementsecurity securityininour ourcurrent currentmarkets marketsby bybroadening broadeningour our product product offerings offerings and market a
Slide 33: Enhancing Capabilities to Simplify Customer and Advisor Experiences
ENHANCING CAPABILITIES TO SIMPLIFY CUSTOMER AND U.S. Businesses ENHANCING ADVISOR CAPABILITIES TO SIMPLIFY CUSTOMER AND EXPERIENCES ADVISOR Building EXPERIENCES a culture of continuous improvement… Building a culture of continuous improvement… • Process Simplification and Automation • Customer Onboa
Slide 34: Expanding in Chosen Markets to Accelerate Growth
U.S. Businesses EXPANDING IN CHOSEN MARKETS TO ACCELERATE GROWTH EXPANDING IN CHOSEN MARKETS TO ACCELERATE GROWTH As Asmore moreindividuals near individuals retirement… …many …manyare financially unprepared How near retirement… are financially unprepared How wewe solve solve it grow: it and and grow
Slide 35: Expanding Market Share
International Businesses International Businesses EXPANDING EXPANDING MARKET MARKET SHARE SHARE •Continuing market Continuing market leadership leadership in inJapan Japan Growth Growth opportunities from: • Expanding our presence in targeted, high growth emerging markets opportunities from: Expandi
Slide 36: Well Positioned for Continued Outperformance in Japan
International Businesses WELL POSITIONED FOR CONTINUED OUTPERFORMANCE IN WELL POSITIONED FOR CONTINUED OUTPERFORMANCE JAPAN IN JAPAN Scaled and diversified Diverse and • Scaled and diversified multichannel distribution Provide lifetime multichannel balanced product model with a robust network of cap
Slide 37: Leverage Partnerships with Market-Leading Companies for Growth in Emerging Markets
International Businesses LEVERAGE OUR PARTNERSHIPS WITH MARKET-LEADING LEVERAGE OUR PARTNERSHIPS WITH MARKET-LEADING COMPANIES FOR FUTURE GROWTH IN EMERGING MARKETS COMPANIES FOR FUTURE GROWTH IN EMERGING MARKETS Latin America Latin America AfricaAfrica Asia Asia BrazilBrazil SouthSouth Africa Afric
Slide 38: Prudential Investment Thesis
PRUDENTIAL INVESTMENT PRUDENTIAL INVESTMENT THESIS THESIS ROCK SOLID ROCK SOLID DIFFERENTIATED DIFFERENTIATED DISCIPLINED DISCIPLINED Demonstrated financial Thoughtful strategies and Positioned for Demonstrated strength financial Thoughtful strategies business design and a produce Positioned long-te
Slide 39: Appendix
APPENDIX APPENDIX
Slide 40: Sources of Rankings
SOURCES OFOFRANKINGS SOURCES RANKINGS BUSINESS MARKET POSITION SOURCE Pensions & Investments Top Real Estate Managers list, published BUSINESS MARKET POSITION SOURCE #3 Real Estate Manager October 7, 2024. AUM as of June 30, 2024. Participation in the ranking is voluntary. #3 Real Estate Manager Pen
Slide 41: Forward-Looking Statements
FORWARD-LOOKING FORWARD-LOOKING STATEMENTS 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, Certain ability to of the statements
Slide 42: Non-GAAP Measures
NON-GAAP NON-GAAPMEASURES MEASURES This presentation includes references to adjusted operating income and adjusted book value. Consolidated adjusted operating income and adjusted book value are not This presentation includes references to adjusted operating income and adjusted book value. Consolidat
Slide 43: Non-GAAP Measures (Continued)
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 in brackets in brackets of foreigninvestment Realized currency earnings and current gains (losses)
Slide 44: Reconciliations Between Adjusted Operating Income and the Comparable GAAP Measure
RECONCILIATIONS RECONCILIATIONS BETWEEN BETWEEN ADJUSTED ADJUSTED OPERATING OPERATING INCOME INCOME AND THE COMPARABLE GAAP MEASURE AND THE COMPARABLE GAAP MEASURE T w e l v e Mo n t h s ($ millions, except per share data) Ende dTwelve Months Ended 6/30/2025 6/30/20($25 millions, except per share da
Slide 45: Reconciliation Between Adjusted Book Value and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED RECONCILIATION BETWEEN ADJUSTEDBOOK BOOKVALUE VALUE AND AND THE COMPARABLE THE COMPARABLE GAAP GAAP MEASURE MEASURE ($ millions, except per share data) June 30, 2025 J une 30, 20($ 25millions, except per share data) GAAP GAAP book bo o k value v a l ue $ 30,582 30,58