Slide 1: 2Q25 Earnings Call
2Q25 EARNINGS 2Q25 EARNINGS CALL CALL 31, 2025 JULY 31, 2025 Expanding access Expanding accesstotoinvesting, investing,insurance, insurance,and andretirement retirementsecurity security
Slide 2: Second Quarter 2025 Performance
SECOND QUARTER SECOND QUARTER 2025 2025 PERFORMANCE PERFORMANCE FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS BUSINESS HIGHLIGHTS ($ millions, except per share amounts) FINANCIAL HIGHLIGHTS YTD 2025 2Q25 U.S. Businesses ($ millions, except per share amounts) • Robust Longevity Risk Transfer transactions
Slide 3: Progress on Driving Sustainable, Profitable Growth
PROGRESSON PROGRESS ONDRIVING DRIVING SUSTAINABLE, SUSTAINABLE, PROFITABLE PROFITABLE GROWTH GROWTH KEY KEY PRIORITIES PRIORITIES 1 2 3 1.EVOLVING AND AND DELIVERING ON OUR STRATEGY FOSTERING A EVOLVING IMPROVING OUR DELIVERING ON OUR HIGH-PERFORMANCE 2. STRATEGY IMPROVING OUR EXECUTIONEXECUTION CUL
Slide 4: Operating Results by Business
OPERATING OPERATING RESULTS RESULTS BY BUSINESS BY BUSINESS EARNINGS EARNINGSDRIVERS DRIVERS ($ millions, pre-tax ($ millions, adjusted pre-tax operating adjusted income) operating income) PGIM PGIM U.S. Businesses U.S. Businesses International Businesses International Businesses • Higher asset mana
Slide 5: PGIM
PGIM Active Global Investment Manager Across a Broad Range of Private and Public Asset Classes EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) ($ millions) • Maintain strong investment performance(2) – Percentage of AUM(3) outperforming public benchmarks: 3 Year: 87%, 5 Year: 75%, 10
Slide 6: U.S. Businesses
U.S. BUSINESSES I Diversified U.S. BUSINESSES Portfolio with Favorable Growth Opportunities Diversified Portfolio with Favorable Growth Opportunities EARNINGS CONTRIBUTION EARNINGS CONTRIBUTION KEY PRIORITIES KEY PRIORITIES Trailing twelve Trailing twelvemonths months(1) (1) • Leverage Leverage stro
Slide 7: International Businesses
INTERNATIONAL BUSINESSES Market Leader in Japan with Expanding Presence in Growth Markets INTERNATIONAL BUSINESSES I Market Leader in Japan with Expanding Presence in Growth Markets EARNINGS CONTRIBUTION EARNINGS CONTRIBUTION KEY KEYPRIORITIES PRIORITIES Trailing twelve months(1) •• Expand Expandpro
Slide 8: Significant Financial Strength
SIGNIFICANT FINANCIAL SIGNIFICANT FINANCIAL STRENGTH STRENGTH Objectives Objectives Position Position Highly Liquid Assets(1) Highly > $3 billion $3.9 billion(1) > $3 billion $3.9 billion than Liquid Capital Regulatory Assets Ratios(2) (1) Consistent with AA objectives Ratios remain in excess of our
Slide 9: Appendix
APPENDIX APPENDIX 9
Slide 10: Retirement Strategies
RETIREMENT STRATEGIES I Expanding Access Access to toRetirement RetirementSecurity Security EARNINGS CONTRIBUTION EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) (1) • Expand Expandaccess access to to retirement retirement security security in in our our current current markets market
Slide 11: Group Insurance
GROUP INSURANCE I Leading Leading Group Group Benefits Benefits Provider Provider with withOpportunity OpportunitytotoFurther FurtherDiversify Diversify EARNINGS CONTRIBUTION EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) (1) • Execute Executeon ondiversification diversificationstrat
Slide 12: Individual Life
INDIVIDUAL LIFE I Broad Product INDIVIDUAL LIFE Product Portfolio Portfolioand andMulti-Channel Multi-ChannelDistribution Distribution EARNINGS CONTRIBUTION EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) (1) • Improve Improveprofitability profitabilitythrough throughdisciplined disci
Slide 13: Broadly Diversified, High Quality Investment Portfolio
BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT INVESTMENTPORTFOLIO PORTFOLIO PORTFOLIOCOMPOSITION PORTFOLIO COMPOSITION (1) (1) HIGHLIGHTS HIGHLIGHTS $387 billion • Broadly diversified, high quality portfolio • Broadly diversified, high quality portfolio PORTFOLIO COMPOSITION E q u i tie s O t h e r w
Slide 14: Mortgage Loan Portfolio
MORTGAGE MORTGAGE LOAN LOAN PORTFOLIO PORTFOLIO • Conservative Conservative underwriting underwriting with with aa weighted weighted average averageloan-to-value loan-to-value(LTV) (LTV)ofof59% 59%and anddebt debtservice servicecoverage coverageratio (DSCR) ratio of 2.37x (DSCR) as as of 2.37x well
Slide 15: Adjusted Operating Income Reconciliation by Business
ADJUSTED ADJUSTED OPERATING OPERATING INCOME INCOME RECONCILIATION BY BUSINESS BUSINESS Alternative 2Q25 Assumption Expenses & 2Q25 Investment Underwriting (3) Reported Update Other Core ($ millions, ($ millions, pre-tax) 2Q25 Assumption Income(2) Underwriting Expenses 2Q25 Alternative pre-tax) Repo
Slide 16: Seasonality of Key Financial Items
SEASONALITY OF KEY FINANCIAL ITEMS ITEMS ($ millions, pre-tax adjusted 3Q25 4Q25 1Q26 2Q26 operating income) ($ millions, pre-tax adjusted operating income) 3Q25 4Q25 1Q26 2Q26 PGIM $10 $10 ($30) in brackets $10 Lower compensation expense Lower compensation expense Lower compensation expense Higher
Slide 17: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, including those regarding our strategy and the execution thereof, our financial targets and capital priorities, our commitment to improving financial performance and creating or delivering
Slide 18: Non-GAAP Measures
NON-GAAP NON-GAAPMEASURES MEASURES ThisThis presentation includes presentation includes references to to references adjusted adjustedoperating income, operating income, core adjusted core adjusted operating operatingincome, income,adjusted adjustedbook bookvalue, value,and andadjusted adjustedoperat
Slide 19: 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 of in brackets in brackets foreign currency earnings and current period yield adjustments, are inc
Slide 20: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) During the second quarter of each year, we perform an annual comprehensive review of the assumptions we use for estimating future premiums, benefits and other cash flows, including During reviewsthe second related to quarter ofmorbidity, mortality, each year,lapse, we p
Slide 21: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Adjustments for (higher)/lower than expected expenses and other items relate to expenses and other items that are non-recurring in nature and therefore not indicative of future Adjustments trends, and for (higher)/lower include higher or lower thanthan expected typical
Slide 22: Reconciliations Between Core Adjusted Operating Income and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE INCOME AND THE COMPARABLE GAAP MEASURE ($ millions) Net income (loss) attributable to Prudential Financial, Inc. in brackets Second Quarter 2025 $ Second Quarter 202
Slide 23: Reconciliations Between Core Adjusted Operating Income and the Comparable GAAP Measure (Continued)
RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE (CONTINUED) S e c o n d Q u a rte r ($ millions) ($ millions) Second Quarter 2 0 2 5 2 0 2Second 4 Quarter A d j u st e d o p e r a t i n g i n c o m e b e f o r e i n c o m e t a xe s 2025 $ 1,665 2024 Less: Adju
Slide 24: Reconciliations Between Adjusted Operating Income Per Share and the Comparable GAAP Measure
RECONCILIATIONSBETWEEN RECONCILIATIONS BETWEEN ADJUSTED ADJUSTED OPERATING OPERATING INCOME INCOME PER SHARE AND THE PER SHARE ANDCOMPARABLE GAAP MEASURE THE COMPARABLE GAAP MEASURE S e c o n d Q u a rte r Y e a r-to -D a te Second 2 0 2Second 5 2 0 2 4 Year-to-date2 0 2 5Year-to-date 2024 N e t i n
Slide 25: Reconciliation Between Adjusted Book Value and the Comparable GAAP Measure
RECONCILIATION RECONCILIATIONBETWEEN BETWEENADJUSTED BOOK ADJUSTED VALUE BOOK ANDAND VALUE THE COMPARABLE GAAP GAAP THE COMPARABLE MEASURE MEASURE ($ millions, except per share data) Ju n e 3 0 , 2 0 2 5 ($ millions, except per share data) June 30, 2025 G A A P b o o k va l u e $ 30,582 Less: Accumu