Slide 1: 3Q25 Earnings Call
3Q25EARNINGS 3Q25 EARNINGS CALL CALL October October30, 30,2025 2025 Expanding access to investing, insurance, and retirement security
Slide 2: Third Quarter 2025 Performance
THIRD THIRDQUARTER QUARTER2025 PERFORMANCE 2025 PERFORMANCE FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS BUSINESS HIGHLIGHTS ($ millions, except per share amounts) PGIM PGIM FINANCIAL HIGHLIGHTS YTD 2025 3Q25 •• Positive Positive third-party third-party and and affiliated affiliated flows flows ($ milli
Slide 3: Progress on Driving Sustainable, Profitable Growth
PROGRESS PROGRESSON ONDRIVING DRIVINGSUSTAINABLE, PROFITABLE SUSTAINABLE, GROWTH PROFITABLE GROWTH 1 EVOLVING AND DELIVERING 1. EVOLVING •AND ON OUR DELIVERING Completed the saleON OUR of our STRATEGY PGIM Taiwan business STRATEGY • Completed the sale of our PGIM Taiwan business 2. IMPROVING OUR EXE
Slide 4: Operating Results by Business
OPERATING RESULTS BY BUSINESS OPERATING RESULTS BY BUSINESS EARNINGS DRIVERS EARNINGS ($ millions, pre-tax adjustedDRIVERS operating income) ($ millions, pre-tax adjusted operating income) PGIM U.S. Businesses International Businesses PGIM U.S. Businesses International Businesses •+ Higher • Higher
Slide 5: PGIM
PGIM I Active PGIM ActiveGlobal GlobalInvestment InvestmentManager ManagerAcross Acrossa aBroad BroadRange RangeofofPrivate Privateand andPublic PublicAsset AssetClasses Classes EARNINGSCONTRIBUTION EARNINGS CONTRIBUTION KEY KEYPRIORITIES PRIORITIES Trailing Trailing twelve twelve months months (1)
Slide 6: U.S. Businesses
U.S.BUSINESSES U.S. BUSINESSES I Diversified Portfolio with Favorable Growth Opportunities Diversified Portfolio with Favorable Growth Opportunities EARNINGS CONTRIBUTION KEY PRIORITIES KEY PRIORITIES EARNINGS CONTRIBUTION Trailing twelve months(1) • Leverage strong brand, product breadth, and distr
Slide 7: International Businesses
INTERNATIONAL BUSINESSES INTERNATIONAL BUSINESSES I Market MarketLeader Leader in Japan with in Japan with Expanding Expanding Presence PresenceininGrowth GrowthMarkets Markets EARNINGS CONTRIBUTION KEY PRIORITIES EARNINGS CONTRIBUTION Trailing twelve months(1) KEY PRIORITIES • Expand product and bu
Slide 8: Significant Financial Strength
SIGNIFICANT FINANCIAL STRENGTH SIGNIFICANT FINANCIAL STRENGTH Objectives Position Objectives Position Highly Highly Liquid Assets (1) > >$3 $3billion billion $3.9 billion $3.9 billion Liquid Assets (1) than Regulatory Capital Ratios(2) Consistent with AA objectives Ratios remain in excess of our PIC
Slide 9: Appendix
APPENDIX APPENDIX 9
Slide 10: Retirement Strategies
RETIREMENT STRATEGIES I Expanding RETIREMENT STRATEGIES Expanding Access to Retirement RetirementSecurity Security EARNINGSCONTRIBUTION EARNINGS CONTRIBUTION KEYPRIORITIES KEY PRIORITIES Trailing Trailingtwelve twelvemonths months(1)(1) •• Expand Expand access access to ($($millions) to retirement r
Slide 11: Group Insurance
GROUP INSURANCE I Leading Group Benefits Provider with Opportunity to Further Diversify GROUP INSURANCE Leading Group Benefits Provider with Opportunity to Further Diversify EARNINGS CONTRIBUTION KEY PRIORITIES EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months (1) • Execute on diversificat
Slide 12: Individual Life
INDIVIDUAL LIFE INDIVIDUAL LIFE I Broad Product Product Portfolio Portfolioand andMulti-Channel Multi-ChannelDistribution Distribution EARNINGS CONTRIBUTION CONTRIBUTION KEY PRIORITIES Trailing twelve twelve months(1) (1) Improveprofitability profitabilitythrough throughdisciplined disciplinedpricin
Slide 13: Broadly Diversified, High Quality Investment Portfolio
BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO PORTFOLIO COMPOSITION(1) HIGHLIGHTS PORTFOLIO $396COMPOSITION billion (1) HIGHLIGHTS • Broadly diversified, high quality portfolio O th er E q u i tie s 5% with strong • Broadly Asset Liabil
Slide 14: Mortgage Loan Portfolio
MORTGAGE LOAN MORTGAGE LOAN PORTFOLIO PORTFOLIO • Conservative Conservative underwriting underwriting with with aa weighted weighted average averageloan-to-value loan-to-value(LTV) (LTV)ofof58% 58%and anddebt debtservice servicecoverage coverageratio (DSCR) ratio of 2.33x (DSCR) as as of 2.33x well
Slide 15: 3Q25 Adjusted Operating Income and Variances by Business
3Q25ADJUSTED 3Q25 ADJUSTEDOPERATING OPERATING INCOME INCOMEAND ANDVARIANCES VARIANCESBY BY BUSINESS BUSINESS Adjusted Variances(1) Alternative Total Operating Expenses Investment (1) Underwriting (1) Variances ($ millions, Adjusted Variances(1), Income Variances , Variances , & Other(3) Total ($ mil
Slide 16: Seasonality of Key Financial Items
SEASONALITY OF KEY FINANCIAL ITEMS ITEMS ($ millions, pre-tax adjusted 4Q25 1Q26 2Q26 3Q26 operating income) ($ millions, pre-tax adjusted operating income) PGIM $10 4Q25 ($30) in brackets 1Q26 2Q26 $10 Lower compensation expense 3Q26 $10 Lower compensation expense Lower compensation expense Higher
Slide 17: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, including those regarding our strategy and the execution thereof, our financial targets and capital priorities, our commitment to improving financial performance and creating or delivering
Slide 18: Non-GAAP Measures
NON-GAAP MEASURES This presentation This presentation includes includes references references to to adjusted adjusted operating operating income, income, adjusted adjusted book book value, value, and and adjusted adjusted operating operating return return on on equity, equity, which which isis based
Slide 19: Non-GAAP Measures (Continued)
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of NON-GAAP MEASURES (CONTINUED) in brackets in brackets foreign currency earnings and current period yield adjustments, are inc
Slide 20: Reconciliations Between Core Adjusted Operating Income and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME INCOME AND THE COMPARABLE GAAP MEASURE AND THE COMPARABLE GAAP MEASURE ($ millions) Net income (loss) attributable to Prudential Financial, Inc. in brackets Third Quarter 2025 $ 1,431 Third Quarter 2024
Slide 21: Reconciliations Between Adjusted Operating Income Per Share and the Comparable GAAP Measure
RECONCILIATIONS RECONCILIATIONS BETWEEN BETWEEN ADJUSTED ADJUSTED OPERATING OPERATING INCOME INCOME PER PER SHARE SHARE AND AND THE THE COMPARABLE COMPARABLE GAAP MEASURE GAAP MEASURE T h i r d Q u ar t er Y ear - t o- D at e Third Quarter5 2 0 2 2025 Third2Quarter 0 2 4 2025 2 0 2 5 Year-to-Date 20
Slide 22: Reconciliation Between Adjusted Book Value and the Comparable GAAP Measure
RECONCILIATION BETWEEN RECONCILIATION BETWEENADJUSTED ADJUSTEDBOOK BOOKVALUE AND VALUE THE AND COMPARABLE THE GAAPGAAP COMPARABLE MEASURE MEASURE ($ millions, except per share data) S ep t emb er 3 0 , 2 0 2 5 ($ millions, except per share data) September 30, 2025 GAAP G A Abook P b ovalue ok v al u