Prudential Financial, Inc. · NYSE:PRU
Prudential Financial — Investor Presentation (August 2026)
23 slides from Prudential Financial's investor presentation, August 2026
Slide 1: Strategy Update August 2026
@& Prudential STRATEGY UPDATE August 2026
Slide 2: A Strong Foundation
A STRONG FOUNDATION SIGNIFICANT REACH ACROSS BUSINESSES AND MARKETS WITH FAVORABLE STRUCTURAL GROWTH RATES PGIM RETIREMENT GROUP INSURANCE INDIVIDUAL LIFE INTERNATIONAL Leading public and Helping individuals build, Delivering industry leading Providing protection, Providing retirement and private as
Slide 3: A Global Leader in Financial Services Today
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 PG IM 12% 150+ 50M Years of Service Customers and Commitment Inte rnational 39% $6.9 R e tirement 25% $1.5T $3B+ Asset Manage
Slide 4: What Sets Prudential Apart
WHAT SETS PRUDENTIAL APART OUR UNIQUELY INTEGRATED MODEL CREATES A POWERFUL COMPETITIVE MOAT Distinctive Advantages As ✓ Formidable global brand nt se me United tM ire States ✓ Trust earned over a century ana Ret gem ✓ Industry-leading liability generation capabilities across retirement, ent protect
Slide 5: Our Strategic Priorities
OUR STRATEGIC PRIORITIES SCALING CHOSEN BUSINESSES, STRENGTHENING PERFORMANCE, AND INVESTING IN HIGHEST-CONVICTION OPPORTUNITIES MAKING DELIBERATE GEOGRAPHIC CHOICES 1 ✓ Reduce our retirement and insurance footprint of more than a dozen countries by roughly half ✓ Focus exclusively on large, develop
Slide 6: What Success Looks Like
WHAT SUCCESS LOOKS LIKE THE OUTCOMES OUR STRATEGY IS DESIGNED TO DELIVER Deliver top-quartile earnings growth excluding the 1 earnings from our legacy variable annuity business Increase free cash flow conversion 2 through a greater contribution from fee-based earnings and highly cash generative busi
Slide 7: Capitalizing on Large and Durable Secular Trends
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. 4% $75T $63T 19% $55T 20% 21% 81% Japan 80% 79% 2020 2024 2029
Slide 8: Growing Need for Retirement Income and Advice
GROWING NEED FOR RETIREMENT INCOME AND ADVICE PUTTING THE DURABLE DEMAND INTO CONTEXT… Demographic shifts in U.S. Growing need for financial advice as Japanese fueling a growing retirement gap… households shift assets to investments… 30M 39M 65+ segment by 2050, projected to Americans will turn 65 b
Slide 9: Deepening Leadership in Global Retirement
DEEPENING LEADERSHIP IN GLOBAL RETIREMENT LEVERAGING OUR DIFFERENTIATED CAPABILITIES TO STRENGTHEN AND BUILD LEADERSHIP POSITIONS U.S. Japan Europe • Significant retirement savings, with a • Aging demographics, new government • Sweeping pension reforms substantial unmet demand for initiatives, and a
Slide 10: PGIM Offers Unique Value Today
PGIM OFFERS UNIQUE VALUE TODAY SCALED CREDIT PLATFORM FOUNDATIONAL TO HOW WE WIN IN OUR CHOSEN BUSINESSES Credit Platform – $1.2T in Assets(1) Top 5 Private Credit – $270B Public Credit – $946B Active Fixed Income Manager Globally(2) Large global sourcing network drives differentiated Industry-leadi
Slide 11: Further Advance PGIM's Market-Leading Franchise
FURTHER ADVANCE PGIM'S MARKET-LEADING FRANCHISE BUILD ON STRENGTHS AND EXPAND INTO NEW ASSET CLASSES, GEOGRAPHIES, AND CLIENT CHANNELS Grow leadership in credit and real assets, Scale and Broaden Capabilities scale asset-backed finance and direct lending, and expand into primary private equity and i
Slide 12: Group Insurance Strategy Anchored in Diversification
GROUP INSURANCE STRATEGY ANCHORED IN DIVERSIFICATION INCREASING PRESENCE IN A LARGE AND GROWING ADDRESSABLE MARKET Industry Product Mix Industry Segment Mix Vision Other Life <500 lives Association #3 Group Life and AD&D(2) (1) (1) 5,000+ $200B Disability $200B lives Dental Supp Health #6 500 - 4,99
Slide 13: A Scaled, Market-Leading Life Insurance Business
A SCALED, MARKET-LEADING LIFE INSURANCE BUSINESS INDIVIDUAL LIFE GENERATES ATTRACTIVE SYNERGIES AND IS ADDITIVE TO PGIM’S PORTFOLIO GROWTH Life Industry Sales ($B, All Carriers)(1) KEY GROWTH OPPORTUNITIES • Provide protection strategies through broad distribution $21.7B reach and accumulation-focus
Slide 14: Rotating Capital to Highest Conviction Opportunities
ROTATING CAPITAL TO HIGHEST CONVICTION OPPORTUNITIES MAKING INTENTIONAL CHOICES TO REDUCE OUR FOOTPRINT Focus Markets Select Countries U.S. Japan in Europe Asset PGIM Management Retirement & PRT & PRT Retirement Annuities Investment Longevity Products Reinsurance Group Insurance Protection Individua
Slide 15: Redesigning the Financial Profile
REDESIGNING THE FINANCIAL PROFILE ACHIEVING OUR OBJECTIVES WILL REQUIRE CONSISTENT EXECUTION AND DISCIPLINED CAPITAL ALLOCATION ~$750M in pre-tax 150 basis points run-rate benefits improvement by year-end 2028, with the to adjusted operating expense full benefit reflected in 2029 ratio(1) over the n
Slide 16: A Multi-Year Journey, but the Path Is Clear
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 fi
Slide 17: Appendix
APPENDIX 17
Slide 18: Footnotes
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 ~$1.49T of PGI
Slide 19: Footnotes (Continued)
FOOTNOTES (CONTINUED) Slide 10 Note: PGIM sourced data as June 30, 2026 (unless otherwise noted). Assets represent gross AUM/AUA unless otherwise noted. Asset totals may not sum due to rounding. AUM/AUA are based on company estimates and subject to change. 1Includes public credit, private credit (in
Slide 20: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, the 2Q26 Earnings Call presentation, and made during the earnings and strategy call, including those regarding our strategy, objectives, goals, priorities, expectations, plans, initiatives, or anticipated future perf
Slide 21: Non-GAAP Measures
NON-GAAP MEASURES This presentation includes references to adjusted operating income. Consolidated adjusted operating income is not calculated based on accounting principles generally accepted in the United States of America (GAAP). For additional information about adjusted operating income and adju
Slide 22: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operat
Slide 23: Reconciliations Between Adjusted Operating Income and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE Tw e l v e M o nths ($ millions, except per share data) Ende d 6/ 30/ 2026 Ne t i nc o m e (l o s s ) a ttri buta bl e to Prude nti a l Fi na nc i a l , Inc . $ 3,918 Income (loss) attributable to noncontrolling intere
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