Prudential Financial, Inc. · NYSE:PRU
Prudential Financial — Q4 2025 Earnings Presentation
41 slides from Prudential Financial's earnings presentation, April 2026
Slide 1: Prudential Financial, Inc. (PRU) Quarterly Financial Supplement
Table of Contents Exhibit 99.1 Prudential Financial, Inc. (PRU) As Adjusted for Segmentation Changes Quarterly Financial Supplement Fourth Quarter 2025 Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated
Slide 2: Table of Contents
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 TABLE OF CONTENTS Page HIGHLIGHTS Financial Metrics Summary 1 Financial Highlights 2 Other Financial Highlights 3 Operations Highlights 4 Combined Statements of Operations 5 Consolidated Balance Sheets 6
Slide 3: First Quarter 2026 Resegmentation
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 First Quarter 2026 Resegmentation Effective January 1, 2026, the Company made the following segment reporting changes to isolate the impacts of certain discontinued products that were previously commingle
Slide 4: Financial Metrics Summary
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 FINANCIAL METRICS SUMMARY (in millions, except per share and return on equity data) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Earnings Adjusted operating income (loss) before income taxes: PGIM 156
Slide 5: Financial Highlights
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 FINANCIAL HIGHLIGHTS (in millions, except per share data) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Earnings per share of Common Stock (diluted): After-tax adjusted operating income (loss) 3.29 3.58 4.26 3.
Slide 6: Other Financial Highlights
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 OTHER FINANCIAL HIGHLIGHTS (in millions, except per share data) 2024 2025 4Q 1Q 2Q 3Q 4Q Capitalization Data (1): Senior debt: Short-term debt 953 1,406 1,373 1,386 1,443 Long-term debt 10,600 10,949 11,0
Slide 7: Operations Highlights
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 OPERATIONS HIGHLIGHTS 2024 2025 4Q 1Q 2Q 3Q 4Q Assets Under Management and Administration (in billions) (1)(2): PGIM: Institutional customers - Third Party 601.1 620.2 647.6 654.9 652.0 Retail customers -
Slide 8: Combined Statements of Operations
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 6,446 6,426 8,691 7,028 40,745 28,591 -30% Policy charges and fee income 1,108 1,070
Slide 9: Consolidated Balance Sheets
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 CONSOLIDATED BALANCE SHEETS (in millions) 12/31/2024 03/31/2025 06/30/2025 09/30/2025 12/31/2025 Assets: Investments: Fixed maturities, available-for-sale, at fair value 311,570 315,914 328,302 335,414 33
Slide 10: Combining Balance Sheets
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINING BALANCE SHEETS (in millions) As of December 31, 2025 Closed Block PFI Excluding Closed International Consolidated PFI Division Block Division PGIM U.S. Businesses Businesses Corporate and Other
Slide 11: Short-Term and Long-Term Debt - Unaffiliated
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED (in millions) As of December 31, 2025 As of December 31, 2024 Senior Debt Senior Debt Junior Junior Subordinated Subordinated Short-term Debt Long-term Debt Lo
Slide 12: Statements of Operations - PGIM
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - PGIM (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums — — — — — — — Policy charges and fee income — — — — — — — Net investment income 20 59
Slide 13: PGIM - Supplementary Revenue and Assets Under Management Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Supplementary Revenue Information (in millions): Analysis of revenues by type: Asset m
Slide 14: PGIM - Supplementary Assets Under Management Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION (in billions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Institutional Customers - Third Party - Assets Under Management (at fair market value): Begin
Slide 15: Combined Statements of Operations - U.S. Businesses
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 3,398 3,724 5,897 4,401 29,110 17,420 -40% Policy charges and fee
Slide 16: Statements of Operations - U.S. Businesses - Retirement
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums (2) 1,746 2,127 4,290 2,832 22,963 10,995 -52% Policy charges
Slide 17: U.S. Businesses - Retirement - Sales Results and Account Values
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 U.S. BUSINESSES - RETIREMENT - SALES RESULTS AND ACCOUNT VALUES (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Sales and Additions: Retail annuities (1) 3,473 3,135 3,377 3,574 14,036 13,559 Longev
Slide 18: Statements of Operations - U.S. Businesses - Group Insurance
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 1,396 1,349 1,353 1,321 5,129 5,419 6% Policy charges and
Slide 19: U.S. Businesses - Group Insurance Supplementary Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION (dollar amounts in millions, or as otherwise noted) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Annualized New Business Premiums: Group life 225 35
Slide 20: Statements of Operations - U.S. Businesses - Individual Life
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 237 232 236 231 957 936 -2% Policy charges and fee income
Slide 21: U.S. Businesses - Individual Life Supplementary Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION (in millions, or as otherwise noted) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 ANNUALIZED NEW BUSINESS PREMIUMS (1): Term life 32 39 37 36 134 144
Slide 22: Statements of Operations - U.S. Businesses - U.S. Legacy Products
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. LEGACY PRODUCTS (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 19 16 18 17 61 70 15% Policy charges and fee income
Slide 23: U.S. Legacy Products - Supplementary Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 U.S. BUSINESSES - U.S. LEGACY PRODUCTS - SUPPLEMENTARY INFORMATION (in millions, or as otherwise noted) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Annuities Account Value (1): Beginning account value, gross
Slide 24: U.S. Legacy Products - Market Risk Benefit Features
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 U.S. BUSINESSES - U.S. LEGACY PRODUCTS - MARKET RISK BENEFIT FEATURES (in millions) 2024 2025 4Q 1Q 2Q 3Q 4Q MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1): Market Risk Benefits Account Va
Slide 25: Statements of Operations - International Businesses
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums 3,057 2,709 2,800 2,627 11,656 11,193 -4% Policy charges and fee i
Slide 26: International Businesses - Sales Results and Supplementary Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 Actual exchange rate basis (1): Net premiums, policy charges and fee income: Ja
Slide 27: International Businesses - Sales Results and Supplementary Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION 2024 2025 4Q 1Q 2Q 3Q 4Q Face amount of individual policies in force at end of period (in billions) (1)(2): (Constant exchange rate b
Slide 28: Statements of Operations - Corporate and Other
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 STATEMENTS OF OPERATIONS - CORPORATE AND OTHER (in millions) 2025 Year-to-date 1Q 2Q 3Q 4Q 2024 2025 % change Revenues (1): Premiums (9) (7) (6) — (21) (22) -5% Policy charges and fee income (15) (15) (16
Slide 29: Investment Portfolio Composition
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INVESTMENT PORTFOLIO COMPOSITION (in millions) December 31, 2025 December 31, 2024 PFI Excluding Closed Block PFI Excluding Closed Division and Funds Block Division and Closed Withheld Closed Funds Withhe
Slide 30: Investment Portfolio Composition - Japanese Insurance Operations and Excluding
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1) (in millions) December 31, 2025 December 31, 2024 Amount % of Total Amou
Slide 31: Investment Results
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INVESTMENT RESULTS (1) (in millions) Three Months Ended December 31, 2025 Investment Income Realized Gains Yield (2) Amount (Losses) General Account (3) Fixed maturities (4) 4.50% 3,605 (304) Equity secur
Slide 32: Investment Results - Japanese Insurance Operations
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS (in millions) Three Months Ended December 31, 2025 Investment Income Realized Gains Yield (1) Amount (Losses) Japanese Insurance Operations: Fixed maturi
Slide 33: Investment Results - Excluding Funds Withheld and Japanese Insurance Operations
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1) (in millions) Three Months Ended December 31, 2025 Investment Income Realized Gains Yield (2) Amount (Losses) Excluding
Slide 34: AOI to U.S. GAAP Reconciliation of Revenues and Benefits and Expenses
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended December 31, 2025 Reconciling Items Equity in earnings of joint v
Slide 35: AOI to U.S. GAAP Reconciliation - Twelve Months Ended December 31
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Reconcil
Slide 36: AOI to U.S. GAAP Reconciliation - Q1 and Q2 2025
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Reconciling Items
Slide 37: AOI to U.S. GAAP Reconciliation - Three Months Ended September 30, 2025
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES (in millions) Three Months Ended September 30, 2025 Reconciling Items Equity in earnings of joint
Slide 38: Key Definitions and Formulas
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 KEY DEFINITIONS AND FORMULAS 1. Adjusted operating income before income taxes: Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources
Slide 39: Key Definitions and Formulas
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 KEY DEFINITIONS AND FORMULAS 7. Borrowings - Capital Debt: Debt utilized to meet the capital requirements of our business. 8. Borrowings - Operating Debt: Debt utilized for business funding to meet specif
Slide 40: Key Definitions and Formulas
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 KEY DEFINITIONS AND FORMULAS 19. PGIM Asset Under Management: Institutional Customers - Third Party - Consists of third-party institutional assets. Retail Customers - Third Party - Consists of individual
Slide 41: Ratings and Investor Information
Table of Contents Prudential Financial, Inc. Quarterly Financial Supplement Fourth Quarter 2025 RATINGS AND INVESTOR INFORMATION FINANCIAL STRENGTH RATINGS as of April 14, 2026 Standard & Fitch A.M. Best* Poor's Moody's* Ratings* The Prudential Insurance Company of America A+ AA- Aa3 AA- PRUCO Life