Prudential Financial, Inc. · NYSE:PRU
Prudential Financial — Q4 2025 Earnings Presentation
23 slides from Prudential Financial's earnings presentation, Feb 4, 2026
Slide 1: 4Q25 Earnings Call
4Q25 EARNINGS CALL FEBRUARY 4, 2026 Expanding access to investing, insurance, and retirement security
Slide 2: Full Year & Fourth Quarter 2025 Performance
FULL YEAR & FOURTH QUARTER 2025 PERFORMANCE FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS ($ millions, except per share amounts) PGIM 2025 4Q25 • Positive flow traction across public fixed income, private (1) Pre-Tax Adjusted Operating Income $6,637 $1,505 credit, and real estate offset by weaker active
Slide 3: Progress on Driving Sustainable, Profitable Growth
PROGRESS ON DRIVING SUSTAINABLE, PROFITABLE GROWTH 1 EVOLVING AND 2 3 FOSTERING A IMPROVING OUR DELIVERING ON OUR HIGH-PERFORMANCE EXECUTION STRATEGY CULTURE THE ACTIONS WE HAVE TAKEN SET • Transformed PGIM into a unified platform enabling deeper client engagement and reducing costs over time THE FO
Slide 4: Operating Results by Business
OPERATING RESULTS BY BUSINESS EARNINGS DRIVERS ($ millions, pre-tax adjusted operating income) PGIM U.S. Businesses International Businesses + Higher asset management fees + Higher spread income + Higher spread income + More favorable underwriting + More favorable underwriting – Higher expenses + Lo
Slide 5: PGIM | Active Global Investment Manager
PGIM I Active Global Investment Manager Across a Broad Range of Private and Public Asset Classes EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Maintain strong investment performance(2) ($ millions) $878 – Percentage of AUM(3) outperforming public benchmarks: 3 Year: 90%, 5 Year: 7
Slide 6: U.S. Businesses | Diversified Portfolio with Favorable Growth Opportunities
U.S. BUSINESSES I Diversified Portfolio with Favorable Growth Opportunities EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Leverage strong brand, product breadth, and distribution strength to grow ($ millions) our businesses • Expand our addressable market with new financial soluti
Slide 7: International Businesses | Strong International Presence with Market Leadership in Japan
INTERNATIONAL BUSINESSES I Strong International Presence with Market Leadership in Japan EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Expand product and business capabilities to meet customers’ evolving ($ millions) insurance and retirement security needs $3,247 • Enhance custome
Slide 8: Significant Financial Strength
SIGNIFICANT FINANCIAL STRENGTH Objectives Position Highly > $3 billion $3.8 billion Liquid Assets(1) Consistent with AA objectives Regulatory Ratios remain in excess PICA RBC ratio > 375% Capital Ratios(2) of our objectives Japan solvency margin ratios > 700% Off-Balance Sheet Resources Resource Cap
Slide 9: Appendix
APPENDIX 9
Slide 10: Retirement Strategies | Expanding Access to Retirement Security
RETIREMENT STRATEGIES I Expanding Access to Retirement Security EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Expand access to retirement security in our current markets by broadening ($ millions) our product offerings and market penetration $1,713 Retirement • Deliver retirement
Slide 11: Group Insurance | Leading Group Benefits Provider
GROUP INSURANCE I Leading Group Benefits Provider with Opportunity to Further Diversify EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Execute on diversification strategy while maintaining pricing discipline ($ millions) – Maintain National segment market share (>5,000 lives) and g
Slide 12: Individual Life | Broad Product Portfolio and Multi-Channel Distribution
INDIVIDUAL LIFE I Broad Product Portfolio and Multi-Channel Distribution EARNINGS CONTRIBUTION KEY PRIORITIES Trailing twelve months(1) • Improve profitability through disciplined pricing, expense management, ($ millions) and optimizing inforce business $3,247 Individual • Expand digital capabilitie
Slide 13: Broadly Diversified, High Quality Investment Portfolio
BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO PORTFOLIO COMPOSITION(1) HIGHLIGHTS $396 billion • Broadly diversified, high quality portfolio Other Equities 6% with strong Asset Liability Management 2% Alternatives 3% – High allocation to government Government securities (mostly U.S. and Jap
Slide 14: Track Record of Measured Growth in Private Credit
TRACK RECORD OF MEASURED GROWTH IN PRIVATE CREDIT EXPOSURE BY CREDIT QUALITY(1) HIGHLIGHTS $82 billion or 21% of invested assets • Private credit has always been a core 84% allocation for the General Account 8% – Prudential has a 30+ year track record in private credit – Offers yield premium, enhanc
Slide 15: 4Q25 Adjusted Operating Income and Variances by Business
4Q25 ADJUSTED OPERATING INCOME AND VARIANCES BY BUSINESS Variances(1) Adjusted Alternative Total Operating Expenses Investment Underwriting Variances Income & Other(3) ($ millions, except per share amounts) Income(2) PGIM $249 - - 5 $5 Institutional Retirement $425 (25) (15) 15 ($25) Strategies Indi
Slide 16: Seasonality of Key Financial Items
SEASONALITY OF KEY FINANCIAL ITEMS ($ millions, pre-tax adjusted operating income) 1Q26 2Q26 3Q26 4Q26 Higher compensation PGIM ($30) $10 Lower compensation expense $10 Lower compensation expense $10 Lower compensation expense expense(1) Group Insurance ($20) Lowest underwriting gains $10 Higher und
Slide 17: 2026 Earnings & Other Considerations
2026 EARNINGS & OTHER CONSIDERATIONS PGIM Net Other Related Revenues $160-200 million Corporate & Other Operating Loss(1) $1.65 billion Share Repurchase Authorization $1 billion Effective Tax Rate 23-24% (1) Corporate & Other’s expected quarterly run-rate loss is ~$415 million. 17
Slide 18: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation and made during the earnings call, including those regarding our strategy and the execution thereof, our financial targets and capital priorities, our commitment to improving financial performance and creating or deli
Slide 19: Non-GAAP Measures
NON-GAAP MEASURES This presentation includes references to adjusted operating income, adjusted book value, and adjusted operating return on equity, which is based on adjusted operating income and adjusted book value. Consolidated adjusted operating income, adjusted book value, and adjusted operating
Slide 20: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operat
Slide 21: Reconciliations Between Adjusted Operating Income and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE Fourth Quarter Year-to-Date ($ millions) 2025 2024 2025 2024 Net income (loss) attributable to Prudential Financial, Inc. $ 905 $ (57) $ 3,576 $ 2,727 Income (loss) attributable to noncontrolling interests and redeemab
Slide 22: Reconciliations Between Adjusted Operating Income Per Share and the Comparable GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME PER SHARE AND THE COMPARABLE GAAP MEASURE Fourth Quarter Year-to-Date 2025 2024 2025 2024 Net income (loss) per share attributable to Prudential Financial, Inc. $ 2.55 $ (0.17) $ 9.99 $ 7.50 Less: Reconciling Items: Realized investment gains (losses)
Slide 23: Reconciliation Between Adjusted Book Value and the Comparable GAAP Measure
RECONCILIATION BETWEEN ADJUSTED BOOK VALUE AND THE COMPARABLE GAAP MEASURE ($ millions, except per share data) December 31, 2025 GAAP book value $ 32,438 Less: Accumulated other comprehensive income (AOCI) (3,077) GAAP book value excluding AOCI 35,515 Less: Cumulative change in fair value of funds w