Slide 1: 2Q26 Earnings Call
2Q26 EARNINGS CALL AUGUST 5, 2026 Expanding access to investing, insurance, and retirement security
Slide 2: Second Quarter 2026 Performance Highlights
SECOND QUARTER 2026 PERFORMANCE HIGHLIGHTS $1,827M 10% • Adjusted operating earnings were strong, reflecting continued disciplined execution and Pre-Tax Adjusted YoY momentum across our businesses Operating Income(1) • The annual assumption update resulted in a one-time pre-tax AOI benefit of $65M t
Slide 3: Operating Results by Business: Earnings Drivers
OPERATING RESULTS BY BUSINESS EARNINGS DRIVERS ($ millions, pre-tax adjusted operating income) PGIM U.S. Businesses International Businesses + Higher asset management fees driven by + More favorable assumption update + Higher spread income market appreciation and strong investment performance, parti
Slide 4: PGIM: Quarterly Earnings and Drivers
PGIM I Global Investment Manager with Differentiated Capabilities Across Public and Private Asset Classes QUARTERLY EARNINGS AND DRIVERS ($ millions) $294 Key Earnings Drivers (Year-over-Year) $244 $249 + Higher asset management fees driven by market $229 $190 appreciation and strong investment perf
Slide 5: Retirement: Quarterly Earnings and Drivers
RETIREMENT I Capitalizing Secular Tailwinds Through a Diverse Product Portfolio QUARTERLY EARNINGS AND DRIVERS ($ millions) Key Earnings Drivers (Year-over-Year) – Increased expenses to support business growth $598 $572 $536 25% $397 – Less favorable underwriting driven by mortality and run- off in
Slide 6: Group Insurance: Quarterly Earnings and Drivers
GROUP INSURANCE I Leveraging Group Benefits Leadership to Expand and Diversify Growth QUARTERLY EARNINGS AND DRIVERS ($ millions) $155 Key Earnings Drivers (Year-over-Year) $125 + More favorable assumption update 4% $90 $77 + More favorable Life underwriting due to favorable mortality in the working
Slide 7: Individual Life: Quarterly Earnings and Drivers
INDIVIDUAL LIFE I Broad Product Portfolio and Multi-Channel Distribution Driving Results QUARTERLY EARNINGS AND DRIVERS ($ millions) $186 Key Earnings Drivers (Year-over-Year) $176 $153 + More favorable assumption update $139 8% $82 + More favorable underwriting + Higher spread income Earnings Contr
Slide 8: U.S. Legacy Products: Quarterly Earnings and Drivers
U.S. LEGACY PRODUCTS I Reporting Aligned to How We Manage the Business QUARTERLY EARNINGS AND DRIVERS ($ millions) Key Earnings Drivers (Year-over-Year) $351 $308 – Less favorable assumption update $252 – Less favorable underwriting related to the guaranteed 12% $207 $234 universal life block – Lowe
Slide 9: International Businesses: Quarterly Earnings and Drivers
INTERNATIONAL BUSINESSES I Strong Global Presence with Market Leadership in Japan QUARTERLY EARNINGS AND DRIVERS ($ millions) Key Earnings Drivers (Year-over-Year) $881 $855 $761 $757 $810 + Higher spread income + More favorable assumption update 39% + Higher joint venture earnings + Business growth
Slide 10: Significant Financial Strength
SIGNIFICANT FINANCIAL STRENGTH | Strong Capital Position with Ample Liquidity HIGHLY LIQUID ASSETS(1) REGULATORY CAPITAL RATIOS(2) – CONSISTENT WITH AA OBJECTIVES ($ billions) $4.2 Ratios remain in excess of our objectives $3.9 $3.9 $3.8 $3.7 Target: >$3.0B >375% >150% PICA RBC Japan Economic Ratio
Slide 11: General Account: Diversified, High Quality Investment Portfolio
GENERAL ACCOUNT | Broadly Diversified, High Quality Investment Portfolio PORTFOLIO COMPOSITION(1) HIGHLIGHTS $405 billion • Broadly diversified, high quality portfolio Equities Other with strong Asset Liability Management 6% Alts 3% 3% – High allocation to government Government securities (mostly U.
Slide 12: General Account: Investments in Private Fixed Income
GENERAL ACCOUNT | Long History of Investments in Private Fixed Income • Prudential has a 30+ year track record in private fixed income investing • Private placements have long been a core allocation for the General Account – Offers a yield premium alongside enhanced protections and diversification v
Slide 13: Appendix
APPENDIX 13
Slide 14: 2Q26 Adjusted Operating Income and Variances by Business
2Q26 ADJUSTED OPERATING INCOME AND VARIANCES BY BUSINESS Variances(1) Adjusted Alternative Total Operating Assumption Expenses POJ Sales Investment Underwriting Variances Income Update & Other(3) Suspension ($ millions, except per share amounts) Income(2) PGIM $294 - - - 30 - $30 Total 2Q Prudential
Slide 15: Seasonality of Key Financial Items
SEASONALITY OF KEY FINANCIAL ITEMS ($ millions, pre-tax adjusted operating income) 3Q26 4Q26 1Q27 2Q27 Lower compensation Lower compensation Higher compensation Lower compensation PGIM $10 $10 ($30) $10 expense expense expense(1) expense Group Insurance $10 Higher underwriting gains ($20) Lowest und
Slide 16: Reconciliations Between Adjusted Operating Income and GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE Second Quarter Year-to-Date ($ millions) 2026 2025 2026 2025 Net income (loss) attributable to Prudential Financial, Inc. $ 985 $ 533 $ 1,582 $ 1,240 Income (loss) attributable to noncontrolling interests and redeemabl
Slide 17: Reconciliations Between Adjusted Operating Income Per Share and GAAP Measure
RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME PER SHARE AND THE COMPARABLE GAAP MEASURE Second Quarter Year-to-Date 2026 2025 2026 2025 Net income (loss) per share attributable to Prudential Financial, Inc. $ 2.80 $ 1.48 $ 4.48 $ 3.44 Less: Reconciling Items: Realized investment gains (losses),
Slide 18: Reconciliation Between Adjusted Book Value and GAAP Measure
RECONCILIATION BETWEEN ADJUSTED BOOK VALUE AND THE COMPARABLE GAAP MEASURE ($ millions, except per share data) June 30, 2026 GAAP book value $ 31,577 Less: Accumulated other comprehensive income (AOCI) (4,060) GAAP book value excluding AOCI 35,637 Less: Cumulative change in fair value of funds withh
Slide 19: Reconciliation Between PGIM Total Revenues and Adjusted Revenues
RECONCILIATION BETWEEN PGIM TOTAL REVENUES AND TOTAL ADJUSTED REVENUES ($ millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Total revenues (1) $ 1,043 $ 1,095 $ 1,108 $ 1,040 $ 1,107 Less: Passthrough distribution revenue 20 21 21 20 20 Less: Revenue associated with consolidations 50 45 42 23 44 Total adjusted rev
Slide 20: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain of the statements included in this presentation, the Strategy Update presentation, and made during the earnings and strategy call, including those regarding our strategy, objectives, goals, priorities, expectations, plans, initiatives, or anticipated future perform
Slide 21: 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 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: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasure