TABLE OF CONTENTS Page Introduction 105 Executive Summary 106 Company Overview 106 External and Economic Factors 107 Impact of Changes in the Interest Rate Environment 107 Impact of Foreign Currency Exchange Rates 107 Results of Operations 110 Consolidated Results of Operations 110 Segment Results of Operations 112 Segment Measures 115 Results of Operations by Segment 116 PGIM 116 Retirement 121 Group Insurance 125 Individual Life 127 U.S. Legacy Products 129 International Businesses 134 Corporate and Other 139 Divested and Run-off Businesses 140 Closed Block Division 141 Accounting Policies & Pronouncements 143 Liquidity and Capital Resources 144 Ratings 154 General Account Investments 154 Valuation of Assets and Liabilities 173 Income Taxes 175 Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) addresses the consolidated financial condition of Prudential Financial, Inc. (“Prudential,” “Prudential Financial,” “PFI,” or “the Company”) as of June 30, 2026, compared with December 31, 2025, and its consolidated results of operations for the three and six months ended June 30, 2026 and 2025. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the MD&A, the “Risk Factors” section, and the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as the statements under “Forward-Looking Statements,” and the Unaudited Interim Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. 104 Table of Contents Introduction The purpose of this Management’s Discussion and Analysis of Financial Condition and Results of Operations is to provide readers with a foundational understanding of our Company, our consolidated financial statements, and the significant internal and external drivers of our results. The discussion of financial results within is focused on adjusted operating income, which is the Company’s segment-level measure of performance, and provides readers with period-over-period analysis of operating results and significant drivers. In addition to discussing our detailed segment results of operations, we have also provided supplemental information that we believe assists with a greater understanding of our overall financial results. A brief description of these key informational sections follows: •“Executive Summary” provides an overview of the Company and its operations, along with any recent significant events that have impacted our organizational structure or financial results. •“External and Economic Factors” includes a discussion of how the impact of potential changes in foreign currency exchange rates may impact our overall operations and financial position. •“Accounting Policies & Pronouncements” discusses the equity and interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products. This section should be read in conjunction with “Accounting Policies & Pronouncements” and Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. •“Liquidity and Capital Resources” provides information about our liquidity and capital positions, including any significant actions that have impacted, or are expected to impact, these positions. Information is also provided on our insurance companies’ regulatory capital positions, the sources and uses of our holding company’s cash, and additional information about financing activities of the Company. •“General Account Investments” provides information about the overall portfolio composition of the general account that supports the liabilities of our insurance companies. In addition, investment results are presented separately for our Japanese-based operations, our Closed Block division, and our Funds Withheld portfolios, the latter of which supports liabilities relating to reinsurance agreements where the economic benefits and associated investment risk ultimately inure to the reinsurer. This section should be read in conjunction with Note 3 to the Unaudited Interim Consolidated Financial Statements. •“Valuation of Assets and Liabilities” provides additional breakouts of the fair value of assets and liabilities for Prudential Financial Inc., excluding those held in the Closed Block division and Funds Withheld portfolios, and separately for the Closed Block division and Funds Withheld portfolios. This section should be read in conjunction with Note 6 to the Unaudited Interim Consolidated Financial Statements. 105 Table of Contents Executive Summary Company Overview Prudential Financial, a financial services leader with approximately $1.642 trillion of assets under management as of June 30, 2026, has operations primarily in the United States of America (“U.S.”), Asia, Europe and Latin America. Through our subsidiaries and affiliates, we offer a wide array of financial products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. We offer these products and services to individual and institutional customers through one of the largest distribution networks in the financial services industry. Effective January 1, 2026, the Company made the following segment reporting changes to isolate the impacts of certain discontinued products that were previously commingled with the results of actively sold products that more closely reflect the Company’s strategic focus. These changes are consistent with the Company’s recent organizational changes and strategy and reflect how the Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources: •“U.S. Legacy Products” segment: (i) traditional variable annuities with guaranteed living benefit riders and certain other annuity products, previously included in the former Individual Retirement Strategies segment, and (ii) guaranteed universal life policies, previously included in the Individual Life segment, have been combined into a new reportable segment named “U.S. Legacy Products.” This segment represents run-off blocks of business consisting of products that are no longer being sold in U.S. markets and will be managed with a focus on reducing risk and optimizing value. •“Retirement” segment: The blocks of business in the former Individual Retirement Strategies segment that were not moved into the U.S. Legacy Products segment, discussed above, consisting primarily of registered index-linked annuity and fixed annuity products, and the products previously included in the former Institutional Retirement Strategies segment have been combined into a new reportable segment named “Retirement.” This combined segment better represents the Company’s strategic management, growth trajectory, and resource allocation policies. •“Individual Life” segment: There were no other impacts to this segment other than the transfer of the guaranteed universal life policies, discussed above. The remaining blocks of business contained within this segment primarily consist of term, indexed universal life, and variable universal life products. These segment reporting changes are being applied retrospectively and do not have an impact on any of the Company’s previously issued Consolidated Financial Statements. Our principal operations now consist of PGIM (our global investment management business), our U.S. Businesses (consisting of Retirement, Group Insurance, Individual Life and U.S. Legacy Products), our International Businesses, the Closed Block division, and our Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under generally accepted accounting principles in the United States of America (“U.S. GAAP”). Our Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above. We attribute financing costs to each segment based on the amount of financing used by each segment, excluding financing costs associated with corporate debt, which are reflected in our Corporate and Other operations. The net investment income of each segment includes earnings on the amount of capital that management believes is necessary to support the risks of that segment. We believe we are a uniquely integrated financial services company, with a competitive position supported by our longstanding brand, broad customer relationships, global distribution capabilities, and a diversified business model that combines liability generation across retirement and protection products with PGIM’s asset management expertise across public and private markets. Together, these capabilities enable us to originate, manage, and allocate capital at scale, meet evolving customer and client needs, and generate earnings and cash flow across market cycles. In August 2026, we announced a deliberate, multi-year strategy to become a more focused, higher-performing enterprise. We intend to exit emerging markets and concentrate capital, talent, and management attention on large, developed markets where we believe we have the greatest opportunity to compete and scale, including the United States, Japan, and select markets in Europe; strengthen leadership positions in global retirement, asset management, and select protection businesses; optimize 106 Table of Contents capital deployment toward higher-return and less capital-intensive opportunities; and leverage global scale, technology, and simplification initiatives to improve efficiency. As part of this strategy, we are undertaking an enterprise-wide cost savings initiative expected to reduce annual operating expenses by approximately $750 million by year-end 2028. Through these actions, we seek to deliver earnings growth, increase free cash flow conversion, maintain strong returns on capital, and create durable long-term value for shareholders. As previously disclosed, in January 2026, The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), a Japanese insurance subsidiary of the Company, reported the findings of its internal investigation into incidents of misconduct involving certain employees of Prudential of Japan. In response to these findings, Prudential of Japan is implementing a series of actions which include strengthening oversight of sales practices, governance and risk management, as well as leadership changes. Moreover, in February 2026, following discussions with the Japanese regulator, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period commencing February 9, 2026. In April 2026, the Company announced the voluntary extension of the suspension of new sales for an additional 180 days through November 5, 2026. See Note 21 to the Unaudited Interim Consolidated Financial Statements “—Litigation and Regulatory Matters—Regulatory” for additional information. The suspension of sales resulted in an estimated reduction of $235 million in International Businesses’ pre-tax adjusted operating income through the first six months of 2026. We estimate that the suspension of new sales as extended will result in a reduction of pre-tax adjusted operating income in the range of $525 to $575 million for 2026, inclusive of the six month impact above, and in the range of $400 to $450 million for 2027, reflecting remediation costs associated with sustaining the business, one-time and other operating costs, and lower earnings attributable to the gradual ramp-up of new sales after sales resume. Should the suspension of new sales activities extend beyond November 2026, we estimate that International Businesses’ pre-tax adjusted operating income would be reduced by $50 to $60 million per each additional month. We do not expect a material impact to capital, Economic Solvency Ratios (“ESR”) or cash flows. It is also possible that reputational and other harm resulting from or in connection with this matter will negatively impact our other businesses in Japan beyond Prudential of Japan. We are proactively reviewing the sales practices of Gibraltar Life Insurance Company, which distributes its products through life consultants and independent agencies. Actual results may differ materially from these preliminary expectations, as covered under “Forward-Looking Statements.” External and Economic Factors Impact of Changes in the Interest Rate Environment As a global financial services company, market interest rates are a key driver of our liquidity and capital positions, cash flows, results of operations and financial position. For a discussion of the potential impact of changes in interest rates and our mitigation strategies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—External and Economic Factors—Impact of Changes in the Interest Rate Environment” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Impact of Foreign Currency Exchange Rates Foreign currency exchange rate movements and related hedging strategies As a U.S.-based company with significant business operations outside the U.S., particularly in Japan, we are subject to foreign currency exchange rate movements that could impact our USD-equivalent shareholder return on equity. We seek to mitigate this impact through various hedging strategies, including holding USD-denominated assets in certain of our foreign subsidiaries. In order to reduce equity volatility from foreign currency exchange rate movements, we primarily utilize a yen hedging strategy that calibrates the hedge level to preserve the relative contribution of our yen-based business to the Company’s overall return on equity on a leverage neutral basis. We implement this hedging strategy utilizing a variety of instruments, including USD-denominated assets and dual currency and synthetic dual currency investments held locally in our Japanese insurance subsidiaries. The total hedge level may vary based on our periodic assessment of the relative contribution of our yen-based business to the Company’s overall return on equity. The table below presents the aggregate amount of instruments that serve to hedge the impact of foreign currency exchange movements on our USD-equivalent shareholder return on equity from our Japanese insurance subsidiaries as of the dates indicated. 107 Table of Contents June 30, 2026 December 31, 2025 (in billions) Foreign currency hedging instruments: USD-denominated assets associated with yen-based entities(1) $ 8.3 $ 7.5 Dual currency and synthetic dual currency investments(2) 0.2 0.3 Total foreign currency hedges $ 8.5 $ 7.8 __________ (1)Includes USD-denominated fixed maturities at amortized cost plus any related accrued investment income, as well as USD notional amount of foreign currency derivative contracts outstanding. Note this amount represents only those USD assets serving to hedge the impact of foreign currency volatility on equity. Separate from this program, our Japanese operations also have $92.3 billion and $90.0 billion as of June 30, 2026 and December 31, 2025, respectively, of USD-denominated assets supporting USD-denominated liabilities related to USD-denominated products. (2)Dual currency and synthetic dual currency investments are held by our yen-based entities in the form of fixed maturities and loans with a yen-denominated principal component and USD-denominated interest income. The amounts shown represent the present value of future USD-denominated cash flows. The USD-denominated investments that hedge the impact of foreign currency exchange rate movements on USD-equivalent shareholder return on equity from our Japanese insurance operations are reported within yen-based entities and, as a result, foreign currency exchange rate movements will impact their value reported within our yen-based Japanese insurance entities. We seek to mitigate the risk that future unfavorable foreign currency exchange rate movements will decrease the value of these USD-denominated investments reported within our yen-based Japanese insurance entities, and therefore negatively impact their equity and regulatory solvency measures, by having our Japanese insurance operations enter into currency hedging transactions with a subsidiary of Prudential Financial. These hedging strategies have the economic effect of moving the change in value of these USD-denominated investments due to foreign currency exchange rate movements from our Japanese yen-based entities to our USD-based entities. These USD-denominated investments also pay a coupon which is generally higher than what a similar yen-denominated investment would pay. The incremental impact of this higher yield on our USD-denominated investments, as well as our dual currency and synthetic dual currency investments, will vary over time, and is dependent on the duration of the underlying investments as well as interest rate environments in both the U.S. and Japan at the time of the investments. Impact of intercompany foreign currency exchange rate arrangements on segment results of operations The financial results of our International Businesses and PGIM reflect the impact of intercompany arrangements with our Corporate and Other operations pursuant to which these segments’ non-USD-denominated earnings are translated at fixed currency exchange rates that are predetermined during the third quarter of the prior year using forward currency exchange rates. Results of our Corporate and Other operations include differences between the translation adjustments recorded by the segments at the fixed currency exchange rate versus the actual average rate during the period. In addition, specific to our International Businesses where we hedge certain currencies utilizing forward currency contracts with third parties, the results of our Corporate and Other operations also include the impact of any gains or losses recorded from these contracts that settled during the period, which include the impact of any over or under hedging of actual earnings that differ from projected earnings. The table below presents, for the periods indicated, the increase (decrease) to revenues and adjusted operating income for our International Businesses, PGIM and Corporate and Other operations, reflecting the impact of these intercompany arrangements. 108 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Segment impacts of intercompany arrangements: International Businesses $ (28) $ (2) $ (47) $ 1 PGIM 1 (1) 2 (1) Impact of intercompany arrangements(1) (27) (3) (45) 0 Corporate and Other: Impact of intercompany arrangements(1) 27 3 45 0 Settlement gains (losses) on forward currency contracts(2) (17) (2) (29) 1 Net benefit (detriment) to Corporate and Other 10 1 16 1 Net impact on consolidated revenues and adjusted operating income $ (17) $ (2) $ (29) $ 1 __________ (1)Represents the difference between non-USD-denominated earnings translated on the basis of weighted average monthly currency exchange rates versus fixed currency exchange rates determined in connection with the foreign currency income hedging program. (2)As of both June 30, 2026 and 2025, the total notional amount of these forward currency contracts within our Corporate and Other operations was $0.8 billion. Impact of products denominated in non-local currencies on U.S. GAAP earnings While our international insurance operations offer products denominated in local currency, several also offer products denominated in non-local currencies. This is most notable in our Japanese operations, which currently offer primarily USD-denominated products, but have also historically offered Australian dollar (“AUD”)-denominated products. The non-local currency-denominated insurance liabilities related to these products are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale. While the impact from foreign currency exchange rate movements on these non-local currency-denominated assets and liabilities is economically matched, differences in the accounting for changes in the value of these assets and liabilities due to changes in foreign currency exchange rate movements have historically resulted in volatility in U.S. GAAP earnings. As a result, we implemented a structure in certain of our Japanese operations that disaggregated the USD- and AUD-denominated businesses into separate divisions, each with its own functional currency that aligns with the underlying products and investments. The result of this alignment was to reduce differences in the accounting for changes in the value of these assets and liabilities that arise due to changes in foreign currency exchange rate movements. For the USD- and AUD-denominated assets that were transferred under this structure, the net cumulative unrealized investment gains associated with foreign exchange remeasurement that were recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) totaled $0.8 billion and $1.0 billion as of June 30, 2026 and December 31, 2025, respectively, and will be recognized in earnings within “Realized investment gains (losses), net” over time as these assets mature or are sold. Absent the sale of any of these assets prior to their stated maturity, approximately 2% of the $0.8 billion balance as of June 30, 2026 will be recognized throughout the remainder of 2026, approximately 3% will be recognized in 2027, and the remaining balance will be recognized from 2028 through 2051. Highly inflationary economy Enterprise Group, our strategic investment in Ghana, has historically utilized the Ghanaian cedi as its functional currency given it is the currency of the primary economic environment in which the entity operates. In the fourth quarter of 2023, Ghana experienced a cumulative inflation rate that exceeded 100% over a 3-year period. As a result, Ghana’s economy was deemed to be highly inflationary, resulting in reporting changes effective January 1, 2024. Under U.S. GAAP, the financial statements of a foreign entity in a highly inflationary economy are to be remeasured as if its functional currency (formerly the Ghanaian cedi) is the reporting currency of its parent reporting entity (the USD) on a prospective basis. While this changed how the results of Enterprise Group were remeasured and/or translated into USD, the impact to our financial statements was not material nor is it expected to have a material impact to our financial statements in future periods given the relative size of the investment. 109 Table of Contents Results of Operations Consolidated Results of Operations The following section provides a comparative discussion of our consolidated results of operations on a U.S. GAAP basis for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUES Premiums $ 6,880 $ 6,982 $ 15,242 $ 13,982 Policy charges and fee income 1,247 1,249 2,379 2,406 Net investment income 5,783 5,226 11,448 10,356 Asset management and service fees 1,019 982 2,015 1,966 Other income (loss) 2,369 1,412 2,399 1,692 Realized investment gains (losses), net (1,566) (1,699) (1,930) (2,429) Change in value of market risk benefits, net of related hedging gains (losses) (71) (426) (366) (777) Total revenues 15,661 13,726 31,187 27,196 BENEFITS AND EXPENSES Policyholders’ benefits 7,751 8,181 17,284 16,321 Change in estimates of liability for future policy benefits 513 (175) 552 (225) Interest credited to policyholders’ account balances 1,974 1,138 3,083 1,963 Dividends to policyholders 478 259 710 404 Amortization of deferred policy acquisition costs 430 407 841 814 General and administrative expenses 3,337 3,176 6,806 6,259 Total benefits and expenses 14,483 12,986 29,276 25,536 INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 1,178 740 1,911 1,660 Total income tax expense (benefit) 218 195 347 402 INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 960 545 1,564 1,258 Equity in earnings of joint ventures and other operating entities, net of taxes 76 21 78 50 NET INCOME (LOSS) 1,036 566 1,642 1,308 Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 51 33 60 68 NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ 985 $ 533 $ 1,582 $ 1,240 Three Month Comparison “Net income (loss) attributable to Prudential Financial, Inc.” for the second quarter of 2026 compared to the second quarter of 2025 increased $452 million, inclusive of a $23 million unfavorable variance from income taxes that was primarily driven by the increase in pre-tax earnings, as described below, partially offset by a lower effective tax rate in the current year. See Note 14 to the Unaudited Interim Consolidated Financial Statements for additional information regarding income taxes. On a pre-tax basis, “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” increased $438 million, reflecting the following notable items: “Total revenues” increased $1,935 million, primarily due to the following: •“Other income (loss)” — $957 million favorable variance, primarily reflecting favorable changes in the market value of equity securities and on assets supporting experience-rated contractholder liabilities, which are fully offset in “Interest credited to policyholders’ account balances” as discussed below, partially offset by unfavorable changes in the market value of fixed income securities designated as trading; •“Net investment income” — $557 million favorable variance, primarily reflecting business growth and higher reinvestment rates. See “—General Account Investments—Investment Results” for additional information; and •“Change in value of market risk benefits, net of related hedging gains (losses)” — $355 million favorable variance, primarily reflecting favorable equity market performance and a favorable comparative impact from our annual reviews and update of assumptions and other refinements. 110 Table of Contents Partially offset by: •“Premiums” — $102 million unfavorable variance, primarily reflecting lower pension risk transfer premiums, with corresponding offsets in “policyholders’ benefits,” as discussed below. “Total benefits and expenses” increased $1,497 million, primarily due to the following: •“Interest credited to policyholders’ account balances” — $836 million unfavorable variance, primarily reflecting an unfavorable comparative impact from our annual reviews and update of assumptions and other refinements, as well as the impact from the favorable changes in assets supporting experience-rated contractholder liabilities, as described above, and business growth, primarily driven by retirement products. See Note 10 to the Unaudited Interim Consolidated Financial Statements for additional information regarding policyholders’ account balances; •“Change in estimates of liability for future policy benefits” — $688 million unfavorable variance, primarily reflecting an unfavorable comparative impact from our annual reviews and update of assumptions and other refinements; and •“General and administrative expenses” — $161 million unfavorable variance, net of deferrals, primarily reflecting higher operating expenses, including remediation costs associated with the Prudential of Japan matter, as well as expenses supporting business growth. Partially offset by: •“Policyholders’ benefits” — $430 million favorable variance, primarily reflecting favorable changes in reserves for certain individual life policies and lower pension risk transfer premiums; and •“Dividends to policyholders” — $219 million unfavorable variance, primarily reflecting favorable changes in cumulative earnings in the Closed Block division. See “—Closed Block Division” for additional information. Six Month Comparison “Net income (loss) attributable to Prudential Financial, Inc.” for the first six months of 2026 compared to the first six months of 2025 increased $342 million, inclusive of a $55 million favorable variance from income taxes that was primarily driven by a lower effective tax rate in the current year, partially offset by the increase in pre-tax earnings, as described below. On a pre-tax basis, “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” increased $251 million, reflecting the following notable items: “Total revenues” increased $3,991 million, primarily due to the following: •“Premiums” — $1,260 million favorable variance, primarily reflecting higher pension risk transfer premiums with corresponding offsets in “Policyholders’ benefits,” as discussed below; •“Net investment income” — $1,092 million favorable variance, primarily reflecting business growth, higher reinvestment rates and higher prepayment fee income; •“Other income (loss)” — $707 million favorable variance, primarily reflecting favorable changes in the market value of equity securities and on assets supporting experience-rated contractholder liabilities, which are fully offset in “Interest credited to policyholders’ account balances” as discussed below, partially offset by unfavorable changes in the market value of fixed income securities designated as trading; •“Realized investment gains (losses), net” — $499 million favorable variance, primarily reflecting a favorable comparative impact from our annual reviews and update of assumptions and other refinements for product-related embedded derivatives, favorable derivative results in the current year, including the change in the fair value of embedded derivatives related to our Funds Withheld portfolios, which are offset by changes in the value of the investments in the Funds Withheld portfolios that are primarily recorded in “Other income (loss)” or through “Other comprehensive income,” partially offset by higher losses from the sales of fixed income securities in the current year. See “—General Account Investments—Realized Investment Gains and Losses” for additional information; and •“Change in value of market risk benefits, net of related hedging gains (losses)” — $411 million favorable variance, primarily reflecting favorable equity market performance and a favorable comparative impact from our annual reviews and update of assumptions and other refinements. “Total benefits and expenses” increased $3,740 million, primarily due to the following: 111 Table of Contents •“Interest credited to policyholders’ account balances” — $1,120 million unfavorable variance, primarily reflecting an unfavorable comparative impact from our annual reviews and update of assumptions and other refinements, as well as the impact from the favorable changes in assets supporting experience-rated contractholder liabilities, as described above, and business growth, primarily driven by retirement products; •“Policyholders’ benefits” — $963 million unfavorable variance, primarily reflecting higher pension risk transfer premiums, as discussed above, partially offset by favorable changes in reserves for certain individual life policies; •“Change in estimates of liability for future policy benefits” — $777 million unfavorable variance, primarily reflecting an unfavorable comparative impact from our annual reviews and update of assumptions and other refinements; and •“General and administrative expenses” — $547 million unfavorable variance, net of deferrals, primarily reflecting higher operating expenses, including remediation costs associated with the Prudential of Japan matter, as well as expenses supporting business growth. Segment Results of Operations We analyze the performance of our segments and Corporate and Other operations using a measure of segment profitability called adjusted operating income. See “—Segment Measures” below for a discussion of adjusted operating income and its use as a measure of segment operating performance. Annual Reviews and Update of Assumptions and Other Refinements During the second quarter of each year, we perform an annual comprehensive review of the assumptions used for estimating future premiums, benefits, and other cash flows, including reviews related to mortality, morbidity, lapse, surrender, and other contractholder behavior assumptions, and economic assumptions, including expected future rates of returns on investments. The Company generally looks to relevant Company experience as the primary basis for these assumptions; however, if relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either elsewhere within the Company or within the industry. As part of this review, we may update these assumptions and make refinements to our models based upon emerging experience, future expectations and other data, including any observable market data we feel is indicative of a long-term trend. These assumptions are generally reviewed annually unless a material change in our own experience or in industry experience made available to us is observed in an interim period that we feel is also indicative of a long-term trend. Generally, we do not expect trends to change significantly in the short-term and, to the extent these trends may change, we expect such changes to be gradual over the long-term. The impact on our results of operations of changes in these assumptions can be offsetting and we are unable to predict their movement or offsetting impact over time. Shown below are the impacts on our adjusted operating income from updates of actuarial assumptions and other refinements as discussed above. The information below is presented by each segment and Corporate and Other operations and includes a reconciliation of these impacts to the impacts within income (loss) before income taxes and equity in earnings of joint ventures and other operating entities. 112 Table of Contents Three and Six Months Ended June 30, 2026 2025 (in millions) Favorable (unfavorable) impact to adjusted operating income before income taxes by segment: U.S. Businesses: Retirement(1) $ (91) $ (93) Group Insurance 28 11 Individual Life(1) 30 (26) U.S. Legacy Products(1) 15 64 Total U.S. Businesses (18) (44) International Businesses 79 (2) Corporate and Other 4 0 Total segment favorable (unfavorable) impact to adjusted operating income before income taxes 65 (46) Reconciling items: Realized investment gains (losses), net, and related charges and adjustments (243) 146 Change in value of market risk benefits, net of related hedging gains (losses) (81) (263) Divested and Run-off Businesses: Closed Block division 0 0 Other Divested and Run-off Businesses (120) (7) Favorable (unfavorable) impact to consolidated income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ (379) $ (170) __________ (1)Prior period amounts have been updated to conform to current period presentation. Shown below are the adjusted operating income contributions of each segment and Corporate and Other operations for the periods indicated and a reconciliation of this segment measure of performance to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as presented in the Unaudited Interim Consolidated Statements of Operations. 113 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 294 $ 229 $ 484 $ 385 U.S. Businesses: Retirement(1) 392 397 964 923 Group Insurance 155 125 193 214 Individual Life(1) 176 82 315 134 U.S. Legacy Products(1) 234 351 441 615 Total U.S. Businesses 957 955 1,913 1,886 International Businesses 855 761 1,665 1,609 Corporate and Other (279) (280) (609) (695) Total segment adjusted operating income before income taxes 1,827 1,665 3,453 3,185 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(2) (655) (516) (1,276) (762) Change in value of market risk benefits, net of related hedging gains (losses) (71) (426) (366) (777) Market experience updates (20) 42 (5) 81 Divested and Run-off Businesses(3): Closed Block division (12) (18) (23) (40) Other Divested and Run-off Businesses 135 12 199 (39) Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (25) (18) (67) (15) Other adjustments(5) (1) (1) (4) 27 Consolidated income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 1,178 $ 740 $ 1,911 $ 1,660 __________ (1)Prior period amounts have been updated to conform to current period presentation. (2)See “—General Account Investments” and Note 19 to the Unaudited Interim Consolidated Financial Statements for additional information. (3)Represents the contribution to income (loss) of Divested and Run-off Businesses that have been or will be sold or exited, including businesses that have been placed in wind-down, but did not qualify for “discontinued operations” accounting treatment under U.S. GAAP. See “—Divested and Run-off Businesses” for additional information. (4)Equity in earnings of joint ventures and other operating entities is included in adjusted operating income but excluded from “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as it is reflected on an after-tax U.S. GAAP basis as a separate line in the Unaudited Interim Consolidated Statements of Operations. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests are excluded from adjusted operating income but included in “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” as they are reflected on a U.S. GAAP basis as a separate line in the Unaudited Interim Consolidated Statements of Operations and represent the portion of earnings from consolidated entities that relates to the equity interests of minority investors. (5)Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. Segment results for the period presented above reflect the following: PGIM. Results for both the second quarter and the first six months of 2026 increased in comparison to the prior year periods, primarily reflecting higher net asset management fees, higher net service, distribution and other revenues, and higher net other related revenues. Retirement. Results for the second quarter of 2026 decreased in comparison to the prior year period, inclusive of a less unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results decreased, primarily reflecting lower underwriting results and higher expenses, partially offset by higher net investment spread results. Results for the first six months of 2026 increased in comparison to the prior year period, inclusive of a less unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results increased, primarily reflecting higher net investment spread results, partially offset by lower underwriting results and higher expenses. 114 Table of Contents Group Insurance. Results for the second quarter of 2026 increased in comparison to the prior year period, inclusive of a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results increased, primarily reflecting higher net underwriting results and higher net investment spread results, partially offset by higher expenses. Results for the first six months of 2026 decreased in comparison to the prior year period, inclusive of a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results decreased, primarily reflecting higher expenses and lower net underwriting results, partially offset by higher net investment spread results. Individual Life. Results for both the second quarter and the first six months of 2026 increased in comparison to the prior year periods, inclusive of a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results increased, primarily reflecting higher underwriting results and higher net investment spread results. U.S. Legacy Products. Results for both the second quarter and the first six months of 2026 decreased in comparison to the prior year periods, inclusive of a less favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding this item, results decreased for both periods, primarily reflecting lower underwriting results, lower fee income, and lower net investment spread results. International Businesses. Results for both the second quarter and the first six months of 2026 increased in comparison to the prior year periods, inclusive of an unfavorable comparative net impact from foreign currency exchange rates and a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Excluding these items, results for the second quarter of 2026 increased, primarily driven by higher net investment spread results and higher earnings from operating joint ventures and other operating entities, partially offset by higher expenses, including remediation costs associated with the Prudential of Japan matter. Results for the first six months of 2026 decreased, primarily reflecting higher expenses, including remediation costs described above, partially offset by higher net investment spread results. Corporate and Other. Results for the second quarter of 2026 were relatively flat in comparison to the prior year period. Results for the first six months of 2026 were less unfavorable in comparison to the prior year period, primarily reflecting lower net charges from other corporate activities. Closed Block Division. Results for both the second quarter and the first six months of 2026 increased in comparison to the prior year periods, primarily reflecting higher net investment activity results, partially offset by changes in the policyholder dividend obligation. Segment Measures Adjusted Operating Income. In managing our business, we analyze our segments’ operating performance using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is our measure of segment performance. The adjustments to derive adjusted operating income are important to an understanding of our overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies; however, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. See Note 19 to the Unaudited Interim Consolidated Financial Statements for additional information regarding the presentation of segment results and our definition of adjusted operating income. Annualized New Business Premiums. In managing our Individual Life, Group Insurance and International Businesses segments, we analyze annualized new business premiums, which do not correspond to revenues under U.S. GAAP. Annualized new business premiums measure the current sales performance of the business, while revenues primarily reflect the renewal persistency of policies written in prior years and net investment income, in addition to current sales. Annualized new business premiums include 10% of first year premiums or deposits from single-payment products in our Individual Life and International Businesses segments. No other adjustments are made for limited-payment contracts. 115 Table of Contents The amount of annualized new business premiums for any given period can be significantly impacted by several factors, including but not limited to: addition of new products, discontinuation of existing products, changes in credited interest rates for certain products and other product modifications, changes in premium rates, changes in tax laws, changes in regulations or changes in the competitive environment. Sales volume may increase or decrease prior to certain of these changes becoming effective, and then fluctuate in the other direction following such changes. Assets Under Management. In managing our PGIM segment, we analyze assets under management (which do not correspond directly to U.S. GAAP assets) because the principal source of revenues is fees based on assets under management. Assets under management represent the fair market value or account value of assets that we manage directly for institutional clients, retail clients, and for our general account, as well as assets invested in our products that are managed by third-party managers. Account Values. In managing our Retirement and U.S. Legacy Products segments, we analyze account values, which do not correspond directly to U.S. GAAP assets. Sales and additions in our Retirement segment do not correspond to revenues under U.S. GAAP but are used as a relevant measure of business activity. Results of Operations by Segment PGIM Business Updates •In July 2026, the Company entered into an agreement to acquire the remaining 25% interest in Deerpath Capital Management, LP (“Deerpath”), bringing the Company’s ownership to 100% after acquiring a 75% majority stake in December 2023. The closing of this transaction is subject to regulatory approvals and customary closing conditions. •In April 2026, the Company entered into an agreement to sell its PGIM operations in India (“PGIM India”) to TVS Venu Group, a diversified India-based company. The closing of this transaction is subject to regulatory approvals and customary closing conditions. Beginning in the first quarter of 2026, the results of PGIM India are reflected in Divested and Run-off Businesses included within our Corporate and Other operations. PGIM India was not a significant contributor to PGIM’s results in any period prior to its transfer. Operating Results The following table sets forth PGIM’s operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results(1): Revenues $ 1,107 $ 1,043 $ 2,147 $ 2,028 Expenses 813 814 1,663 1,643 Adjusted operating income 294 229 484 385 Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 32 42 41 52 Other adjustments(2) (1) (1) (4) 27 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 325 $ 270 $ 521 $ 464 __________ (1)Certain of PGIM’s investment activities are based in currencies other than the USD and are therefore subject to foreign currency exchange rate risk. The financial results of PGIM include the impact of an intercompany arrangement with our Corporate and Other operations designed to mitigate the impact of exchange rate changes on PGIM’s USD-equivalent earnings. For additional information regarding this intercompany arrangement, see “—External and Economic Factors—Impact of Foreign Currency Exchange Rates,” above. (2)Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods. 116 Table of Contents The following table sets forth PGIM’s revenues, presented on a basis consistent with the table above under “—Operating Results,” by type: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Revenues by type: Asset management fees by source: Institutional - Third Party $ 402 $ 387 $ 800 $ 774 Retail - Third Party 224 219 440 444 Affiliated(1) 238 219 471 435 Total asset management fees 864 825 1,711 1,653 Other related revenues by source: Incentive fees 25 24 38 34 Transaction fees 4 5 15 12 Seed and co-investments 34 28 46 34 Commercial mortgage(2) 31 25 60 40 Total other related revenues 94 82 159 120 Service, distribution and other revenues 149 136 277 255 Total revenues $ 1,107 $ 1,043 $ 2,147 $ 2,028 __________ (1)Includes revenues from the Company’s general account assets, as well as certain separate account assets of the Company’s insurance and retirement businesses managed by PGIM. (2)Includes mortgage origination revenues from our commercial mortgage origination and servicing business. Three Month Comparison Adjusted operating income increased $65 million, primarily reflecting: •higher net asset management fees; •higher net service, distribution and other revenues; and •higher net other related revenues. Revenues increased $64 million, primarily reflecting: •higher asset management fees, driven by higher average assets under management from the impact of equity market appreciation, and strong investment performance, partially offset by net outflows and the impact of higher rates on asset values; •higher other related revenues, primarily reflecting higher commercial mortgage origination revenues from higher loan production, and higher seed and co-investments revenue driven by stronger investment performance; and •higher service, distribution and other revenues, including from higher securities lending and interest income. Expenses decreased $1 million, primarily reflecting: •lower operating expenses, primarily driven by current year savings resulting from a business reorganization in the prior year. This variance was mostly offset by: •higher variable and other expenses, primarily driven by higher fee-based earnings, partially offset by savings resulting from a business reorganization, as discussed above. 117 Table of Contents Six Month Comparison Adjusted operating income increased $99 million, primarily reflecting: •higher net asset management fees; •higher net service, distribution and other revenues; and •higher net other related revenues. These variances were partially offset by: •higher operating expenses. Revenues increased $119 million, primarily reflecting: •higher asset management fees, driven by higher average assets under management from the impact of equity market appreciation and strong investment performance, partially offset by net outflows and the impact of higher rates on asset values; •higher other related revenues, primarily reflecting higher commercial mortgage origination revenues from higher loan production, and higher seed and co-investments revenue driven by stronger investment performance; and •higher service, distribution and other revenues, primarily driven by higher real estate servicing fees from increased transaction volume, as well as higher securities lending and interest income. Expenses increased $20 million, primarily reflecting: •higher operating expenses, largely driven by higher compensation expenses supporting business growth, partially offset by current year savings resulting from a business reorganization, as discussed above; and •higher variable and other expenses, primarily driven by higher commissions related to higher loan production, and higher interest expense, partially offset by savings resulting from a business reorganization, as discussed above. Assets Under Management The following table sets forth assets under management by asset class as of the dates indicated: June 30, 2026 December 31, 2025 June 30, 2025 (in billions) Assets Under Management(1) (at fair value): Public equity $ 230.8 $ 223.1 $ 226.8 Public credit 921.2 902.7 877.7 Private credit(2) 119.7 119.0 116.0 Real estate 135.7 134.4 132.3 Multi-asset 76.2 78.5 80.3 Other alternatives(2) 7.7 8.4 7.6 Total PGIM assets under management $ 1,491.3 $ 1,466.1 $ 1,440.7 Assets under management within other reporting segments(3) 150.8 143.0 139.6 Total PFI assets under management $ 1,642.1 $ 1,609.1 $ 1,580.3 __________ (1)“Public equity” represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust. “Public credit” represents debt instruments that pay interest and usually have a maturity (excluding mortgages). “Private credit” represents debt financing issued by entities directly to investors outside of public capital markets. “Real estate” includes direct real estate equity and real estate mortgages. “Multi-asset” represents funds or products that invest in more than one asset class, balancing equity, public credit, and target date funds. “Other alternatives” represents private equity, hedge funds, and other alternative strategies. (2)Prior period amounts have been updated to conform to current period presentation. (3)Primarily includes assets related to certain insurance and retirement products in our U.S. Businesses and Corporate and Other operations, and certain general account assets in our International Businesses. These assets are not directly managed by PGIM but rather are invested in non-proprietary funds or are managed by either the divisions themselves or by our Chief Investment Officer Organization. The following table sets forth assets under management by source as of the dates indicated: 118 Table of Contents June 30, 2026 December 31, 2025 June 30, 2025 (in billions) Assets Under Management (at fair value): Institutional - Third Party $ 663.0 $ 652.0 $ 647.6 Retail - Third Party 282.3 267.0 256.7 Affiliated(1) 546.0 547.1 536.4 Total PGIM assets under management $ 1,491.3 $ 1,466.1 $ 1,440.7 Assets under management within other reporting segments(2) 150.8 143.0 139.6 Total PFI assets under management $ 1,642.1 $ 1,609.1 $ 1,580.3 __________ (1)Includes the Company’s general account assets, as well as certain separate account assets of the Company’s insurance and retirement businesses managed by PGIM. (2)Primarily includes assets related to certain insurance and retirement products in our U.S. Businesses and Corporate and Other operations, and certain general account assets in our International Businesses. These assets are not directly managed by PGIM but rather are invested in non-proprietary funds or are managed by either the divisions themselves or by our Chief Investment Officer Organization. The following table sets forth the component changes in PGIM’s assets under management for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 2026 (in billions) Beginning assets under management $ 1,433.3 $ 1,385.3 $ 1,466.1 $ 1,375.2 $ 1,440.7 Institutional third-party flows 3.1 2.6 4.7 10.2 0.6 Retail third-party flows 1.5 (2.8) 1.7 (3.0) 0.7 Total third-party flows 4.6 (0.2) 6.4 7.2 1.3 Affiliated flows(1) (3.0) 0.6 (4.9) 0.5 (7.0) Total net flows 1.6 0.4 1.5 7.7 (5.7) Realizations and distributions(2) (2.0) (2.3) (5.2) (6.6) (13.0) Market appreciation (depreciation)(3) 56.4 53.5 33.1 58.5 80.7 Foreign exchange rate impact (1.1) 4.7 (2.2) 8.5 (7.1) Net money market activity and other increases (decreases) 3.1 (0.9) (2.0) (2.6) (4.3) Ending assets under management $ 1,491.3 $ 1,440.7 $ 1,491.3 $ 1,440.7 $ 1,491.3 __________ (1)Represents assets that PGIM manages for the benefit of other reporting segments within the Company. Additions and withdrawals of these assets are attributable to third-party product inflows and outflows in other reporting segments. (2)Realizations reflect proceeds from the disposition or monetization of assets from closed end funds and from collateralized loan obligations. Distributions reflect income and dividend distributions related to certain closed and open ended private alternative funds and collateralized loan obligations. (3)Includes income reinvestment, where applicable. As of June 30, 2026, PGIM’s assets under management: •increased $51 billion over the trailing twelve months, primarily driven by equity market appreciation and strong investment performance, partially offset by realizations and distributions, unfavorable foreign exchange rate impacts, and net outflows. •increased $25 billion in comparison to the prior year end, primarily driven by equity market appreciation and net inflows, partially offset by realizations and distributions and unfavorable foreign exchange rate impacts. The following table sets forth additional information for “total net flows” as seen above, by asset class for the periods indicated: 119 Table of Contents Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 2026 (in billions) Net flows by asset class: Public equity $ (6.0) $ (1.3) $ (12.1) $ (2.8) $ (27.2) Public credit 10.7 3.4 17.9 11.4 28.8 Private credit 0.4 1.3 1.6 4.0 2.9 Real estate 0.7 0.4 1.7 2.1 3.8 Multi-asset (4.0) (3.5) (7.2) (7.2) (14.7) Other alternatives (0.2) 0.1 (0.4) 0.2 0.7 Total net flows $ 1.6 $ 0.4 $ 1.5 $ 7.7 $ (5.7) Private Capital Deployment Private capital deployment is indicative of the pace and magnitude of capital that is invested and will result in future revenues that may include management fees, transaction fees, incentive fees and servicing revenues, as well as future costs to manage these assets. Private capital deployment represents the gross value of private capital invested in real estate debt and equity, and private credit and equity asset classes. Assets under management resulting from private capital deployment are primarily included in “Real estate,” “Private credit,” and “Other alternatives” in the “—Assets Under Management— by asset class table” above. As of June 30, 2026, these asset classes increased $1.3 billion compared to December 31, 2025, primarily reflecting net inflows across the private credit and real estate asset classes, and market appreciation, partially offset by realizations and distributions. Private capital deployment includes PGIM’s real estate agency debt business, which consists of agency commercial mortgage loans originated and sold to third-party investors. PGIM continues to service these loans; however, they are not included in assets under management. The following table sets forth PGIM’s private capital deployed by asset class for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in billions) Private capital deployed: Real estate debt and equity $ 8.3 $ 6.5 $ 15.0 $ 11.1 Private credit and equity 12.3 5.3 18.7 11.3 Total private capital deployed $ 20.6 $ 11.8 $ 33.7 $ 22.4 Seed and Co-Investments As of June 30, 2026 and December 31, 2025, PGIM had approximately $876 million and $1,155 million of seed investments and $553 million and $375 million of co-investments at carrying value, respectively, primarily consisting of public and private credit, public equity, real estate investments, and other alternatives. 120 Table of Contents Retirement Business Update •Effective January 1, 2026, traditional variable annuities with guaranteed living benefit riders and certain other annuity products previously included in the former Individual Retirement Strategies segment were transferred into a new reportable segment named “U.S. Legacy Products.” See “—U.S. Legacy Products” below for the operating results and additional information regarding this new segment. Subsequent to this transfer, the remaining blocks of business in the former Individual Retirement Strategies segment, consisting primarily of indexed-variable annuity and fixed annuity products, were combined with the products included in the former Institutional Retirement Strategies segment into a new reportable segment named “Retirement.” These changes have been applied retrospectively and did not have an impact on any of the Company’s previously issued Consolidated Financial Statements. Operating Results The following table sets forth Retirement’s operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results: Revenues $ 4,173 $ 4,076 $ 9,630 $ 7,741 Benefits and expenses 3,781 3,679 8,666 6,818 Adjusted operating income 392 397 964 923 Realized investment gains (losses), net, and related charges and adjustments (104) (222) (151) (550) Change in value of market risk benefits, net of related hedging gains (losses) 24 (120) (24) (173) Market experience updates 1 (7) (4) (7) Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 0 1 1 2 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 313 $ 49 $ 786 $ 195 Three Month Comparison Adjusted operating income decreased $5 million, including a less unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 included a net charge from this update of $91 million driven by unfavorable impacts related to mortality assumption updates on pension risk transfer transactions, while 2025 included a net charge of $93 million, mainly due to the establishment of reserves for certain fixed annuity products. Excluding this item, adjusted operating income decreased $7 million, primarily reflecting: •higher variable and operating expenses, including amortization costs, primarily driven by business growth; and •lower underwriting results, primarily reflecting unfavorable mortality experience on pension risk transfer transactions. These variances were partially offset by: •higher net investment spread results, driven by growth in retail annuities and other products. Revenues increased $97 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $139 million, primarily reflecting: •higher net investment income, driven by growth in retail annuities and other products. This variance was partially offset by: •lower premiums, primarily driven by a decrease in structured settlements and pension risk transfer sales, with corresponding offsets in policyholders’ benefits, as discussed below. 121 Table of Contents Benefits and expenses increased $102 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $146 million, primarily reflecting: •higher interest credited to policyholders’ account balances, driven by business growth; •unfavorable changes in estimates of the liability for future policy benefits, primarily reflecting unfavorable mortality experience on pension risk transfer transactions; and •higher general and administrative expenses. These variances were partially offset by: •lower policyholders’ benefits, including changes in reserves, related to the lower structured settlements and pension risk transfer premiums, as discussed above. Six Month Comparison Adjusted operating income increased $41 million, including a less unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item, adjusted operating income increased $39 million, primarily reflecting: •higher net investment spread results, driven by growth in retail annuities and other products, and higher prepayment fee income. This variance was partially offset by: •higher variable and operating expenses, including amortization costs, primarily driven by business growth; and •lower underwriting results, primarily reflecting unfavorable mortality experience on pension risk transfer transactions. Revenues increased $1,889 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $1,931 million, primarily reflecting: •higher premiums, driven by an increase in pension risk transfer sales in the current year period, with corresponding offsets in policyholders’ benefits, as discussed below; and •higher net investment income, driven by growth in retail annuities and other products, and higher prepayment fee income. Benefits and expenses increased $1,848 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $1,892 million, primarily reflecting: •higher policyholders’ benefits, including changes in reserves, related to the higher pension risk transfer premiums, as discussed above; and •higher interest credited to policyholders’ account balances, driven by business growth. Account Values Account values are a significant driver of our operating results and are primarily driven by net flows and the impact of market changes. The investment income and interest we credit to policyholders on our spread-based products varies with the level of general account values. The income we earn on most of our fee-based products varies with the level of fee-based account values as many policy fees are determined by these values. The following tables set forth account value information for the periods indicated. Account values include both internally- and externally-managed client balances as the total balances drive our revenue. For additional information regarding internally-managed balances, see “—PGIM.” 122 Table of Contents Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 2026 (in millions) Beginning account value, gross(1) $ 369,081 $ 340,617 $ 370,038 $ 333,243 $ 359,635 Sales and additions 6,847 11,989 14,216 22,513 31,206 Withdrawals and benefits (6,627) (6,188) (14,684) (13,480) (29,589) Net flows 220 5,801 (468) 9,033 1,617 Change in market value, interest credited, and policy charges 7,029 5,525 8,546 7,152 18,943 Other(2) 349 7,692 (1,437) 10,207 (3,516) Ending account value, gross 376,679 359,635 376,679 359,635 376,679 Reinsurance ceded (13,949) (11,579) (13,949) (11,579) (13,949) Ending account value, net $ 362,730 $ 348,056 $ 362,730 $ 348,056 $ 362,730 Amounts included in “Ending account value, net” above: Retail annuities(3) $ 65,648 $ 49,649 Longevity reinsurance(4) 120,662 125,534 Fee-based stable value 67,060 67,362 Pension risk transfer and other products(5) 109,360 105,511 Total $ 362,730 $ 348,056 Amounts included in “Sales and additions” above: Retail annuities(3) $ 3,585 $ 3,135 $ 6,869 $ 6,608 $ 13,820 Longevity reinsurance(4) 980 5,581 1,134 10,503 2,690 Fee-based stable value 915 1,048 2,028 2,129 3,665 Pension risk transfer and other products(5) 1,367 2,225 4,185 3,273 11,031 Total $ 6,847 $ 11,989 $ 14,216 $ 22,513 $ 31,206 __________ (1)Beginning account values, net of reinsurance ceded, were $355,745 million and $328,521 million for the three months ended June 30, 2026 and 2025, respectively, $357,150 million and $321,477 million for the six months ended June 30, 2026 and 2025, respectively, and $348,056 million for the twelve months ended June 30, 2026. (2)“Other” activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business and changes in asset balances for externally-managed accounts. For the three months ended June 30, 2026 and 2025, “Other” activity also includes $645 million in receipts offset by $990 million in payments and $1,250 million in receipts offset by $1,126 million in payments, respectively, and for the six months ended June 30, 2026 and 2025, includes $1,972 million in receipts offset by $1,827 million in payments and $2,052 million in receipts offset by $2,082 million in payments, respectively, related to funding agreements backed by commercial paper that typically have maturities of less than 90 days. (3)Primarily includes FlexGuard suite and fixed annuity products. (4)Represents notional amounts based on present value of future benefits under longevity reinsurance contracts. (5)Includes spread-based stable value, structured settlements and funding agreement-backed notes. 123 Table of Contents Sales and additions for the three months ended June 30, 2026 decreased in comparison to the prior year period, primarily reflecting: •significant longevity reinsurance sales in the prior year period; and •lower sales of funding agreement-backed notes. These variances were partially offset by: •higher sales of retail annuities. Sales and additions for the six months ended June 30, 2026 decreased in comparison to the prior year period, primarily reflecting: •significant longevity reinsurance sales in the prior year period. This variance was partially offset by: •higher pension risk transfer sales in the current year period. The increase in net account values for the three months ended June 30, 2026 primarily reflects: •an increase in the market value of assets and interest credited on customer funds. The increase in net account values for the six and twelve months ended June 30, 2026 primarily reflects: •an increase in the market value of assets and interest credited on customer funds. This variance was partially offset by: •the negative impact of foreign exchange rate changes. 124 Table of Contents Group Insurance Operating Results The following table sets forth Group Insurance’s operating results and benefits and administrative expense ratios for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Operating results: Revenues $ 1,708 $ 1,687 $ 3,442 $ 3,435 Benefits and expenses 1,553 1,562 3,249 3,221 Adjusted operating income 155 125 193 214 Realized investment gains (losses), net, and related charges and adjustments (8) (28) (10) (49) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 147 $ 97 $ 183 $ 165 Benefits ratios(1)(2)(3): Group life 76.2 % 82.4 % 81.2 % 84.8 % Group disability 82.7 % 74.7 % 80.6 % 70.3 % Total Group Insurance 78.3 % 80.2 % 81.0 % 80.8 % Administrative expense ratios(2)(4): Group life 11.3 % 11.5 % 11.4 % 11.1 % Group disability 23.8 % 24.8 % 25.0 % 25.3 % Total Group Insurance 15.1 % 15.2 % 15.5 % 15.0 % __________ (1)Ratio of policyholder benefits to earned premiums plus policy charges and fee income. (2)The benefits and administrative expense ratios are measures used to evaluate profitability and efficiency. (3)Benefit ratios reflect the impact of our annual reviews and update of assumptions and other refinements. Excluding these impacts, the group life, group disability and total Group Insurance benefit ratios were 81.2%, 78.5% and 80.4% for the three months ended June 30, 2026, respectively; 83.6%, 78.4% and 82.0% for the six months ended June 30, 2026, respectively; 83.1%, 75.3% and 80.9% for the three months ended June 30, 2025, respectively; and 85.2%, 70.6% and 81.1% for the six months ended June 30, 2025, respectively. (4)Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third-party administrator pass-through fees and expenses. Three Month Comparison Adjusted operating income increased $30 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 and 2025 included net benefits from this update of $28 million and $11 million, respectively. Excluding this item, adjusted operating income increased $13 million, primarily reflecting: •higher underwriting results in our group life business, driven by more favorable mortality experience on non-experience-rated contracts; and •higher net investment spread results, driven by higher reinvestment rates and higher income from non-coupon investments. These variances were partially offset by: 125 Table of Contents •higher operating and variable expenses, largely supporting business growth; and •lower underwriting results in our group disability business, primarily driven by less favorable claims experience on both short-term and long-term disability contracts. Revenues increased $21 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $43 million, primarily reflecting: •higher premiums, primarily driven by business growth in our group disability business; and •higher net investment income, driven by higher reinvestment rates and higher income from non-coupon investments. These variances were partially offset by: •lower policy charges and fee income, driven by higher policy returns due to more favorable mortality experience on experience-rated contracts. Benefits and expenses decreased $9 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $30 million, primarily reflecting: •higher policyholders’ benefits, including changes in reserves, driven by business growth and less favorable claims experience on both short-term and long-term disability contracts, partially offset by more favorable mortality experience on group life contracts; and •higher general and administrative expenses, largely supporting business growth. Six Month Comparison Adjusted operating income decreased $21 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item, adjusted operating income decreased $38 million, primarily reflecting: •lower underwriting results in our group disability business, primarily driven by less favorable claims experience on long-term disability contracts; and •higher operating and variable expenses, largely supporting business growth. These variances were partially offset by: •higher underwriting results in our group life business, driven by more favorable mortality experience on non-experience-rated contracts, partially offset by a positive impact in the prior year period from a reserve refinement for certain experience-rated contracts; and •higher net investment spread results, driven by higher reinvestment rates and higher income from non-coupon investments. Revenues increased $7 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $29 million, primarily reflecting: •higher premiums, primarily driven by business growth in our group disability business, partially offset by lower sales and a positive reserve refinement for certain experience-rated contracts in the prior year period in our group life business; and •higher net investment income, driven by higher reinvestment rates and higher income from non-coupon investments. These variances were partially offset by: •lower policy charges and fee income, driven by higher policy returns due to more favorable mortality experience on experience-rated contracts. Benefits and expenses increased $28 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $67 million, primarily reflecting: •higher policyholders’ benefits, including changes in reserves, driven by business growth and less favorable claims experience on long-term disability contracts, partially offset by more favorable mortality experience on group life contracts; and •higher general and administrative expenses, largely supporting business growth. 126 Table of Contents Sales Results The following table sets forth Group Insurance’s annualized new business premiums, as defined under “—Segment Measures” above, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Annualized new business premiums(1): Group life $ 17 $ 35 $ 228 $ 260 Group disability 56 42 371 217 Total $ 73 $ 77 $ 599 $ 477 __________ (1)Amounts exclude new premiums resulting from rate changes on existing policies, from additional coverage under our Servicemembers’ Group Life Insurance contract and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Total annualized new business premiums for the three months ended June 30, 2026 decreased $4 million, primarily reflecting: •lower sales in the National market segment across our group life and group disability businesses. This variance was partially offset by: •higher sales in the Premier market segment in our group disability business, primarily reflecting medical stop loss sales. Total annualized new business premiums for the six months ended June 30, 2026 increased $122 million, primarily reflecting: •higher sales in the Premier and National market segments in our group disability business, including medical stop loss sales and higher supplemental health product sales. This variance was partially offset by: •lower sales in the National market segment in our group life business due to outsized sales in the prior year period. Individual Life Business Update •Effective January 1, 2026, guaranteed universal life policies previously included in the Individual Life segment were transferred into a new reportable segment named “U.S. Legacy Products.” See “—U.S. Legacy Products” below for the operating results and additional information regarding this new segment. These changes have been applied retrospectively and did not have an impact on any of the Company’s previously issued Consolidated Financial Statements. Operating Results The following table sets forth Individual Life’s operating results for the periods indicated: 127 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results: Revenues $ 1,161 $ 1,014 $ 2,282 $ 2,125 Benefits and expenses 985 932 1,967 1,991 Adjusted operating income 176 82 315 134 Realized investment gains (losses), net, and related charges and adjustments (158) (102) (161) (91) Market experience updates (11) (1) (8) (1) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 7 $ (21) $ 146 $ 42 Three Month Comparison Adjusted operating income increased $94 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 included a net benefit of $30 million, while 2025 included a net charge of $26 million. Excluding this item, adjusted operating income increased $38 million, primarily reflecting: •higher underwriting results, driven by favorable mortality experience; and •higher net investment spread results, driven by higher reinvestment rates. Revenues increased $147 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $72 million, primarily reflecting: •higher policy charges and fee income, driven by higher separate account values reflecting favorable equity market performance and business growth; and •higher net investment income, driven by higher reinvestment rates. Benefits and expenses increased $53 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $34 million, primarily reflecting: •higher interest credited on policyholders’ account balances, driven by business growth; and •higher general and administrative expenses, largely supporting business growth. Six Month Comparison Adjusted operating income increased $181 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item adjusted operating income increased $125 million, primarily reflecting: •higher underwriting results, driven by favorable mortality experience; and •higher net investment spread results, driven by higher reinvestment rates. Revenues increased $157 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $82 million, primarily reflecting: •higher net investment income, driven by higher reinvestment rates; and •higher policy charges and fee income, driven by higher separate account values reflecting favorable equity market performance and business growth. Benefits and expenses decreased $24 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses decreased $43 million, primarily reflecting: •lower policyholders’ benefits, including changes in reserves, driven by favorable mortality experience; and •favorable changes in estimates of the liability for future policy benefits, reflecting favorable mortality experience. 128 Table of Contents These variances were partially offset by: •higher interest credited on policyholders’ account balances, driven by business growth. Sales Results The following table sets forth Individual Life’s annualized new business premiums, as defined under “—Results of Operations—Segment Measures” above, by distribution channel and product, for the periods indicated: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Prudential Advisors Third- Party Total Prudential Advisors Third- Party Total (in millions) Variable Life $ 45 $ 130 $ 175 $ 38 $ 122 $ 160 Term Life 4 38 42 4 35 39 Universal Life 1 19 20 1 17 18 Total $ 50 $ 187 $ 237 $ 43 $ 174 $ 217 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Prudential Advisors Third- Party Total Prudential Advisors Third- Party Total (in millions) Variable Life $ 84 $ 287 $ 371 $ 71 $ 243 $ 314 Term Life 8 72 80 8 63 71 Universal Life 2 35 37 2 34 36 Total $ 94 $ 394 $ 488 $ 81 $ 340 $ 421 Total annualized new business premiums for the three and six months ended June 30, 2026 increased $20 million and $67 million, respectively, primarily reflecting: •higher third-party sales across all products; and •higher Prudential Advisors variable life sales. U.S. Legacy Products Business Update •Effective January 1, 2026, traditional variable annuity products with guaranteed living benefit riders and certain other annuity products previously included in the former Individual Retirement Strategies segment and guaranteed universal life policies previously included in the Individual Life Insurance segment were combined into this new reportable segment. The products contained within are no longer being sold in U.S. markets and will be managed with a specific focus on reducing risk and optimizing value for the Company. These changes have been applied retrospectively and did not have an impact on any of the Company’s previously issued Consolidated Financial Statements. See “—Company Overview” above for additional information regarding these segment changes. 129 Table of Contents Operating Results The following table sets forth U.S. Legacy Products’ operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results: Revenues $ 1,170 $ 1,231 $ 2,308 $ 2,413 Benefits and expenses 936 880 1,867 1,798 Adjusted operating income 234 351 441 615 Realized investment gains (losses), net, and related charges and adjustments (131) 11 (199) 8 Change in value of market risk benefits, net of related hedging gains (losses) (98) (309) (347) (613) Market experience updates 7 7 5 11 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 12 $ 60 $ (100) $ 21 Our U.S. Legacy Products segment includes variable annuity contracts that offer optional guaranteed living benefit riders (e.g., guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”)), and/or optional death benefit riders (e.g., guaranteed minimum death benefits (“GMDB”)). The results of our variable annuity contracts are generally included in adjusted operating income, subject to certain exceptions related to these guarantees. Under U.S. GAAP, guaranteed living and death benefit riders are accounted for as market risk benefits (“MRBs”) and reported at fair value. For purposes of measuring segment performance, adjusted operating income excludes the changes in fair value of MRBs and instead reflects the performance of these riders in net income, net of related hedges, in “Change in value of market risk benefits, net of related hedging gains (losses),” except for the portion of the change attributable to changes in the Company’s non-performance risk (“NPR”) which is recorded in Other Comprehensive Income (loss) (“OCI”). Three Month Comparison Adjusted operating income decreased $117 million, including a less favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 included a $15 million net benefit from this update, while results for 2025 included a net benefit of $64 million primarily driven by updates to mortality assumptions for guaranteed universal life policies. Excluding this item, adjusted operating income decreased $68 million, primarily reflecting: •lower underwriting results, primarily driven by unfavorable mortality experience on guaranteed universal life policies; •lower fee income, due to lower average separate account values driven by net outflows from the run-off of the variable annuity block, partially offset by favorable equity market performance; and •lower net investment spread results, driven by the impact of lower short-term interest rates on income on collateral posted to counterparties, and lower income on non-coupon investments, partially offset by higher reinvestment rates. Revenues decreased $61 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues decreased $37 million, primarily reflecting: •lower policy charges and fee income, as well as lower asset management and service fees, due to lower average separate account values driven by net outflows from the run-off of the variable annuity block, partially offset by favorable equity market performance; and •lower other income, driven by the impact of lower short-term interest rates on income on collateral posted to counterparties. These variances were partially offset by: •higher net investment income, driven by higher reinvestment rates. 130 Table of Contents Benefits and expenses increased $56 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $31 million, primarily reflecting: •higher policyholders’ benefits, including changes in reserves, primarily driven by unfavorable mortality experience on guaranteed universal life policies. This variance was partially offset by: •favorable changes in estimates of the liability for future policy benefits. Six Month Comparison Adjusted operating income decreased $174 million, including a less favorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item, adjusted operating income decreased $125 million, primarily reflecting: •lower underwriting results, primarily driven by unfavorable mortality experience and reserve growth on guaranteed universal life policies, as well as the ongoing unfavorable impact from assumption updates in the second quarter of 2025; •lower fee income, due to lower average separate account values driven by net outflows from the run-off of the variable annuity block, partially offset by favorable equity market performance; and •lower net investment spread results, driven by the impact of lower short-term interest rates on income on collateral posted to counterparties, and lower income on non-coupon investments, partially offset by higher reinvestment rates. Revenues decreased $105 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues decreased $81 million, primarily reflecting: •lower policy charges and fee income, as well as lower asset management and service fees, due to lower average separate account values driven by net outflows from the run-off of the variable annuity block, partially offset by favorable equity market performance; and •lower other income, driven by the impact of lower short-term interest rates on income on collateral posted to counterparties. These variances were partially offset by: •higher net investment income, driven by higher reinvestment rates. Benefits and expenses increased $69 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $44 million, primarily reflecting: •higher policyholders’ benefits, including changes in reserves, primarily driven by unfavorable mortality experience and reserve growth on guaranteed universal life policies, as well as the ongoing unfavorable impact from assumption updates in the second quarter of 2025. This variance was partially offset by: •favorable changes in estimates of the liability for future policy benefits; and •lower interest credited to policyholders’ account balances, reflecting the run-off of the variable annuity block. 131 Table of Contents Account Values The following table sets forth the segment’s annuities account value information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 2026 (in millions) Annuities Account Value(1): Beginning account value, gross(2) $ 81,636 $ 89,139 $ 87,203 $ 93,598 $ 90,263 Premiums and deposits(3) 5 8 10 14 20 Full surrenders and death benefits (2,613) (2,170) (5,038) (4,647) (10,247) Premiums and deposits, net of full surrenders and death benefits (2,608) (2,162) (5,028) (4,633) (10,227) Partial withdrawals and other benefit payments (934) (1,036) (2,065) (2,217) (4,342) Net flows (3,542) (3,198) (7,093) (6,850) (14,569) Change in market value, interest credited, and other activity 5,787 4,802 4,204 4,470 9,572 Policy charges (426) (480) (859) (955) (1,811) Ending account value, gross 83,455 90,263 83,455 90,263 83,455 Reinsurance ceded (7,361) (8,393) (7,361) (8,393) (7,361) Ending account value, net $ 76,094 $ 81,870 $ 76,094 $ 81,870 $ 76,094 __________ (1)Represents discontinued annuities and guaranteed living benefits in the general account and separate accounts. Includes alliance deposits and supplementary contracts. (2)Beginning account values, net of reinsurance ceded, were $74,061 million and $80,531 million for the three months ended June 30, 2026 and 2025, respectively, $79,249 million and $84,834 million for the six months ended June 30, 2026 and 2025, respectively, and $81,870 million for the twelve months ended June 30, 2026. (3)Represents renewal premiums or additional deposits on existing policies/contracts. The increase in annuities net account values for the three months ended June 30, 2026 primarily reflects: •market value appreciation. This variance was partially offset by: •net outflows from the run-off of the variable annuity block. The decrease in annuities net account values for the six and twelve months ended June 30, 2026 primarily reflects: •net outflows from the run-off of the variable annuity block. This variance was partially offset by: •market value appreciation. Variable Annuity Risks and Risk Mitigants The primary risks of our variable annuity contracts arise from differences between actual experience and the assumptions used in the original pricing, including capital markets assumptions and actuarial assumptions. We manage these risks primarily through (i) Product Design Features, (ii) our Asset Liability Management Strategy, and, for certain products, external reinsurance. For additional information regarding our external reinsurance agreements, see Note 12 to the Unaudited Interim Consolidated Financial Statements. i.Product Design Features: Certain variable annuity contracts include an automatic rebalancing feature, also referred to as an asset transfer feature, that transfers assets between designated variable investment sub-accounts selected by the annuity contractholder and, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate accounts. The objective of this feature is to reduce our exposure to equity market risk and market volatility. Additional product design features include, among others, asset allocation restrictions, certain limitations on the amount of purchase payments, and a required 132 Table of Contents minimum allocation to our general account for certain of our products. In addition, there is diversity in our fee arrangements, which help preserve certain revenue streams when market fluctuations cause account values to decline. ii. Asset Liability Management (“ALM”) Strategy: We employ an ALM strategy that combines fixed income instruments and derivatives to meet expected liabilities associated with certain annuity guarantees classified as MRBs under U.S. GAAP. The MRB liability that we hedge consists of expected living and death benefit claims under various market conditions. For our Prudential Defined Income (“PDI”) variable annuity, we primarily use fixed income instruments, while other products also utilize exchange-traded and over-the-counter (“OTC”) equity, interest rate and credit derivatives, including futures, swaps, and options. The intent of this strategy is to manage capital and liquidity efficiently and reduce net income volatility from capital markets movements. We periodically review and recalibrate the ALM strategy by optimizing the mix of derivatives and fixed income instruments to achieve expected outcomes. Differences between changes in the value of the assets supporting MRBs and changes in the MRB liability may impact U.S. GAAP net income, primarily due to differences in accounting treatment and hedge performance factors. Product Specific Risks and Risk Mitigants For certain living benefit guarantees, claims will primarily represent the funding of contractholder lifetime withdrawals after the cumulative withdrawals have first exhausted the contractholder account value. Due to the age of the in-force block, claim payments to date have been limited. The timing and amount of future claims will depend on actual investment performance and contractholder behavior relative to our assumptions. Most of our current living benefit guarantees provide for guaranteed lifetime contractholder withdrawal payments inclusive of a “highest daily” contract value guarantee. The majority of our traditional variable annuity contracts with living benefit guarantees incorporate risk mitigants such as an automatic rebalancing feature and/or inclusion in our ALM strategy. We may also utilize external reinsurance as an additional risk mitigant. For additional information regarding our external reinsurance agreements, see Note 12 to the Unaudited Interim Consolidated Financial Statements. For our GMDBs, we provide a benefit payable upon death, generally equal to cumulative deposits adjusted for partial withdrawals, with certain products offering enhanced GMDB options. While we retain the risk that death benefit may exceed account values, a substantial portion of GMDB-related account values are subject to automatic rebalancing because the contractholder also selected a living benefit guarantee. All variable annuity contracts with living benefit guarantees include GMDBs, and because the living and death benefits cover the same insured life, we are exposed to both longevity and mortality risk on these contracts. 133 Table of Contents The following table sets forth the risk management profile of our living benefit guarantees and GMDB features as of the periods indicated: June 30, 2026 December 31, 2025 June 30, 2025 Account Value % of Total Account Value % of Total Account Value % of Total ($ in millions) Living benefit/GMDB features(1)(2): Both ALM strategy and automatic rebalancing(3)(4) $ 57,968 70 % $ 60,491 70 % $ 62,571 70 % ALM strategy only(4) 1,583 2 % 1,650 2 % 1,713 2 % Automatic rebalancing only 60 0 % 63 0 % 63 0 % External reinsurance(5) 8,856 11 % 9,582 11 % 10,151 11 % PDI 1,146 1 % 1,232 1 % 1,292 1 % Other products 981 1 % 1,008 1 % 1,011 1 % Total living benefit/GMDB features 70,594 74,026 76,801 GMDB features and other(6) 12,861 15 % 13,177 15 % 13,462 15 % Total annuity account value $ 83,455 $ 87,203 $ 90,263 __________ (1) Prior period amounts have been updated to conform to current period presentation. (2) All contracts with living benefit guarantees also contain GMDB features, which cover the same insured contract. (3) Contracts with living benefits that are included in our ALM strategy and that have an automatic rebalancing feature. (4) Excludes retained PDI which is presented separately within this table. (5) Represents contracts subject to reinsurance transactions with external counterparties. Includes approximately $7 billion of account values in relation to the PDI reinsurance transaction, and certain Highest Daily Lifetime Income (“HDI”) v.3.0 business for the period April 1, 2015 through December 31, 2016. The HDI contracts with living benefits also have an automatic rebalancing feature. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information. (6) Includes contracts that have a GMDB feature and do not have an automatic rebalancing feature. International Businesses Business Updates •As previously disclosed, in January 2026, The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), a Japanese insurance subsidiary of the Company, reported the findings of its internal investigation into incidents of misconduct involving certain employees of Prudential of Japan. In response to these findings, Prudential of Japan is implementing a series of actions which include strengthening oversight of sales practices, governance and risk management, as well as leadership changes. Moreover, in February 2026, following discussions with the Japanese regulator, the Company voluntarily suspended new sales activity at Prudential of Japan for a 90-day period commencing February 9, 2026. In April 2026, the Company announced the voluntary extension of the new sales suspension for an additional 180 days through November 5, 2026. See “—Company Overview” above for additional information including the estimated impacts resulting from these actions. •In January 2026, an agreement was entered into to sell the Company’s 24% equity interest (through a private equity limited partnership managed by LeapFrog Investments) in ICEA Lion Insurance Holdings, Ltd., a Kenya-based insurer and asset manager. The closing of this transaction is subject to regulatory approvals and customary closing conditions. This investment was not a significant contributor to the International Businesses segment’s operating results, and beginning in the fourth quarter of 2025, its results are reflected in Divested and Run-off Businesses included within our Corporate and Other operations in “Equity in earnings of joint ventures and other operating entities, net of taxes.” •In April 2026, an agreement was signed to sell the Company’s 49% equity interest in a life insurance joint venture in Indonesia to its joint venture partner, CT Corp. The closing of this transaction is subject to regulatory approvals and customary closing conditions. This joint venture was not a significant contributor to the International Businesses segment’s operating results, and beginning in the first quarter of 2026, its results are reflected in Divested and Run-off Businesses included within our Corporate and Other operations in “Equity in earnings of joint ventures and other operating entities, net of taxes.” 134 Table of Contents Operating Results The results of our International Businesses’ operations are translated on the basis of weighted average monthly exchange rates, inclusive of the effects of the intercompany arrangement discussed in “—Results of Operations—Impact of Foreign Currency Exchange Rates” above. To provide a better understanding of operating performance within the International Businesses, where indicated below, we have analyzed our results of operations excluding the effect of the year-over-year change in foreign currency exchange rates. Our results of operations, excluding the effect of foreign currency fluctuations, were derived by translating foreign currencies to USD at uniform exchange rates for all periods presented, including for constant dollar information discussed below. For our Japan operations, we used an exchange rate of 147 yen per USD. In addition, for constant dollar information discussed below, activity denominated in USD is generally reported based on the amounts as transacted in USD. Annualized new business premiums presented on a constant exchange rate basis in the “Sales Results” section below reflect translation based on these same uniform exchange rates. The following table sets forth the International Businesses’ operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results: Revenues $ 4,691 $ 4,399 $ 9,478 $ 9,137 Benefits and expenses 3,836 3,638 7,813 7,528 Adjusted operating income 855 761 1,665 1,609 Realized investment gains (losses), net, and related charges and adjustments (157) (55) (657) 147 Change in value of market risk benefits, net of related hedging gains (losses) 3 3 5 9 Market experience updates (22) 38 0 75 Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests (62) (42) (101) (71) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 617 $ 705 $ 912 $ 1,769 Three Month Comparison Adjusted operating income increased $94 million, including an unfavorable comparative net impact of $1 million from foreign currency fluctuations, and a favorable comparative net impact of $81 million from our annual reviews and update of assumptions and other refinements. Results for the second quarter of 2026 included a net benefit of $79 million, driven by impacts related to assumptions for mortality, morbidity and policyholder behavior, while 2025 included a net charge of $2 million. Excluding these items, adjusted operating income increased $14 million, primarily reflecting: •higher net investment spread results, driven by higher income from non-coupon investments, higher reinvestment rates and business growth; •higher earnings from joint ventures and other operating entities; and •higher surrender charges in Japan. These variances were partially offset by: •higher expenses, primarily driven by remediation costs associated with the Prudential of Japan matter, as discussed above, and to support business growth; and •lower underwriting results, driven by impacts from the Prudential of Japan matter, including the suspension of sales and surrenders, partially offset by business growth in Brazil and growth in retirement and savings products in Japan. Revenue increased $292 million, including an unfavorable comparative net impact of $73 million from foreign currency fluctuations and a favorable comparative net impact of $213 million from our annual reviews and update of assumptions and other refinements. Excluding these items, revenue increased $152 million, primarily reflecting: 135 Table of Contents •higher net investment income, driven by higher reinvestment rates and business growth; •higher income from non-coupon investments; •higher earnings from joint ventures and other operating entities; and •higher policy charges and fee income, driven by growth in retirement and savings products in Japan, and higher surrender charges. These variances were partially offset by: •lower premiums attributable to the decline of traditional life insurance business in force in Japan and the impact of the sales suspension related to the Prudential of Japan matter, partially offset by business growth in Brazil. Benefits and expenses increased $198 million, including a favorable comparative net impact of $72 million from foreign currency fluctuations and an unfavorable comparative net impact of $132 million from our annual reviews and update of assumptions and other refinements. Excluding these items, benefits and expenses increased $138 million, primarily reflecting: •higher interest credited to policyholders’ account balances, reflecting growth in retirement and savings products in Japan; •higher general and administrative expenses, primarily driven by remediation costs associated with the Prudential of Japan matter, and to support business growth; and •unfavorable changes in estimates of the liability for future policy benefits, reflecting higher surrenders. These variances were partially offset by: •lower policyholders’ benefits, including changes in reserves, due to the decline of traditional life insurance business in force in Japan, including the suspension of sales and surrenders related to the Prudential of Japan matter. Six Month Comparison Adjusted operating income increased $56 million, including an unfavorable comparative net impact of $6 million from foreign currency fluctuations. Excluding the impact of foreign currency fluctuations, as well as the impact from our annual reviews and update of assumptions and other refinements, as discussed above, adjusted operating income decreased $19 million, primarily reflecting: •higher expenses, primarily driven by remediation costs associated with the Prudential of Japan matter, as discussed above, and to support business growth. This variance was partially offset by: •higher net investment spread results, driven by higher income from non-coupon investments, higher reinvestment rates, and business growth, as well as higher prepayment fee income; •higher surrender charges, including the elevated impacts from the Prudential of Japan matter; and •higher earnings from joint ventures and other operating entities. Revenue increased $341 million, including an unfavorable comparative net impact of $86 million from foreign currency fluctuations and the favorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding these items, revenue increased $214 million, primarily reflecting: •higher net investment income, driven by higher reinvestment rates, business growth, and higher prepayment fee income; •higher income from non-coupon investments; •higher earnings from joint ventures and other operating entities; and •higher policy charges and fee income, driven by growth in retirement and savings products in Japan and higher surrender charges. These variances were partially offset by: •lower premiums attributable to the decline of traditional life insurance business in force in Japan and the impact of the sales suspension related to the Prudential of Japan matter, partially offset by business growth in Brazil. 136 Table of Contents Benefits and expenses increased $285 million, including a favorable comparative net impact of $80 million from foreign currency fluctuations and the unfavorable comparative net income from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item, benefits and expenses increased $233 million, primarily reflecting: •higher interest credited to policyholders’ account balances, reflecting growth in retirement and savings products in Japan; •higher general and administrative expenses, driven by remediation costs associated with the Prudential of Japan matter, and to support business growth; and •unfavorable changes in estimates of the liability for future policy benefits, reflecting higher surrenders. These variances were partially offset by: •lower policyholders’ benefits, including changes in reserves, due to the decline of traditional life insurance business in force in Japan, including the suspension of sales and elevated surrenders related to the Prudential of Japan matter. Sales Results The following table sets forth annualized new business premiums, as defined under “—Results of Operations—Segment Measures” above, on an actual and constant exchange rate basis for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026(1) 2025 2026(1) 2025 (in millions) Annualized new business premiums: On an actual exchange rate basis $ 376 $ 541 $ 805 $ 1,117 On a constant exchange rate basis $ 361 $ 535 $ 785 $ 1,113 __________ (1)2026 results reflect the impact of the sales suspension resulting from the Prudential of Japan matter. The amount of annualized new business premiums and the sales mix, in terms of types and currency denomination of products, for any given period can be significantly impacted by several factors, including but not limited to: the addition of new products, discontinuation of existing products, changes in credited interest rates for certain products and other product modifications, changes in premium rates, changes in interest rates or fluctuations in currency markets, changes in tax laws, changes in life insurance regulations or changes in the competitive environment. Sales volume may increase or decrease prior to certain of these changes becoming effective and then fluctuate in the other direction following such changes. Our diverse product portfolio in Japan, in terms of currency mix and premium payment structure, allows us to adapt to changing market and competitive dynamics. We regularly examine our product offerings and their related profitability and reprice or discontinue sales of certain products that do not meet our profit expectations. The impact of these actions, coupled with the introduction of certain new products, has generally resulted in higher sales of products denominated in USD relative to products denominated in other currencies; however, more recently we have experienced an increase in sales of our yen-denominated product offerings as a result of growing demand for these products. 137 Table of Contents The tables below present annualized new business premiums on a constant exchange rate basis, by product category and distribution channel, for the periods indicated: Three Months Ended June 30, 2026(1) Three Months Ended June 30, 2025 Life Accident & Health Retirement(2) Investment Contracts(3) Total Life Accident & Health Retirement(2) Investment Contracts(3) Total (in millions) Life Planner $ 35 $ 18 $ 15 $ 1 $ 69 $ 81 $ 20 $ 64 $ 46 $ 211 Life Consultants 17 3 16 74 110 21 4 15 110 150 Banks 30 3 0 48 81 23 2 0 67 92 Independent Agency and Other 26 4 15 56 101 24 6 21 31 82 Total $ 108 $ 28 $ 46 $ 179 $ 361 $ 149 $ 32 $ 100 $ 254 $ 535 Six Months Ended June 30, 2026(1) Six Months Ended June 30, 2025 Life Accident & Health Retirement(2) Investment Contracts(3) Total Life Accident & Health Retirement (2) Investment Contracts (3) Total (in millions) Life Planner $ 106 $ 35 $ 54 $ 26 $ 221 $ 183 $ 38 $ 137 $ 113 $ 471 Life Consultants 36 7 39 135 217 43 8 38 192 281 Banks 54 6 0 103 163 48 4 0 135 187 Independent Agency and Other 52 7 32 93 184 59 12 43 60 174 Total $ 248 $ 55 $ 125 $ 357 $ 785 $ 333 $ 62 $ 218 $ 500 $ 1,113 __________ (1)2026 results reflect the impact of the sales suspension resulting from the Prudential of Japan matter. (2)Includes retirement income, endowment and savings variable life. (3)Includes single-payment market value adjusted investment contracts, single-payment whole life products and recurring-payment annuity products. Annualized new business premiums for the three months ended June 30, 2026, on a constant exchange rate basis, decreased $174 million: •Life Planner sales decreased $142 million, primarily driven by lower sales in Japan across all products resulting from the sales suspension at Prudential of Japan, as discussed above; •Life Consultant sales decreased $40 million, primarily driven by lower investment contract product sales; •Bank channel sales decreased $11 million, primarily driven by lower investment contract product sales, partially offset by higher life product sales; and •Independent Agency and Other sales increased $19 million, driven by higher investment contract product sales, partially offset by lower retirement product sales. Annualized new business premiums for the six months ended June 30, 2026, on a constant exchange rate basis, decreased $328 million: •Life Planner sales decreased $250 million, primarily driven by lower sales in Japan across all products resulting from the sales suspension at Prudential of Japan, as discussed above; •Life Consultant decreased $64 million, primarily driven by lower investment contract and life product sales; •Bank channel sales decreased $24 million, primarily driven by lower investment contract product sales, partially offset by higher life product sales; and •Independent Agency and Other sales increased $10 million, driven by higher investment contract product sales, partially offset by lower retirement and life product sales. 138 Table of Contents Corporate and Other Operating Results Corporate and Other includes corporate operations, after allocations to our business segments, and Divested and Run-off Businesses other than those that qualify for “discontinued operations” accounting treatment under U.S. GAAP. The following table sets forth Corporate and Other’s operating results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating results: Investment income $ 52 $ 67 $ 98 $ 122 Interest expense on debt (226) (238) (451) (474) Pension and employee benefits 102 107 194 209 Other corporate activities (207) (216) (450) (552) Adjusted operating income (279) (280) (609) (695) Realized investment gains (losses), net, and related charges and adjustments (97) (120) (98) (227) Market experience updates 5 5 2 3 Divested and Run-off Businesses 135 12 199 (39) Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests 5 (19) (8) 2 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ (231) $ (402) $ (514) $ (956) 139 Table of Contents Three Month Comparison The loss from Corporate and Other operations, on an adjusted operating income basis, was relatively flat, primarily reflecting: •lower interest expense on debt, primarily driven by lower average debt balances; and •lower net charges from other corporate activities, primarily driven by lower corporate spending on initiatives and lower retained expenses due to an update of internal expense allocations, partially offset by a less favorable decrease in legal reserves. These variances were largely offset by: •lower investment income results, primarily driven by lower average asset balances and lower short-term interest rates; and •unfavorable pension and employee benefits results, primarily driven by lower earnings from the Company’s pension plans reflecting a decrease in expected returns on plan assets. Six Month Comparison The loss from Corporate and Other operations, on an adjusted operating income basis, decreased $86 million, primarily reflecting: •lower net charges from other corporate activities, primarily driven by lower corporate spending on initiatives, lower retained expenses due to an update of internal expense allocations, and favorable foreign exchange rate impacts, partially offset by a less favorable decrease in legal reserves; and •lower interest expense on debt, primarily driven by lower average debt balances. These variances were partially offset by: •lower investment income results, primarily driven by lower average asset balances and lower short-term interest rates, partially offset by higher income from non-coupon investments; and •unfavorable pension and employee benefits results, primarily driven by lower earnings from the Company’s pension plans reflecting a decrease in expected returns on plan assets. Divested and Run-off Businesses Divested and Run-off Businesses Included in Corporate and Other Income from our Divested and Run-off Businesses includes results from several businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The results of these Divested and Run-off Businesses are reflected in our Corporate and Other operations but are excluded from adjusted operating income. A summary of the results of the Divested and Run-off Businesses reflected in our Corporate and Other operations is as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Long-Term Care $ 65 $ 83 $ 48 $ 46 Other(1) 70 (71) 151 (85) Total Divested and Run-off Businesses income (loss) excluded from adjusted operating income $ 135 $ 12 $ 199 $ (39) __________ (1)Effective first quarter of 2026, the results of PGIM India are excluded from PGIM’s adjusted operating results and are included herein. 140 Table of Contents Long-Term Care Three Month Comparison Results decreased $18 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 and 2025 included net charges from this update of $120 million and $7 million, respectively. Excluding this item, results increased $95 million, primarily reflecting: •the favorable impact from changes in the market value of both equity securities and derivatives. This variance was partially offset by: •lower underwriting results, primarily driven by unfavorable mortality experience. Six Month Comparison Results increased $2 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements, as discussed above. Excluding this item, results increased $115 million, primarily reflecting the same factors as the three month comparison, as discussed above. Other Divested and Run-off Businesses Three Month Comparison Results increased $141 million, primarily reflecting: •higher results related to Assurance IQ, which included impacts from the continued wind-down of the business in the prior year period; and •favorable results related to the Full Service Retirement business, primarily reflecting accelerated deferred gain amortization resulting from policy novations. Six Month Comparison Results increased $236 million, primarily reflecting the same factors as the three month comparison, as discussed above. Closed Block Division The Closed Block division includes certain in-force traditional domestic participating life insurance and annuity products and assets that are used for the payment of benefits and policyholder dividends on these policies (collectively, the “Closed Block”), as well as certain related assets and liabilities. We no longer offer these traditional domestic participating policies. See Note 13 to the Unaudited Interim Consolidated Financial Statements for additional information. Each year, the Board of Directors of The Prudential Insurance Company of America (“PICA”) determines the dividends payable on participating policies for the following year based on the experience of the Closed Block, including investment income, net realized and unrealized investment gains (losses), mortality experience and other factors. Although the Closed Block experience for dividend action decisions is based upon statutory results, at the time the Closed Block was established, we developed, as required by U.S. GAAP, an actuarial calculation of the timing of the maximum future earnings from the policies included in the Closed Block. Actual cumulative earnings, as required by U.S. GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies. If actual cumulative earnings in any given period are greater than the cumulative earnings we expected, we record this excess as a policyholder dividend obligation. Additionally, any accumulated net unrealized investment gains that have arisen subsequent to the establishment of the Closed Block are reflected as a policyholder dividend obligation, with a corresponding amount reported in AOCI, while any accumulated net unrealized investment losses are reflected as a reduction of the policyholder dividend obligation, to the extent the overall policyholder dividend obligation is otherwise positive. 141 Table of Contents We will subsequently pay this excess to Closed Block policyholders as an additional dividend unless it is otherwise offset by future Closed Block performance that is less favorable than we originally expected. The policyholder dividends we charge to expense within the Closed Block division will include any change in our policyholder dividend obligation that we recognize for the excess of actual cumulative earnings in any given period over the cumulative earnings we expected in addition to the actual policyholder dividends declared by the Board of Directors of PICA. If actual cumulative earnings fall below expected cumulative earnings in future periods, earnings volatility in the Closed Block division, which is primarily due to changes in investment results, may not be offset by changes in the cumulative earnings policyholder dividend obligation. For a discussion of the Closed Block division’s realized investment gains (losses), net, see “—General Account Investments.” As of June 30, 2026, the excess of actual cumulative earnings over the expected cumulative earnings was $1,585 million, which was recorded as a policyholder dividend obligation. Actual cumulative earnings, as required by U.S. GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies. As of June 30, 2026, net unrealized investment losses have arisen subsequent to the establishment of the Closed Block due to the impacts of higher interest rates on the market value of fixed maturities available-for-sale. The impact of these net unrealized investment losses has been reflected as a decrease to the policyholder dividend obligation of $1,308 million at June 30, 2026, with a corresponding amount reported in AOCI. Operating Results The following table sets forth the Closed Block division’s results for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) U.S. GAAP results: Revenues $ 1,131 $ 947 $ 2,010 $ 1,767 Benefits and expenses 1,143 965 2,033 1,807 Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ (12) $ (18) $ (23) $ (40) Three Month Comparison Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities increased $6 million, primarily reflecting higher net investment activity results, driven by: •lower realized investment losses, driven by favorable changes in the market value of derivatives; and •higher other income, driven by favorable changes in the market value of equity securities. As a result of these and other factors, a $98 million increase in the policyholder dividend obligation was recorded in the second quarter of 2026, compared to a $122 million reduction in the second quarter of 2025. Revenues increased $184 million, primarily reflecting: •lower realized investment losses; and •higher other income, as discussed above. Benefits and expenses increased $178 million, primarily reflecting: •higher dividends to policyholders, reflecting an increase in the policyholder dividend obligation due to changes in cumulative earnings and other factors, as discussed above. 142 Table of Contents Six Month Comparison Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities increased $17 million, primarily reflecting higher net investment activity results, driven by: •lower realized investment losses, primarily driven by favorable changes in the market value of derivatives; •higher other income, primarily driven by favorable changes in the market value of equity securities; and •higher net investment income from fixed income and non-coupon investments. As a result of these and other factors, a $50 million reduction in the policyholder dividend obligation was recorded in the first six months of 2026, compared to a $367 million reduction in the first six months of 2025. Revenues increased $243 million, primarily reflecting: •lower realized investment losses; •higher other income; and •higher net investment income, as discussed above. Benefits and expenses increased $226 million, primarily reflecting: •higher dividends to policyholders, reflecting a lower reduction in the policyholder dividend obligation due to changes in cumulative earnings and other factors, as discussed above. Accounting Policies & Pronouncements Application of Critical Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews the estimates and assumptions used in the preparation of the Company’s financial statements. If management determines that modifications to assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Unaudited Interim Consolidated Financial Statements could change significantly. Management believes the accounting policies relating to the following areas are most dependent on the application of estimates and assumptions and require management’s most difficult, subjective, or complex judgments: •Insurance liabilities; •Goodwill; •Valuation of investments including derivatives, measurement of allowance for credit losses, and recognition of other-than-temporary impairments (“OTTI”); •Pension and other postretirement benefits; •Taxes on income; •Reserves for contingencies, including reserves for losses in connection with unresolved legal matters; and •Reinsurance. Market Performance - Equity and Interest Rate Assumptions The liability for future policy benefits for certain of our universal life type products includes quarterly adjustments for the impact of changes to our estimate of future rates of returns on investments to reflect actual fund performance and market conditions. A portion of the returns on investments for our variable life contracts are dependent upon the total rate of return on assets held in separate account investment options. This rate of return influences the fees we earn and expected claims to be paid on variable life contracts, as well as other sources of profit. Returns that are higher than our expectations for a given period produce higher than expected account balances, which increase the future fees we expect to earn on variable life contracts and decrease expected claims to be paid on variable life contracts. The opposite occurs when returns are lower than our expectations. The weighted average rate of return assumptions used in developing estimated market returns consider many factors specific to each product type, including asset durations, asset allocations, and other factors. With regard to equity market assumptions, the near-term future rate of return assumption used in evaluating liabilities for future policy benefits for certain of our products, primarily our domestic and international variable life insurance products, is generally updated each quarter and is 143 Table of Contents derived using a reversion to the mean approach, a common industry practice. Under this approach, we consider historical equity returns and adjust projected equity returns over an initial future period of five years (the “near-term”) so that equity returns converge to the long-term expected rate of return. If the near-term projected future rate of return is greater than our near-term maximum future rate of return of 15.0%, we use our maximum future rate of return. If the near-term projected future rate of return is lower than our near-term minimum future rate of return of 0%, we use our minimum future rate of return. As of June 30, 2026, our domestic variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 1.8% near-term mean reversion equity expected rate of return, and our international variable life insurance business assumes a 6.0% long-term equity expected rate of return and a 0% near-term mean reversion equity expected rate of return. With regard to interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products, we update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our 2026 annual reviews and update of assumptions and other refinements, we increased our long-term expectations of the 10-year U.S. Treasury rate and 10-year Japanese Government Bond yield by 50 and 100 basis points, respectively, and now grade to rates of 4.0% and 2.5%, respectively, over ten years. As part of our quarterly market experience updates, we update our near-term projections of interest rates to reflect changes in current rates. For further discussion of impacts that could result from changes in these key estimates and assumptions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Adoption of New Accounting Pronouncements See Note 2 to the Unaudited Interim Consolidated Financial Statements for accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements. Liquidity and Capital Resources Overview Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of our businesses, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our businesses, general economic conditions and our access to the capital markets and the alternate sources of liquidity and capital described herein. Effective and prudent liquidity and capital management is a priority across the Company. Management monitors the liquidity of Prudential Financial and its subsidiaries on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework (“RAF”) to ensure that all risks taken across the Company align with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of Prudential Financial and its subsidiaries. Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital and liquidity management. For information regarding these regulatory initiatives and their potential impact on us, see “Business—Regulation” and “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. From the beginning of 2026 through the date of this report, we took the following significant actions that have impacted, or are expected to impact, our liquidity and capital positions: •In June, we issued $750 million of junior subordinated notes. We intend to use these proceeds for general corporate purposes, which may include the redemption or repurchase of our $750 million of junior subordinated notes due 2047. 144 Table of Contents Capital The primary components of the Company’s capitalization consist of equity and outstanding capital debt, including junior subordinated debt. As shown in the table below, as of June 30, 2026, the Company had $49.8 billion in capital, all of which was available to support the aggregate capital requirements of its businesses and its Corporate and Other operations. Based on our assessment of these businesses and operations, we believe this level of capital is consistent with our ratings targets. June 30, 2026 December 31, 2025 (in millions) Equity(1) $ 35,637 $ 35,515 Junior subordinated debt (including hybrid securities) 7,590 7,595 Other capital debt 6,616 6,500 Total capital $ 49,843 $ 49,610 __________ (1)Amounts attributable to Prudential Financial, excluding AOCI. We manage PICA, The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), The Gibraltar Life Insurance Co., Ltd. (“Gibraltar Life”), and other significant insurance subsidiaries to regulatory capital levels consistent with our “AA” ratings targets. We utilize the risk-based capital (“RBC”) ratio as a primary measure of the capital adequacy of our domestic insurance subsidiaries and the Economic Solvency Ratio (“ESR”) as a primary measure of the capital adequacy of our Japanese insurance subsidiaries. RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public. PICA’s RBC ratio as of December 31, 2025, its most recent statutory fiscal year-end and RBC reporting date, was 415%. PICA’s RBC ratio is calculated on a consolidated basis and included Pruco Life Insurance Company (“Pruco Life”), Pruco Life Insurance Company of New Jersey (“PLNJ”), which is a subsidiary of Pruco Life, and Prudential Legacy Insurance Company of New Jersey (“PLIC”). Similar to the RBC ratios that are employed by U.S. insurance regulators, regulatory authorities in the international jurisdictions in which we operate generally establish some form of minimum solvency requirements for insurance companies based on local statutory accounting practices. For our insurance subsidiaries in Japan, the Japanese Financial Services Agency (“FSA”) utilizes the ESR, a market-based capital standard that is required to be disclosed to the public and therefore can impact the public perception of an insurer’s financial strength. The ESR became effective in April 2025, for reporting as of March 31, 2026, replacing the solvency margin ratio which was last disclosed for reporting as of December 31, 2025. The table below presents the ESR of Prudential of Japan and Gibraltar Life, our two most significant international insurance subsidiaries, along with the consolidated ratio representing our total Japanese operations, as of March 31, 2026, the most recent date for which this information is available. Ratio Prudential Holdings of Japan, Inc. consolidated(1) 192 % Prudential of Japan 191 % Gibraltar Life 184 % __________ (1)Includes Prudential of Japan, Gibraltar Life and Prudential Gibraltar Financial Life Insurance Co., Ltd. (“PGFL”). All of our domestic and significant international insurance subsidiaries have capital levels that substantially exceed the minimum level required by applicable insurance regulations. The statutory capital of our insurance companies and our overall capital flexibility could be impacted by, among other things, market conditions and changes in insurance reserves, including those stemming from updates to our actuarial assumptions. Our regulatory capital levels also may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators. For additional information regarding the calculation of RBC, as well as regulatory minimums, see Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 145 Table of Contents Captive Reinsurance Companies See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital—Captive Reinsurance Companies” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of our use of captive reinsurance companies. Shareholder Distributions Share Repurchase Program and Shareholder Dividends In December 2025, Prudential Financial’s Board of Directors authorized the Company to repurchase, at management’s discretion, up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2026 through December 31, 2026. In general, the timing and amount of share repurchases are determined by management based on market conditions and other considerations, including compliance with applicable laws and any increased capital needs of our businesses due to, among other things, credit migration and losses in our investment portfolio, changes in regulatory capital requirements and opportunities for growth and acquisitions. Repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The following table sets forth information about declarations of Common Stock dividends, as well as repurchases of shares of Prudential Financial’s Common Stock, for the periods indicated: Dividend Amount Shares Repurchased Three months ended: Per Share Aggregate Shares Total Cost (in millions, except per share data) March 31, 2026 $ 1.40 $ 496 2.4 $ 250 June 30, 2026 $ 1.40 $ 493 2.5 $ 250 Liquidity Liquidity management and stress testing are performed on a legal entity basis as the ability to transfer funds between subsidiaries is limited due in part to regulatory restrictions. Liquidity needs are determined through daily and quarterly cash flow forecasting at the holding company and within our operating subsidiaries. We seek to maintain a minimum balance of highly liquid assets to ensure that adequate liquidity is available at Prudential Financial to cover fixed expenses in the event that we experience reduced cash flows from our operating subsidiaries at a time when access to capital markets is also not available. We seek to mitigate the risk of having limited or no access to financing due to stressed market conditions by generally pre-funding debt in advance of maturity. We mitigate the refinancing risk associated with our debt that is used to fund operating needs by matching the term of debt with the assets financed. To ensure adequate liquidity in stress scenarios, stress testing is performed for our major operating subsidiaries. We seek to further mitigate liquidity risk by maintaining our access to alternative sources of liquidity, as discussed below. Liquidity of Prudential Financial The principal sources of funds available to Prudential Financial, the parent holding company, are dividends, returns of capital and loans from subsidiaries, and proceeds from debt issuances and certain stock-based compensation activity. These sources of funds may be supplemented by Prudential Financial’s access to the capital markets as well as the “—Alternative Sources of Liquidity” described below. The primary uses of funds at Prudential Financial include servicing debt, making capital contributions and loans to subsidiaries, making acquisitions, paying declared shareholder dividends and repurchasing outstanding shares of Common Stock executed under authority from the Board. As of June 30, 2026, Prudential Financial had highly liquid assets with a carrying value totaling $5,137 million, an increase of $405 million from December 31, 2025. Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. We maintain an intercompany liquidity account that is designed to optimize the use of cash by facilitating the lending and 146 Table of Contents borrowing of funds between Prudential Financial and its subsidiaries on a daily basis. Excluding the net borrowings from this intercompany liquidity account, Prudential Financial had highly liquid assets of $4,200 million as of June 30, 2026, an increase of $383 million from December 31, 2025. The following table sets forth Prudential Financial’s principal sources and uses of highly liquid assets, excluding net borrowings from our intercompany liquidity account, for the periods indicated: Six Months Ended June 30, 2026 2025 (in millions) Highly Liquid Assets, beginning of period $ 3,817 $ 4,641 Dividends and/or returns of capital from subsidiaries(1) 1,657 795 Affiliated (borrowings)/loans - (capital activities)(2) 102 0 Capital contributions to subsidiaries(3) (107) (21) Total Business Capital Activity(4) 1,652 774 Share repurchases(5) (496) (496) Common Stock dividends(6) (992) (972) Total Share Repurchases, Dividends and Business Disposition Activity (1,488) (1,468) Proceeds from the issuance of debt(7) 863 863 Repayments of debt (509) (1,005) Total Debt Activity 354 (142) Net interest expense (595) (578) Affiliated (borrowings)/loans - (operating activities)(8) 204 544 Tax cash flows(4) 13 (198) Other corporate cash flows(4) 115 208 Share issuances for employee stock purchases and other(4) 128 131 Total Other Activity (135) 107 Net increase/(decrease) in highly liquid assets 383 (729) Highly Liquid Assets, end of period $ 4,200 $ 3,912 __________ (1)2026 includes $1,100 million from PICA, $442 million from international insurance subsidiaries and $115 million from PGIM subsidiaries. 2025 includes $500 million from Individual Life insurance captives, $218 million from international insurance subsidiaries and $77 million from PGIM subsidiaries. (2)Represents loans to and from subsidiaries made for capital management purposes. 2026 includes $102 million from international insurance subsidiaries. (3)2026 includes capital contributions of $107 million to international insurance subsidiaries. 2025 includes capital contributions of $15 million to other subsidiaries and $6 million to PICA. (4)2026 “Total Business Capital Activity” includes segment inflows of $889 million from International Businesses, $497 million from U.S. Businesses, $203 million from PGIM, and inflows of $63 million from Corporate and Other operations. 2025 “Total Business Capital Activity” includes segment inflows of $890 million from U.S. Businesses, $387 million from International Businesses, $255 million from PGIM, and outflows of $758 million to Corporate and Other operations. In addition, Corporate & Other operations had net inflows of $256 million and $141 million, respectively, from “Tax cash flows,” “Other corporate cash flows” and “Share issuances for employee stock purchases and other,” as shown within this table. (5)Excludes cash payments made on trades that settled in the subsequent period. (6)Includes cash payments made on dividends declared in prior periods. (7)Includes $122 million and $120 million of proceeds from the issuance of retail medium-term notes that were used exclusively to purchase funding agreements from PICA in 2026 and 2025, respectively. (8)Represents loans to and from subsidiaries to support business operating needs. Dividends and Returns of Capital from Subsidiaries Domestic insurance subsidiaries. During the first six months of 2026, Prudential Financial received dividends of $1.1 billion from PICA. In addition to paying Common Stock dividends, our domestic insurance operations may return capital to Prudential Financial by other means, such as affiliated lending, and reinsurance with Bermuda-based affiliates. International insurance subsidiaries. During the first six months of 2026, Prudential Financial received dividends of $442 million from its international insurance subsidiaries. In addition to paying Common Stock dividends, our international insurance operations may return capital to Prudential Financial by other means, such as the repayment of preferred stock obligations held by Prudential Financial or other affiliates, affiliated lending, affiliated derivatives and reinsurance with U.S.- and Bermuda-based affiliates. 147 Table of Contents Other subsidiaries. During the first six months of 2026, Prudential Financial received dividends of $115 million from PGIM subsidiaries. Restriction on dividends and returns of capital from subsidiaries. Our insurance companies are subject to limitations on the payment of dividends and other transfers of funds to Prudential Financial and other affiliates under applicable insurance law and regulation. Further, market conditions could negatively impact capital positions of our insurance companies, which could further restrict their ability to pay dividends. More generally, the payment of dividends by any of our subsidiaries is subject to declaration by their Board of Directors and can be affected by market conditions and other factors. With respect to our domestic insurance subsidiaries, PICA is permitted to pay ordinary dividends based on calculations specified under New Jersey insurance law, subject to prior notification to the New Jersey Department of Banking and Insurance (“NJDOBI”). Any distributions above this amount in any twelve-month period are considered to be “extraordinary” dividends, and the approval of the NJDOBI is required prior to payment. The laws regulating dividends of the states where our other domestic insurance companies are domiciled are similar, but not identical, to those of New Jersey. Capital redeployment from our international insurance subsidiaries is subject to local regulatory requirements in the international jurisdictions in which they operate. Our most significant international insurance subsidiaries, Prudential of Japan and Gibraltar Life, are permitted to pay Common Stock dividends based on calculations specified by Japanese insurance business law. Dividends in excess of these amounts and other forms of capital distribution may require the prior approval of the FSA. The regulatory fiscal year end for both Prudential of Japan and Gibraltar Life is March 31, after which time the Common Stock dividend amount permitted to be paid without prior approval from the FSA can be determined. The ability of our PGIM subsidiaries and the majority of our other operating subsidiaries to pay dividends is largely unrestricted from a regulatory standpoint. See Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for information regarding specific dividend restrictions. Liquidity of Insurance Subsidiaries We manage the liquidity of our insurance operations to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity within each of our insurance subsidiaries is provided by a variety of sources, including portfolios of liquid assets. The investment portfolios of our subsidiaries are integral to the overall liquidity of our insurance operations. We segment our investment portfolios and employ an asset/liability management approach specific to the requirements of each of our product lines. This enhances the discipline applied in managing the liquidity, as well as the interest rate and credit risk profiles, of each portfolio in a manner consistent with the unique characteristics of the product liabilities. Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our insurance operations’ liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries. The principal sources of liquidity for our insurance subsidiaries are premiums, investment and fee income, investment maturities, sales of investments, and sales associated with our insurance and annuity operations, as well as internal and external borrowings. The principal uses of liquidity include benefits, claims and dividends paid to policyholders, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity may include commissions, general and administrative expenses, purchases of investments, the payment of dividends to the parent holding company, hedging and reinsurance activity and payments in connection with financing activities. 148 Table of Contents The following table sets forth the fair value of certain of our domestic insurance operations’ portfolio of liquid assets, as of the dates indicated: June 30, 2026 Prudential Insurance(1) PLIC Pruco Life Total December 31, 2025 (in billions) Cash and short-term investments $ 5.4 $ 0.7 $ 3.0 $ 9.1 $ 11.5 Fixed maturity investments(2): High or highest quality 128.3 25.7 55.6 209.6 203.6 Other than high or highest quality 7.6 2.0 2.7 12.3 13.0 Subtotal 135.9 27.7 58.3 221.9 216.6 Public equity securities, at fair value 2.8 1.6 5.1 9.5 6.3 Total $ 144.1 $ 30.0 $ 66.4 $ 240.5 $ 234.4 __________ (1)Represents legal entity view and as such includes both domestic and international activity. (2)Credit quality is based on NAIC or equivalent rating. The following table sets forth the fair value of our international insurance operations’ portfolio of liquid assets, as of the dates indicated: June 30, 2026 Prudential of Japan Gibraltar Life All Other Total December 31, 2025 (in billions) Cash and short-term investments $ 0.7 $ 2.6 $ 4.4 $ 7.7 $ 9.1 Fixed maturity investments(1): High or highest quality(2) 22.0 35.8 37.0 94.8 97.8 Other than high or highest quality 0.4 0.3 4.1 4.8 4.6 Subtotal 22.4 36.1 41.1 99.6 102.4 Public equity securities 4.7 0.9 0.4 6.0 5.5 Total(3) $ 27.8 $ 39.6 $ 45.9 $ 113.3 $ 117.0 __________ (1)Credit quality is based on NAIC or equivalent rating. (2)As of June 30, 2026, $48.9 billion, or 52%, were invested in government or government agency bonds. (3)Prudential Holdings of Japan, Inc., including its subsidiaries, had liquid assets of $74.4 billion and $82.7 billion as of June 30, 2026 and December 31, 2025, respectively. Liquidity associated with other activities Hedging activities associated with variable annuities For the portion of our U.S. Legacy Products’ variable annuities ALM strategy executed through hedging, we enter into a range of exchange-traded, cleared and other OTC equity and interest rate derivatives in order to hedge certain capital market risks related to more severe market conditions. This portion of our ALM strategy requires access to liquidity to meet payment obligations relating to these derivatives, such as payments for periodic settlements, purchases, maturities and terminations. These liquidity needs can vary materially due to, among other items, changes in interest rates, equity markets, mortality and policyholder behavior. For a full discussion of our U.S. Legacy Products’ variable annuities risk management strategy, see “—Results of Operations by Segment—U.S. Legacy Products.” The hedging portion of our U.S. Legacy Products’ ALM strategy may also result in derivative related collateral postings to (when we are in a net post position) or from (when we are in a net receive position) counterparties. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. Depending on market conditions, the collateral posting requirements can result in material liquidity needs when we are in a net post position. 149 Table of Contents Foreign exchange hedging activities We employ various hedging strategies to manage potential exposure to foreign currency exchange rate movements, particularly those associated with the yen. Our overall yen hedging strategy calibrates the hedge level to preserve the relative contribution of our yen-based business to the Company’s overall return on equity on a leverage neutral basis. We hold both internal and external hedges primarily to hedge our USD-equivalent equity. These hedges also mitigate volatility in the solvency measures of yen-based subsidiaries resulting from changes in the market value of their USD-denominated investments hedging our USD-equivalent equity attributable to changes in the yen-USD exchange rate. For additional information regarding our hedging strategy, see “—External and Economic Factors—Impact of Foreign Currency Exchange Rates.” Cash settlements from these hedging activities result in cash flows between subsidiaries of Prudential Financial and either international-based subsidiaries or external parties. The cash flows are dependent on changes in foreign currency exchange rates and the notional amount of the exposures hedged. For example, a significant yen depreciation over an extended period of time could result in net cash inflows, while a significant yen appreciation could result in net cash outflows. The following tables set forth information about net cash settlements and the net asset or liability resulting from these hedging activities related to the yen and other currencies for the periods indicated: Six Months Ended June 30, Cash Settlements Received (Paid): 2026 2025 (in millions) Internal Hedges(1) $ 262 $ 65 External Hedges(2) (215) 223 Total Cash Settlements $ 47 $ 288 Assets (Liabilities): June 30, 2026 December 31, 2025 (in millions) Internal Hedges(1) $ 1,108 $ 999 External Hedges(3) 185 97 Total Assets (Liabilities)(4) $ 1,293 $ 1,096 __________ (1)Represents internal transactions between international-based and U.S.-based entities. Amounts noted are from the U.S.-based entities’ perspectives. (2)Includes non-yen related cash settlements received (paid) of ($29) million, primarily denominated in Brazilian real, Chilean peso and Australian dollar and $1 million, primarily denominated in Australian dollar, Chilean peso and Brazilian real for the six months ended June 30, 2026 and 2025, respectively. (3)Includes non-yen related assets (liabilities) of ($90) million, primarily denominated in Brazilian real and Chilean peso as of June 30, 2026 and ($44) million, primarily denominated in Brazilian real, Chilean peso and Australian dollar, as of December 31, 2025. (4)As of June 30, 2026, approximately $80 million, $357 million, $361 million and $495 million of the net market values are scheduled to settle in 2026, 2027, 2028, and thereafter, respectively. The net market value of the assets (liabilities) will vary with changing market conditions to the extent there are no corresponding offsetting positions. PGIM operations The principal sources of liquidity for our fee-based PGIM businesses include cash flows from asset management, commercial mortgage origination and servicing activities, and internal and external funding facilities. The principal uses of liquidity for our fee-based PGIM businesses include general and administrative expenses, facilitating our commercial mortgage loan business, funding needs of our seed and co-investment portfolio and distributions of dividends and returns of capital to Prudential Financial. The primary liquidity risks for our fee-based PGIM businesses relate to their profitability, which is impacted by market conditions, our investment management performance and client redemptions. We believe the cash flows from our fee-based PGIM businesses are adequate to satisfy the current liquidity requirements of these operations, as well as requirements that could arise under reasonably foreseeable stress scenarios, which are monitored through the use of internal measures. 150 Table of Contents The principal sources of liquidity for our seed and co-investments held in our PGIM businesses are cash flows from investments, cash flows from our fee-based businesses, as described above, borrowing lines from internal sources, including Prudential Financial and Prudential Funding, LLC (“Prudential Funding”), a wholly-owned subsidiary of PICA, and external sources, including PGIM’s limited-recourse credit facility. The principal uses of liquidity for our seed and co-investments include making investments to support business growth and paying interest expense from the internal and external borrowings used to fund those investments. The primary liquidity risks include the inability to sell assets in a timely manner, declines in the value of assets and credit defaults. There have been no material changes to the liquidity position of our PGIM operations since December 31, 2025. Alternative Sources of Liquidity In addition to asset-based financing as discussed below, Prudential Financial and certain subsidiaries have access to other sources of liquidity, including syndicated, unsecured committed credit facilities, membership in the Federal Home Loan Bank of New York (“FHLBNY”), a funding agreement facility with Federal Agricultural Mortgage Corporation (“Farmer Mac”), commercial paper programs and contingent financing facilities in the form of facility agreements. For additional information regarding these sources of liquidity, see Note 15 to the Unaudited Interim Consolidated Financial Statements contained herein and Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Asset-based Financing We conduct asset-based or secured financing within our insurance and other subsidiaries, including transactions such as securities lending, committed and uncommitted repurchase agreements and mortgage dollar rolls, to earn spread income, to borrow funds, or to facilitate trading activity. These programs are primarily driven by portfolio holdings of securities that are lendable based on counterparty demand for these securities in the marketplace. The collateral received in connection with these programs is primarily used to purchase securities in the short-term spread portfolios of our insurance entities. Investments held in the short-term spread portfolios include cash and cash equivalents, short-term investments (primarily corporate bonds), mortgage loans, private placements, and other fixed and floating rate structured credit assets (CLOs), with a weighted average life at time of purchase by the short-term portfolios of five years or less. These short-term portfolios are subject to specific investment policy statements, which among other things, do not allow for significant asset/liability interest rate duration mismatch, and are managed to a weighted average maturity that cannot exceed 99 days beyond the weighted average maturity of the lending book, which is overnight. The following table sets forth our liabilities under asset-based or secured financing programs as of the dates indicated: June 30, 2026 December 31, 2025 PFI Excluding Closed Block Division Closed Block Division Consolidated PFI Excluding Closed Block Division Closed Block Division Consolidated ($ in millions) Securities sold under agreements to repurchase $ 7,314 $ 2,755 $ 10,069 $ 6,802 $ 2,796 $ 9,598 Cash collateral for loaned securities 8,987 249 9,236 8,379 321 8,700 Securities sold but not yet purchased 0 0 0 0 0 0 Total(1)(2) $ 16,301 $ 3,004 $ 19,305 $ 15,181 $ 3,117 $ 18,298 Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral $ 15,631 $ 2,994 $ 18,625 $ 13,527 $ 2,357 $ 15,884 Weighted average maturity, in days(3) 14 2 7 2 __________ (1)The daily average outstanding balance for the three and six months ended June 30, 2026 was $16,872 million and $17,667 million, respectively, for PFI excluding the Closed Block division, and $3,090 million and $3,270 million, respectively, for the Closed Block division. (2)Includes utilization of external funding facilities for PGIM’s commercial mortgage origination business. (3)Excludes securities that may be returned to the Company overnight. As of June 30, 2026, our domestic insurance entities had assets eligible for the asset-based or secured financing programs of $93.3 billion, of which $18.1 billion were on loan. Taking into account market conditions and outstanding loan balances as of June 30, 2026, we believe approximately $31.7 billion of the remaining eligible assets are readily lendable, including 151 Table of Contents approximately $27.5 billion relating to PFI excluding the Closed Block division, of which $10.1 billion relates to certain separate accounts and may only be used for financing activities related to those accounts, and the remaining $4.2 billion relating to the Closed Block division. Financing Activities As of June 30, 2026, total short-term and long-term debt of the Company on a consolidated basis was $20.6 billion, an increase of $0.3 billion from December 31, 2025. The following table sets forth total consolidated borrowings of the Company as of the dates indicated. We may, from time to time, seek to redeem or repurchase our outstanding debt securities through open market purchases, individually negotiated transactions or otherwise. Any such actions will depend on prevailing market conditions, our liquidity position, and other factors. June 30, 2026 December 31, 2025 Borrowings: Prudential Financial Subsidiaries Consolidated Prudential Financial Subsidiaries Consolidated (in millions) General obligation short-term debt: Commercial paper $ 25 $ 850 $ 875 $ 25 $ 849 $ 874 Current portion of long-term debt 48 0 48 536 0 536 Subtotal 73 850 923 561 849 1,410 General obligation long-term debt: Senior debt 10,929 0 10,929 10,823 0 10,823 Junior subordinated debt 8,301 38 8,339 7,555 40 7,595 Surplus notes(1) 0 0 0 0 0 0 Subtotal 19,230 38 19,268 18,378 40 18,418 Total general obligations 19,303 888 20,191 18,939 889 19,828 Limited and non-recourse borrowings(2): Short-term debt 0 0 0 0 0 0 Current portion of long-term debt 0 32 32 0 33 33 Long-term debt 0 395 395 0 438 438 Total limited and non-recourse borrowings 0 427 427 0 471 471 Total borrowings $ 19,303 $ 1,315 $ 20,618 $ 18,939 $ 1,360 $ 20,299 __________ (1)Amounts are net of assets under set-off arrangements of $16,372 million and $15,744 million as of June 30, 2026 and December 31, 2025, respectively. Amounts include credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Reinsurance Ltd (“Somerset Re”) in March 2024. (2)Limited and non-recourse borrowing primarily represents mortgage debt of our subsidiaries that has recourse only to real estate investment property of $227 million and $216 million as of June 30, 2026 and December 31, 2025, respectively, and a draw on a credit facility that has recourse only to collateral pledged by the Company of $200 million and $255 million as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, and December 31, 2025, the Company was in compliance with all debt covenants related to the borrowings in the table above. For additional information regarding the Company’s short- and long-term debt obligations, see Note 15 to the Unaudited Interim Consolidated Financial Statements contained herein and Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Prudential Financial’s consolidated borrowings increased $0.3 billion from December 31, 2025. In March 2026, the company paid, at maturity, $500 million in aggregate principal amount of 1.50% medium-term notes. In June 2026, the Company issued $750 million in aggregate principal amount of 6.25% junior subordinated notes due in June 2056. Term and Universal Life Reserve Financing We use captive reinsurance subsidiaries to finance the portion of the statutory reserves required to be held by our domestic life insurance companies under Regulation XXX and Guideline AXXX that we consider to be non-economic. The financing arrangements involve the reinsurance of term and universal life business to our captive reinsurers and the issuance of surplus notes by those captives that are treated as capital for statutory purposes. These surplus notes are subordinated to policyholder 152 Table of Contents obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval. We have entered into agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes, known as “credit-linked note structures.” As of June 30, 2026, we had credit-linked note structures with an aggregate issuance capacity of $8,000 million to support Regulation XXX reserves, of which $7,760 million was outstanding and matures in 2044, as compared to an aggregate issuance capacity of $8,000 million, of which $7,660 was outstanding, as of December 31, 2025. In addition, we use credit-linked note structures to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. Under the agreements, the captive receives in exchange for the surplus notes one or more credit-linked notes issued by a special-purpose affiliate of the Company with an aggregate principal amount equal to the surplus notes outstanding. The captive holds the credit-linked notes as assets supporting Regulation XXX or Guideline AXXX non-economic reserves, as applicable. For additional information regarding our credit-linked note structures, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing Activities” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of June 30, 2026, for purposes of financing Guideline AXXX non-economic reserves, one captive had $3,982 million of surplus notes outstanding that were issued to affiliates. The Company introduced updated versions of its individual life products in conjunction with the requirement to adopt principle-based reserving by January 1, 2020. These updated products are currently priced to support the principle-based statutory reserve level without the need for reserve financing. Other Insurance Reserve Financing In December 2025, the Company entered into a credit-linked note structure with an external counterparty that allows for the issuance by PICA of up to $750 million in principal amount of surplus notes in return for a corresponding amount of credit-linked notes issued by a special-purpose wholly-owned subsidiary of the Company. As of June 30, 2026, $212 million in principal amount of these surplus notes and credit-linked notes were outstanding. PICA holds these credit-linked notes as assets supporting statutory requirements and can redeem the principal amount of the outstanding credit-linked notes for cash upon the occurrence of specified liquidity stress events affecting PICA. Under the agreements, the external counterparty has agreed to fund any such payments under these credit-linked notes in return for the receipt of fees. To date, no such payments under these credit-linked notes have been required. The surplus notes and credit-linked notes eliminate upon consolidation and are not reflected in the Company’s financial statements. In July 2026, a newly formed captive reinsurance subsidiary entered into a credit-linked note structure with an external counterparty that allows for the issuance by that captive reinsurance subsidiary of up to $2 billion in principal amount of surplus notes in return for a corresponding amount of credit-linked notes issued by a special-purpose affiliate of the Company. Currently, no surplus notes or credit-linked notes have been issued under this agreement. The captive expects to hold these credit-linked notes as assets supporting statutory requirements reinsured by the captive from PICA. Under the agreement, the captive can redeem the principal amount of the outstanding credit-linked notes for cash upon the occurrence of specified liquidity stress events affecting the reinsured business. The external counterparty has agreed to fund any such payments under these credit-linked notes in return for the receipt of fees. Under these transactions, because valid rights of set-off exist, interest and principal payments on the surplus notes and on the credit-linked notes will be settled on a net basis, and both the surplus notes and credit-linked notes will be reflected in the Company’s total consolidated borrowings on a net basis. The surplus notes to be issued under each of these credit-linked note structures are subordinated to policyholder obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval. Off-Balance Sheet Arrangements See additional information regarding off-balance sheet arrangements in Note 15 and other commitments in Note 21 to the Unaudited Interim Consolidated Financial Statements. We do not have retained or contingent interests in assets transferred to unconsolidated entities, or variable interests in unconsolidated entities or other similar transactions, arrangements or relationships that serve as credit, liquidity or market risk support, that we believe are reasonably likely to have a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or our access to or requirements for capital 153 Table of Contents resources. In addition, we do not have relationships with any unconsolidated entities that are contractually limited to narrow activities that facilitate our transfer of or access to associated assets. Ratings See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Ratings” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of our financial strength and credit ratings and their impact on our business. On May 4th, 2026, Fitch announced that they revised the ratings outlook of Prudential Financial Inc. and its subsidiaries from Stable to Ratings Watch Negative. There have been no other significant changes or actions in ratings or ratings outlooks for the Company that have occurred since the filing of our Form 10-K for the year ended December 31, 2025. General Account Investments Portfolio Composition Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, policy loans and non-coupon investments, which include equity securities and other invested assets such as limited partnerships and limited liability companies (“LPs/LLCs”), real estate held through direct ownership, derivative instruments and seed money investments in separate accounts. The composition of our general account reflects, within the discipline provided by our risk management approach, our need for competitive results and the selection of diverse investment alternatives available primarily through our PGIM segment. The size of our portfolio enables us to invest in asset classes that may be unavailable to the typical investor. A portion of our general account investments supports customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. With these reinsurance arrangements, we retain legal ownership of the assets (collectively, the “Funds Withheld”) which remain on our Unaudited Interim Consolidated Statements of Financial Position, while the economic benefits and investment risk associated with the Funds Withheld assets ultimately inure to the reinsurer. The composition of the Funds Withheld assets is subject to investment guidelines specific to the reinsurance treaties, which may differ from the investment guidelines we set for our general account, excluding Funds Withheld. See Note 12 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements. The following tables set forth the composition of our general account investment portfolio apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division, and Funds Withheld, as of the dates indicated: 154 Table of Contents June 30, 2026 PFI ExcludingClosed Block Division and Funds Withheld Closed Block Division Funds Withheld Total ($ in millions) Fixed maturities: Public, available-for-sale, at fair value $ 216,803 52.8 % $ 17,934 $ 4,714 $ 239,451 Private, available-for-sale, at fair value 81,808 19.9 10,018 2,087 93,913 Fixed maturities, trading, at fair value 4,934 1.2 550 9,945 15,429 Assets supporting experience-rated contractholder liabilities, at fair value 5,405 1.3 0 0 5,405 Equity securities, at fair value 12,211 3.0 1,631 58 13,900 Commercial mortgage and other loans, at book value, net of allowance 57,458 14.0 7,475 368 65,301 Policy loans, at outstanding balance 6,827 1.7 3,157 0 9,984 Other invested assets, net of allowance(1) 18,550 4.5 4,621 2,049 25,220 Short-term investments, net of allowance 6,817 1.6 282 115 7,214 Total general account investments 410,813 100.0 % 45,668 19,336 475,817 Invested assets of other entities and operations(2) 6,020 0 0 6,020 Total investments $ 416,833 $ 45,668 $ 19,336 $ 481,837 December 31, 2025 PFI Excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total ($ in millions) Fixed maturities: Public, available-for-sale, at fair value $ 214,796 53.6 % $ 18,833 $ 4,576 $ 238,205 Private, available-for-sale, at fair value 80,634 20.2 10,049 2,217 92,900 Fixed maturities, trading, at fair value 4,818 1.2 581 9,049 14,448 Assets supporting experience-rated contractholder liabilities, at fair value 4,842 1.2 0 0 4,842 Equity securities, at fair value 8,922 2.2 1,593 0 10,515 Commercial mortgage and other loans, at book value, net of allowance 56,195 14.0 7,463 263 63,921 Policy loans, at outstanding balance 6,741 1.7 3,217 0 9,958 Other invested assets, net of allowance(1) 17,684 4.4 4,532 1,850 24,066 Short-term investments, net of allowance 6,078 1.5 255 71 6,404 Total general account investments 400,710 100.0 % 46,523 18,026 465,259 Invested assets of other entities and operations(2) 5,260 0 0 5,260 Total investments $ 405,970 $ 46,523 $ 18,026 $ 470,519 __________ (1) Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. For additional information regarding these investments, see “—Other Invested Assets” below. (2)Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our Unaudited Interim Consolidated Statements of Financial Position. For additional information regarding these investments, see “—Invested Assets of Other Entities and Operations” below. The increase in general account investments attributable to PFI excluding the Closed Block division and Funds Withheld in the first six months of 2026 was primarily due to net business inflows, partially offset by a net increase in U.S. and Japan interest rates and the translation impact of the U.S. dollar strengthening against the yen. For information regarding the methodology used in determining the fair value of our fixed maturities, see Note 6 to the Unaudited Interim Consolidated Financial Statements. 155 Table of Contents As of June 30, 2026 and December 31, 2025, 38% and 39%, respectively, of our general account investments attributable to PFI excluding the Closed Block division and Funds Withheld related to our Japanese insurance operations. The following table sets forth the composition of the investments of our Japanese insurance operations’ general account, as of the dates indicated: June 30, 2026 December 31, 2025 Japanese Insurance Operations (in millions) Fixed maturities: Public, available-for-sale, at fair value $ 100,483 $ 102,061 Private, available-for-sale, at fair value 20,540 21,284 Fixed maturities, trading, at fair value 718 551 Assets supporting experience-rated contractholder liabilities, at fair value 5,405 4,842 Equity securities, at fair value 1,610 1,652 Commercial mortgage and other loans, at book value, net of allowance 14,139 14,487 Policy loans, at outstanding balance 2,667 2,708 Other invested assets(1) 6,862 6,357 Short-term investments, net of allowance 2,230 2,166 Total Japanese general account investments $ 154,654 $ 156,108 __________ (1)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments. The decrease in general account investments related to our Japanese insurance operations in the first six months of 2026 was primarily due to a net increase in Japan and U.S. interest rates and the translation impact of the U.S. dollar strengthening against the yen, partially offset by net business inflows. As of June 30, 2026, our Japanese insurance operations had $99.4 billion, at carrying value, of investments denominated in U.S. dollars, including $2.3 billion that were hedged to yen through third-party derivative contracts and $89.0 billion that support liabilities denominated in U.S. dollars, with the remainder constituting part of the hedging of foreign currency exchange rate exposure to U.S. dollar-equivalent equity. As of December 31, 2025, our Japanese insurance operations had $95.7 billion, at carrying value, of investments denominated in U.S. dollars, including $1.7 billion that were hedged to yen through third-party derivative contracts and $86.6 billion that support liabilities denominated in U.S. dollars, with the remainder constituting part of the hedging of foreign currency exchange rate exposure of U.S. dollar-equivalent equity. The $3.7 billion increase in the carrying value of U.S. dollar-denominated investments from December 31, 2025 was primarily attributable to portfolio growth as a result of net business inflows, partially offset by a net increase in U.S. interest rates. Our Japanese insurance operations had $1.7 billion and $1.9 billion, at carrying value, of investments denominated in Australian dollars that support liabilities denominated in Australian dollars as of June 30, 2026 and December 31, 2025, respectively. The $0.2 billion decrease in the carrying value of Australian dollar-denominated investments from December 31, 2025 was primarily attributable to run-off of the portfolio. For additional information regarding U.S. and Australian dollar investments held in our Japanese insurance operations and a discussion of our yen hedging strategy, see “—External and Economic Factors—Impact of Foreign Currency Exchange Rates” above. Investment Results The following tables set forth the investment results of our general account apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld, for the periods indicated. The yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in “Realized investment gains (losses), net.” 156 Table of Contents Three Months Ended June 30, 2026 PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations Japanese Insurance Operations PFI Excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total(5) Yield(1) Amount Yield(1) Amount Yield(1) Amount Amount Amount Amount ($ in millions) Fixed maturities(2) 5.63 % $ 2,572 3.45 % $ 1,219 4.67 % $ 3,791 $ 371 $ 194 $ 4,356 Assets supporting experience-rated contractholder liabilities 0.00 0 1.07 13 1.07 13 0 0 13 Equity securities 2.64 65 5.10 20 2.99 85 8 0 93 Commercial mortgage and other loans 5.04 535 3.93 139 4.77 674 83 6 763 Policy loans 4.89 50 3.63 25 4.40 75 47 (1) 121 Short-term investments and cash equivalents 5.26 145 4.14 40 4.97 185 13 2 200 Gross investment income 5.37 3,367 3.45 1,456 4.60 4,823 522 201 5,546 Investment expenses (0.20) (233) (0.12) (87) (0.17) (320) (57) (1) (378) Investment income after investment expenses 5.17 % 3,134 3.33 % 1,369 4.43 % 4,503 465 200 5,168 Other invested assets(3) 130 174 304 48 188 540 Investment results of other entities and operations(4) 75 0 75 0 0 75 Total net investment income $ 3,339 $ 1,543 $ 4,882 $ 513 $ 388 $ 5,783 Three Months Ended June 30, 2025 PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations Japanese Insurance Operations PFI Excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total(5) Yield(1) Amount Yield(1) Amount Yield(1) Amount Amount Amount Amount ($ in millions) Fixed maturities(2) 5.43 % $ 2,298 3.16 % $ 1,108 4.39 % $ 3,406 $ 367 $ 195 $ 3,968 Assets supporting experience-rated contractholder liabilities 0.00 0 1.12 11 1.12 11 0 0 11 Equity securities 1.78 20 4.78 21 2.63 41 8 0 49 Commercial mortgage and other loans 4.70 452 3.72 145 4.42 597 85 5 687 Policy loans 5.09 48 3.70 26 4.52 74 49 (1) 122 Short-term investments and cash equivalents 4.99 158 4.31 44 4.82 202 13 1 216 Gross investment income 5.20 2,976 3.21 1,355 4.39 4,331 522 200 5,053 Investment expenses (0.18) (204) (0.13) (89) (0.16) (293) (63) 0 (356) Investment income after investment expenses 5.02 % 2,772 3.08 % 1,266 4.23 % 4,038 459 200 4,697 Other invested assets(3) 142 119 261 52 155 468 Investment results of other entities and operations(4) 61 0 61 0 0 61 Total net investment income $ 2,975 $ 1,385 $ 4,360 $ 511 $ 355 $ 5,226 __________ (1)For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for securities lending liabilities). A yield is not presented for other invested assets as it is not considered a meaningful measure of investment performance. (2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in other invested assets. 157 Table of Contents (3)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments, fixed maturities classified as trading and other miscellaneous investments. (4)Includes net investment income of our investment management operations. (5)The total yield excluding Funds Withheld was 4.45% and 4.22% for the three months ended June 30, 2026 and 2025, respectively. Three Month Comparison. The increase in investment income after investment expenses yield attributable to our general account investments, excluding the Closed Block division, Funds Withheld and the Japanese insurance operations’ portfolios for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily the result of higher fixed income reinvestment rates. The increase in investment income after investment expenses yield attributable to the Japanese insurance operations’ portfolio for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily the result of higher fixed income reinvestment rates. Six Months Ended June 30, 2026 PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations Japanese Insurance Operations PFI Excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total(5) Yield(1) Amount Yield(1) Amount Yield(1) Amount Amount Amount Amount ($ in millions) Fixed maturities(2) 5.65 % $ 5,073 3.45 % $ 2,420 4.68 % $ 7,493 $ 728 $ 383 $ 8,604 Assets supporting experience-rated contractholder liabilities 0.00 0 1.13 28 1.13 28 0 0 28 Equity securities 2.50 112 3.78 30 2.70 142 16 0 158 Commercial mortgage and other loans 5.01 1,049 3.88 275 4.73 1,324 164 10 1,498 Policy loans 4.94 100 3.73 50 4.46 150 95 (2) 243 Short-term investments and cash equivalents 5.13 299 4.11 86 4.86 385 25 4 414 Gross investment income 5.39 6,633 3.44 2,889 4.59 9,522 1,028 395 10,945 Investment expenses (0.20) (451) (0.12) (171) (0.17) (622) (110) (1) (733) Investment income after investment expenses 5.19 % 6,182 3.32 % 2,718 4.42 % 8,900 918 394 10,212 Other invested assets(3) 307 320 627 125 375 1,127 Investment results of other entities and operations(4) 109 0 109 0 0 109 Total net investment income $ 6,598 $ 3,038 $ 9,636 $ 1,043 $ 769 $ 11,448 158 Table of Contents Six Months Ended June 30, 2025 PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations Japanese Insurance Operations PFI Excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total(5) Yield(1) Amount Yield(1) Amount Yield(1) Amount Amount Amount Amount ($ in millions) Fixed maturities(2) 5.46 % $ 4,517 3.17 % $ 2,202 4.40 % $ 6,719 $ 724 $ 386 $ 7,829 Assets supporting experience-rated contractholder liabilities 0.00 0 1.20 23 1.20 23 0 0 23 Equity securities 2.00 48 3.42 30 2.38 78 15 0 93 Commercial mortgage and other loans 4.74 901 3.78 296 4.46 1,197 168 10 1,375 Policy loans 5.06 96 3.79 51 4.54 147 102 (2) 247 Short-term investments and cash equivalents 4.54 351 4.14 81 4.45 432 25 2 459 Gross investment income 5.23 5,913 3.21 2,683 4.40 8,596 1,034 396 10,026 Investment expenses (0.18) (405) (0.13) (171) (0.16) (576) (123) (1) (700) Investment income after investment expenses 5.05 % 5,508 3.08 % 2,512 4.24 % 8,020 911 395 9,326 Other invested assets(3) 285 261 546 93 310 949 Investment results of other entities and operations(4) 81 0 81 0 0 81 Total net investment income $ 5,874 $ 2,773 $ 8,647 $ 1,004 $ 705 $ 10,356 __________ (1)For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for securities lending liabilities). A yield is not presented for other invested assets as it is not considered a meaningful measure of investment performance. (2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in other invested assets. (3)Other invested assets consists of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments, fixed maturities classified as trading and other miscellaneous investments. (4)Includes net investment income of our investment management operations. (5)The total yield excluding Funds Withheld was 4.44% and 4.23% for the six months ended June 30, 2026 and 2025, respectively. Six Month Comparison. The increase in investment income after investment expenses yield attributable to our general account investments, excluding the Closed Block division, Funds Withheld and the Japanese insurance operations’ portfolios for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily the result of higher fixed income reinvestment rates. The increase in investment income after investment expenses yield attributable to the Japanese insurance operations’ portfolio for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily the result of higher fixed income reinvestment rates. Realized Investment Gains and Losses The following table sets forth “Realized investment gains (losses), net” of our general account apportioned between PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld, by investment type for the periods indicated: 159 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) PFI excluding Closed Block Division and Funds Withheld: Realized investment gains (losses), net: (Addition to) release of allowance for credit losses on fixed maturities $ 47 $ 30 $ (2) $ 100 Write-downs on fixed maturities(1) (69) (53) (226) (151) Net gains (losses) on sales and maturities (291) (55) (702) 13 Fixed maturity securities(2) (313) (78) (930) (38) (Addition to) release of allowance for credit losses on loans (19) 60 (42) 18 Write-downs on mortgage and other loans (11) (125) (14) (133) Net gains (losses) on sales and maturities 5 1 6 1 Commercial mortgage and other loans (25) (64) (50) (114) Derivatives (703) (1,158) (435) (1,437) OTTI losses on other invested assets recognized in earnings (18) 0 (26) (12) (Addition to) release of allowance for credit losses on other invested assets 0 0 (6) 0 Other net gains (losses) 48 25 60 20 Other 30 25 28 8 Subtotal (1,011) (1,275) (1,387) (1,581) Investment results of other entities and operations(3) (10) (25) 30 (2) Subtotal — PFI excluding Closed Block Division and Funds Withheld $ (1,021) $ (1,300) $ (1,357) $ (1,583) Closed Block Division: Realized investment gains (losses), net: (Addition to) release of allowance for credit losses on fixed maturities $ (4) $ (4) $ (10) $ 11 Write-downs on fixed maturities(1) 0 0 (8) (16) Net gains (losses) on sales and maturities (42) (22) (91) (57) Fixed maturity securities(2) (46) (26) (109) (62) (Addition to) release of allowance for credit losses on loans 2 20 8 3 Write-downs on mortgage and other loans (3) (33) (3) (33) Net gains (losses) on sales and maturities 3 0 3 0 Commercial mortgage and other loans 2 (13) 8 (30) Derivatives 7 (157) 41 (177) (Addition to) release of allowance for credit losses on other invested assets 1 0 (4) 0 Other net gains (losses) (1) (2) (1) 14 Other 0 (2) (5) 14 Subtotal — Closed Block Division $ (37) $ (198) $ (65) $ (255) Funds Withheld: Realized investment gains (losses), net: (Addition to) release of allowance for credit losses on fixed maturities $ 10 $ (1) $ (1) $ (4) Write-downs on fixed maturities(1) (17) (4) (17) (9) Net gains (losses) on sales and maturities (111) (28) (165) (89) Fixed maturity securities(2) (118) (33) (183) (102) Derivatives (238) 7 (4) (158) Other net gains (losses)(4) (152) (175) (321) (331) Other (152) (175) (321) (331) Subtotal — Funds Withheld $ (508) $ (201) $ (508) $ (591) PFI realized investment gains (losses), net $ (1,566) $ (1,699) $ (1,930) $ (2,429) _________ (1)Amounts represent write-downs of credit adverse securities, securities where it is more likely than not the Company will be required to sell prior to the recovery of the amortized cost basis and securities actively marketed for sale. (2)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading. 160 Table of Contents (3)Includes “realized investment gains (losses), net” of our investment management operations. (4)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties. The following analysis reflects realized gains (losses) attributable to PFI excluding Closed Block Division and Funds Withheld. Three Month Comparison. Net losses on sales and maturities of fixed maturity securities were $291 million for the second quarter of 2026 primarily driven by net losses on sales in a higher interest rate environment. Net losses on sales and maturities of fixed maturity securities were $55 million for the second quarter of 2025 primarily driven by net losses on sales in a higher interest rate environment, partially offset by the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses. Net realized losses on derivative instruments of $703 million for the second quarter of 2026 primarily included: •$446 million of losses primarily related to the fair value of embedded derivatives that were unfavorably impacted by the annual reviews and update of assumptions and other refinements within Retirement and Individual Life; •$379 million of losses on total return swaps driven by equity market appreciation; and •$155 million of losses from foreign currency hedges primarily driven by Japanese yen depreciation against the U.S. dollar and an increase in long-term swap rates. Partially offsetting these losses were: •$141 million of gains on interest rate derivatives driven by increases in swap rates; and •$56 million of gains on credit default swaps driven by credit spread tightening. Net realized losses on derivative instruments of $1,158 million for the second quarter of 2025 primarily included: •$631 million of losses on foreign currency hedges primarily driven by U.S. dollar depreciation versus foreign currencies; •$381 million of losses primarily related to the fair value of embedded derivatives that were unfavorably impacted by the annual reviews and update of assumptions and other refinements within Individual Life; and •$213 million of losses on interest rate derivatives driven by increases in swap and U.S. Treasury rates. Partially offsetting these losses were: •$47 million of gains on credit default swaps driven by spread tightening. Six Month Comparison. Net losses on sales and maturities of fixed maturity securities were $702 million for the first six months of 2026 primarily driven by net losses on sales in a higher interest rate environment, partially offset by the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses. Net gains on sales and maturities of fixed maturity securities were $13 million for the first six months of 2025 primarily driven by net gains on assets transferred upon execution of the reinsurance transaction with Prismic Re International and the impact of foreign currency exchange rate movements on U.S. dollar-denominated securities that matured or were sold within our International Businesses, partially offset by net losses on sales in a higher interest rate environment. Net realized losses on derivative instruments of $435 million for the first six months of 2026 primarily included: •$437 million of losses primarily related to the fair value of embedded derivatives that were unfavorably impacted by the annual reviews and update of assumptions and other refinements within Retirement and Individual Life; and •$194 million of losses on total return swaps driven by equity market appreciation. Partially offsetting these losses were: •$177 million of gains on interest rate derivatives driven by increases in swap rates. Net realized losses on derivative instruments of $1,437 million for the first six months of 2025 primarily included: •$796 million of losses on foreign currency hedges primarily driven by U.S. dollar depreciation versus foreign currencies; and 161 Table of Contents •$617 million of losses primarily related to the fair value of embedded derivatives that were unfavorably impacted by the annual reviews and update of assumptions and other refinements within Individual Life. For a discussion of living benefit guarantees and related hedge positions in our U.S. Legacy business, see “—Results of Operations by Segment—U.S. Legacy Products” above. Credit Losses The level of credit losses generally reflects current and expected economic conditions and is expected to increase when economic conditions worsen and to decrease when economic conditions improve. Historically, the causes of credit losses have been specific to each individual issuer and have not directly resulted in credit losses to other securities within the same industry or geographic region. We may also realize additional credit and interest rate-related losses through sales of investments pursuant to our credit risk and portfolio management objectives. We maintain separate monitoring processes for public and private fixed maturities and create watch lists to highlight securities that require special scrutiny and management. For private placements, our credit and portfolio management processes help ensure prudent controls over valuation and management. We have separate pricing and authorization processes to establish “checks and balances” for new investments. We apply consistent standards of credit analysis and due diligence for all transactions, whether they originate through our own in-house staff or through agents. Our regional offices closely monitor the portfolios in their regions. We set all valuation standards centrally, and we assess the fair value of all investments quarterly. Our public and private fixed maturity investment managers formally review all public and private fixed maturity holdings on a quarterly basis and more frequently when necessary to identify potential credit deterioration whether due to ratings downgrades, unexpected price variances and/or company or industry-specific concerns. For LPs/LLCs accounted for using the equity method and for wholly-owned investment real estate, the carrying value of these investments is written down or impaired to fair value when a decline in value is considered to be other-than-temporary. For additional information regarding our OTTI policies, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. General Account Investments of PFI excluding Closed Block Division and Funds Withheld In the following sections, we provide details about our investment portfolio, excluding investments held in the Closed Block division and the Funds Withheld portfolios. We believe the details of the composition of our investment portfolio excluding Closed Block division and Funds Withheld are most relevant to an understanding of our operations that are pertinent to investors in Prudential Financial, Inc. because (1) substantially all Closed Block division assets support obligations and liabilities relating to the Closed Block policies where the economics inure to those participating policies and not to shareholders of the Company’s Common Stock and (2) the Funds Withheld assets support liabilities relating to reinsurance agreements where the economic benefits and associated investment risk of the Funds Withheld ultimately inure to the reinsurer. See Notes 12 and 13 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements and the Closed Block division, respectively. Fixed Maturity Securities In the following sections, we provide details about our fixed maturity securities portfolio, which excludes fixed maturity securities classified as assets supporting experience-rated contractholder liabilities and securities classified as trading. 162 Table of Contents Fixed Maturity Securities by Industry The following table sets forth the composition of our fixed maturity, available-for-sale portfolio by industry category and the associated gross unrealized gains and losses, as well as the allowance for credit losses (“ACL”), as of the dates indicated: June 30, 2026 December 31, 2025 Industry(1) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value (in millions) Corporate securities: Finance $ 46,922 $ 544 $ 2,838 $ 3 $ 44,625 $ 47,215 $ 818 $ 2,581 $ 2 $ 45,450 Consumer non-cyclical 33,895 511 2,963 4 31,439 33,622 679 2,752 4 31,545 Utility 31,911 562 2,643 29 29,801 31,576 797 2,405 21 29,947 Capital goods 20,822 361 1,152 5 20,026 21,194 560 1,045 2 20,707 Consumer cyclical 13,196 275 556 39 12,876 12,645 384 465 30 12,534 Foreign agencies 1,738 19 145 0 1,612 1,692 25 126 0 1,591 Energy 14,438 251 739 13 13,937 13,336 349 628 8 13,049 Communications 7,172 155 556 19 6,752 6,607 210 487 23 6,307 Basic industry 7,605 147 467 16 7,269 8,021 217 467 20 7,751 Transportation 12,646 300 769 4 12,173 12,704 406 739 19 12,352 Technology 7,914 111 387 9 7,629 7,136 168 344 19 6,941 Industrial other 5,394 42 838 13 4,585 5,200 56 795 4 4,457 Total corporate securities 203,653 3,278 14,053 154 192,724 200,948 4,669 12,834 152 192,631 Foreign government(2) 58,324 230 13,886 0 44,668 61,928 474 12,324 0 50,078 Residential mortgage-backed(3) 7,516 19 194 0 7,341 5,103 38 149 0 4,992 Asset-backed 23,543 234 58 1 23,718 17,098 214 19 1 17,292 Commercial mortgage-backed 7,242 31 211 0 7,062 6,813 71 192 0 6,692 U.S. Government 22,406 444 4,271 0 18,579 22,520 655 4,382 0 18,793 State & Municipal 4,885 95 461 0 4,519 5,315 131 494 0 4,952 Total fixed maturities, available-for-sale $ 327,569 $ 4,331 $ 33,134 $ 155 $ 298,611 $ 319,725 $ 6,252 $ 30,394 $ 153 $ 295,430 __________ (1)Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. (2)As of June 30, 2026 and December 31, 2025, based on amortized cost, 87% and 89% represent Japanese government bonds held by our Japanese insurance operations, respectively. As of June 30, 2026, no other individual country accounted for more than 7% of the balance, and as of December 31, 2025, no other country represented more than 6%. (3)As of June 30, 2026 and December 31, 2025, based on amortized cost, 94% and 96% were rated A or higher, respectively. The increase in net unrealized losses from December 31, 2025 to June 30, 2026 was due to the impact of increases in U.S. and Japan interest rates. 163 Table of Contents Fixed Maturity Securities Credit Quality The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the investments of insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called “NAIC Designations.” In general, NAIC Designations of “1” highest quality, or “2” high quality, include fixed maturities considered investment grade, which include securities rated Baa3 or higher by Moody’s Investor Service, Inc. (“Moody’s”) or BBB- or higher by Standard & Poor’s Rating Services (“S&P”). NAIC Designations of “3” through “6” generally include fixed maturities referred to as below investment grade, which include securities rated Ba1 or lower by Moody’s and BB+ or lower by S&P. The NAIC Designations for commercial mortgage-backed securities and non-agency residential mortgage-backed securities, including our asset-backed securities collateralized by sub-prime mortgages, are based on security level expected losses as modeled by an independent third party (engaged by the NAIC) and the statutory carrying value of the security, including any purchase discounts or impairment charges previously recognized. As a result of time lags between the funding of investments, the finalization of legal documents, and the completion of the SVO filing process, the fixed maturity portfolio includes certain securities that have not yet been designated by the SVO as of each balance sheet date. Pending receipt of SVO designations, the categorization of these securities by NAIC Designation is based on the expected ratings indicated by internal analysis. Ratings assigned by nationally recognized rating agencies include S&P, Moody’s, Fitch Ratings Inc. (“Fitch”) and Morningstar, Inc. (“Morningstar”). Low issue composite rating uses ratings from the major credit rating agencies or, if these are not available, an equivalent internal rating. For securities where the ratings assigned are not equivalent, the second lowest rating is utilized. Investments of our international insurance companies are not subject to NAIC guidelines. Investments of our Japanese insurance operations are regulated locally by the FSA. The FSA has its own investment quality criteria and risk control standards. Our Japanese insurance companies comply with the FSA’s credit quality review and risk monitoring guidelines. The credit quality ratings of the investments of our Japanese insurance companies are based on ratings assigned by nationally recognized credit rating agencies, including Moody’s and S&P, or rating equivalents based on ratings assigned by Japanese credit rating agencies. The following table sets forth our fixed maturity, available-for-sale portfolio by NAIC Designation or equivalent rating, as of the dates indicated: June 30, 2026 December 31, 2025 NAIC Designation(1)(2) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses(3) ACL Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses(3) ACL Fair Value (in millions) 1 $ 208,052 $ 1,969 $ 26,644 $ 0 $ 183,377 $ 205,414 $ 2,921 $ 24,708 $ 0 $ 183,627 2 99,044 1,878 5,456 2 95,464 94,638 2,684 4,913 0 92,409 Subtotal High or Highest Quality Securities(4) 307,096 3,847 32,100 2 278,841 300,052 5,605 29,621 0 276,036 3 13,977 352 889 45 13,395 13,186 476 656 19 12,987 4 5,108 66 106 0 5,068 4,448 98 61 22 4,463 5 1,132 27 34 56 1,069 1,708 38 45 51 1,650 6 256 39 5 52 238 331 35 11 61 294 Subtotal Other Securities(5)(6) 20,473 484 1,034 153 19,770 19,673 647 773 153 19,394 Total fixed maturities, available-for-sale $ 327,569 $ 4,331 $ 33,134 $ 155 $ 298,611 $ 319,725 $ 6,252 $ 30,394 $ 153 $ 295,430 __________ (1)Reflects equivalent ratings for investments of the international insurance operations. (2)As of June 30, 2026 and December 31, 2025, 2,018 securities with amortized cost of $10,759 million (fair value, $10,766 million) and 1,482 securities with amortized cost of $9,683 million (fair value, $9,598 million), respectively, have been categorized based on expected NAIC Designations pending receipt of SVO ratings. 164 Table of Contents (3)As of June 30, 2026, includes gross unrealized losses of $770 million on public fixed maturities and $264 million on private fixed maturities considered to be other than high or highest quality and, as of December 31, 2025, includes gross unrealized losses of $579 million on public fixed maturities and $194 million on private fixed maturities considered to be other than high or highest quality. (4)On an amortized cost basis, as of June 30, 2026, includes $235,416 million of public fixed maturities and $71,680 million of private fixed maturities and, as of December 31, 2025, includes $230,712 million of public fixed maturities and $69,340 million of private fixed maturities. (5)On an amortized cost basis, as of June 30, 2026, includes $7,944 million of public fixed maturities and $12,529 million of private fixed maturities and, as of December 31, 2025, includes $7,277 million of public fixed maturities and $12,396 million of private fixed maturities. (6)On an amortized cost basis, as of June 30, 2026, securities considered below investment grade based on low issue composite ratings total $17,541 million, or 5% of the total fixed maturities, and include securities considered high or highest quality by the NAIC based on the rules described above. Asset-Backed and Commercial Mortgage-Backed Securities The following table sets forth the amortized cost and fair value of asset-backed and commercial mortgage-backed securities within our fixed maturity, available-for-sale portfolio by credit quality, as of the dates indicated: June 30, 2026 December 31, 2025 Asset-Backed Securities(2) Commercial Mortgage-Backed Securities Asset-Backed Securities(2) Commercial Mortgage-Backed Securities Low Issue Composite Rating(1) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (in millions) AAA $ 10,332 $ 10,379 $ 5,648 $ 5,589 $ 7,736 $ 7,786 $ 5,422 $ 5,418 AA 7,813 7,904 1,534 1,413 6,562 6,623 1,385 1,268 A 3,554 3,561 32 32 1,981 2,004 1 1 BBB 1,699 1,682 19 19 703 715 0 0 BB and below 145 192 9 9 116 164 5 5 Total(3) $ 23,543 $ 23,718 $ 7,242 $ 7,062 $ 17,098 $ 17,292 $ 6,813 $ 6,692 __________ (1)The table above provides ratings as assigned by nationally recognized rating agencies as of June 30, 2026 and December 31, 2025, including S&P, Moody’s, Fitch and Morningstar. (2)Includes credit-tranched securities collateralized by loan obligations (“CLOs”), home equity loans, auto loans, education loans and other asset types. (3)Excludes fixed maturity securities classified as “Assets supporting experience-rated contractholder liabilities” and “Fixed maturities, trading.” Included in “Asset-backed securities” above are investments in CLOs. The following table sets forth information pertaining to these investments in CLOs within our fixed maturity, available-for-sale portfolio, as of the dates indicated: June 30, 2026 December 31, 2025 Collateralized Loan Obligations Low Issue Composite Rating(1) Amortized Cost Fair Value Amortized Cost Fair Value (in millions) AAA $ 8,201 $ 8,244 $ 5,727 $ 5,757 AA 5,862 5,958 5,017 5,076 A 20 20 35 35 BBB 160 162 26 26 BB and below 17 17 18 18 Total(2)(3) $ 14,260 $ 14,401 $ 10,823 $ 10,912 __________ (1)The table above provides ratings as assigned by nationally recognized rating agencies as of June 30, 2026 and December 31, 2025, including S&P, Moody’s, Fitch and Morningstar. (2)There was no allowance for credit losses as of both June 30, 2026 and December 31, 2025. (3)Excludes fixed maturity securities classified as “Assets supporting experience-rated contractholder liabilities” and “Fixed maturities, trading.” Assets Supporting Experience-Rated Contractholder Liabilities For information regarding the composition of “Assets supporting experience-rated contractholder liabilities,” see Note 3 to the Unaudited Interim Consolidated Financial Statements. 165 Table of Contents Commercial Mortgage and Other Loans Investment Mix The following table sets forth the composition of our commercial mortgage and other loans portfolio, as of the dates indicated: June 30, 2026 December 31, 2025 (in millions) Commercial mortgage and agricultural property loans $ 53,971 $ 54,198 Residential mortgage loans 3,039 1,632 Uncollateralized loans 162 171 Other collateralized loans 727 591 Total recorded investment gross of allowance(1) 57,899 56,592 Allowance for credit losses (441) (397) Total commercial mortgage and other loans, net $ 57,458 $ 56,195 __________ (1)As a percentage of recorded investment gross of allowance, 99% of these assets were current as of both June 30, 2026 and December 31, 2025. We originate commercial mortgage and agricultural property loans using a dedicated sales and underwriting staff through our various regional offices in the U.S. and international offices primarily in London and Tokyo. All loans are underwritten consistently to our standards using a proprietary quality rating system that has been developed from our industry experience in real estate and mortgage lending. Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. Uncollateralized loans primarily represent corporate loans. Other collateralized loans include mezzanine real estate debt investments and consumer loans. Composition of Commercial Mortgage and Agricultural Property Loans Our commercial mortgage and agricultural property loan portfolio strategy emphasizes diversification by property type and geographic location. The following tables set forth the breakdown of the gross carrying values of commercial mortgage and agricultural property loans by geographic region and property type, as of the dates indicated: 166 Table of Contents June 30, 2026 December 31, 2025 Gross Carrying Value % of Total Gross Carrying Value % of Total ($ in millions) Commercial mortgage and agricultural property loans by region: U.S. Regions(1): Pacific $ 17,938 33.2 % $ 18,633 34.5 % South Atlantic 9,280 17.2 9,241 17.1 Middle Atlantic 6,474 12.0 6,358 11.7 East North Central 3,535 6.6 3,433 6.3 West South Central 4,912 9.1 5,065 9.4 Mountain 3,348 6.2 2,890 5.3 New England 1,217 2.3 1,190 2.2 West North Central 512 1.0 497 0.9 East South Central 1,187 2.2 1,200 2.2 Subtotal-U.S. 48,403 89.8 48,507 89.6 Europe 3,535 6.5 3,701 6.8 Mexico 882 1.6 882 1.6 Asia 590 1.1 612 1.1 Other 561 1.0 496 0.9 Total commercial mortgage and agricultural property loans $ 53,971 100.0 % $ 54,198 100.0 % __________ (1)Regions as defined by the United States Census Bureau. June 30, 2026 December 31, 2025 Gross Carrying Value % of Total Gross Carrying Value % of Total ($ in millions) Commercial mortgage and agricultural property loans by property type: Industrial $ 15,726 29.1 % $ 15,541 28.7 % Retail 4,655 8.6 4,780 8.8 Office 5,609 10.4 5,523 10.2 Apartments/Multi-Family 15,885 29.4 15,781 29.1 Agricultural properties 6,855 12.7 6,959 12.8 Hospitality 1,379 2.6 1,496 2.8 Self-Storage 1,924 3.6 1,889 3.5 Health Care Senior Living 1,443 2.7 1,607 3.0 Other 495 0.9 622 1.1 Total commercial mortgage and agricultural property loans $ 53,971 100.0 % $ 54,198 100.0 % Loan-to-value and debt service coverage ratios are measures commonly used to assess the quality of commercial mortgage and agricultural property loans. The loan-to-value ratio compares the amount of the loan to the fair value of the underlying property collateralizing the loan and is commonly expressed as a percentage. A loan-to-value ratio less than 100% indicates an excess of collateral value over the loan amount. Loan-to-value ratios greater than 100% indicate that the loan amount exceeds the collateral value. The debt service coverage ratio compares a property’s net operating income to its debt service payments. Debt service coverage ratios less than 1.0 times indicate that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 times indicates an excess of net operating income over the debt service payments. 167 Table of Contents As of June 30, 2026, our commercial mortgage and agricultural property loans had a weighted-average debt service coverage ratio of 2.28 times and a weighted average loan-to-value ratio of 57%. For those commercial mortgage and agricultural property loans that were originated in 2026, the weighted-average debt service coverage ratio was 1.52 times, and the weighted average loan-to-value ratio was 56%. The values utilized in calculating these loan-to-value ratios are developed as part of our periodic reviews of the commercial mortgage and agricultural property loan portfolio, which include internal evaluations of the underlying collateral values. Our periodic reviews also include a credit quality re-rating process, whereby we update the internal quality ratings originally assigned at underwriting based on the proprietary quality rating system mentioned above. As discussed below, the internal credit quality rating is a key input in determining our allowance for credit losses. As of June 30, 2026, 93% of our commercial mortgage, agricultural property and residential mortgage loans were fixed rate loans. For loans with collateral under construction, renovation or lease-up, projected stabilized values and net operating income are used in the calculation of the loan-to-value and debt service coverage ratios. Our commercial mortgage and agricultural property loan portfolio included $3.6 billion and $2.7 billion of such loans as of June 30, 2026 and December 31, 2025, respectively. All else being equal, these loans are inherently riskier than those collateralized by properties that have already stabilized. As of both June 30, 2026 and December 31, 2025, there were less than $1 million of allowances related to these loans. In addition, these unstabilized loans are included in the calculation of our portfolio reserve, as discussed below. The following tables set forth the gross carrying value of our commercial mortgage and agricultural property loans by loan-to-value and debt service coverage ratios, as of the dates indicated: June 30, 2026 Debt Service Coverage Ratio > 1.2x 1.0x to < 1.2x < 1.0x Total Commercial Mortgage and Agricultural Property Loans Loan-to-Value Ratio (in millions) 0%-59.99% $ 27,769 $ 1,472 $ 654 $ 29,895 60%-69.99% 13,388 444 275 14,107 70%-79.99% 4,696 420 151 5,267 80% or greater 3,001 265 1,436 4,702 Total commercial mortgage and agricultural property loans $ 48,854 $ 2,601 $ 2,516 $ 53,971 December 31, 2025 Debt Service Coverage Ratio > 1.2x 1.0x to < 1.2x < 1.0x Total Commercial Mortgage and Agricultural Property Loans Loan-to-Value Ratio (in millions) 0%-59.99% $ 27,975 $ 798 $ 520 $ 29,293 60%-69.99% 13,706 956 213 14,875 70%-79.99% 4,810 270 173 5,253 80% or greater 2,942 312 1,523 4,777 Total commercial mortgage and agricultural property loans $ 49,433 $ 2,336 $ 2,429 $ 54,198 168 Table of Contents The following table sets forth the breakdown of our commercial mortgage and agricultural property loans by year of origination, as of the date indicated: June 30, 2026 Gross Carrying Value % of Total Year of Origination ($ in millions) 2026 $ 2,551 4.7 % 2025 6,822 12.6 2024 7,237 13.4 2023 5,247 9.7 2022 3,822 7.1 2021 6,272 11.6 2020 2,837 5.3 2019 & Prior 18,981 35.2 Revolving Loans 202 0.4 Total commercial mortgage and agricultural property loans $ 53,971 100.0 % Residential Mortgage Loans Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with FICO scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status. As of June 30, 2026, more than 99% of the loans are currently performing. As December 31, 2025, all of the loans were performing. Commercial Mortgage and Other Loans Quality The commercial mortgage and other loans portfolio is monitored on an ongoing basis. If certain criteria are met, loans are assigned to either of the following “watch list” categories: (1) “Closely Monitored,” which includes a variety of considerations, such as when loan metrics fall below acceptable levels, the borrower is not cooperative or has requested a material modification, or the portfolio manager has directed a change in category; or (2) “Not in Good Standing,” which includes loans in default or with a high probability of loss of principal, such as when the loan is in the process of foreclosure or the borrower is in bankruptcy. Our workout and special servicing professionals manage the loans on the watch list. The current expected credit loss (“CECL”) allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural property loans, residential mortgage loans, uncollateralized loans and other collateralized loans. For commercial mortgage and agricultural property loans, the allowance is calculated using an internally developed CECL model. Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. When individual loans no longer have the credit risk characteristics of the commercial mortgage or agricultural property loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined 169 Table of Contents based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. For residential mortgage loans, the CECL calculation pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics. When individual loans become nonperforming, the allowance is determined based on annual expected loss rates for nonperforming loans or the fair value of the collateral if the loan is collateral dependent. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status. The CECL allowance for other collateralized and uncollateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. The following table sets forth the balance of and changes in the allowance for credit losses for our commercial mortgage and other loans, as of the dates indicated: June 30, 2026 December 31, 2025 (in millions) Allowance, beginning of year $ 397 $ 468 Addition to (release of) allowance for credit losses 42 133 Write-downs charged against the allowance 0 (205) Other 2 1 Allowance, end of period $ 441 $ 397 The allowance for credit losses as of June 30, 2026 increased in comparison to December 31, 2025 primarily related to additions to loan-specific reserves for commercial mortgage loans within the office and retail sectors, an agricultural property loan and an uncollateralized loan, partially offset by a net decrease in the general reserve and a release to loan-specific reserves for an agricultural property loan. Equity Securities The equity securities portfolio consists principally of investments in common and preferred stock of publicly-traded companies, as well as mutual fund shares. The following table sets forth the composition of our equity securities portfolio and the associated gross unrealized gains and losses, as of the dates indicated: June 30, 2026 December 31, 2025 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in millions) Exchange traded funds $ 6,428 $ 328 $ 34 $ 6,722 $ 4,150 $ 180 $ 8 $ 4,322 Mutual funds 1,864 1,468 4 3,328 1,464 1,248 7 2,705 Other common stocks 1,692 477 110 2,059 1,336 557 84 1,809 Non-redeemable preferred stocks 81 39 18 102 68 36 18 86 Total equity securities, at fair value $ 10,065 $ 2,312 $ 166 $ 12,211 $ 7,018 $ 2,021 $ 117 $ 8,922 The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $663 million and $201 million during the three months ended June 30, 2026 and 2025, respectively, and $366 million and $41 million during the six months ended June 30, 2026 and 2025, respectively. 170 Table of Contents Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: June 30, 2026 December 31, 2025 (in millions) LPs/LLCs: Equity method: Private equity $ 7,345 $ 7,400 Hedge funds 2,325 2,139 Real estate-related(1) 1,738 1,591 Subtotal equity method 11,408 11,130 Fair value: Private equity 490 577 Hedge funds 1,278 1,197 Real estate-related 427 434 Subtotal fair value 2,195 2,208 Total LPs/LLCs 13,603 13,338 Real estate held through direct ownership(1) 1,662 1,572 Total alternative assets 15,265 14,910 Credit-like instruments(2) 2,366 1,777 Derivative instruments (20) 60 Other(3) 939 937 Total other invested assets $ 18,550 $ 17,684 The following table presents a reconciliation of “Total alternative assets” included in the table above to the “Total alternative assets of operating businesses”: June 30, 2026 December 31, 2025 (in millions) Total alternative assets $ 15,265 $ 14,910 Less: Divested Businesses(4) (808) (824) Less: Interests held by unaffiliated investors(5) (1,518) (1,393) Total alternative assets of operating businesses $ 12,939 $ 12,693 __________ (1)As of June 30, 2026 and December 31, 2025, investment real estate held through direct ownership had mortgage debt of $226 million and $217 million, respectively. (2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.” As of June 30, 2026 and December 31, 2025, interests held by unaffiliated investors that have been consolidated were $409 million and $283 million, respectively. (3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding our holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. (4)As of June 30, 2026 and December 31, 2025, interests held by Divested Businesses include private equity of $484 million and $521 million, hedge funds of $156 million and $145 million, real estate-related of $164 million and $154 million and investment real estate held through direct ownership of $4 million and $4 million, respectively. (5)As of June 30, 2026 and December 31, 2025, interests held by unaffiliated investors that have been consolidated include, investment real estate held through direct ownership of $994 million and $923 million, hedge funds of $209 million and $160 million and real estate-related of $315 million and $310 million, respectively. 171 Table of Contents Invested Assets of Other Entities and Operations “Invested Assets of Other Entities and Operations” presented below includes investments held outside the general account and primarily represents investments associated with our investment management operations and derivative operations. Our derivative operations act on behalf of affiliates primarily to manage interest rate, foreign currency, credit and equity exposures. Assets within our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our Unaudited Interim Consolidated Statements of Financial Position are not included. June 30, 2026 December 31, 2025 (in millions) Fixed maturities: Public, available-for-sale, at fair value $ 158 $ 162 Private, available-for-sale, at fair value 4 188 Fixed maturities, trading, at fair value 1,329 421 Equity securities, at fair value 489 457 Commercial mortgage and other loans, at fair value 684 794 Other invested assets 3,354 3,228 Short-term investments 2 10 Total investments $ 6,020 $ 5,260 Fixed Maturities, Trading “Fixed maturities, trading, at fair value” is primarily related to assets associated with consolidated variable interest entities (“VIEs”) for which the Company is the investment manager. The assets of the consolidated VIEs are generally offset by liabilities for which the fair value option has been elected. For additional information regarding these consolidated VIEs, see Note 4 to the Unaudited Interim Consolidated Financial Statements. Commercial Mortgage and Other Loans Our investment management operations include our commercial mortgage operations, which provide mortgage origination, investment management and servicing for our general account, institutional clients, the Federal Housing Administration and government-sponsored entities such as Fannie Mae and Freddie Mac. The mortgage loans of our commercial mortgage operations are included in “Commercial mortgage and other loans.” Derivatives and other hedging instruments related to our commercial mortgage operations are primarily included in “Other invested assets.” Other Invested Assets “Other invested assets” primarily includes assets of our derivative operations used to manage interest rate, foreign currency, credit and equity exposures. Furthermore, other invested assets include strategic investments made as part of our investment management operations. We make these strategic investments in real estate, as well as fixed income, public equity and real estate securities, including controlling interests. Certain of these investments are made primarily for purposes of co-investment in our managed funds and structured products. Other strategic investments are made with the intention to sell or syndicate to investors, including our general account, or for placement in funds and structured products that we offer and manage (seed investments). As part of our investment management operations, we also make loans to our managed funds that are secured by equity commitments from investors or assets of the funds. “Other invested assets” also includes certain assets in consolidated investment funds where the Company is deemed to exercise control over the funds. 172 Table of Contents Valuation of Assets and Liabilities Fair Value of Assets and Liabilities The authoritative guidance related to fair value measurement establishes a framework that includes a three-level hierarchy used to classify the inputs used in measuring fair value. The level in the hierarchy within which the fair value falls is determined based on the lowest level input that is significant to the measurement. The fair values of assets and liabilities classified as Level 3 include at least one significant unobservable input in the measurement. See Note 6 to the Unaudited Interim Consolidated Financial Statements for an additional description of the valuation hierarchy levels as well as for the balances of assets and liabilities measured at fair value on a recurring basis by hierarchy level presented on a consolidated basis. The table below presents the balances of assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, and the portion of such assets and liabilities that are classified in Level 3 of the valuation hierarchy. The table also provides details about these assets and liabilities excluding those held in the Closed Block division and Funds Withheld portfolios. We believe the amounts excluding the Closed Block division and Funds Withheld are most relevant to an understanding of our operations that are pertinent to investors in Prudential Financial, Inc. because (1) substantially all Closed Block division assets support obligations and liabilities relating to the Closed Block policies where the economics inure to those participating policies and not to shareholders of the Company’s Common Stock and (2) the Funds Withheld assets support liabilities relating to reinsurance agreements where the economic benefits and associated investment risk of the Funds Withheld assets ultimately inure to the reinsurer. See Notes 12 and 13 to the Unaudited Interim Consolidated Financial Statements for additional information regarding our material reinsurance agreements and the Closed Block, respectively. As of June 30, 2026 PFI excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total at Fair Value Total Level 3(1) Total at Fair Value Total Level 3(1) Total at Fair Value Total Level 3(1) (in millions) Fixed maturities, available-for-sale $ 298,773 $ 12,447 $ 27,952 $ 1,220 $ 6,801 $ 303 Assets supporting experience-rated contractholder liabilities: Fixed maturities 906 0 0 0 0 0 Equity securities 4,499 0 0 0 0 0 Subtotal 5,405 0 0 0 0 0 Market risk benefit assets 2,430 2,430 0 0 0 0 Fixed maturities, trading 6,263 370 550 24 9,945 2,235 Equity securities 12,701 533 1,630 37 58 58 Commercial mortgage and other loans 685 0 0 0 274 274 Other invested assets(2) 2,876 1,151 0 0 0 0 Short-term investments 6,380 15 181 6 116 0 Cash equivalents 8,537 0 300 0 324 0 Reinsurance recoverables and deposit receivables (54) 0 0 0 763 478 Separate account assets 171,237 170 0 0 0 0 Total assets $ 515,233 $ 17,116 $ 30,613 $ 1,287 $ 18,281 $ 3,348 Market risk benefit liabilities $ 4,731 $ 4,731 $ 0 $ 0 $ 0 $ 0 Policyholders’ account balances 22,809 22,809 0 0 0 0 Reinsurance and funds withheld payables (22) 0 0 0 188 0 Other liabilities(2) 5,756 0 0 0 3 0 Notes issued by consolidated variable interest entities (“VIEs”) 1,807 1,807 0 0 0 0 Total liabilities $ 35,081 $ 29,347 $ 0 $ 0 $ 191 $ 0 173 Table of Contents As of December 31, 2025 PFI excluding Closed Block Division and Funds Withheld Closed Block Division Funds Withheld Total at Fair Value Total Level 3(1) Total at Fair Value Total Level 3(1) Total at Fair Value Total Level 3(1) (in millions) Fixed maturities, available-for-sale $ 295,781 $ 10,802 $ 28,882 $ 1,073 $ 6,792 $ 123 Assets supporting experience-rated contractholder liabilities: Fixed maturities 896 0 0 0 0 0 Equity securities 3,946 0 0 0 0 0 Subtotal 4,842 0 0 0 0 0 Market risk benefit assets 2,330 2,330 0 0 0 0 Fixed maturities, trading 5,239 480 581 17 9,049 1,816 Equity securities 9,379 577 1,593 49 0 0 Commercial mortgage and other loans 793 0 0 0 263 263 Other invested assets(2) 2,728 1,087 1 1 31 0 Short-term investments 5,551 1 158 0 72 0 Cash equivalents 11,685 0 737 0 416 0 Reinsurance recoverables and deposit receivables (50) 0 0 0 623 367 Separate account assets 168,745 211 0 0 0 0 Total assets $ 507,023 $ 15,488 $ 31,952 $ 1,140 $ 17,246 $ 2,569 Market risk benefit liabilities $ 4,623 $ 4,623 $ 0 $ 0 $ 0 $ 0 Policyholders’ account balances 18,799 18,799 0 0 0 0 Reinsurance and funds withheld payables (20) 0 0 0 194 0 Other liabilities(2) 6,211 0 0 0 4 0 Notes issued by consolidated variable interest entities (“VIEs”) 767 767 0 0 0 0 Total liabilities $ 30,380 $ 24,189 $ 0 $ 0 $ 198 $ 0 __________ (1)Level 3 assets expressed as a percentage of total assets measured at fair value on a recurring basis for PFI excluding the Closed Block division and Funds Withheld, the Closed Block division and Funds Withheld totaled 3.3%, 4.2%, and 18.3%, respectively, as of June 30, 2026, and 3.1%, 3.6%, and 14.9%, respectively, as of December 31, 2025. (2)“Other invested assets” and “Other liabilities” primarily include derivatives. The amounts include the impact of netting subject to master netting agreements. The determination of fair value, which for certain assets and liabilities is dependent on the application of estimates and assumptions, can have a significant impact on our results of operations and may require the application of a greater degree of judgment depending on market conditions, as the ability to value assets and liabilities can be significantly impacted by a decrease in market activity or a lack of transactions executed in an orderly manner. Fixed maturity securities included in Level 3 in our fair value hierarchy are generally priced based on internally-developed valuations or indicative broker quotes. For certain private fixed maturity and equity securities, the internal valuation models use significant unobservable inputs and, accordingly, such securities are included in Level 3 in our fair value hierarchy. Level 3 fixed maturity securities for PFI excluding the Closed Block division and Funds Withheld included approximately $1,868 million of public fixed maturities as of June 30, 2026, with values primarily based on indicative broker quotes, and approximately $10,949 million of private fixed maturities, with values primarily based on internally-developed models. Significant unobservable inputs used in their valuation included: issue specific spread adjustments, material non-public financial information, management judgment, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. Separate account assets included in Level 3 in our fair value hierarchy primarily include corporate securities and commercial mortgage loans. Contracts or contract features reported in “Market risk benefit assets” and “Market risk benefit liabilities” and embedded derivatives reported in “Policyholders’ account balances” that are included in Level 3 of our fair value hierarchy represent general account assets and liabilities pertaining to living benefit features of the Company’s variable annuity contracts and the 174 Table of Contents index-linked interest credited features on certain life and annuity products. “Market risk benefit assets” and “Market risk benefit liabilities” are carried at fair value with changes in fair value included in “Change in value of market risk benefits, net of related hedging gains (losses)” except for the portion of the change attributable to changes in the Company’s NPR that is recorded in OCI. Embedded derivatives included in “Policyholders’ account balances” are carried at fair value with changes in fair value included in “Realized investment gains (losses), net.” These assets and liabilities are valued using internally-developed models that require significant estimates and assumptions developed by management. Changes in these estimates and assumptions can have a significant impact on the results of our operations. For additional information, see Note 6 to the Unaudited Interim Consolidated Financial Statements. For additional information regarding the valuation techniques and the key estimates and assumptions used in our determination of fair value, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Income Taxes For information regarding income taxes, see Note 14 to the Unaudited Interim Consolidated Financial Statements.