4Q(LDTI*)

Exhibit 99.1

Prudential Financial, Inc. (PRU)

As Adjusted for the Adoption of Long-Duration Targeted Improvements

Quarterly Financial Supplement

Fourth Quarter 2022

Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information, and consolidated financial information. All financial information in this document is unaudited.

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2022

TABLE OF CONTENTS
	Page
HIGHLIGHTS
Financial Metrics Summary	1
Financial Highlights	2
Other Financial Highlights	3
Operations Highlights	4
Combined Statements of Operations	5
Consolidated Balance Sheets	6
Combining Balance Sheets	7
Short-Term and Long-Term Debt - Unaffiliated	8
PGIM
Statements of Operations	9
Supplementary Revenue and Assets Under Management Information	10
Supplementary Assets Under Management Information	11
U.S.BUSINESSES
Combined Statements of Operations	12
Combined Statements of Operations - Retirement Strategies	13
Statements of Operations - Institutional Retirement Strategies	14
Institutional Retirement Strategies Sales Results and Account Values	15
Statements of Operations - Individual Retirement Strategies	16
Individual Retirement Strategies Sales Results and Account Values	17
Individual Retirement Strategies Account Value Activity	18
Individual Retirement Strategies Living Benefit Features	19
Individual Retirement Strategies Death Benefit Features	20
Statements of Operations - Group Insurance	21
Group Insurance Supplementary Information	22
Statements of Operations - Individual Life	23
Individual Life Supplementary Information	24
INTERNATIONAL BUSINESSES
Combined Statements of Operations	25
Statements of Operations - Life Planner	26
Statements of Operations - Gibraltar Life and Other	27
Sales Results and Supplementary Information	28
CORPORATE AND OTHER
Statements of Operations	30
INVESTMENT PORTFOLIO
Investment Portfolio Composition	31
Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations	32
Investment Results	33
Investment Results - Japanese Insurance Operations	34
Investment Results - Excluding Japanese Insurance Operations	35
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES	36
KEY DEFINITIONS AND FORMULAS	40
RATINGS AND INVESTOR INFORMATION	43

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2022

Effective January 1, 2023, Prudential Financial, Inc. (the "Company") adopted Accounting Standards Update 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12" or "LDTI"), which provides new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Company adopted this guidance using the modified retrospective transition method, where permitted, for changes to the liability for future policy benefits and deferred policy acquisition costs and related balances, and the retrospective transition method, as required, for market risk benefits. The Company applied this guidance as of the transition date of January 1, 2021, and retrospectively adjusted prior period amounts for years 2021 and 2022 to reflect the new guidance.

The impacts to the 2021 and 2022 data reflected in this Quarterly Financial Supplement are being voluntarily provided and are for comparative purposes only. Updates to the original Quarterly Financial Supplement furnished as part of the Company's fourth quarter 2022 earnings materials are highlighted in yellow herein.

This revised Quarterly Financial Supplement for fourth quarter 2022 also reflects two segment reporting changes made by the

Company effective January 1, 2023, which do not impact its consolidated financial statements in any of the periods presented:

Assurance IQ no longer represents a separately reportable segment and is now included within the Company's Corporate and Other operations.
Prudential Advisors, the Company's proprietary nationwide distribution business which was previously included in the Company's Individual Life segment is now included within the Company's Corporate and Other operations.

The historical results presented herein have been updated to reflect this new presentation.

iii

Table of Contents
Prudential Financial, Inc.
Quarterly Financial Supplement
Fourth Quarter 2022
FINANCIAL METRICS SUMMARY
(in millions, except per share and retuon equity data)
		2022							Year-to-date
	1Q		2Q	3Q		4Q	2021	2022		% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM	188	206			219	230	1,643	843	-49%
U.S. Businesses	813	573			615	710	3,667	2,711	-26%
International Businesses	951	692			748	814	3,732	3,205	-14%
Corporate and Other	(416)	(321)			(415)	(525)	(1,810)	(1,677)	7%
Total adjusted operating income before income taxes	1,536		1,150			1,167		1,229		7,232	5,082	-30%
Income taxes, applicable to adjusted operating income	345	255			271	297	1,529	1,168	-24%
After-tax adjusted operating income	1,191		895			896		932		5,703	3,914	-31%
Income (loss) attributable to Prudential Financial, Inc.	(493)	(1,010)			(92)	(52)	8,868	(1,647)	-119%
Retuon Equity
Operating Retuon Average Equity (based on adjusted operating income) (1)	12.0%	9.4%			9.8%	10.5%	15.1%	10.4 %
Retuon Average Equity (based on net income (loss))	-6.7%	-13.3%			-1.2%	-0.7%	34.1%	-5.4 %
Distributions to Shareholders
Dividends paid	462	457			454	449	1,821	1,822		-%
Share repurchases	375	375			375	375	2,500	1,500	-40%
Total capital returned	837		832			829		824		4,321	3,322	-23%
Per Share Data
Net income (loss) (diluted) (2)	(1.33)	(2.71)			(0.26)	(0.16)	22.40	(4.49)	-120%
Adjusted Operating Income (diluted)	3.10	2.34			2.37	2.49	14.40	10.31	-28%
Shareholder dividends	1.20	1.20			1.20	1.20	4.60	4.80	4%
Book value	76.77	82.92			82.83	82.48	77.12	82.48	7%
Book value excluding AOCI and FX (3)	102.09	97.91			96.41	94.69	104.89	94.69	-10%
Shares Outstanding
Weighted average number of common shares (basic)	376.1	374.4			371.0	367.6	387.2	372.3	-4%
Weighted average number of common shares (diluted)	379.1	377.1			373.1	369.4	390.1	374.7	-4%
End of period common shares (basic)	375.7	372.6			369.1	366.0	376.3	366.0	-3%
End of period common shares (diluted)	381.5	377.9			373.8	370.9	383.7	370.9	-3%

__________

Operating Retuon Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
For the three months ended December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022 and for the year ended December 31, 2022 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, and for the year ended December 31, 2022 all potential stock options and compensation programs were considered antidilutive.
AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2022

FINANCIAL HIGHLIGHTS

(in millions, except per share data)

2022Year-to-date

	1Q		2Q		3Q		4Q	2021	2022
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income	3.10	2.34	2.37	2.49		14.40	10.31
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments	(4.54)	(6.47)	(3.33)	(2.50)	0.67	(16.88)
Change in value of market risk benefits, net of related hedging gains (losses)	(0.80)	(1.88)	(0.16)	1.70	1	9.13	(1.18)
Market experience updates	0.32	0.98	0.34	0.07		0.05	1.71
Divested and Run-off Businesses:
Closed Block division	0.07	0.04	(0.06)	(0.11)	0.41	(0.05)
Other Divested and Run-off Businesses	(0.71)	1.32	(0.14)	(0.08)	1.97	0.39
Difference in earnings allocated to participating unvested share-based payment awards	0.03	0.01	0.02	0.02		(0.12)	0.07
Other adjustments (1)	(0.04)		-		(0.03)		(2.47)	(2.85)		(2.51)
Total reconciling items, before income taxes	(5.67)	(6.00)	(3.36)	(3.37)	9.26	(18.45)
Income taxes, not applicable to adjusted operating income	(1.24)		(0.95)		(0.73)		(0.72)	1.26		(3.65)
Total reconciling items, after income taxes	(4.43)		(5.05)		(2.63)		(2.65)	8.00		(14.80)
Net income (loss) attributable to Prudential Financial, Inc.	(1.33)		(2.71)		(0.26)		(0.16)	22.40		(4.49)

Weighted average number of outstanding common shares (basic)	376.1	374.4	371.0	367.6		387.2	372.3
Weighted average number of outstanding common shares (diluted)	379.1	377.1	373.1	369.4		390.1	374.7
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.	(493)	(1,010)	(92)	(52)	8,868	(1,647)
Less: Earnings allocated to participating unvested share-based payment awards	7		6		6		6	131		25
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	(500)		(1,016)		(98)		(58)	8,737		(1,672)
After-tax adjusted operating income
1,191	895	896	932		5,703	3,914
Less: Earnings allocated to participating unvested share-based payment awards	17		11		12		12	85		52
After-tax adjusted operating income for earnings per share of Common Stock calculation	1,174	884	884	920		5,618	3,862

___________

Represents adjustments not included in the above reconciling items, including goodwill impairments that resulted in charges in the fourth quarter of December 31, 2022 and years ended December 31, 2022 and 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.

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Prudential Financial Inc. published this content on 13 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 20:33:31 UTC.

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