First Quarter 2025 Earnings Presentation

‌1Q25 EARNINGS CALL

MAY 1, 2025

Expanding access to investing, insurance, and retirement security

‌REFLECTING ON STRATEGIC PROGRESS, OPPORTUNITIES, AND

CHALLENGES

STRATEGIC PROGRESS

OPPORTUNITIES CHALLENGES

Leveraging unique

Significantly reduced exposure to market sensitive products

Benefiting from diversified product mix with strong sales and flows

combination of scale, distribution, brand, and talent to meet customers' evolving needs

Capitalizing on global demand for retirement, insurance, and asset management

Run-off of legacy traditional variable annuity block

Weaker Yen driving U.S.

Dollar product surrenders

Confident in our ability to be a global leader in investing, insurance, and retirement security

‌PRIORITIES TO DRIVE SUSTAINABLE, PROFITABLE GROWTH

1

EVOLVING AND

DELIVERING ON OUR STRATEGY

2

IMPROVING OUR

EXECUTION

3

FOSTERING A HIGH-

PERFORMANCE CULTURE

‌WELL POSITIONED IN CURRENT MACRO ENVIRONMENT

Highly liquid assets of $4.9 billion(1)

BALANCE SHEET STRENGTH TO SUPPORT ALL STAKEHOLDERS

Strong statutory solvency ratios support AA financial strength

High quality, well diversified investment portfolio

Disciplined Asset Liability Management

‌FIRST QUARTER 2025 HIGHLIGHTS

FINANCIAL HIGHLIGHTS

EARNINGS DRIVERS

($ millions, except per share amounts) ($ millions, pre-tax adjusted operating income)

International Businesses

• Lower spread income

• Lower JV earnings

• Unfavorable FX impact

$896

$848

1Q24

1Q25

U.S. Businesses

+ More favorable underwriting

+ Lower expenses

• Lower fee income

• Lower spread income

$931

$805

1Q24

1Q25

PGIM

- Lower other related revenues

+ Higher asset management fees, net of expenses

$169

$156

1Q24

1Q25

1Q25

Pre-Tax Adjusted Operating Income(1)$1,520

Adjusted Operating Income Per Share(1)$3.29

GAAP Net Income Per Share $1.96

Adjusted Operating ROE(2)13.8%

Adjusted Book Value Per Share(1)$96.37

‌PGIM I

Active Global Investment Manager Across a Broad Range of Private and Public Asset Classes

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

$862

PGIM

11%

KEY PRIORITIES

• Maintain strong investment performance(2)

  - Percentage of AUM(3)outperforming public benchmarks:

  3 Year: 72%, 5 Year: 81%, 10 Year: 79%

• Leverage diversified asset management capabilities to grow our industry leading businesses

• Globalize both product and client footprint and continue to add capabilities

• Grow in alternatives, including private credit, and other high margin areas

• Selectively acquire new capabilities through programmatic M&A

TOTAL NET FLOWS

($ billions)

$35.2

40 . 0

30 . 0

$9.9

20 . 0

$4.7

$4.3

10 . 0

-

(10 . 0 )

($6.3)

(20 . 0 )

1Q24

2Q24

3Q24

4Q24

1Q25

Institutional

Retail

Affiliated

Net Flows

ASSET MANAGEMENT FEES

Trailing twelve months

($ millions)

Private Credit

& Other Alts 13%

Multi-Asset

5%

Real Estate 21%

$3,233

Public Fixed Income 39%

Public Equity 22%

1. Based on pre-tax adjusted operating income excluding Corporate & Other operations.

2. PGIM calculations as of March 31, 2025 for $838 billion of third-party AUM managed against public benchmarks. Past performance is not a guarantee or reliable indicator of future results. All investments involve risk, including the

possible loss of capital. Performance is defined as outperformance (gross of fees) relative to each individual strategy's respective benchmark(s).

‌U.S. BUSINESSES I

Diversified Portfolio with Favorable Growth Opportunities

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

U.S.

Businesses

50%

$3,854

KEY PRIORITIES

• Leverage strong brand, product breadth, and distribution strength to grow our businesses

• Expand our addressable market with new financial solutions leveraging the capabilities across Prudential and our complementary mix of businesses with diversified sources of earnings

• Transform our capabilities to increase efficiency and improve customer experiences

DIVERSIFIED SOURCES OF EARNINGS

Trailing twelve months(2)

Underwriting

23%

Net Spread

46%

Net Fees

31%

PERFORMANCE HIGHLIGHTS

• Institutional Retirement Strategies sales of $7 billion, driven by two Longevity Reinsurance transactions, and Structured Settlement sales, finishing #1 in the market

• Continued momentum in Individual Retirement Strategies with sales of $3.5 billion, reflecting strong results in both registered index-linked annuities and fixed annuities

• Solid sales growth of 6% compared to 1Q24 in Group Insurance, with a favorable benefits ratio of 81.3%

• Increase in Individual Life sales of 26% compared to 1Q24, driven by accumulation focused products, reflecting our pivot to more capital efficient solutions

‌INTERNATIONAL BUSINESSES I

Market Leader in Japan with Expanding Presence in Growth Markets

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

$3,058

International

Businesses

39%

KEY PRIORITIES

• Expand product and business capabilities to meet customers' evolving

  insurance and retirement security needs

• Enhance customer experience and deliver differentiated distribution

• Optimize capital and operational efficiency

• Expand in targeted high growth emerging markets through investments in organic growth and selective M&A

SALES(2)

($ millions)

$588

$586

$508

$521

$507

1Q24

2Q24

3Q24

4Q24

1Q25

SALES - CURRENCY MIX(2)

Trailing twelve months

Other 2%

BRL

16%

JPY

25%

USD

57%

‌SIGNIFICANT FINANCIAL STRENGTH

Objectives Position

Highly Liquid Assets

> $3 billion $4.9 billion(1)

Regulatory Capital Ratios

Consistent with AA objectives

PICA RBC ratio > 375%

Japan solvency margin ratios > 700%

Ratios remain in excess of our objectives(2)

Off-Balance Sheet Resources
Resource	Capacity	Maturity Date
Credit Facility	$4.0 billion	July 2029
Contingent Capital	$1.5 billion $1.5 billion	May 2030 February 2033 and 2053
Prudential Holdings of Japan Facility	¥100 billion	September 2029

‌APPENDIX

10

‌RETIREMENT STRATEGIES I

Expanding Access to Retirement Security

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

Retirement$1,827

Strategies 46%

$1,787

Chart order corresponds with the order

of the legend to the right of the chart

KEY PRIORITIES

• Expand access to retirement security in our current markets by broadening our product offerings and market penetration

• Deliver retirement security through innovative and tech-forward solutions

• Bring additional income protection and increased retirement certainty to retail wealth and workplace retirement opportunities

ACCOUNT VALUES - PRODUCT MIX(2)

($ billions)

$388

$389

$408

$406

$409

Individual -

Discontinued VA &GLB Block Individual -Protected Investment& Income(3)

Institutional

90

33

87

37

88

41

265

279

279

285

83

44

78

46

265

4Q24

1Q25

Bar order corresponds with the order of the legend to the left of the chart

1Q24

2Q24

3Q24

ACCOUNT VALUES(2)AND TRAILING 12 MONTH NET FLOWS

($ billions)

$388 $7

$12

$16

$409

($14)

1Q24

Institutional Individual -

Net Flows(4)Protected

Investment & Income Net Flows

Discontinued VA

& GLB Block Net Flows

Market

Performance

& Other

1Q25

(1) Based on pre-tax adjusted operating income excluding Corporate & Other operations.

‌GROUP INSURANCE I

Leading Group Benefits Provider with Opportunity to Further Diversify

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

Group

Insurance 5%

$358

KEY PRIORITIES

• Execute on diversification strategy while maintaining pricing discipline

  • Maintain National segment market share (>5,000 lives) and grow both

    Premier (100 to 5,000 lives) and Association segments

  • Further diversify product mix by expanding Disability and Supplemental Health

• Enhance employer and participant experience through strategic partnerships

• Improve organizational and process efficiencies by leveraging technology to strengthen capabilities

EARNED PREMIUMS & FEES

($ millions)

$1,473

$1,437

$1,488

$1,593

$1,409

Group Disability

Group Life

1Q24

2Q24

3Q24

4Q24

1Q25

Bar order corresponds with the order of the legend to the left of the chart

TOTAL GROUP INSURANCE BENEFITS RATIO(2)

Target

Range(3)

84.7%

83.4%

83.1%

81.1% 81.3%

1Q24

2Q24

3Q24

4Q24

1Q25

‌INDIVIDUAL LIFE I

Broad Product Portfolio and Multi-Channel Distribution

EARNINGS CONTRIBUTION

Trailing twelve months(1)

($ millions)

Individual

Life N/M

($118)

KEY PRIORITIES

• Improve profitability through disciplined pricing, expense management, and optimizing inforce business

• Expand digital capabilities to drive operating efficiencies and deepen

  distribution relationships

• Continue growth of simplified term protection solutions that expand our addressable market and achieve a lower risk financial profile

SALES(2)- PRODUCT MIX

($ millions)

$326

35

24

Te rm Life

Universal Life

$167

31

20

$203

34

22

$210

34

19

Va riable Life

116

147

157

154

$210

32

24

267

3Q24

4Q24

1Q25

Bar order corresponds with the order of the legend to the left of the chart

1Q24

2Q24

SALES(2)- DISTRIBUTION MIX

Trailing twelve months

Prudential

Advisors 18%

Institutional

18%

Independent

64%

‌BROADLY DIVERSIFIED, HIGH QUALITY INVESTMENT PORTFOLIO

PORTFOLIO COMPOSITION(1)

HIGHLIGHTS

• Broadly diversified, high quality portfolio with strong Asset Liability Management

  • High allocation to government securities (mostly U.S. and Japan)

  • Significant protections with private credit

• Benefits from PGIM's expertise and

  direct origination capabilities

• Disciplined framework for credit

management

$377 billion

Other

Equities 6%

Alternatives 2%

4%

Mortgage Loans 14%

Government Securities 21%

Structured Products 6%

Corporate Securities, Private 18%

Corporate Securities, Public 29%

(1) General Account excluding the Closed Block Division, funds withheld, and assets supporting experience-related contractholder liabilities as of March 31,2025, on a U.S. GAAP carrying value basis. Mortgage loans include commercial,

EXPOSURE BY PROPERTY TYPE(1)

Apartment / Multi-Family

4.2%

Office

1.7%

Mortgage

Loans

14%

Retail

1.2%

Self-Storage 0.5%

Health Care Senior Living

0.4%

Hospitality

0.4%

Other 0.1%

Debt Service Coverage Ratio

≥1.2x

1.0x to

<>1.0x

Total

Loan

80% or greater	2,717	1,165	1,068	4,950
Total(1)	$ 48,779	$ 3,174	$ 1,743	$ 53,696

‌MORTGAGE LOAN PORTFOLIO

• Conservative underwriting with a weighted average loan-to-value (LTV) of 59% and debt service coverage ratio (DSCR) of 2.36x as well as a prudent loan monitoring process with loan evaluations occurring at least annually

  • 91% of mortgage loans have LTVs less than 80%

  • 91% of mortgage loans have DSCRs greater than or equal to 1.2x

  • 57% rated CM1 and 34% rated CM2

Industrial			4.1%	($ millions)			<>1.2x
			ue	0% - 59.99%	$25,986		$868		$245		$27,099
Agricultural		1.7%	val	60% - 69.99%	14,558		789		140		15,487
			-to-	70% - 79.99%	5,518		352		290		6,160

‌ADJUSTED OPERATING INCOME RECONCILIATION BY BUSINESS

Alternative

Investment

Income(2)

Underwriting

($ millions, pre-tax)

Expenses &

Other(3)

1Q25

Core

1Q25

Reported

PGIM $156

- - 75

$231

Institutional Retirement $412			35	(15)	-	$432
Strategies Individual Retirement $464			10	-	-	$474
Strategies
Group Insurance		$89	-	(20)	10	$79
Individual Life		($34)	10	65	10	$51
International		$848	15	10	(105)	$768
Corporate & Other		($415)	20	-	(30)	($425)
Prudential Financial, Inc.(1)		$1,520	$90	$40	($40)	$1,610

Note: Adjustments for alternative investment income, underwriting, and certain expenses & other items reflect variances from the Company's expectations.

1. See Appendix for reconciliation of non-GAAP measures, including Adjusted Operating Income and core Adjusted Operating Income, to the most comparable GAAP measures.

2. Alternative investment income includes the adjusted operating income of the GA Portfolio's interests in private equity, hedge fund, and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and third parties that have been consolidated on the Company's balance sheet.

3. PGIM includes $25 million of Other Related Revenues below a normalized level and seasonally high compensation and other expenses. Group Insurance and Individual Life include higher than typical expenses. International primarily

‌SEASONALITY OF KEY FINANCIAL ITEMS

($ millions, pre-tax adjusted operating income)

2Q25

3Q25

4Q25

1Q26

PGIM

$10

Lower compensation expense

$10

Lower compensation expense

$10

Lower compensation expense

($30)

Higher compensation expense(1)

Group Insurance

$10

Higher underwriting gains

$10

Higher underwriting gains

($20)

Lowest underwriting gains

Individual Life

$10

Higher underwriting gains

$20

Highest underwriting gains

($5)

Lower underwriting gains

($25)

Lowest underwriting gains

International

($30)

Lower premiums

($10)

Lower premiums

($40)

Lowest premiums

$80

Highest premiums Higher compensation

Corporate & Other $25 Lower expenses $25 Lower expenses ($20) Higher expenses ($30)

expense(1)

Note: PGIM and Corporate & Other expense seasonality has been refined and is now normalized throughout the year.

‌FORWARD-LOOKING STATEMENTS

Certain of the statements included in this presentation, including those regarding our strategy and the execution thereof, our financial targets and capital priorities, our commitment to improving financial performance and creating or delivering shareholder and stakeholder value, our expectation of future earnings growth, our financial strength objectives, and those under the headings "Key Priorities" and "Seasonality of Key Financial Items," constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects", "believes", "anticipates", "includes", "plans", "assumes", "estimates", "projects", "intends", "should", "will", "shall", or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in Prudential Financial, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Each of our forward-looking statements contained herein is subject to the risk that we will be unable to execute our strategy and other risks. In addition, our statements under the heading "Seasonality of Key Financial Items" are subject to the risk that different earnings and expense patterns will emerge. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc which is headquartered in the United Kingdom.

‌NON-GAAP MEASURES

This presentation includes references to adjusted operating income, core adjusted operating income, adjusted book value, and adjusted operating retuon equity, which is based on adjusted operating income and adjusted book value. Consolidated adjusted operating income, core adjusted operating income, adjusted book value, and adjusted operating retuon equity are not calculated based on accounting principles generally accepted in the United States of America (GAAP). For additional information about adjusted operating income, core adjusted operating income, adjusted book value, and adjusted operating retuon equity and the comparable GAAP measures, including reconciliations between the comparable measures, please refer to our quarterly results news releases, which are available on our website at investor.prudential.com.

Reconciliations are also included as part of this presentation.

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company's performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Core adjusted operating income further enhances the understanding of the results of operations and what we believe to be the longer-term earnings capacity of the business, which is facilitated by presenting what adjusted operating income would have been without the impacts of certain unique or unusual items. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this presentation provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.

Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes "Realized investment gains (losses), net, and related charges and adjustments". A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as capital and other factors.

‌NON-GAAP MEASURES (CONTINUED)

Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments, are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.

Adjusted operating income excludes "Change in value of market risk benefits, net of related hedging gains (losses)", which reflects the impact from changes in current market conditions, and market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations, and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, and goodwill impairments. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

Core adjusted operating income excludes the approximate impact attributable to variances from the Company's expectations for alternative investment income, underwriting, and certain expenses and other items. The Company chooses to highlight the impact of these items because it believes their contribution to results in a given period may not be indicative of future performance, however, these adjustments may not encompass all items that could affect earnings trends and include some level of subjectivity.

‌NON-GAAP MEASURES (CONTINUED)

Adjusted operating income and core adjusted operating income do not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income and core adjusted operating income are not a substitute for income determined in accordance with U.S. GAAP, and our definition of these non-GAAP measures may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income and core 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. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.

Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.

‌RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING

INCOME AND THE COMPARABLE GAAP MEASURE

First Quarter

($ millions)	2025	2024
Net income (loss) attributable to Prudential Financial, Inc.	$ 707	$ 1,138
Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	35	13
Net income (loss)	742	1,151
Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests	35	13
Income (loss) attributable to Prudential Financial, Inc.	707	1,138
Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings
attributable to noncontrolling interests and redeemable noncontrolling interests	(6)	37
Income (loss) (after-tax) before equity in earnings of operating joint ventures	713	1,101
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments	(246)	(63)
Change in value of market risk benefits, net of related hedging gains (losses)	(351)	123
Market experience updates	39	(32)
Divested and Run-off Businesses:
Closed Block Division	(22)	(3)
Other Divested and Run-off Businesses	(51)	(35)
Equity in earnings of joint ventures and other operating entities and earnings attributable
to noncontrolling interests and redeemable noncontrolling interests	3	(27)
Other adjustments(1)	28	(8)
Total reconciling items, before income taxes	(600)	(45)
Less: Income taxes, not applicable to adjusted operating income	(125)	(31)
Total reconciling items, after income taxes	(475)	(14)
After-tax adjusted operating income	1,188	1,115
Income taxes, applicable to adjusted operating income	332	320
Adjusted operating income before income taxes	$ 1,520	$ 1,435
Net Income (loss) Retuon Equity	9.8%	16.5%
Adjusted Operating Retuon Equity(2)	13.8%	12.7%

1. Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

2. Represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign

‌RECONCILIATIONS BETWEEN CORE ADJUSTED OPERATING

INCOME AND THE COMPARABLE GAAP MEASURE (CONTINUED)

First Quarter

($ millions) 20252024

Adjusted operating income before income taxes Less:

$ 1,520

Annual review and update of actuarial assumptions and other refinements -Returns on alternative investment income above / (below) average expectations ($90)

Underwriting experience above / (below) average expectations ($40) (Higher) / lower than expected expenses and other items $40

Core adjusted operating income before income taxes $ 1,610

‌RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME

PER SHARE AND THE COMPARABLE GAAP MEASURE

First Quarter

	2025	2024
Net income (loss) per share attributable to Prudential Financial, Inc.	$ 1.96	$ 3.12
Less: Reconciling Items:
Realized investment gains (losses), net, and related charges and adjustments	(0.69)	(0.17)
Change in value of market risk benefits, net of related hedging gains (losses)	(0.99)	0.34
Market experience updates	0.11	(0.09)
Divested and Run-off Businesses:
Closed Block Division	(0.06)	(0.01)
Other Divested and Run-off Businesses	(0.14)	(0.10)
Difference in earnings allocated to participating unvested share-based payment awards	0.02	-
Other adjustments(1)	0.08	(0.02)
Total reconciling items, before income taxes	(1.67)	(0.05)
Less: Income taxes, not applicable to adjusted operating income	(0.34)	(0.12)
Total reconciling items, after income taxes	(1.33)	0.07
After-tax adjusted operating income per share	$ 3.29	$ 3.05

‌RECONCILIATION BETWEEN ADJUSTED BOOK VALUE AND THE

COMPARABLE GAAP MEASURE

($ millions, except per share data) March 31, 2025

GAAP book value $ 29,883

Less: Accumulated other comprehensive income (AOCI) (4,741) GAAP book value excluding AOCI 34,624

Less: Cumulative change in fair value of funds withheld embedded derivatives(1) 62

Less: Cumulative effect of foreign exchange rate remeasurement and

currency translation adjustments corresponding to realized gains (losses) 108

Adjusted book value $ 34,454

Number of diluted shares 357.5

GAAP book value per Common share - diluted

GAAP book value excluding AOCI per Common share - diluted Adjusted book value per Common share - diluted

$ 83.59

$ 96.85

$ 96.37

1. Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured

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Prudential Financial Inc. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:22 UTC.