First Quarter 2025 Quarterly Financial Supplement

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

First Quarter 2025

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025
	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 Market Risk Benefit Features			19
Statements of Operations - Group Insurance			20
Group Insurance Supplementary Information			21
Statements of Operations - Individual Life			22
Individual Life Supplementary Information			23
INTERNATIONAL BUSINESSES
Statements of Operations - International Businesses			24
Sales Results and Supplementary Information			25
CORPORATE AND OTHER
Statements of Operations			27
INVESTMENT PORTFOLIO

Investment Portfolio Composition 28

Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations29

Investment Results30

Investment Results - Japanese Insurance Operations31

Investment Results - Excluding Japanese Insurance Operations32

COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES33

KEY DEFINITIONS AND FORMULAS36

RATINGS AND INVESTOR INFORMATION39

‌First Quarter 2025‌

FINANCIAL METRICS SUMMARY

(in millions, except per share and retuon equity data)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Earnings Adjusted operating income (loss) before income taxes:
PGIM	169	206	241	259	156	169 156	-8%
U.S. Businesses	805	1,023	1,040	860	931	805 931	16%
International Businesses	896	702	766	742	848	896 848	-5%
Corporate and Other	(435)	(371) (487) (490)			(415)	(435) (415)	5%
Total adjusted operating income (loss) before income taxes	1,435	1,560 1,560 1,371			1,520	1,435 1,520	6%
Income taxes, applicable to adjusted operating income	320	363 352 303			332	320 332	4%
After-tax adjusted operating income (loss)	1,115	1,1971,2081,068			1,188	1,1151,188	7%
Income (loss) attributable to Prudential Financial, Inc.	1,138	1,198 448 (57)			707	1,138 707	-38%
Retuon Equity
Operating Retuon Average Equity (based on adjusted operating income) (1)	12.7%	13.5%	13.6%	12.2%	13.8%	12.7% 13.8 %
Retuon Average Equity (based on net income (loss))	16.5%	17.4%	6.1%	-0.8%	9.8%	16.5% 9.8 %
Distributions to Shareholders
Dividends paid	476	475	471	470	486	476 486	2%
Share repurchases Total capital returned	250 726	250 725	250 721	250 720	250 736	250 250 726 736	-% 1%
Per Share Data
Net income (loss) - diluted (2)	3.12	3.28	1.24	(0.17)	1.96	3.12 1.96	-37%
Adjusted Operating Income - diluted	3.05	3.28	3.33	2.96	3.29	3.05 3.29	8%
Shareholder dividends	1.30	1.30	1.30	1.30	1.35	1.30 1.35	4%
GAAP book value - diluted	75.00	77.51	84.47	77.62	83.59
Adjusted book value - diluted (3)	97.03	98.42	98.71	95.82	96.37
Shares Outstanding
Weighted average number of common shares - basic	359.0	358.8	356.9	355.4	354.3	359.0 354.3	-1%
Weighted average number of common shares - diluted	360.5	360.5	358.7	357.3	356.1	360.5 356.1	-1%
End of period common shares - basic	359.1	357.7	355.9	354.6	354.0
End of period common shares - diluted	362.8	361.4	360.1	359.1	357.5

1. 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, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.

2. For the three months ended December 31, 2024 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, 2024 all potential stock options and compensation programs were considered antidilutive.

3. Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.

‌FINANCIAL HIGHLIGHTS

(in millions, except per share data)

2024 2025 Year-to-date

	1Q	2Q	3Q	4Q	1Q	2024	2025
Earnings per share of Common Stock (diluted): After-tax adjusted operating income (loss)	3.05	3.28	3.33	2.96	3.29	3.05	3.29
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments	(0.17)	0.49	(2.05)	(4.27)	(0.69)	(0.17)	(0.69)
Change in value of market risk benefits, net of related hedging gains (losses)	0.34	(0.82)	(0.41)	(0.22)	(0.99)	0.34	(0.99)
Market experience updates	(0.09)	0.13	(0.35)	0.17	0.11	(0.09)	0.11
Divested and Run-off Businesses:
Closed Block division	(0.01)	(0.17)	0.01	(0.15)	(0.06)	(0.01)	(0.06)
Other Divested and Run-off Businesses	(0.10)	0.11	0.13	(0.06)	(0.14)	(0.10)	(0.14)
Difference in earnings allocated to participating unvested share-based payment awards	-	-	0.02	0.02	0.02	-	0.02
Other adjustments (1)	(0.02)	(0.01)	(0.01)	(0.01)	0.08	(0.02)	0.08
Total reconciling items, before income taxes	(0.05)	(0.27)	(2.66)	(4.52)	(1.67)	(0.05)	(1.67)
Income taxes, not applicable to adjusted operating income	(0.12)	(0.27)	(0.57)	(1.39)	(0.34)	(0.12)	(0.34)
Total reconciling items, after income taxes	0.07	-	(2.09)	(3.13)	(1.33)	0.07	(1.33)
Net income (loss) attributable to Prudential Financial, Inc.	3.12	3.28	1.24	(0.17)	1.96	3.12	1.96
Weighted average number of outstanding common shares - basic	359.0	358.8	356.9	355.4	354.3	359.0	354.3
Weighted average number of outstanding common shares - diluted	360.5	360.5	358.7	357.3	356.1	360.5	356.1
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.	1,138	1,198	448	(57)	707	1,138	707
Less: Earnings allocated to participating unvested share-based payment awards	15	14	5	5	10	15	10
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	1,123	1,184	443	(62)	697	1,123	697
After-tax adjusted operating income (loss)	1,115	1,197	1,208	1,068	1,188	1,115	1,188
Less: Earnings allocated to participating unvested share-based payment awards	15	13	13	12	16	15	16
After-tax adjusted operating income for earnings per share of Common Stock calculation	1,100	1,184	1,195	1,056	1,172	1,100	1,172

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.

‌OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
		2024			2025
	1Q	2Q	3Q	4Q	1Q
Capitalization Data (1):
Senior debt:
Short-term debt	585	588	950	953	1,406
Long-term debt	10,786	10,771	10,487	10,600	10,949
Junior subordinated long-term debt	8,582	8,582	8,589	8,587	8,591
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period	27,209	28,013	30,416	27,872	29,883
Less: Accumulated other comprehensive income (AOCI)	(7,661)	(7,444)	(4,844)	(6,711)	(4,741)
GAAP book value excluding AOCI (2)	34,870	35,457	35,260	34,583	34,624
Less: Cumulative change in fair value of funds withheld embedded derivatives (3)	14	178	(238)	141	62
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)	(345)	(291)	(49)	34	108
Adjusted book value	35,201	35,570	35,547 34,408		34,454
Book Value per Share of Common Stock:
GAAP book value per common share - diluted	75.00	77.51	84.47	77.62	83.59
GAAP book value excluding AOCI per share - diluted (2)	96.11	98.11	97.92	96.30	96.85
Adjusted book value per common share - diluted	97.03	98.42	98.71	95.82	96.37
End of period number of common shares - diluted	362.8	361.4	360.1	359.1	357.5
Common Stock Price Range (based on closing price):
High	117.40	121.31	127.32	129.52	122.33
Low	101.84	107.35	105.53	114.59	105.04
Close	117.40	117.19	121.10	118.53	111.68
Common Stock market capitalization (1)	42,158	41,919	43,099	42,031	39,535

1. As of end of period.

2. Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.

3. 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 under coinsurance with funds withheld and modified coinsurance arrangements.

4. Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.

‌OPERATIONS HIGHLIGHTS

2024 2025

1Q 2Q 3Q 4Q 1Q

Assets Under Management and Administration (in billions) (1)(2):

PGIM:

Institutional customers - Third Party (3) Retail customers - Third Party (3) Affiliated (3)

Total PGIM

U.S. Businesses International Businesses Corporate and Other

Total assets under management Assets under administration

Total assets under management and administration

596.9 585.2 610.3 601.1 620.2

228.1 234.5 245.1 244.9 240.6

516.4 508.4 544.5 529.2 524.5

1,341.4 1,328.1 1,399.9 1,375.2 1,385.3

126.3 124.6 128.6 112.6 111.3

18.2 17.9 18.1 18.4 19.3

10.4 11.4 11.3 6.2 6.2

1,496.3 1,482.0 1,557.9 1,512.4 1,522.1

182.6 183.9 189.8 173.5 180.4

1,678.91,665.91,747.71,685.91,702.5

Distribution Representatives (1):

Prudential Advisors Life Planners

Life Consultants

2,752

5,855

6,792

2,821

5,836

6,724

2,877

5,900

6,861

2,794

6,035

6,844

2,906

6,175

6,840

1. As of end of period.

2. At fair market value.

3. Prior period amounts have been updated to conform to current period presentation.

‌COMBINED STATEMENTS OF OPERATIONS
(in millions)
		2024			2025		Year-to-date
	1Q	2Q	3Q	4Q	1Q	2024	2025	% change
Revenues (1):
Premiums	15,006	7,277	12,527	5,935	6,446	15,006	6,446	-57%
Policy charges and fee income	1,056	1,061	1,098	1,062	1,108	1,056	1,108	5%
Net investment income	4,120	4,218	4,436	4,601	4,519	4,120	4,519	10%
Asset management fees, commissions and other income	1,524	1,293	1,428	1,411	1,339	1,524	1,339	-12%
Total revenues	21,706	13,849	19,489	13,009	13,412	21,706	13,412	-38%
Benefits and expenses (1):
Insurance and annuity benefits	15,774	8,137	13,321	6,843	7,344	15,774	7,344	-53%
Change in estimates of liability for future policy benefits	15	(29)	66	56	(14)	15	(14)	-193%
Interest credited to policyholders' account balances	902	952	1,038	1,057	1,083	902	1,083	20%
Interest expense	529	480	485	525	522	529	522	-1%
Deferral of acquisition costs	(647)	(614)	(636)	(704)	(684)	(647)	(684)	-6%
Amortization of acquisition costs	362	363	356	364	376	362	376	4%
Operating expenses (2)	1,832	1,511	1,717	1,810	1,624	1,832	1,624	-11%
Variable expenses (2)	1,504	1,489	1,582	1,687	1,641	1,504	1,641	9%
Total benefits and expenses	20,271	12,289	17,929	11,638	11,892	20,271	11,892	-41%
Adjusted operating income (loss) before income taxes	1,435	1,560	1,560	1,371	1,520	1,435	1,520	6%
Income taxes, applicable to adjusted operating income	320	363	352	303	332	320	332	4%
After-tax adjusted operating income	1,115	1,197	1,208	1,068	1,188	1,115	1,188	7%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments	(63)	175	(737)	(1,525)	(246)	(63)	(246)	-290%
Change in value of market risk benefits, net of related hedging gains (losses)	123	(297)	(146)	(77)	(351)	123	(351)	-385%
Market experience updates	(32)	47	(127)	60	39	(32)	39	222%
Divested and Run-off Businesses:
Closed Block division	(3)	(60)	2	(52)	(22)	(3)	(22)	-633%
Other Divested and Run-off Businesses	(35)	38	47	(20)	(51)	(35)	(51)	-46%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable noncontrolling interests	(27)	(43)	(43)	97	3	(27)	3	111%
Other adjustments (3)	(8)	(5)	(3)	(3)	28	(8)	28	450%
Total reconciling items, before income taxes	(45)	(145)	(1,007)	(1,520)	(600)	(45)	(600)	-1233%
Income taxes, not applicable to adjusted operating income	(31)	(99)	(212)	(489)	(125)	(31)	(125)	-303%
Total reconciling items, after income taxes	(14)	(46)	(795)	(1,031)	(475)	(14)	(475)	-3293%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities	1,390	1,415	553	(149)	920	1,390	920	-34%
Income tax expense (benefit)	289	264	140	(186)	207	289	207	-28%
Income (loss) before equity in earnings of joint ventures and other operating entities	1,101	1,151	413	37	713	1,101	713	-35%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests	37	47	35	(94)	(6)	37	(6)	-116%
Income (loss) attributable to Prudential Financial, Inc.	1,138	1,198	448	(57)	707	1,138	707	-38%
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests	13	(27)	3	130	35	13	35	169%
Net income (loss)	1,151	1,171	451	73	742	1,151	742	-36%
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	13	(27)	3	130	35	13	35	169%
Net income (loss) attributable to Prudential Financial, Inc.	1,138	1,198	448	(57)	707	1,138	707	-38%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 33-35 for reconciliation.

2. Prior period amounts have been updated to conform to current period presentation.

3. 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.

‌CONSOLIDATED BALANCE SHEETS

(in millions)

318,510	311,092 340,730 311,570	315,914
-	- - -	-
10,288	10,250 12,065 12,530	13,278
3,359	3,351 3,654 3,707	3,769
7,224	7,098 6,771 9,417	8,720
58,781	60,243 62,573 62,341	62,694
9,907	9,739 9,947 9,795	9,876
24,227	24,634 25,367 26,351	26,739
5,953	6,241 8,010 9,069	8,716
438,249	432,648 469,117 444,780	449,706
18,735	17,111 20,198 18,497	16,063
3,361	3,434 3,566 3,441	3,383
20,613	20,564 21,182 20,448	20,790
484	446 488 435	446
2,225	2,233 2,134 2,331	2,139
27,929	27,746 29,633 37,680	43,982
958	856 479 866	300
13,293	13,414 13,090 13,737	14,262
200,064	196,859 200,550 193,372	188,191
725,911	715,311760,437735,587	739,262
272,790	262,330 285,474 268,912	269,969
151,810	154,991 164,088 166,254	170,278
4,624	4,592 5,178 4,455	5,021
15,746	15,604 17,443 17,084	17,347
6,563	6,929 7,455 6,796	7,549
6,978	7,050 8,471 9,621	9,507
-	- - -	-
585	588 950 953	1,406
19,368	19,353 19,076 19,187	19,540
16,749	15,621 17,578 17,397	16,789
1,132	1,174 1,456 1,430	1,443
200,064	196,859 200,550 193,372	188,191
696,409	685,091 727,719 705,461	707,040
2,004	1,927 2,027 1,939	2,019
2,004	1,927 2,027 1,939	2,019
(7,661)	(7,444) (4,844) (6,711)	(4,741)
34,870	35,457 35,260 34,583	34,624
27,209	28,013 30,416 27,872	29,883
289	280 275 315	320
27,498	28,293 30,691 28,187	30,203
725,911	715,311760,437735,587	739,262

03/31/2024 06/30/2024 09/30/2024 12/31/2024 03/31/2025

Assets:

Investments:

Fixed maturities, available-for-sale, at fair value

Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses Fixed maturities, trading, at fair value

Assets supporting experience-rated contractholder liabilities, at fair value Equity securities, at fair value

Commercial mortgage and other loans Policy loans

Other invested assets Short-term investments

Total investments Cash and cash equivalents

Accrued investment income Deferred policy acquisition costs Value of business acquired Market risk benefit assets

Reinsurance recoverables and deposit receivables Income tax assets

Other assets (1) Separate account assets

Total assets

Liabilities:

Future policy benefits Policyholders' account balances Market risk benefit liabilities

Reinsurance and funds withheld payables Securities sold under agreements to repurchase Cash collateral for loaned securities

Income tax liabilities Short-term debt Long-term debt Other liabilities

Notes issued by consolidated variable interest entities Separate account liabilities

Total liabilities

Mezzanine Equity:

Redeemable noncontrolling interests (1)

Total mezzanine equity

Equity:

Accumulated other comprehensive income (loss) Other equity (2)

Total Prudential Financial, Inc. equity Noncontrolling interests (1)

Total equity

Total liabilities, mezzanine equity and equity

1. Prior period amounts have been updated to conform to current period presentation.

2. Includes $62 million, $141 million, $(238) million, $178 million and $14 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

   ‌COMBINING BALANCE SHEETS

   (in millions)

   As of March 31, 2025

   	Consolidated PFI	Closed Block Division		PFI Excluding Closed Block Division		PGIM		U.S. Businesses	International Businesses	Corporate and Other
   Assets:
   Total investments	449,706	47,236		402,470			2,663	209,666	158,697	31,444
   Deferred policy acquisition costs	20,790	153		20,637			-	11,807	9,410	(580)
   Other assets	80,575	1,120		79,455			4,641	52,143	18,425	4,246
   Separate account assets	188,191	-		188,191			28,603	163,263	-	(3,675)
   Total assets	739,262	48,509		690,753		35,907	436,879	186,532		31,435
   Liabilities:
   Future policy benefits	269,969	42,173		227,796		-	118,160	100,892		8,744
   Policyholders' account balances	170,278	4,324		165,954		-	104,722	57,190		4,042
   Debt	20,946	-		20,946		1,787	4,659	181		14,319
   Other liabilities	57,656	3,622		54,034		2,022	29,682	8,497		13,833
   Separate account liabilities	188,191	-		188,191		28,603	163,263	-		(3,675)
   Total liabilities	707,040	50,119		656,921		32,412	420,486	166,760		37,263
   Mezzanine Equity:
   Redeemable noncontrolling interests	2,019	-		2,019		563	-	-		1,456
   Total mezzanine equity	2,019	-		2,019		563	-	-		1,456
   Equity:
   Accumulated other comprehensive income (loss)	(4,741)		(154)	(4,587	) (121)		(1,070)		(1,117)	(2,279)
   Other equity (1)	34,624		(1,471)	36,095	2,923		17,382		20,855	(5,065)
   Total Prudential Financial, Inc. equity	29,883		(1,625)	31,508	2,802		16,312		19,738	(7,344)
   Noncontrolling interests	320		15	305	130		81		34	60
   Total equity	30,203		(1,610)	31,813	2,932		16,393		19,772	(7,284)
   Total liabilities, mezzanine equity and equity	739,262		48,509	690,753	35,907		436,879		186,532	31,435
   					As of December 31, 2024
   	Consolidated PFI		Closed Block Division	PFI Excluding Closed Block Division	PGIM		U.S. Businesses		International Businesses	Corporate and Other
   Assets:
   Total investments	444,780		47,466	397,314	2,624		204,091		159,678	30,921
   Deferred policy acquisition costs	20,448		156	20,292	-		11,551		9,304	(563)
   Other assets	76,987		1,193	75,794	4,775		54,982		11,056	4,981
   Separate account assets	193,372		-	193,372	28,645		168,299		-	(3,572)
   Total assets	735,587		48,815	686,772	36,044		438,923		180,038	31,767
   Liabilities:
   Future policy benefits	268,912	42,464		226,448		-	118,110	99,699		8,639
   Policyholders' account balances	166,254	4,359		161,895		-	102,940	54,855		4,100
   Debt	20,140	-		20,140		1,593	4,805	129		13,613
   Other liabilities	56,783	3,632		53,151		2,393	28,793	7,570		14,395
   Separate account liabilities	193,372	-		193,372		28,645	168,299	-		(3,572)
   Total liabilities	705,461	50,455		655,006		32,631	422,947	162,253		37,175
   Mezzanine Equity:
   Redeemable noncontrolling interest	1,939	-		1,939		543	-	-		1,396
   Total mezzanine equity	1,939	-		1,939		543	-	-		1,396
   Equity:
   Accumulated other comprehensive income (loss)	(6,711)	(188)		(6,523)		(154)	(1,569)	(2,302)		(2,498)
   Other equity (1)	34,583	(1,463)		36,046		2,883	17,465	20,057		(4,359)
   Total Prudential Financial, Inc. equity	27,872	(1,651)		29,523		2,729	15,896	17,755		(6,857)
   Noncontrolling interests	315	11		304		141	80	30		53
   Total equity	28,187	(1,640)		29,827		2,870	15,976	17,785		(6,804)
   Total liabilities, mezzanine equity and equity	735,587	48,815		686,772		36,044	438,923	180,038		31,767

   1. Corporate and Other includes $62 million and $141 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of March 31, 2025 and December 31, 2024, respectively.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

As of March 31, 2025 As of December 31, 2024

Senior Debt Senior Debt

			Junior					Junior
			Subordinated					Subordinated
	Short-term Debt	Long-term Debt	Long-term Debt	Total Debt		Short-term Debt	Long-term Debt	Long-term Debt	Total Debt
Borrowings by use of proceeds:
Capital Debt	347	6,187	7,591	14,125		347	5,890	7,588	13,825
Operating Debt	1,024	4,354	1,000	6,378		521	4,355	999	5,875
Limited recourse and non-recourse borrowing	35	408	-	443		85	355	-	440
Total Debt	1,406	10,949	8,591	20,946		953	10,600	8,587	20,140

		As of March 31, 2025				As of December 31, 2024
	Prudential	The Prudential Insurance Company of			Prudential	The Prudential Insurance Company of
	Financial, Inc.	America (1)(2) Other Affiliates	Total Debt		Financial, Inc.	America (1)(2) Other Affiliates	Total Debt
Borrowings by sources:
Capital Debt	13,737	347 41	14,125		13,438	347 40	13,825
Operating Debt	5,878	500 -	6,378		5,380	495 -	5,875
Limited recourse and non-recourse borrowing	-	35 408	443		-	85 355	440
Total Debt	19,615	882449	20,946		18,818	927395	20,140

1. Includes Prudential Funding, LLC.

2. Capital Debt at The Prudential Insurance Company of America includes $347 million of surplus notes as of both March 31, 2025 and December 31, 2024.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025‌

STATEMENTS OF OPERATIONS - PGIM

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):

Premiums

Policy charges and fee income Net investment income

Asset management fees, commissions and other income Total revenues

Benefits and expenses (1):

Insurance and annuity benefits

Change in estimates of liability for future policy benefits Interest credited to policyholders' account balances Interest expense

Deferral of acquisition costs Amortization of acquisition costs Operating expenses (2)

Variable expenses (2)

Total benefits and expenses

Adjusted operating income (loss) before income taxes

-

- (43)

1,033

990

-

- 14

949

963

-

- 16

1,005

1,021

-

- 28

1,090

1,118

-

- 20

965

985

-

- (43)

1,033

990

-

- 20

965

985

-

- 147%

-7%

-1%

-

-

- 24

(1)

1

494

303

821

169

-

-

- 26

-

- 445

286

757

-

-

- 30

- 1

442

307

780

-

-

- 25

-

- 460

374

859

-

-

- 21

-

- 504

304

829

156

-

-

- 24

(1)

1

494

303

821

-

-

- 21

-

- 504

304

829

206241259

169156

-

-

-

-13%

100%

-100%

2%

-% 1%

-8%

Total revenues

Less: Passthrough distribution revenue

Less: Revenue associated with consolidations

Total adjusted revenues (3)

990

21

23

946

963

22

10

1,021

23

24

1,118

22

84

9319741,012

985

21

18

946

990

21

23

985

21

18

946946

-1%

-%

-22%

-%

Adjusted operating margin (3)(4)

17.9 %

22.1 % 24.7 % 25.6 %

16.5 %

17.9 % 16.5 %

1. Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests and exclude certain components of the consideration for acquisitions.

2. Prior period amounts have been updated to conform to current period presentation.

3. Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.

4. Reported Operating Margin based on total revenues is 15.8%, 23.2%, 23.6%, 21.4%, and 17.1% for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31,

2024, respectively.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Supplementary Revenue Information (in millions): Analysis of revenues by type:
Asset management fees	774	777	803	825	828	774	828	7%
Other related revenues (1)	93	71	90	176	38	93	38	-59%
Service, distribution and other revenues	123	115	128	117	119	123	119	-3%
Total PGIM revenues	990	963	1,021	1,118	985	990	985	-1%
Analysis of asset management fees by source:
Institutional customers - Third Party (2)	368	365	373	378	387	368	387	5%
Retail customers - Third Party (2)	204	212	221	231	225	204	225	10%
Affiliated (2)	202	200	209	216	216	202	216	7%
Total asset management fees	774	777	803	825	828	774	828	7%
Supplementary Assets Under Management Information (at fair market value) (in billions):
				March 31, 2025
			Public	Private Credit and
		Public Equity	Fixed Income	Real Other Estate Alternatives	Multi-Asset	Total
Institutional customers - Third Party		69.2	447.5	68.4 33.7	1.4	620.2
Retail customers - Third Party		95.0	142.8	0.2 0.3	2.3	240.6
Affiliated		33.8	266.4	62.0 87.8	74.5	524.5
Total		198.0	856.7	130.6121.8	78.2	1,385.3
March 31, 2024
			Public		Private Credit and
		Public Equity	Fixed Income	Real Estate	Other Alternatives	Multi-Asset	Total
Institutional customers - Third Party (2)		65.7	427.3	67.3	35.1	1.5	596.9
Retail customers - Third Party (2)		100.8	121.9	2.3	0.9	2.2	228.1
Affiliated (2)		35.4	275.3	57.7	78.0	70.0	516.4
Total		201.9	824.5	127.3	114.0	73.7	1,341.4

1. Other related revenues, net of related expenses are $19 million, $66 million, $45 million, $39 million, and $56 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

2. Prior period amounts have been updated to conform to current period presentation.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION

(in billions)

2024 2025 Year-to-date 1Q 2Q 3Q 4Q 1Q 2024 2025

Institutional Customers - Third Party - Assets Under Management (at fair market value): (1) Beginning assets under management	562.7	596.9	585.2	610.3	601.1	562.7	601.1
Additions	45.2	16.9	15.7	23.6	23.8	45.2	23.8
Withdrawals	(17.7)	(24.5)	(18.8)	(22.8)	(19.2)	(17.7) (19.2)
Net institutional additions (withdrawals), excluding distributions and money market activity	27.5	(7.6)	(3.1)	0.8	4.6	27.5 4.6
Distributions (2)	(1.4)	(1.3)	(1.4)	(1.3)	(1.2)	(1.4) (1.2)
Change in market value	3.2	0.9	30.6	(14.6)	6.6	3.2	6.6
Net money market flows	0.2	(0.1)	(2.8)	(0.9)	1.7	0.2	1.7
Other (3)(4)	4.7	(3.6)	1.8	6.8	7.4	4.7	7.4
Ending assets under management	596.9	585.2	610.3	601.1	620.2	596.9	620.2
Retail Customers - Third Party - Assets Under Management (at fair market value): (1)
Beginning assets under management	215.5	228.1	234.5	245.1	244.9	215.5	244.9
Additions	15.7	14.5	16.4	19.0	17.7	15.7	17.7
Withdrawals	(15.2)	(15.1)	(15.1)	(18.8)	(17.9)	(15.2) (17.9)
Net retail additions (withdrawals), excluding money market activity	0.5	(0.6)	1.3	0.2	(0.2)	0.5 (0.2)
Change in market value	12.2	6.7	9.4	1.4	(5.5)	12.2 (5.5)
Net money market flows	0.3	0.5	0.2	0.7	1.8	0.3	1.8
Other Ending assets under management	(0.4) 228.1	(0.2) 234.5	(0.3) 245.1	(2.5) 244.9	(0.4) 240.6	(0.4) (0.4) 228.1 240.6
Affiliated - Assets Under Management (at fair market value): (1)
Beginning assets under management	519.9	516.4	508.4	544.5	529.2	519.9	529.2
Additions	26.9	19.1	23.7	55.7	20.6	26.9	20.6
Withdrawals	(19.7)	(17.2)	(17.2)	(46.8)	(20.7)	(19.7) (20.7)
Net affiliated additions (withdrawals), excluding distributions and money market activity	7.2	1.9	6.5	8.9	(0.1)	7.2 (0.1)
Distributions (2)	(0.1)	(0.1)	(0.1)	-	(0.1)	(0.1) (0.1)
Change in market value	3.5	(3.1)	24.8	(14.4)	3.9	3.5	3.9
Net money market flows	(3.2)	(2.7)	(2.2)	3.5	(5.3)	(3.2) (5.3)
Other (3)	(10.9)	(4.0)	7.1	(13.3)	(3.1)	(10.9) (3.1)
Ending assets under management	516.4	508.4	544.5	529.2	524.5	516.4 524.5

1. Prior period amounts have been updated to conform to current period presentation.

2. Reflects income and dividend distributions related to private alternative funds and collateralized loan obligations.

3. First quarter 2024 includes $5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd., fourth quarter 2024 includes $7.0 billion related to the reinsurance of certain guaranteed universal life policies to Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited, and first quarter 2025 includes $6.1 billion related to the reinsurance of certain Japanese whole life policies to Prismic Life Reinsurance, Ltd, which were transferred from affiliated to institutional assets under management.

4. Second quarter 2024 includes a decrease of assets associated with PGIM Wadhwani LLP, a business now reflected in Divested and Run-off Businesses and included in Corporate and Other assets under management.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025‌

COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):
Premiums	11,869	4,282	9,686	3,272	3,398	11,869	3,398	-71%
Policy charges and fee income	990	995	1,029	996	1,035	990	1,035	5%
Net investment income	2,478	2,528	2,666	2,731	2,700	2,478	2,700	9%
Asset management fees, commissions and other income	636	605	599	580	573	636	573	-10%
Total revenues	15,973	8,410	13,980	7,579	7,706	15,973	7,706	-52%
Benefits and expenses (1):
Insurance and annuity benefits	13,007	5,692	10,743	4,384	4,563	13,007	4,563	-65%
Change in estimates of liability for future policy benefits	(9)	(381)	64	53	(11)	(9)	(11)	-22%
Interest credited to policyholders' account balances	601	643	703	708	724	601	724	20%
Interest expense	333	282	294	330	295	333	295	-11%
Deferral of acquisition costs	(370)	(402)	(416)	(462)	(411)	(370)	(411)	-11%
Amortization of acquisition costs	212	212	213	216	227	212	227	7%
Operating expenses (2)	577	505	480	572	529	577	529	-8%
Variable expenses (2)	817	836	859	918	859	817	859	5%
Total benefits and expenses	15,168	7,387	12,940	6,719	6,775	15,168	6,775	-55%
Adjusted operating income (loss) before income taxes	805	1,023	1,040	860	931	805	931	16%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

2. Prior period amounts have been updated to conform to current period presentation.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):
Premiums	10,325	2,769	8,153	1,776	1,765	10,325	1,765	-83%
Policy charges and fee income	312	320	320	315	297	312	297	-5%
Net investment income	1,536	1,638	1,764	1,846	1,872	1,536	1,872	22%
Asset management fees, commissions and other income	586	568	554	538	509	586	509	-13%
Total revenues	12,759	5,295	10,791	4,475	4,443	12,759	4,443	-65%
Benefits and expenses (1):
Insurance and annuity benefits	10,898	3,757	8,768	2,470	2,467	10,898	2,467	-77%
Change in estimates of liability for future policy benefits	11	(468)	47	42	(19)	11	(19)	-273%
Interest credited to policyholders' account balances	355	398	467	483	507	355	507	43%
Interest expense	31	28	36	20	30	31	30	-3%
Deferral of acquisition costs	(169)	(179)	(186)	(187)	(209)	(169)	(209)	-24%
Amortization of acquisition costs	95	100	102	108	115	95	115	21%
Operating expenses (2)	208	202	186	213	215	208	215	3%
Variable expenses (2)	449	468	473	475	461	449	461	3%
Total benefits and expenses	11,878	4,306	9,893	3,624	3,567	11,878	3,567	-70%
Adjusted operating income (loss) before income taxes	881	989	898	851	876	881	876	-1%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

2. Prior period amounts have been updated to conform to current period presentation.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):
Premiums (2)	10,297	2,758	8,134	1,758	1,745	10,297	1,745	-83%
Policy charges and fee income	6	8	10	9	7	6	7	17%
Net investment income	1,092	1,142	1,199	1,241	1,243	1,092	1,243	14%
Asset management fees, commissions and other income	143	133	130	135	110	143	110	-23%
Total revenues	11,538	4,041	9,473	3,143	3,105	11,538	3,105	-73%
Benefits and expenses (1):
Insurance and annuity benefits	10,858	3,718	8,742	2,434	2,437	10,858	2,437	-78%
Change in estimates of liability for future policy benefits	(3)	(456)	41	42	(25)	(3)	(25)	-733%
Interest credited to policyholders' account balances	154	153	177	180	182	154	182	18%
Interest expense	17	9	12	(7)	17	17	17	-%
Deferral of acquisition costs	(19)	(15)	(23)	(23)	(27)	(19)	(27)	-42%
Amortization of acquisition costs	2	2	4	3	6	2	6	200%
Operating expenses (3)	63	60	51	57	71	63	71	13%
Variable expenses (3)	25	20	31	30	32	25	32	28%
Total benefits and expenses	11,097	3,491	9,035	2,716	2,693	11,097	2,693	-76%
Adjusted operating income (loss) before income taxes	441	550	438	427	412	441	412	-7%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

2. Includes pension risk transfer premiums of $0.0 billion, $0.1 billion, $6.4 billion, $1.1 billion and $8.8 billion for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

3. Prior period amounts have been updated to conform to current period presentation.

‌U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES

(in millions)

2024 2025 Year-to-date

	1Q	2Q	3Q	4Q	1Q	2024	2025
Beginning total account value	267,654	274,630	274,128	287,829	288,202	267,654	288,202
Additions	10,990	4,011	11,081	10,249	7,051	10,990	7,051
Withdrawals and benefits	(6,417)	(6,164)	(6,619)	(6,127)	(6,642)	(6,417)	(6,642)
Net flows	4,573	(2,153)	4,462	4,122	409	4,573	409
Change in market value, interest credited and interest income	2,655	1,919	4,476	1,540	2,804	2,655	2,804
Other (1)	(252)	(268)	4,763	(5,289)	2,515	(252)	2,515
Ending total account value, gross	274,630	274,128	287,829	288,202	293,930	274,630	293,930
Reinsurance ceded	(9,179)	(9,129)	(9,062)	(9,011)	(8,952)	(9,179)	(8,952)
Ending total account value, net	265,451	264,999	278,767	279,191	284,978	265,451	284,978
Amounts included in ending total account value, net above:
Investment-only stable value wraps	62,842	61,455	62,189	61,286	61,302
International reinsurance (2)	102,049	102,465	108,927	108,882	115,533
Group annuities and other products	100,560	101,079	107,651	109,023	108,143
Ending total account value, net	265,451	264,999	278,767	279,191	284,978

1. Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.

2. Represents notional amounts based on present value of future benefits under international reinsurance contracts.

‌STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):

Premiums

Policy charges and fee income Net investment income

Asset management fees, commissions and other income Total revenues

Benefits and expenses (1):

Insurance and annuity benefits

Change in estimates of liability for future policy benefits Interest credited to policyholders' account balances Interest expense

Deferral of acquisition costs Amortization of acquisition costs Operating expenses (2)

Variable expenses (2)

Total benefits and expenses

Adjusted operating income (loss) before income taxes

28

306

444

443

1,221

11

312

496

435

1,254

19

310

565

424

1,318

18

306

605

403

1,332

20

290

629

399

1,338

28

306

444

443

1,221

20

290

629

399

1,338

-29%

-5%

42%

-10%

10%

40

14

201

14

(150)

93

145

424

781

440

39

(12)

245

19

(164)

98

142

448

815

439

26

6

290

24

(163)

98

135

442

858

460

36

- 303

27

(164)

105

156

445

908

424

30

6

325

13

(182)

109

144

429

874

464

40

14

201

14

(150)

93

145

424

781

440

30

6

325

13

(182)

109

144

429

874

464

-25%

-57%

62%

-7%

-21%

17%

-1%

1%

12%

5%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

2. Prior period amounts have been updated to conform to current period presentation.

‌U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES

(in millions)

2024 2025 Year-to-date 1Q 2Q 3Q 4Q 1Q 2024 2025

Actively -Sold Protected Investment and Income Product Sales (1):

FlexGuard Suite Investment Only VA (2) Fixed

Total

Actively-Sold Protected Investment and Income Solutions (1):

Beginning total account value Sales

Full surrenders and death benefits

Sales, net of full surrenders and death benefits Partial withdrawals and other benefit payments

Net flows

Change in market value, interest credited, and other Policy charges

Ending total account value, gross Reinsurance ceded

Ending total account value, net

Discontinued Traditional VA and Guaranteed Living Benefit Block (3):

Beginning total account value Sales

Full surrenders and death benefits

Sales, net of full surrenders and death benefits Partial withdrawals and other benefit payments

Net flows

Change in market value and other Policy charges

Ending total account value, gross Reinsurance ceded

Ending total account value, net

1,727

28

1,550

3,305

30,655

3,305

(281)

3,024

(181)

2,843

1,770

(11)

35,257

(1,986)

33,271

99,053

9

(2,284)

(2,275)

(1,109)

(3,384)

4,311

(537)

99,443

(9,702)

89,741

2,219 2,244 2,513

39 28 67

1,221 1,346 1,056

3,4793,6183,636

35,257 39,108 43,729

3,479 3,618 3,636

(322) (351) (394)

3,157 3,267 3,242

(184) (184) (243)

2,973 3,083 2,999

891 1,554 494

(13) (16) (18)

39,108 43,729 47,204

(2,205) (2,494) (2,755)

36,90341,23544,449

99,443 96,267 97,116

7 6 7

(2,467) (2,510) (2,484)

(2,460) (2,504) (2,477)

(1,037) (1,037) (1,205)

(3,497) (3,541) (3,682)

857 4,924 (1,493)

(536) (534) (506)

96,267 97,116 91,435

(9,271) (9,526) (8,764)

86,99687,59082,671

2,334

34

1,105

3,473

47,204

3,473

(437)

3,036

(283)

2,753

(1,116)

(24)

48,817

(3,144)

45,673

91,435

6

(2,455)

(2,449)

(1,133)

(3,582)

(365)

(479)

87,009

(8,608)

78,401

1,727 2,334

28 34

1,550 1,105

3,3053,473

30,655 47,204

3,305 3,473

(281) (437)

3,024 3,036

(181) (283)

2,843 2,753

1,770 (1,116)

(11) (24)

35,257 48,817

(1,986) (3,144)

33,271 45,673

99,053 91,435

9 6

(2,284) (2,455)

(2,275) (2,449)

(1,109) (1,133)

(3,384) (3,582)

4,311 (365)

(537) (479)

99,443 87,009

(9,702) (8,608)

89,741 78,401

1. Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.

2. Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity.

3. Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits.

‌U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025

Account Values in General Account (1):
Beginning balance	30,844		35,140	38,942	43,350		46,900			30,844		46,900
Premiums and deposits	3,226		3,373	3,522	3,494		3,369			3,226		3,369
Full surrenders and death benefits	(237)		(266)	(296)	(239)		(306)			(237)		(306)
Premiums and deposits net of full surrenders and death benefits	2,989		3,107	3,226	3,255		3,063			2,989		3,063
Partial withdrawals and other benefit payments	(218)		(221)	(224)	(282)		(293)			(218)		(293)
Net flows	2,771		2,886	3,002	2,973		2,770			2,771		2,770
Change in market value, interest credited and other	1,513		905	960	839		(1,253)			1,513		(1,253)
Net transfers (to) from separate account	15		14	451	(254)		253			15		253
Policy charges	(3)		(3)	(5)	(8)		(10)			(3)		(10)
Ending balance, gross	35,140		38,942	43,350	46,900		48,660			35,140		48,660
Reinsurance ceded	(1,986)		(2,205)	(2,494)	(2,755)		(3,144)			(1,986)		(3,144)
Ending balance, net	33,154		36,737	40,856	44,145		45,516			33,154		45,516
Account Values in Separate Account (1):
Beginning balance	98,864		99,560	96,433	97,495	91,739			98,864			91,739
Premiums and deposits	88		113	102	149	110			88			110
Full surrenders and death benefits	(2,328)		(2,523)	(2,565)	(2,639)	(2,586)			(2,328)			(2,586)
Premiums and deposits net of full surrenders and death benefits	(2,240)		(2,410)	(2,463)	(2,490)	(2,476)			(2,240)			(2,476)
Partial withdrawals and other benefit payments	(1,072)		(1,000)	(997)	(1,166)	(1,123)			(1,072)			(1,123)
Net flows	(3,312)		(3,410)	(3,460)	(3,656)	(3,599)			(3,312)			(3,599)
Change in market value, interest credited and other	4,568		843	5,518	(1,838)	(228)			4,568			(228)
Net transfers (to) from general account	(15)		(14)	(451)	254	(253)			(15)			(253)
Policy charges	(545)		(546)	(545)	(516)	(493)			(545)			(493)
Ending balance, gross	99,560		96,433	97,495	91,739	87,166			99,560			87,166
Reinsurance ceded	(9,702)		(9,271)	(9,526)	(8,764)	(8,608)			(9,702)			(8,608)
Ending balance, net	89,858		87,16287,96982,975			78,558			89,858			78,558

(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

‌U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES

(in millions)

2024 2025

1Q 2Q 3Q 4Q 1Q

Market Risk Benefits Account Values by Risk Management Design: Account Values with Auto-Rebalancing Feature - risk retained by Prudential Account Values with Auto-Rebalancing Feature - externally reinsured Account Values without Auto-Rebalancing Feature

Total

68,512 68,960 64,932

2,115 2,115 1,902

24,178 24,561 23,100

94,80595,63689,934

Market Risk Benefits Net Amount at Risk by Product Design Type:

Net Amount at Risk with Auto-Rebalancing Feature Net Amount at Risk without Auto-Rebalancing Feature

Total

6,541 5,638 6,510

2,817 2,240 2,775

9,3587,8789,285

(1) At end of period.

‌STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)		2024			2025		Year-to-date
	1Q	2Q	3Q	4Q	1Q	2024	2025	% change
Revenues (1):
Premiums	1,298	1,272	1,299	1,260	1,396	1,298	1,396	8%
Policy charges and fee income	175	165	189	149	197	175	197	13%
Net investment income	136	128	134	132	134	136	134	-1%
Asset management fees, commissions and other income	25	21	21	23	21	25	21	-16%
Total revenues	1,634	1,586	1,643	1,564	1,748	1,634	1,748	7%
Benefits and expenses (1):
Insurance and annuity benefits	1,249	1,140	1,241	1,171	1,296	1,249	1,296	4%
Change in estimates of liability for future policy benefits	-	-	-	-	-	-	-	-
Interest credited to policyholders' account balances	40	36	35	38	35	40	35	-13%
Interest expense	2	4	2	3	5	2	5	150%
Deferral of acquisition costs	(6)	(4)	(5)	(13)	-	(6)	-	100%
Amortization of acquisition costs	1	2	1	2	2	1	2	100%
Operating expenses (2)	186	185	179	184	194	186	194	4%
Variable expenses (2)	117	102	108	113	127	117	127	9%
Total benefits and expenses	1,589	1,465	1,561	1,498	1,659	1,589	1,659	4%
Adjusted operating income (loss) before income taxes	45	121	82	66	89	45	89	98%

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

(2) Prior period amounts have been updated to conform to current period presentation.

‌U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION

(dollar amounts in millions, or as otherwise noted)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025

Annualized New Business Premiums: Group life	189	27	35	38	225	189	225
Group disability	189	19	28	25	175	189	175
Total	378	466363			400	378400
Future Policy Benefits (1):
Group life	2,350	2,328 2,266 2,415			2,422
Group disability	3,240	3,222 3,253 3,256			3,283
Total	5,590	5,5505,5195,671			5,705
Policyholders' Account Balances (1):
Group life	4,889	4,782 4,878 4,915			4,519
Group disability	119	111 110 117			117
Total	5,008	4,8934,9885,032			4,636
Separate Account Liabilities (1):
Group life	25,265	24,54626,02125,126			25,547
Group Life Insurance:
Gross premiums, policy charges and fee income (2)	1,098	1,123	1,137	1,168	1,196	1,098	1,196
Earned premiums	903	897	924	891	996	903	996
Earned policy charges and fee income	150	139	164	124	171	150	171
Benefits ratio (3)	90.1 %	85.3 %	85.0 %	87.1 %	87.1 %	90.1 % 87.1 %
Administrative expense ratio (4)	11.4 %	11.4 %	10.5 %	11.9 %	10.8 %	11.4 % 10.8 %
Persistency ratio	95.1 %	95.0 %	94.6 %	94.6 %	97.0 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2)	426	410	403	400	429	426	429
Earned premiums	395	375	375	369	400	395	400
Earned policy charges and fee income	25	26	25	25	26	25	26
Benefits ratio (3)	71.3 %	70.4 %	78.9 %	72.8 %	65.6 %	71.3 % 65.6 %
Administrative expense ratio (4)	24.2 %	25.0 %	24.7 %	26.1 %	25.8 %	24.2 % 25.8 %
Persistency ratio	93.8 %	93.2 %	92.9 %	92.6 %	95.3 %
Total Group Insurance:
Benefits ratio (3)	84.7 %	81.1 %	83.4 %	83.1 %	81.3 %	84.7 % 81.3 %
Administrative expense ratio (4)	15.0 %	15.1 %	14.2 %	15.8 %	14.8 %	15.0 % 14.8 %
Net face amount of policies in force (in billions) (5)	2,065	2,092	2,102	2,120	2,127

1. As of end of period.

2. Before returns of premiums to participating policyholders for favorable claims experience.

3. Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 85.3%, 64.1% and 79.4% for the three months ended June 30, 2024, respectively.

4. Prior period ratios have been updated to conform to current period presentation.

5. At end of period; net of reinsurance.

‌STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):

Premiums

Policy charges and fee income Net investment income

Asset management fees, commissions and other income Total revenues

Benefits and expenses (1):

Insurance and annuity benefits

Change in estimates of liability for future policy benefits Interest credited to policyholders' account balances Interest expense

Deferral of acquisition costs Amortization of acquisition costs Operating expenses (2)

Variable expenses (2)

Total benefits and expenses

Adjusted operating income (loss) before income taxes

246

503

806

25

1,580

241

510

762

16

1,529

234

520

768

24

1,546

236

532

753

19

1,540

237

541

694

43

1,515

246

503

806

25

1,580

237

541

694

43

1,515

-4%

8%

-14%

72%

-4%

860

(20)

206

300

(195)

116

183

251

1,701

(121)

795

87

209

250

(219)

110

118

266

1,616

734

17

201

256

(225)

110

115

278

1,486

743

11

187

307

(262)

106

175

330

1,597

(57)

800

8

182

260

(202)

110

120

271

1,549

(34)

860

(20)

206

300

(195)

116

183

251

1,701

800

8

182

260

(202)

110

120

271

1,549

(87)60

(121)(34)

-7%

140%

-12%

-13%

-4%

-5%

-34%

8%

-9%

72%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

2. Prior period amounts have been updated to conform to current period presentation.

‌U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION

(in millions, or as otherwise noted)

2024 2025 Year-to-date 1Q 2Q 3Q 4Q 1Q 2024 2025

ANNUALIZED NEW BUSINESS PREMIUMS (1): Term life	31	34	34	35	32	31	32
Universal life	20	22	19	24	24	20	24
Variable life Total ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):	116 167	147 203	157 210	267 326	154 210	116 167	154 210
Prudential Advisors	35	44	43	45	38	35	38
Third party distribution Total ACCOUNT VALUE ACTIVITY:	132 167	159 203	167 210	281 326	172 210	132 167	172 210
Policyholders' Account Balances (2):
Beginning balance	33,026	33,176	33,365	33,581	33,773	33,026	33,773
Premiums and deposits	634	604	619	675	709	634	709
Surrenders and withdrawals Net sales (redemptions) Benefit payments Net flows Interest credited and other	(436) 198 (48) 150 401	(414) 190 (43) 147 388	(445) 174 (30) 144 440	(410) 265 (43) 222 308	(463) 246 (68) 178 375	(436) (463) 198 246 (48) (68) 150 178 401 375
Net transfers (to) from separate account	138	148	158	171	145	138	145
Policy charges Ending balance, gross Reinsurance ceded Ending balance, net Separate Account Liabilities:	(539) 33,176 (4,506) 28,670	(494) 33,365 (4,512) 28,853	(526) 33,581 (4,520) 29,061	(509) 33,773 (8,995) 24,778	(535) 33,936 (9,029) 24,907	(539) (535) 33,176 33,936 (4,506) (9,029) 28,670 24,907
Beginning balance	46,453	50,128	51,385	53,953	54,803	46,453	54,803
Premiums and deposits	794	904	1,018	1,179	963	794	963
Surrenders and withdrawals	(293)	(334)	(316)	(295)	(326)	(293) (326)
Net sales (redemptions)	501	570	702	884	637	501	637
Benefit payments	(138)	(165)	(183)	(165)	(184)	(138) (184)
Net flows	363	405	519	719	453	363	453
Change in market value, interest credited and other	3,796	1,352	2,569	673	(1,414)	3,796 (1,414)
Net transfers (to) from general account	(138)	(148)	(158)	(171)	(145)	(138) (145)
Policy charges	(346)	(352)	(362)	(371)	(374)	(346) (374)
Ending balance NET FACE AMOUNT IN FORCE (in billions) (3): Term life	50,128 286	51,385 283	53,953 280	54,803 278	53,323 274	50,128	53,323
Universal life	80	79	79	62	62
Variable life Total	158 524	160 522	162 521	167 507	165 501

1. Excludes corporate-owned life insurance.

2. Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable and universal products.

3. At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025‌

STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):
Premiums	3,139	3,002	2,850	2,665	3,057	3,139	3,057	-3%
Policy charges and fee income	80	80	83	81	88	80	88	10%
Net investment income	1,412	1,390	1,428	1,493	1,469	1,412	1,469	4%
Asset management fees, commissions and other income	82	40	56	44	124	82	124	51%
Total revenues	4,713	4,512	4,417	4,283	4,738	4,713	4,738	1%
Benefits and expenses (1):
Insurance and annuity benefits	2,772	2,452	2,581	2,463	2,789	2,772	2,789	1%
Change in estimates of liability for future policy benefits	24	352	2	3	(3)	24	(3)	-113%
Interest credited to policyholders' account balances	279	288	315	328	347	279	347	24%
Interest expense	(1)	(2)	5	(4)	(1)	(1)	(1)	-%
Deferral of acquisition costs	(293)	(268)	(308)	(269)	(306)	(293)	(306)	-4%
Amortization of acquisition costs	159	161	164	162	165	159	165	4%
Operating expenses (2)	456	428	455	454	436	456	436	-4%
Variable expenses (2)	421	399	437	404	463	421	463	10%
Total benefits and expenses	3,817	3,810	3,651	3,541	3,890	3,817	3,890	2%
Adjusted operating income (loss) before income taxes	896	702	766	742	848	896	848	-5%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests and redeemable noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

2. Prior period amounts have been updated to conform to current period presentation.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION

(in millions)

2024 2025 Year-to-date 1Q 2Q 3Q 4Q 1Q 2024 2025

Actual exchange rate basis (1):

Net premiums, policy charges and fee income:

Japan	2,933	2,753	2,649	2,464	2,860	2,933	2,860
Emerging Markets	286	329	284	282	285	286	285
Total	3,219	3,082	2,933	2,746	3,145	3,219	3,145

Japan	420	424	486	402	478	420	478
Emerging Markets	97	95	102	96	98	97	98
Total 517519588498576517576
Life Planners	236	194	207	205	258	236	258
Life Consultants	105	120	136	119	130	105	130
Banks	100	114	147	98	95	100	95
Independent Agency and Other	76	91	98	76	93	76	93
Total	517	519	588	498	576	517	576

Annualized new business premiums:

Annualized new business premiums by distribution channel:

Constant exchange rate basis (2):

Japan	2,985	2,846	2,711	2,530	2,950	2,985	2,950
Emerging Markets	246	298	273	286	289	246	289
Total	3,231	3,144	2,984	2,816	3,239	3,231	3,239
Japan 425 435 491 410 487 425 487
Emerging Markets	83	86	97	97	99	83	99
Total	508	521	588	507	586	508	586
Life Planners 234 198 208 210 265 234 265
Life Consultants	106	122	137	121	132	106	132
Banks	94	110	145	99	95	94	95
Independent Agency and Other	74	91	98	77	94	74	94
Total	508	521	588	507	586	508	586

Net premiums, policy charges and fee income:

Annualized new business premiums:

Annualized new business premiums by distribution channel:

1. Translated based on applicable average exchange rates for the period shown.

2. Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025

INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION

2024 2025

1Q 2Q 3Q 4Q 1Q

Face amount of individual policies in force at end of period (in billions) (1)(2): (Constant exchange rate basis)

Japan

Emerging Markets Total

Policyholder Account Balances at end of period (in millions) (1)(2): (Constant exchange rate basis)

International Businesses

549

44

593

542

45

537

47

533

49

587584582

530

50

580

51,160

52,390

54,084

55,548

49,858

Number of individual policies in force at end of period (in thousands) (3):

Japan

Emerging Markets Total

11,083

765

11,848

11,054

783

11,075

820

11,078

842

11,83711,89511,920

11,102

855

11,957

International Businesses life insurance individual policy persistency:

13 months

25 months

92.5 %

84.8 %

91.9 %

84.5 %

91.3 %

84.0 %

91.4 %

83.4 %

92.0 %

83.2 %

Number of Life Planners at end of period:

Japan

Emerging Markets Total Life Planners

4,339

1,516

5,855

4,257

1,579

4,264

1,636

4,309

1,726

5,8365,9006,035

4,356

1,819

6,175

Life Consultants

6,792

6,724

6,861

6,844

6,840

1. Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

2. Net of reinsurance.

3. Direct business only; policy count includes annuities.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025‌

STATEMENTS OF OPERATIONS - CORPORATE AND OTHER

(in millions)

2024 2025 Year-to-date

1Q 2Q 3Q 4Q 1Q 2024 2025 % change

Revenues (1):
Premiums	(2)	(7)	(9)	(2)	(9)	(2)	(9)	-350%
Policy charges and fee income	(14)	(14)	(14)	(15)	(15)	(14)	(15)	-7%
Net investment income	273	286	326	349	330	273	330	21%
Asset management fees, commissions and other income	(227)	(301)	(232)	(303)	(323)	(227)	(323)	-42%
Total revenues	30	(36)	71	29	(17)	30	(17)	-157%
Benefits and expenses (1):
Insurance and annuity benefits	(5)	(7)	(3)	(4)	(8)	(5)	(8)	-60%
Change in estimates of liability for future policy benefits	-	-	-	-	-	-	-	-
Interest credited to policyholders' account balances	22	21	20	21	12	22	12	-45%
Interest expense	173	174	156	174	207	173	207	20%
Deferral of acquisition costs	17	56	88	27	33	17	33	94%
Amortization of acquisition costs	(10)	(10)	(22)	(14)	(16)	(10)	(16)	-60%
Operating expenses (2)	305	133	340	324	155	305	155	-49%
Variable expenses (2)	(37)	(32)	(21)	(9)	15	(37)	15	141%
Total benefits and expenses	465	335	558	519	398	465	398	-14%
Adjusted operating income (loss) before income taxes	(435)	(371)(487)(490)			(415)	(435)(415)		5%

1. Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.

2. Prior period amounts have been updated to conform to current period presentation.

‌Prudential Financial, Inc. Quarterly Financial Supplement First Quarter 2025‌

INVESTMENT PORTFOLIO COMPOSITION

(in millions)

March 31, 2025 December 31, 2024

Closed PFI Excluding Closed PFI Excluding

Total Block Funds

Closed Block Division and

Funds Withheld Total Block Funds

Closed Block Division and Funds Withheld

	Portfolio	Division	Withheld (1)	Amount	% of Total	Portfolio	Division	Withheld (1)	Amount	% of Total
Fixed maturities:
Public, available-for-sale, at fair value	230,348	18,959	4,542	206,847	54.3%	230,018	19,103	4,837	206,078	54.9%
Private, available-for-sale, at fair value	85,209	9,875	2,731	72,603	19.1%	81,179	9,625	2,795	68,759	18.3%
Fixed maturities, trading, at fair value	13,194	654	7,919	4,621	1.2%	12,447	647	7,732	4,068	1.1%
Assets supporting experience-rated contractholder liabilities, at fair value	3,769	-	-	3,769	1.0%	3,707	-	-	3,707	1.0%
Equity securities, at fair value	8,309	1,468	-	6,841	1.8%	8,896	1,642	-	7,254	1.9%
Commercial mortgage and other loans, at book value, net of allowance	62,201	7,769	263	54,169	14.2%	61,872	7,652	233	53,987	14.4%
Policy loans, at outstanding balance	9,876	3,315	-	6,561	1.7%	9,795	3,348	-	6,447	1.7%
Other invested assets, net of allowance (2)	23,790	4,939	1,897	16,954	4.5%	23,577	4,929	1,867	16,781	4.4%
Short-term investments, net of allowance	8,707	257	40	8,410	2.2%	9,056	520	43	8,493	2.3%
Subtotal (3)	445,403	47,236	17,392	380,775	100.0%	440,547	47,466	17,507	375,574	100.0%
Invested assets of other entities and operations (4)	4,303	-	-	4,303		4,233	-	-	4,233
Total investments	449,706	47,236	17,392	385,078		444,780	47,466	17,507	379,807

Fixed Maturities by Credit Quality (3)(5): March 31, 2025 December 31, 2024

PFI Excluding Closed Block Division and Funds Withheld PFI Excluding Closed Block Division and Funds Withheld Gross Gross Gross Gross

Amortized Unrealized Unrealized Allowance for Fair Amortized Unrealized Unrealized Allowance for Fair

Cost Gains Losses Credit Losses Value % of Total Cost Gains Losses Credit Losses Value % of Total

Public Fixed Maturities:

NAIC Rating (6)

1 176,737 2,868 20,531 - 159,074 76.9% 176,693 3,412 20,161 - 159,944 77.6%

2 44,141 574 3,471 1 41,243 19.9% 43,221 522 3,744 - 39,999 19.4%

Subtotal - High or Highest Quality Securities 220,878 3,442 24,002 1 200,317 96.8% 219,914 3,934 23,905 - 199,943 97.0%

3 5,254 56 629 - 4,681 2.3% 4,807 60 574 - 4,293 2.1%

4 1,323 40 33 - 1,330 0.6% 1,264 48 30 - 1,282 0.6%

5 427 10 21 4 412 0.2% 439 16 12 7 436 0.2%

6 123 6 8 14 107 0.1% 196 7 9 70 124 0.1%

Subtotal - Other Securities 7,127 112 691 18 6,530 3.2% 6,706 131 625 77 6,135 3.0%

Total 228,0053,55424,69319206,847 100.0% 226,6204,06524,53077 206,078 100.0%

Private Fixed Maturities:

NAIC Rating (6)

1 19,883 181 1,713 - 18,351 25.3% 18,756 257 1,920 - 17,093 24.9%

2 45,313 785 3,088 - 43,010 59.2% 44,179 765 3,453 - 41,491 60.3%

Subtotal - High or Highest Quality Securities 65,196 966 4,801 - 61,361 84.5% 62,935 1,022 5,373 - 58,584 85.2%

3 7,087 106 238 - 6,955 9.6% 6,483 114 282 - 6,315 9.2%

4 3,020 20 73 1 2,966 4.1% 2,646 15 101 28 2,532 3.7%

5 1,042 25 26 32 1,009 1.4% 1,051 30 34 29 1,018 1.5%

6 451 21 8 152 312 0.4% 437 24 11 140 310 0.4%

Subtotal - Other Securities 11,600 172 345 185 11,242 15.5% 10,617 183 428 197 10,175 14.8%

Total 76,7961,1385,14618572,603 100.0% 73,5521,2055,801197 68,759 100.0%

1. Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.

2. Other invested assets consist of investments in limited partnerships and limited liability companies ("LPs/LLCs"), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

3. Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.

4. 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 balance sheet.

5. Excludes fixed maturity securities classified as trading.

6. Reflects equivalent ratings for investments of the international operations. Includes, as of March 31, 2025 and December 31, 2024, 968 securities with amortized cost of $6,457 million (fair value $6,193 million) and 803 securities with amortized cost of $4,147 million (fair value $3,840 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.