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Fourth Quarter 2023 Quarterly Financial Supplement

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Fourth Quarter 2023

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

i

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

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-TermandLong-TermDebt - 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

Combined Statements of Operations

24

Statements of Operations - Life Planner

25

Statements of Operations - Gibraltar Life and Other

26

Sales Results and Supplementary Information

27

CORPORATE AND OTHER

Statements of Operations

29

INVESTMENT PORTFOLIO

Investment Portfolio Composition

30

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

31

Investment Results

32

Investment Results - Japanese Insurance Operations

33

Investment Results - Excluding Japanese Insurance Operations

34

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

35

KEY DEFINITIONS AND FORMULAS

39

RATINGS AND INVESTOR INFORMATION

42

ii

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

FINANCIAL METRICS SUMMARY

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

Earnings

Adjusted operating income (loss) before income taxes:

PGIM

U.S. Businesses

International Businesses

Corporate and Other

Total adjusted operating income before income taxes

Income taxes, applicable to adjusted operating income

After-tax adjusted operating income

Income (loss) attributable to Prudential Financial, Inc.

Retuon Equity

Operating Retuon Average Equity (based on adjusted operating income) (1) Retuon Average Equity (based on net income (loss))

Distributions to Shareholders

Dividends paid

Share repurchases

Total capital returned

Per Share Data

Net income (loss) - diluted (2)

Adjusted Operating Income - diluted

Shareholder dividends

GAAP book value - diluted

Adjusted book value - diluted (3)

Shares Outstanding

Weighted average number of common shares - basic

Weighted average number of common shares - diluted

End of period common shares - basic

End of period common shares - diluted

__________

2022

4Q

230

710

814

(525)

1,229

297

932

(52)

10.5% -0.7%

449

375

824

(0.16)

2.49

1.20

82.48

94.69

367.6

369.4

366.0

370.9

2023

1Q

2Q

3Q

4Q

151

179

211

172

760

956

1,088

988

840

784

811

748

(485)

(527)

(504)

(656)

1,266

1,392

1,606

1,252

276

305

340

309

990

1,087

1,266

943

1,462

511

(802)

1,317

11.2%

12.2%

14.5%

10.9%

18.9%

6.8%

-11.8%

19.6%

468

463

461

458

250

250

250

250

718

713

711

708

3.93

1.38

(2.23)

3.61

2.66

2.94

3.44

2.58

1.25

1.25

1.25

1.25

85.33

77.65

70.82

76.77

97.29

97.38

94.19

96.64

366.5

364.8

362.6

360.3

367.7

366.1

363.8

361.0

365.9

363.4

361.3

359.2

367.8

366.2

364.5

362.4

Year-to-date

2022

2023

% change

843

713

-15%

2,711

3,792

40%

3,205

3,183

-1%

(1,677)

(2,172)

-30%

5,082

5,516

9%

1,168

1,230

5%

3,914

4,286

10%

(1,647)

2,488

251%

10.4% 12.2 %

-5.4% 8.6 %

1,822

1,850

2%

1,500

1,000

-33%

3,322

2,850

-14%

(4.49)

6.74

250%

10.31

11.62

13%

4.80

5.00

4%

372.3

363.5

-2%

374.7

364.6

-3%
  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 September 30, 2023 and December 31, 2022, and for the year ended December 31, 2022 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 and December 31, 2022, and for the year ended December 31, 2022 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 embedded derivatives as described on page 3.

Page 1

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

FINANCIAL HIGHLIGHTS

(in millions, except per share data)

Earnings per share of Common Stock (diluted):

After-tax adjusted operating income

Reconciling items:

Realized investment gains (losses), net, and related charges and adjustments

Change in value of market risk benefits, net of related hedging gains (losses)

Market experience updates

Divested and Run-off Businesses:

Closed Block division

Other Divested and Run-off Businesses

Difference in earnings allocated to participating unvested share-based payment awards

Other adjustments (1)

Total reconciling items, before income taxes

Income taxes, not applicable to adjusted operating income

Total reconciling items, after income taxes

Net income (loss) attributable to Prudential Financial, Inc.

Weighted average number of outstanding common shares - basic

Weighted average number of outstanding common shares - diluted

For earnings per share of Common Stock calculation:

Net income (loss) attributable to Prudential Financial, Inc.

Less: Earnings allocated to participating unvested share-based payment awards

Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation

After-tax adjusted operating income

Less: Earnings allocated to participating unvested share-based payment awards

After-tax adjusted operating income for earnings per share of Common Stock calculation

___________

2022

4Q

2.49

(2.50)

1.70

0.07

(0.11)

(0.08)

0.02

(2.47)

(3.37)

(0.72)

(2.65)

(0.16)

367.6

369.4

(52)

6

(58)

932

12

920

2023

1Q

2Q

3Q

4Q

2.66

2.94

3.44

2.58

1.00

(2.09)

(6.85)

0.87

0.20

0.04

(0.69)

0.60

0.13

(0.01)

0.39

(0.22)

(0.01)

(0.13)

0.01

(0.14)

0.29

0.17

(0.13)

0.62

(0.01)

0.02

0.02

(0.01)

(0.02)

(0.02)

(0.03)

(0.53)

1.58

(2.02)

(7.28)

1.19

0.31

(0.46)

(1.61)

0.16

1.27

(1.56)

(5.67)

1.03

3.93

1.38

(2.23)

3.61

366.5

364.8

362.6

360.3

367.7

366.1

363.8

361.0

1,462

511

(802)

1,317

18

6

5

14

1,444

505

(807)

1,303

990

1,087

1,266

943

13

12

14

10

977

1,075

1,252

933

Year-to-date

2022 2023

10.31 11.62

(16.88) (7.06)

(1.18) 0.15

1.71 0.30

(0.05) (0.27)

0.39 0.96

0.07 0.05

(2.51) (0.60)

(18.45) (6.47)

(3.65) (1.59)

(14.80) (4.88)

(4.49) 6.74

372.3 363.5

374.7 364.6

(1,647) 2,488

25 29

(1,672) 2,459

3,914 4,286

52 49

3,862 4,237

  1. Represents adjustments not included in the above reconciling items, including goodwill impairments that resulted in charges in the fourth quarters and years ended December 31, 2023 and 2022 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

Page 2

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

OTHER FINANCIAL HIGHLIGHTS (in millions, except per share data)

Capitalization Data (1):

Senior Debt:

Short-term Debt

Long-term Debt

Junior Subordinated Long-term Debt

Prudential Financial, Inc. Equity:

GAAP book value (total PFI equity) at end of period Less: Accumulated other comprehensive income (AOCI) GAAP book value excluding AOCI (2)

Less: Cumulative change in fair value of funds withheld embedded derivatives (3)

Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)

Adjusted book value

Book Value per Share of Common Stock:

GAAP book value per common share - diluted

GAAP book value excluding AOCI per share - diluted (2)

Adjusted book value per common share - diluted

End of period number of common shares - diluted

Common Stock Price Range (based on closing price):

High

Low

Close

Common Stock market capitalization (1)

__________

2022

4Q

775

10,814

9,094

30,593

(3,806)

34,399

-

(723)

35,122

82.48

92.74

94.69

370.9

110.21

89.19

99.46

36,402

2023

1Q

2Q

3Q

4Q

705

763

615

618

10,860

10,787

10,787

10,788

9,591

8,089

8,090

8,094

31,385

28,434

25,814

27,820

(3,825)

(6,649)

(7,831)

(6,504)

35,210

35,083

33,645

34,324

-

-

-

(181)

(575)

(578)

(687)

(518)

35,785

35,661

34,332

35,023

85.33

77.65

70.82

76.77

95.73

95.80

92.30

94.71

97.29

97.38

94.19

96.64

367.8

366.2

364.5

362.4

104.94

88.22

99.14

105.21

77.23

78.04

88.66

88.61

82.74

88.22

94.89

103.71

30,275

32,059

34,284

37,253
  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 a reinsurance agreement with Prismic Life Reinsurance, Ltd.
  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.

Page 3

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

OPERATIONS HIGHLIGHTS

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

PGIM:

Institutional customers

Retail customers

General account

Total PGIM

U.S. Businesses (3)

International Businesses

Corporate and Other (3)

Total assets under management

Assets under administration

Total assets under management and administration

Distribution Representatives (1):

Prudential Advisors

International Life Planners

Gibraltar Life Consultants

__________

  1. As of end of period.
  2. At fair market value.
  3. Prior period amounts have been reclassified to conform to current period presentation.

2022

2023

4Q

1Q

2Q

3Q

4Q

549.2

561.2

556.7

547.6

582.6

299.6

314.4

324.1

312.5

330.3

379.6

394.2

385.0

358.5

385.2

1,228.4

1,269.8

1,265.8

1,218.6

1,298.1

124.1

123.0

123.6

116.5

123.9

16.1

15.3

15.7

16.4

17.9

8.7

8.9

9.5

9.8

9.7

1,377.3

1,417.0

1,414.6

1,361.3

1,449.6

157.4

158.6

166.6

164.7

181.5

1,534.7

1,575.6

1,581.2

1,526.0

1,631.1

2,616

2,627

2,638

2,681

2,660

5,924

5,978

5,806

5,917

5,856

6,821

6,689

6,648

6,736

6,808

Page 4

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

COMBINED STATEMENTS OF OPERATIONS

(in millions)

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

General and administrative expenses

Total benefits and expenses

Adjusted operating income before income taxes

Income taxes, applicable to adjusted operating income

After-tax adjusted operating income

Reconciling items:

Realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses) Market experience updates

Divested and Run-off Businesses: Closed Block division

Other Divested and Run-off Businesses

Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests Other adjustments (2)

Total reconciling items, before income taxes

Income taxes, not applicable to adjusted operating income Total reconciling items, after income taxes

Income (loss) before income taxes and equity in earnings of operating joint ventures Income tax expense (benefit)

Income (loss) before equity in earnings of operating joint ventures

Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests

Income (loss) attributable to Prudential Financial, Inc.

Earnings attributable to noncontrolling interests

Net income (loss)

Less: Income (loss) attributable to noncontrolling interests

Net income (loss) attributable to Prudential Financial, Inc.

__________

2022

4Q

5,904

1,100

3,483

1,719

12,206

6,614

50

735

417

(539)

328

3,372

10,977

1,229

297

932

(924)

629

25

(40)

(29)

(18)

(912)

(1,269)

(302)

(967)

(40)

(5)

(35)

(17)

(52)

8

(44)

8

(52)

2023

1Q

2Q

3Q

4Q

8,833

6,368

3,659

6,364

1,073

1,032

1,060

1,059

3,671

3,814

3,893

3,919

1,527

1,430

1,514

1,678

15,104

12,644

10,126

13,020

9,588

6,931

4,348

7,130

22

159

49

20

756

780

804

836

441

461

422

442

(569)

(546)

(576)

(637)

355

355

351

356

3,245

3,112

3,122

3,621

13,838

11,252

8,520

11,768

1,266

1,392

1,606

1,252

276

305

340

309

990

1,087

1,266

943

369

(765)

(2,491)

314

75

16

(251)

216

48

(3)

143

(78)

(4)

(48)

2

(50)

107

64

(46)

224

(5)

(26)

(11)

(26)

(9)

(9)

(10)

(190)

581

(771)

(2,664)

410

106

(182)

(591)

50

475

(589)

(2,073)

360

1,847

621

(1,058)

1,662

382

123

(251)

359

1,465

498

(807)

1,303

(3)

13

5

14

1,462

511

(802)

1,317

15

(15)

11

9

1,477

496

(791)

1,326

15

(15)

11

9

1,462

511

(802)

1,317

Year-to-date

2022

2023

% change

34,370

25,224

-27%

4,275

4,224

-1%

13,184

15,297

16%

7,716

6,149

-20%

59,545

50,894

-15%

37,637

27,997

-26%

951

250

-74%

2,662

3,176

19%

1,589

1,766

11%

(2,155)

(2,328)

-8%

1,381

1,417

3%

12,398

13,100

6%

54,463

45,378

-17%

5,082

5,516

9%

1,168

1,230

5%

3,914

4,286

10%

(6,326)

(2,573)

59%

(443)

56

113%

642

110

-83%

(18)

(100)

-456%

146

349

139%

(36)

(68)

-89%

(939)

(218)

77%

(6,974)

(2,444)

65%

(1,447)

(617)

57%

(5,527)

(1,827)

67%

(1,892)

3,072

262%

(279)

613

320%

(1,613)

2,459

252%

(34)

29

185%

(1,647)

2,488

251%

(28)

20

171%

(1,675)

2,508

250%

(28)

20

171%

(1,647)

2,488

251%
  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 operating joint ventures 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 acquisitions, including the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 35, 36, 37 and 38 for reconciliation.
  2. Represents adjustments not included in the above reconciling items, including goodwill impairments related to Assurance IQ that resulted in charges of $177 million pre-tax and $140 million after-tax in the fourth quarter and year ended December 31, 2023, and $903 million pre-tax and $713 million after-tax in the fourth quarter and year ended December 31, 2022. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.

Page 5

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

CONSOLIDATED BALANCE SHEETS

(in millions)

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 (1)

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 (1)

Securities sold under agreements to repurchase

Cash collateral for loaned securities

Income tax liabilities

Short-term debt

Long-term debt

Other liabilities (1)

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 loss Other equity (2)

Total Prudential Financial, Inc. equity Noncontrolling interests

Total equity

Total liabilities, mezzanine equity and equity

____________

  1. Prior period amounts have been reclassified to conform to current period presentation.
  2. Includes $181 million of cumulative change in fair value of funds withheld embedded derivatives as described on page 3, as of December 31, 2023.

12/31/2022

03/31/2023

06/30/2023

09/30/2023

12/31/2023

307,719

320,512

312,230

295,318

316,321

1,296

1,277

1,171

-

-

5,951

6,269

6,349

7,129

9,790

2,844

2,958

3,019

2,943

3,168

7,150

7,573

8,359

7,039

8,242

56,745

56,778

57,689

57,908

59,305

10,046

10,041

9,983

9,959

10,047

21,099

21,491

21,473

21,868

22,855

4,591

5,177

5,059

5,072

5,005

417,441

432,076

425,332

407,236

434,733

17,251

17,425

14,652

16,892

19,419

3,012

3,095

3,142

3,191

3,287

20,546

20,741

20,320

20,394

20,856

621

601

542

514

530

800

976

1,951

2,200

1,981

18,993

19,448

17,322

25,941

27,311

-

-

803

1,108

939

12,686

12,613

12,369

13,136

13,179

197,679

202,294

200,871

190,642

198,888

689,029

709,269

697,304

681,254

721,123

261,773

273,586

268,649

253,551

273,281

135,624

138,139

138,743

140,788

147,018

5,864

6,096

5,462

4,660

5,467

5,733

6,243

6,632

14,199

15,729

6,589

6,617

6,097

5,547

6,056

6,100

5,975

5,207

6,067

6,477

277

517

-

-

-

775

705

763

615

618

19,908

20,451

18,876

18,877

18,882

16,414

15,402

15,739

18,155

17,546

374

415

402

791

1,374

197,679

202,294

200,871

190,642

198,888

657,110

676,440

667,441

653,892

691,336

371

382

408

414

524

371

382

408

414

524

(3,806)

(3,825)

(6,649)

(7,831)

(6,504)

34,399

35,210

35,083

33,645

34,324

30,593

31,385

28,434

25,814

27,820

955

1,062

1,021

1,133

1,443

31,548

32,447

29,455

26,947

29,263

689,029

709,269

697,304

681,253

721,123

Page 6

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

COMBINING BALANCE SHEETS

(in millions)

As of December 31, 2023

Consolidated PFI

Closed Block

Assets:

Division

Total investments

434,733

49,336

Deferred policy acquisition costs

20,856

168

Other assets

66,646

1,584

Separate account assets

198,888

-

Total assets

721,123

51,088

Liabilities:

Future policy benefits

273,281

43,587

Policyholders' account balances

147,018

4,500

Debt

19,500

-

Other liabilities (1)

52,649

4,539

Separate account liabilities

198,888

-

Total liabilities

691,336

52,626

Mezzanine Equity:

Redeemable noncontrolling interests (1)

524

-

Total mezzanine equity

524

-

Equity:

Accumulated other comprehensive loss

(6,504)

(144)

Other equity (2)

34,324

(1,405)

Total Prudential Financial, Inc. equity

27,820

(1,549)

Noncontrolling interests

1,443

11

Total equity

29,263

(1,538)

Total liabilities, mezzanine equity and equity

721,123

51,088

PFI Excluding Closed Block

Division

385,397

20,688

65,062

198,888

670,035

229,694

142,518

19,500

48,110

198,888

638,710

524

524

(6,360)

35,729

29,369

1,432

30,801

670,035

PGIM

U.S. Businesses

International

Corporate and Other

Businesses

4,906

184,264

169,531

26,696

-

11,757

9,351

(420)

4,511

41,498

12,342

6,711

32,647

169,386

-

(3,145)

42,064

406,905

191,224

29,842

-

107,007

113,501

9,186

-

85,983

51,941

4,594

1,577

7,360

72

10,491

3,095

21,668

8,267

15,080

32,647

169,386

-

(3,145)

37,319

391,404

173,781

36,206

524

-

-

-

524

-

-

-

(86)

(1,862)

(1,922)

(2,490)

2,768

17,281

19,335

(3,655)

2,682

15,419

17,413

(6,145)

1,539

82

30

(219)

4,221

15,501

17,443

(6,364)

42,064

406,905

191,224

29,842

As of December 31, 2022

Consolidated PFI

Closed Block

Assets:

Division

Total investments

417,441

48,858

Deferred policy acquisition costs

20,546

181

Other assets

53,363

1,895

Separate account assets

197,679

-

Total assets

689,029

50,934

Liabilities:

Future policy benefits

261,773

44,414

Policyholders' account balances

135,624

4,606

Debt

20,683

-

Other liabilities (1)

41,351

3,479

Separate account liabilities

197,679

-

Total liabilities

657,110

52,499

Mezzanine Equity:

Redeemable noncontrolling interest (1)

371

-

Total mezzanine equity

371

-

Equity:

Accumulated other comprehensive income (loss)

(3,806)

(214)

Other equity

34,399

(1,363)

Total Prudential Financial, Inc. equity

30,593

(1,577)

Noncontrolling interests

955

12

Total equity

31,548

(1,565)

Total liabilities, mezzanine equity and equity

689,029

50,934

____________

PFI Excluding Closed Block

Division

368,583

20,365

51,468

197,679

638,095

217,359

131,018

20,683

37,872

197,679

604,611

371

371

(3,592)

35,762

32,170

943

33,113

638,095

PGIM

U.S. Businesses

International

Corporate and Other

Businesses

3,811

179,299

165,831

19,642

-

11,809

8,941

(385)

4,498

27,009

12,019

7,942

40,055

161,267

-

(3,643)

48,364

379,384

186,791

23,556

-

99,948

109,018

8,393

-

75,928

46,903

8,187

1,726

7,850

84

11,023

2,442

20,238

11,497

3,695

40,055

161,267

-

(3,643)

44,223

365,231

167,502

27,655

371

-

-

-

371

-

-

-

(145)

(3,034)

1,590

(2,003)

2,613

17,103

17,668

(1,622)

2,468

14,069

19,258

(3,625)

1,302

84

31

(474)

3,770

14,153

19,289

(4,099)

48,364

379,384

186,791

23,556
  1. Prior period amounts have been reclassified to conform to current period presentation for PGIM.
  2. Corporate and Other includes $181 million of cumulative change in fair value of funds withheld embedded derivatives as described on page 3.

Page 7

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2023

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

As of December 31, 2023

As of December 31, 2022

Senior Debt

Senior Debt

Junior

Junior

Short-term Debt

Long-term Debt

Subordinated

Total Debt

Short-term Debt

Long-term Debt

Subordinated

Total Debt

Long-term Debt

Long-term Debt

Borrowings by use of proceeds:

Capital Debt

-

4,869

8,094

12,963

100

4,877

9,094

14,071

Operating Debt

535

5,589

-

6,124

511

5,583

-

6,094

Limited recourse and non-recourse borrowing

83

330

-

413

164

354

-

518

Total Debt

618

10,788

8,094

19,500

775

10,814

9,094

20,683

As of December 31, 2023

As of December 31, 2022

The Prudential

The Prudential

Prudential

Insurance

Prudential

Insurance

Company of

Other Affiliates

Total Debt

Company of

Other Affiliates

Total Debt

Financial, Inc.

America (1)(2)

Financial, Inc.

America (1)(2)

Borrowings by sources:

Capital Debt

12,573

346

44

12,963

13,579

445

47

14,071

Operating Debt

5,614

510

-

6,124

5,608

486

-

6,094

Limited recourse and non-recourse borrowing

-

130

283

413

-

179

339

518

Total Debt

18,187

986

327

19,500

19,187

1,110

386

20,683

__________

  1. Includes Prudential Funding, LLC.
  2. Capital Debt at The Prudential Insurance Company of America includes $346 million of surplus notes as of December 31, 2023 and $345 million as of December 31, 2022.

Page 8

Disclaimer

Prudential Financial Inc. published this content on 06 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2024 21:27:45 UTC.

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