Fourth Quarter 2023 Quarterly Financial Supplement

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.

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-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
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

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

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%

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.
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.
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

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)

(58)

932

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

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

Common Stock market capitalization (1)

__________

2022

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

As of end of period.
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.
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.
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

__________

As of end of period.
At fair market value.
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

5,904

1,100

3,483

1,719

12,206

6,614

735

417

(539)

328

3,372

10,977

1,229

297

932

(924)

629

(40)

(29)

(18)

(912)

(1,269)

(302)

(967)

(40)

(5)

(35)

(17)

(52)

(44)

(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%

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.
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

____________

Prior period amounts have been reclassified to conform to current period presentation.
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

(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

(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

Prior period amounts have been reclassified to conform to current period presentation for PGIM.
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

__________

Includes Prudential Funding, LLC.
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

Attachments

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.