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Fourth Quarter 2024 Quarterly Financial Supplement

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Fourth Quarter 2024

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 2024

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 2024

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 (loss) before income taxes

Income taxes, applicable to adjusted operating income

After-tax adjusted operating income (loss)

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

__________

2023

4Q

172

964

748

(653)

1,231

305

926

1,317

10.7%

19.6%

458

250

708

3.61

2.54

1.25

76.77

96.64

360.3

361.0

359.2

362.4

2024

1Q

2Q

3Q

4Q

169

206

241

259

805

1,023

1,040

860

896

702

766

742

(435)

(371)

(487)

(490)

1,435

1,560

1,560

1,371

320

363

352

303

1,115

1,197

1,208

1,068

1,138

1,198

448

(57)

12.7%

13.5%

13.6%

12.2%

16.5%

17.4%

6.1%

-0.8%

476

475

471

470

250

250

250

250

726

725

721

720

3.12

3.28

1.24

(0.17)

3.05

3.28

3.33

2.96

1.30

1.30

1.30

1.30

75.00

77.51

84.47

77.62

97.03

98.42

98.71

95.82

359.0

358.8

356.9

355.4

360.5

360.5

358.7

357.3

359.1

357.7

355.9

354.6

362.8

361.4

360.1

359.1

Year-to-date

2023

2024

% change

713

875

23%

3,737

3,728

-%

3,183

3,106

-2%

(2,034)

(1,783)

12%

5,599

5,926

6%

1,219

1,338

10%

4,380

4,588

5%

2,488

2,727

10%

12.4% 13.1 %

8.6% 9.6 %

1,850

1,892

2%

1,000

1,000

-%

2,850

2,892

1%

6.74

7.50

11%

11.88

12.62

6%

5.00

5.20

4%

363.5

357.5

-2%

364.6

359.3

-1%
  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.

Page 1

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

FINANCIAL HIGHLIGHTS

(in millions, except per share data)

Earnings per share of Common Stock (diluted):

After-tax adjusted operating income (loss)

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 (loss)

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

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

___________

2023

4Q

2.54

0.94

0.60

(0.22)

(0.14)

0.12

(0.01)

(0.03)

1.26

0.19

1.07

3.61

360.3

361.0

1,317

14

1,303

926

10

916

2024

1Q

2Q

3Q

4Q

3.05

3.28

3.33

2.96

(0.17)

0.49

(2.05)

(4.27)

0.34

(0.82)

(0.41)

(0.22)

(0.09)

0.13

(0.35)

0.17

(0.01)

(0.17)

0.01

(0.15)

(0.10)

0.11

0.13

(0.06)

-

-

0.02

0.02

(0.02)

(0.01)

(0.01)

(0.01)

(0.05)

(0.27)

(2.66)

(4.52)

(0.12)

(0.27)

(0.57)

(1.39)

0.07

-

(2.09)

(3.13)

3.12

3.28

1.24

(0.17)

359.0

358.8

356.9

355.4

360.5

360.5

358.7

357.3

1,138

1,198

448

(57)

15

14

5

5

1,123

1,184

443

(62)

1,115

1,197

1,208

1,068

15

13

13

12

1,100

1,184

1,195

1,056

Year-to-date

2023 2024

11.88 12.62

(6.88) (5.98)

0.15 (1.10)

0.30 (0.14)

(0.27) (0.31)

0.06 0.08

0.06 0.06

(0.10) (0.05)

(6.68) (7.44)

(1.54) (2.32)

(5.14) (5.12)

6.74 7.50

363.5 357.5

364.6 359.3

2,488 2,727

29 32

2,459 2,695

4,380 4,588

50 53

4,330 4,535

  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.

Page 2

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

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)

__________

2023

4Q

618

10,788

8,094

27,820

(6,504)

34,324

(181)

(518)

35,023

76.77

94.71

96.64

362.4

105.21

88.61

103.71

37,253

2024

1Q

2Q

3Q

4Q

585

588

950

953

10,786

10,771

10,487

10,600

8,582

8,582

8,589

8,587

27,209

28,013

30,416

27,872

(7,661)

(7,444)

(4,844)

(6,711)

34,870

35,457

35,260

34,583

14

178

(238)

141

(345)

(291)

(49)

34

35,201

35,570

35,547

34,408

75.00

77.51

84.47

77.62

96.11

98.11

97.92

96.30

97.03

98.42

98.71

95.82

362.8

361.4

360.1

359.1

117.40

121.31

127.32

129.52

101.84

107.35

105.53

114.59

117.40

117.19

121.10

118.53

42,158

41,919

43,099

42,031
  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.

Page 3

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

OPERATIONS HIGHLIGHTS

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

PGIM:

Institutional customers Retail customers General account

Total PGIM U.S. Businesses International Businesses Corporate and Other

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.

2023

2024

4Q

1Q

2Q

3Q

4Q

582.6

616.6

604.4

630.4

620.2

330.3

345.4

349.9

361.9

370.9

385.2

379.4

373.8

407.6

384.1

1,298.1

1,341.4

1,328.1

1,399.9

1,375.2

123.9

126.3

124.6

128.6

112.6

17.9

18.2

17.9

18.1

18.4

9.7

10.4

11.4

11.3

6.2

1,449.6

1,496.3

1,482.0

1,557.9

1,512.4

181.5

182.6

183.9

189.8

173.5

1,631.1

1,678.9

1,665.9

1,747.7

1,685.9

2,660

2,752

2,821

2,877

2,794

5,856

5,855

5,836

5,900

6,035

6,808

6,792

6,724

6,861

6,844

Page 4

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

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 (loss) 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 joint ventures and other operating entities, and earnings attributable to noncontrolling interests and redeemable 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 joint ventures and other operating entities Income tax expense (benefit)

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

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

Income (loss) attributable to Prudential Financial, Inc.

Earnings attributable to noncontrolling interests and redeemable noncontrolling interests

Net income (loss)

Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

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

__________

2023

4Q

6,364

1,059

3,918

1,532

12,873

7,130

20

867

439

(637)

356

3,467

11,642

1,231

305

926

338

216

(78)

(50)

43

(26)

(12)

431

54

377

1,662

359

1,303

14

1,317

9

1,326

9

1,317

2024

1Q

2Q

3Q

4Q

15,006

7,277

12,527

5,935

1,056

1,061

1,098

1,062

4,120

4,218

4,436

4,601

1,524

1,293

1,428

1,411

21,706

13,849

19,489

13,009

15,774

8,137

13,321

6,843

15

(29)

66

56

902

952

1,038

1,057

529

480

485

525

(647)

(614)

(636)

(704)

362

363

356

364

3,336

3,000

3,299

3,497

20,271

12,289

17,929

11,638

1,435

1,560

1,560

1,371

320

363

352

303

1,115

1,197

1,208

1,068

(63)

175

(737)

(1,525)

123

(297)

(146)

(77)

(32)

47

(127)

60

(3)

(60)

2

(52)

(35)

38

47

(20)

(27)

(43)

(43)

97

(8)

(5)

(3)

(3)

(45)

(145)

(1,007)

(1,520)

(31)

(99)

(212)

(489)

(14)

(46)

(795)

(1,031)

1,390

1,415

553

(149)

289

264

140

(186)

1,101

1,151

413

37

37

47

35

(94)

1,138

1,198

448

(57)

13

(27)

3

130

1,151

1,171

451

73

13

(27)

3

130

1,138

1,198

448

(57)

Year-to-date

2023

2024

% change

25,224

40,745

62%

4,224

4,277

1%

15,293

17,375

14%

5,749

5,656

-2%

50,490

68,053

35%

27,997

44,075

57%

250

108

-57%

3,246

3,949

22%

1,754

2,019

15%

(2,328)

(2,601)

-12%

1,417

1,445

2%

12,555

13,132

5%

44,891

62,127

38%

5,599

5,926

6%

1,219

1,338

10%

4,380

4,588

5%

(2,510)

(2,150)

14%

56

(397)

-809%

110

(52)

-147%

(100)

(113)

-13%

21

30

43%

(68)

(16)

76%

(36)

(19)

47%

(2,527)

(2,717)

-8%

(606)

(831)

-37%

(1,921)

(1,886)

2%

3,072

3,209

4%

613

507

-17%

2,459

2,702

10%

29

25

-14%

2,488

2,727

10%

20

119

495%

2,508

2,846

13%

20

119

495%

2,488

2,727

10%
  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 35-38 for reconciliation.
  2. 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.

Page 5

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

CONSOLIDATED BALANCE SHEETS

(in millions)

12/31/2023

03/31/2024

06/30/2024

09/30/2024

12/31/2024

Assets:

Investments:

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

316,321

318,510

311,092

340,730

311,570

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

-

-

-

-

-

Fixed maturities, trading, at fair value

9,790

10,288

10,250

12,065

12,530

Assets supporting experience-rated contractholder liabilities, at fair value

3,168

3,359

3,351

3,654

3,707

Equity securities, at fair value

8,242

7,224

7,098

6,771

9,417

Commercial mortgage and other loans

59,305

58,781

60,243

62,573

62,341

Policy loans

10,047

9,907

9,739

9,947

9,795

Other invested assets

22,855

24,227

24,634

25,367

26,351

Short-term investments

5,005

5,953

6,241

8,010

9,069

Total investments

434,733

438,249

432,648

469,117

444,780

Cash and cash equivalents

19,419

18,735

17,111

20,198

18,497

Accrued investment income

3,287

3,361

3,434

3,566

3,441

Deferred policy acquisition costs

20,856

20,613

20,564

21,182

20,448

Value of business acquired

530

484

446

488

435

Market risk benefit assets

1,981

2,225

2,233

2,134

2,331

Reinsurance recoverables and deposit receivables

27,311

27,929

27,746

29,633

37,680

Income tax assets

939

958

856

479

866

Other assets

13,268

13,295

13,299

12,947

13,737

Separate account assets

198,888

200,064

196,859

200,550

193,372

Total assets

721,212

725,913

715,196

760,294

735,587

Liabilities:

Future policy benefits

273,281

272,790

262,330

285,474

268,912

Policyholders' account balances

147,018

151,810

154,991

164,088

166,254

Market risk benefit liabilities

5,467

4,624

4,592

5,178

4,455

Reinsurance and funds withheld payables

15,729

15,746

15,604

17,443

17,084

Securities sold under agreements to repurchase

6,056

6,563

6,929

7,455

6,796

Cash collateral for loaned securities

6,477

6,978

7,050

8,471

9,621

Income tax liabilities

-

-

-

-

-

Short-term debt

618

585

588

950

953

Long-term debt

18,882

19,368

19,353

19,076

19,187

Other liabilities

17,546

16,749

15,621

17,578

17,397

Notes issued by consolidated variable interest entities

1,374

1,132

1,174

1,456

1,430

Separate account liabilities

198,888

200,064

196,859

200,550

193,372

Total liabilities

691,336

696,409

685,091

727,719

705,461

Mezzanine Equity:

Redeemable noncontrolling interests

1,766

1,786

545

560

1,939

Total mezzanine equity

1,766

1,786

545

560

1,939

Equity:

Accumulated other comprehensive income (loss)

(6,504)

(7,661)

(7,444)

(4,844)

(6,711)

Other equity (1)

34,324

34,870

35,457

35,260

34,583

Total Prudential Financial, Inc. equity

27,820

27,209

28,013

30,416

27,872

Noncontrolling interests

290

508

1,547

1,599

315

Total equity

28,110

27,717

29,560

32,015

28,187

Total liabilities, mezzanine equity and equity

721,212

725,912

715,196

760,294

735,587

____________
  1. Includes $141 million, $(238) million, $178 million, $14 million and $(181) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

Page 6

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

COMBINING BALANCE SHEETS (in millions)

As of December 31, 2024

Consolidated PFI

Closed Block

PFI Excluding Closed

PGIM

U.S. Businesses

International

Corporate and Other

Assets:

Division

Block Division

Businesses

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 interests

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

As of December 31, 2023

Consolidated PFI

Closed Block

PFI Excluding Closed

PGIM

U.S. Businesses

International

Corporate and Other

Assets:

Division

Block Division

Businesses

Total investments

434,733

49,336

385,397

4,906

184,264

169,531

26,696

Deferred policy acquisition costs

20,856

168

20,688

-

11,757

9,351

(420)

Other assets

66,735

1,584

65,151

4,600

41,498

12,342

6,711

Separate account assets

198,888

-

198,888

32,647

169,386

-

(3,145)

Total assets

721,212

51,088

670,124

42,153

406,905

191,224

29,842

Liabilities:

Future policy benefits

273,281

43,587

229,694

-

107,007

113,501

9,186

Policyholders' account balances

147,018

4,500

142,518

-

85,983

51,941

4,594

Debt

19,500

-

19,500

1,577

7,360

72

10,491

Other liabilities

52,649

4,539

48,110

3,095

21,668

8,267

15,080

Separate account liabilities

198,888

-

198,888

32,647

169,386

-

(3,145)

Total liabilities

691,336

52,626

638,710

37,319

391,404

173,781

36,206

Mezzanine Equity:

Redeemable noncontrolling interest

1,766

-

1,766

1,410

-

-

356

Total mezzanine equity

1,766

-

1,766

1,410

-

-

356

Equity:

Accumulated other comprehensive income (loss)

(6,504)

(144)

(6,360)

(86)

(1,862)

(1,922)

(2,490)

Other equity (1)

34,324

(1,405)

35,729

2,768

17,281

19,335

(3,655)

Total Prudential Financial, Inc. equity

27,820

(1,549)

29,369

2,682

15,419

17,413

(6,145)

Noncontrolling interests

290

11

279

742

82

30

(575)

Total equity

28,110

(1,538)

29,648

3,424

15,501

17,443

(6,720)

Total liabilities, mezzanine equity and equity

721,212

51,088

670,124

42,153

406,905

191,224

29,842

____________

(1) Corporate and Other includes $141 million and $(181) million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of December 31, 2024 and December 31, 2023, respectively.

Page 7

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2024

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

As of December 31, 2024

As of December 31, 2023

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

347

5,890

7,588

13,825

-

4,869

8,094

12,963

Operating Debt

521

4,355

999

5,875

535

5,589

-

6,124

Limited recourse and non-recourse borrowing

85

355

-

440

83

330

-

413

Total Debt

953

10,600

8,587

20,140

618

10,788

8,094

19,500

As of December 31, 2024

As of December 31, 2023

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

13,438

347

40

13,825

12,573

346

44

12,963

Operating Debt

5,380

495

-

5,875

5,614

510

-

6,124

Limited recourse and non-recourse borrowing

-

85

355

440

-

130

283

413

Total Debt

18,818

927

395

20,140

18,187

986

327

19,500

__________

  1. Includes Prudential Funding, LLC.
  2. Capital Debt at The Prudential Insurance Company of America includes $347 million of surplus notes as of December 31, 2024 and $346 million as of December 31, 2023.

Page 8

Disclaimer

Prudential Financial Inc. published this content on February 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 04, 2025 at 21:21:48.460.

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