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August 1, 2024 Newswires No comments

Second Quarter 2024 Quarterly Financial Supplement

U.S. Markets via PUBT

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Second 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.

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second 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-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
ADJUSTED OPERATING INCOME IMPACT FROM ANNUAL ASSUMPTION UPDATES AND OTHER REFINEMENTS	35
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES	36
KEY DEFINITIONS AND FORMULAS	40
RATINGS AND INVESTOR INFORMATION	43

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second 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 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

__________

	2023			2024
2Q	3Q		4Q		1Q	2Q

179	211	172	169				206
956	1,088	988	839				1,070
784	811	748	896				702
(472)	(438)	(653)	(435)				(371)
1,447		1,672		1,255		1,469		1,607
305	340	309	328				373
1,142		1,332		946		1,141		1,234

511	(802)	1,317	1,138				1,198
12.8%	15.2%	10.9%	13.0%				13.9%
6.8%	-11.8%	19.6%	16.5%				17.4%
463	461	458	476				475
250	250	250	250				250
713		711		708		726		725
1.38	(2.23)	3.61	3.12				3.28
3.09	3.62	2.59	3.12				3.39
1.25	1.25	1.25	1.30				1.30
77.65	70.82	76.77	75.00				77.51
97.38	94.19	96.64	97.03				98.42
364.8	362.6	360.3	359.0				358.8
366.1	363.8	361.0	360.5				360.5
363.4	361.3	359.2	359.1				357.7
366.2	364.5	362.4	362.8				361.4

Year-to-date

2023		2024		% change
330	375	14%
1,716	1,909	11%
1,624	1,598	-2%
(943)	(806)	15%
2,727		3,076	13%
581	701	21%
2,146		2,375	11%

1,973	2,336	18%

12.1% 13.5 %

13.1% 16.9 %

931 951 2%

500 500 -%

1,431 1,451 1%

5.31 6.40 21%

5.78 6.51 13%

2.50 2.60 4%

365.7	358.9	-2%
366.9	360.5	-2%

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 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 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 and modified coinsurance embedded derivatives as described on page 3.

Page 1

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2024

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

___________

		2023			2024
2Q		3Q		4Q		1Q	2Q

3.09			3.62		2.59		3.12		3.39
(2.07)		(6.85)	0.87	(0.27)				0.36
0.04		(0.69)	0.60	0.34				(0.82)
(0.01)		0.39	(0.22)	(0.09)				0.13
(0.13)		0.01	(0.14)	(0.01)				(0.17)
-	(0.31)	0.12	(0.10)				0.11
0.02		0.03	(0.01)		-			-
(0.02)			(0.02)		(0.03)		(0.02)		(0.01)
(2.17)		(7.44)	1.19	(0.15)				(0.40)
(0.46)			(1.59)		0.17		(0.15)		(0.29)
(1.71)			(5.85)		1.02		-		(0.11)
1.38			(2.23)		3.61		3.12		3.28

364.8		362.6	360.3	359.0				358.8
366.1		363.8	361.0	360.5				360.5
511		(802)	1,317	1,138				1,198
6			5		14		15		14
505			(807)		1,303		1,123		1,184

1,142		1,332	946	1,141				1,234
12			15		11		16		13
1,130		1,317	935	1,125				1,221

Year-to-date

2023 2024

5.78 6.51

(1.06) 0.09

0.25 (0.48)

0.12 0.04

(0.14) (0.17)

0.25 0.01

- -

(0.04) (0.04)

(0.62) (0.55)

(0.15) (0.44)

(0.47) (0.11)

5.31 6.40

365.7 358.9

366.9 360.5

1,973 2,336

24 29

1,949 2,307

2,146 2,375

25 29

2,121 2,346

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

Second 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

Common Stock market capitalization (1)

__________

	2023			2024
2Q	3Q		4Q		1Q	2Q

763	615	618	585				588
10,787	10,787	10,788	10,786				10,771
8,089	8,090	8,094	8,582				8,582
28,434	25,814	27,820	27,209				28,013
(6,649)		(7,831)		(6,504)		(7,661)		(7,444)
35,083	33,645	34,324	34,870				35,457
-	-	(181)	14				178
(578)		(687)		(518)		(345)		(291)
35,661		34,332		35,023		35,201		35,570

77.65	70.82	76.77	75.00				77.51
95.80	92.30	94.71	96.11				98.11
97.38	94.19	96.64	97.03				98.42
366.2	364.5	362.4	362.8				361.4
88.22	99.14	105.21	117.40				121.31
78.04	88.66	88.61	101.84				107.35
88.22	94.89	103.71	117.40				117.19
32,059	34,284	37,253	42,158				41,919

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 customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
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

Second 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

__________

As of end of period.
At fair market value.

	2023					2024
2Q		3Q		4Q		1Q			2Q

556.7		547.6	582.6	616.6	604.4
324.1		312.5	330.3	345.4	349.9
	385.0			358.5	385.2	379.4	373.8
1,265.8		1,218.6	1,298.1	1,341.4	1,328.1
123.6		116.5	123.9	126.3	124.6
15.7		16.4	17.9	18.2	17.9
	9.5			9.8	9.7	10.4	11.4
1,414.6		1,361.3	1,449.6	1,496.3	1,482.0
	166.6			164.7	181.5	182.6	183.9
	1,581.2			1,526.0	1,631.1	1,678.9	1,665.9

2,638		2,681	2,660	2,752	2,821
5,806		5,917	5,856	5,855	5,836
6,648		6,736	6,808	6,792	6,724

Page 4

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second 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 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 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

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.

__________

	2023			2024
2Q	3Q		4Q		1Q	2Q

6,368	3,659	6,364	15,006				7,277
1,032	1,060	1,059	1,056				1,061
3,813	3,892	3,918	4,120				4,218
1,370	1,433	1,525	1,517				1,285
12,583		10,044		12,866		21,699		13,841
6,931	4,348	7,130	15,774				8,137
159	49	20	15				(29)
780	804	836	861				897
457	419	439	529				480
(546)	(576)	(637)	(647)				(614)
355	351	356	362				363
3,000	2,977	3,467	3,336				3,000
11,136		8,372		11,611		20,230		12,234
1,447		1,672		1,255		1,469		1,607
305	340	309	328				373
1,142		1,332		946		1,141		1,234
(757)	(2,491)	314	(97)				128
16	(251)	216	123				(297)
(3)	143	(78)	(32)				47
(48)	2	(50)	(3)				(60)
(1)	(113)	43	(35)				38
(26)	(11)	(26)	(27)				(43)
(7)	(9)	(12)	(8)				(5)
(826)		(2,730)		407		(79)		(192)
(182)		(591)		50		(39)		(109)
(644)		(2,139)		357		(40)		(83)
621	(1,058)	1,662	1,390				1,415
123		(251)		359		289		264
498	(807)	1,303	1,101				1,151
13	5	14	37				47
511		(802)		1,317		1,138		1,198
(15)	11	9	13				(27)
496		(791)		1,326		1,151		1,171
(15)	11	9	13				(27)
511		(802)		1,317		1,138		1,198

Year-to-date

2023		2024		% change
15,201	22,283	47%
2,105	2,117	1%
7,483	8,338	11%
2,776	2,802	1%
27,565		35,540	29%
16,519	23,911	45%
181	(14)	-108%
1,536	1,758	14%
896	1,009	13%
(1,115)	(1,261)	-13%
710	725	2%
6,111	6,336	4%
24,838		32,464	31%
2,727		3,076	13%
581	701	21%
2,146		2,375	11%
(388)	31	108%
91	(174)	-291%
45	15	-67%
(52)	(63)	-21%
91	3	-97%
(31)	(70)	-126%
(15)	(13)	13%
(259)		(271)	-5%
(76)		(148)	-95%
(183)		(123)	33%
2,468	2,805	14%
505		553	10%
1,963	2,252	15%
10	84	740%
1,973		2,336	18%
-	(14)		-%
1,973		2,322	18%
-	(14)		-%
1,973		2,336	18%

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 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 36, 37, 38 and 39 for reconciliation.
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
Second Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
	06/30/2023		09/30/2023	12/31/2023	03/31/2024		06/30/2024
Assets:

Investments:
Fixed maturities, available-for-sale, at fair value	312,230		295,318	316,321	318,510		311,092
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses	1,171			-		-		-		-
Fixed maturities, trading, at fair value	6,349		7,129	9,790	10,288		10,250
Assets supporting experience-rated contractholder liabilities, at fair value	3,019		2,943	3,168	3,359		3,351
Equity securities, at fair value	8,359		7,039	8,242	7,224		7,098
Commercial mortgage and other loans	57,689		57,908	59,305	58,781		60,243
Policy loans	9,983		9,959	10,047	9,907		9,739
Other invested assets	21,473		21,868	22,855	24,227		24,634
Short-term investments	5,059		5,072	5,005	5,953		6,241
Total investments		425,332			407,236		434,733		438,249		432,648
Cash and cash equivalents		14,652			16,892		19,419		18,735		17,111
Accrued investment income	3,142		3,191	3,287	3,361		3,434
Deferred policy acquisition costs	20,320		20,394	20,856	20,613		20,564
Value of business acquired	542		514	530	484		446
Market risk benefit assets	1,951		2,200	1,981	2,225		2,233
Reinsurance recoverables and deposit receivables	17,322		25,941	27,311	27,929		27,746
Income tax assets	803		1,108	939	958		856
Other assets	12,369		13,136	13,179	13,205		13,299
Separate account assets	200,871		190,642	198,888	200,064		196,859
Total assets		697,304			681,254		721,123		725,823		715,196
Liabilities:

Future policy benefits	268,649		253,551	273,281	272,790		262,330
Policyholders' account balances	138,743		140,788	147,018	151,810		154,991
Market risk benefit liabilities	5,462		4,660	5,467	4,624		4,592
Reinsurance and funds withheld payables	6,632		14,199	15,729	15,746		15,604
Securities sold under agreements to repurchase	6,097		5,547	6,056	6,563		6,929
Cash collateral for loaned securities	5,207		6,067	6,477	6,978		7,050
Income tax liabilities		-		-		-		-		-
Short-term debt	763		615	618	585		588
Long-term debt	18,876		18,877	18,882	19,368		19,353
Other liabilities	15,739		18,155	17,546	16,749		15,621
Notes issued by consolidated variable interest entities	402		791	1,374	1,132		1,174
Separate account liabilities	200,871		190,642	198,888	200,064		196,859
Total liabilities		667,441			653,892		691,336		696,409		685,091
Mezzanine Equity:
Redeemable noncontrolling interests	408		414	524	544		545
Total mezzanine equity		408			414		524		544		545
Equity:
Accumulated other comprehensive loss	(6,649)		(7,831)	(6,504)	(7,661)		(7,444)
Other equity (1)	35,083		33,645	34,324	34,870		35,457
Total Prudential Financial, Inc. equity		28,434			25,814		27,820		27,209		28,013
Noncontrolling interests		1,021			1,133		1,443		1,661		1,547
Total equity		29,455			26,947		29,263		28,870		29,560
Total liabilities, mezzanine equity and equity	697,304		681,253	721,123	725,823		715,196
____________

Includes $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 June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

Page 6

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2024

COMBINING BALANCE SHEETS (in millions)

								As of June 30, 2024

	Consolidated PFI		Closed Block		PFI Excluding Closed		PGIM		U.S. Businesses		International		Corporate and Other
Assets:		Division		Block Division				Businesses

Total investments	432,648	48,550		384,098		3,566	194,354	155,609	30,569
Deferred policy acquisition costs	20,564	162		20,402			-	11,820	9,066	(484)
Other assets	65,125	1,112		64,013		4,288	42,668	11,540	5,517
Separate account assets	196,859		-	196,859		30,416	169,780		-	(3,337)
Total assets	715,196		49,824			665,372			38,270		418,622		176,215	32,265
Liabilities:

Future policy benefits	262,330	42,965		219,365			-	112,375	98,437	8,553
Policyholders' account balances	154,991	4,424		150,567			-	94,209	51,979	4,379
Debt	19,941		-	19,941		1,678	7,206	99	10,958
Other liabilities	50,970	4,015		46,955		2,843	22,951	7,435	13,726
Separate account liabilities	196,859		-	196,859		30,416	169,780		-	(3,337)
Total liabilities	685,091		51,404			633,687			34,937		406,521		157,950	34,279
Mezzanine Equity:
Redeemable noncontrolling interests	545		-	545		385		-		-	160
Total mezzanine equity	545		-			545			385		-		-	160
Equity:
Accumulated other comprehensive loss	(7,444)	(155)		(7,289)		(145)	(2,533)	(2,155)	(2,456)
Other equity (1)	35,457	(1,436)		36,893		2,844	14,553	20,390	(894)
Total Prudential Financial, Inc. equity	28,013		(1,591)			29,604			2,699		12,020		18,235	(3,350)
Noncontrolling interests	1,547		11			1,536			249		81		30	1,176
Total equity	29,560		(1,580)			31,140			2,948		12,101		18,265	(2,174)
Total liabilities, mezzanine equity and equity	715,196		49,824			665,372			38,270		418,622		176,215	32,265


						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	66,646	1,584		65,062		4,511	41,498	12,342	6,711
Separate account assets	198,888		-	198,888		32,647	169,386		-	(3,145)
Total assets	721,123		51,088			670,035			42,064		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	524		-	524		524		-		-		-
Total mezzanine equity	524		-			524			524		-		-	-
Equity:
Accumulated other comprehensive 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	1,443		11			1,432			1,539		82		30	(219)
Total equity	29,263		(1,538)			30,801			4,221		15,501		17,443	(6,364)
Total liabilities, mezzanine equity and equity	721,123		51,088			670,035			42,064		406,905		191,224	29,842
____________

(1) Corporate and Other includes $178 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 June 30, 2024 and December 31, 2023, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Second Quarter 2024

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

			As of June 30, 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	-	4,865	8,582	13,447		-	4,869	8,094	12,963
Operating Debt	503	5,592		-	6,095	535	5,589		-	6,124
Limited recourse and non-recourse borrowing	85		314		-		399		83		330	-	413
Total Debt	588	10,771	8,582	19,941	618	10,788	8,094	19,500

			As of June 30, 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	13,061	347	39	13,447	12,573	346	44	12,963
Operating Debt	5,617	478		-	6,095	5,614	510		-	6,124
Limited recourse and non-recourse borrowing	-		85		314		399		-		130	283	413
Total Debt	18,678	910	353	19,941	18,187	986	327	19,500

__________

Includes Prudential Funding, LLC.
Capital Debt at The Prudential Insurance Company of America includes $347 million of surplus notes as of June 30, 2024 and $346 million as of December 31, 2023.

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Attachments

Disclaimer

Prudential Financial Inc. published this content on 01 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2024 20:43:23 UTC.