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Second Quarter 2024 Quarterly Financial Supplement

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.

i

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-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

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

ii

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%
  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 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.
  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

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

  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

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

Close

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
  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

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

__________

  1. As of end of period.
  2. 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%
  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 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.
  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

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

____________
  1. 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.

Page 7

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

__________

  1. Includes Prudential Funding, LLC.
  2. 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.

Page 8

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.

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