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October 30, 2024 Newswires No comments

Third Quarter 2024 Quarterly Financial Supplement

U.S. Markets via PUBT

Table of Contents

Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Third 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

Third 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
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

Third 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
3Q	4Q	1Q		2Q		3Q

211			172	169	206		241
1,088			988	839	1,070		1,108
811			748	896	702		766
(438)			(653)	(435)	(371)		(487)
1,672			1,255		1,469		1,607	1,628
340			309	328	373		368
1,332			946		1,141		1,234	1,260

(802)			1,317	1,138	1,198		448
15.2%			10.9%	13.0%	13.9%		14.2%
-11.8%			19.6%	16.5%	17.4%		6.1%
461			458	476	475		471
250			250	250	250		250
711			708		726		725	721
(2.23)			3.61	3.12	3.28		1.24
3.62			2.59	3.12	3.39		3.48
1.25			1.25	1.30	1.30		1.30
70.82			76.77	75.00	77.51		84.47
94.19			96.64	97.03	98.42		98.71
362.6			360.3	359.0	358.8		356.9
363.8			361.0	360.5	360.5		358.7
361.3			359.2	359.1	357.7		355.9
364.5			362.4	362.8	361.4		360.1

Year-to-date

2023		2024		% change
541	616	14%
2,804	3,017	8%
2,435	2,364	-3%
(1,381)	(1,293)	6%
4,399		4,704	7%
921	1,069	16%
3,478		3,635	5%

1,171	2,784	138%

13.2% 13.7 %

5.4% 13.1 %

1,392	1,422	2%
750	750	-%
2,142		2,172	1%
3.15	7.64	143%
9.40	9.98	6%
3.75	3.90	4%

364.6	358.3	-2%
365.8	359.9	-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

Third 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
3Q	4Q	1Q		2Q		3Q

3.62			2.59		3.12		3.39		3.48
(6.85)			0.87	(0.27)	0.36		(2.24)
(0.69)			0.60	0.34	(0.82)		(0.41)
0.39			(0.22)	(0.09)	0.13		(0.35)
0.01			(0.14)	(0.01)	(0.17)		0.01
(0.31)			0.12	(0.10)	0.11		0.13
0.03			(0.01)		-		-	0.02
(0.02)			(0.03)		(0.02)		(0.01)		(0.01)
(7.44)			1.19	(0.15)	(0.40)		(2.85)
(1.59)			0.17		(0.15)		(0.29)		(0.61)
(5.85)			1.02		-		(0.11)		(2.24)
(2.23)			3.61		3.12		3.28		1.24

362.6			360.3	359.0	358.8		356.9
363.8			361.0	360.5	360.5		358.7
(802)			1,317	1,138	1,198		448
5			14		15		14		5
(807)			1,303		1,123		1,184		443

1,332			946	1,141	1,234		1,260
15			11		16		13		13
1,317			935	1,125	1,221		1,247

Year-to-date

2023 2024

9.40 9.98

(7.87) (2.15)

(0.44) (0.89)

0.51 (0.31)

(0.14) (0.17)

(0.06) 0.14

0.06 0.03

(0.07) (0.04)

(8.01) (3.39)

(1.76) (1.05)

(6.25) (2.34)

3.15 7.64

364.6 358.3

365.8 359.9

1,171 2,784

17 33

1,154 2,751

3,478 3,635

40 42

3,438 3,593

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

Third 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
3Q	4Q	1Q		2Q		3Q

615			618	585	588		950
10,787			10,788	10,786	10,771		10,487
8,090			8,094	8,582	8,582		8,589
25,814			27,820	27,209	28,013		30,416
(7,831)			(6,504)		(7,661)		(7,444)	(4,844)
33,645			34,324	34,870	35,457		35,260
-		(181)	14	178		(238)
(687)			(518)		(345)		(291)	(49)
34,332			35,023		35,201		35,570	35,547

70.82			76.77	75.00	77.51		84.47
92.30			94.71	96.11	98.11		97.92
94.19			96.64	97.03	98.42		98.71
364.5			362.4	362.8	361.4		360.1
99.14			105.21	117.40	121.31		127.32
88.66			88.61	101.84	107.35		105.53
94.89			103.71	117.40	117.19		121.10
34,284			37,253	42,158	41,919		43,099

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

Third 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
3Q			4Q		1Q		2Q		3Q

547.6		582.6	616.6	604.4	630.4
312.5		330.3	345.4	349.9	361.9
	358.5			385.2	379.4	373.8	407.6
1,218.6		1,298.1	1,341.4	1,328.1	1,399.9
116.5		123.9	126.3	124.6	128.6
16.4		17.9	18.2	17.9	18.1
	9.8			9.7	10.4	11.4	11.3
1,361.3		1,449.6	1,496.3	1,482.0	1,557.9
	164.7			181.5	182.6	183.9	189.8
	1,526.0			1,631.1	1,678.9	1,665.9	1,747.7

2,681		2,660	2,752	2,821	2,877
5,917		5,856	5,855	5,836	5,900
6,736		6,808	6,792	6,724	6,861

Page 4

Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Third 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
3Q	4Q	1Q		2Q		3Q

3,659			6,364	15,006	7,277		12,527
1,060			1,059	1,056	1,061		1,098
3,892			3,918	4,120	4,218		4,436
1,433			1,525	1,517	1,285		1,420
10,044			12,866		21,699		13,841	19,481
4,348			7,130	15,774	8,137		13,321
49			20	15	(29)		66
804			836	861	897		962
419			439	529	480		485
(576)			(637)	(647)	(614)		(636)
351			356	362	363		356
2,977			3,467	3,336	3,000		3,299
8,372			11,611		20,230		12,234	17,853
1,672			1,255		1,469		1,607	1,628
340			309	328	373		368
1,332			946		1,141		1,234	1,260
(2,491)			314	(97)	128		(805)
(251)			216	123	(297)		(146)
143			(78)	(32)	47		(127)
2			(50)	(3)	(60)		2
(113)			43	(35)	38		47
(11)			(26)	(27)	(43)		(43)
(9)			(12)	(8)	(5)		(3)
(2,730)			407		(79)		(192)	(1,075)
(591)			50		(39)		(109)	(228)
(2,139)			357		(40)		(83)	(847)
(1,058)			1,662	1,390	1,415		553
(251)			359		289		264	140
(807)			1,303	1,101	1,151		413
5			14	37	47		35
(802)			1,317		1,138		1,198	448
11			9	13	(27)		3
(791)			1,326		1,151		1,171	451
11			9	13	(27)		3
(802)			1,317		1,138		1,198	448

Year-to-date

2023		2024		% change
18,860	34,810	85%
3,165	3,215	2%
11,375	12,774	12%
4,209	4,222		-%
37,609		55,021	46%
20,867	37,232	78%
230	52	-77%
2,340	2,720	16%
1,315	1,494	14%
(1,691)	(1,897)	-12%
1,061	1,081	2%
9,088	9,635	6%
33,210		50,317	52%
4,399		4,704	7%
921	1,069	16%
3,478		3,635	5%
(2,879)	(774)	73%
(160)	(320)	-100%
188	(112)	-160%
(50)	(61)	-22%
(22)	50	327%
(42)	(113)	-169%
(24)	(16)	33%
(2,989)		(1,346)	55%
(667)		(376)	44%
(2,322)		(970)	58%
1,410	3,358	138%
254		693	173%
1,156	2,665	131%
15	119	693%
1,171		2,784	138%
11	(11)	-200%
1,182		2,773	135%
11	(11)	-200%
1,171		2,784	138%

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 35-38 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
Third Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
	09/30/2023		12/31/2023	03/31/2024	06/30/2024		09/30/2024
Assets:

Investments:
Fixed maturities, available-for-sale, at fair value	295,318		316,321	318,510	311,092		340,730
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses		-		-		-		-		-
Fixed maturities, trading, at fair value	7,129		9,790	10,288	10,250		12,065
Assets supporting experience-rated contractholder liabilities, at fair value	2,943		3,168	3,359	3,351		3,654
Equity securities, at fair value	7,039		8,242	7,224	7,098		6,771
Commercial mortgage and other loans	57,908		59,305	58,781	60,243		62,573
Policy loans	9,959		10,047	9,907	9,739		9,947
Other invested assets	21,868		22,855	24,227	24,634		25,367
Short-term investments	5,072		5,005	5,953	6,241		8,010
Total investments		407,236			434,733		438,249		432,648		469,117
Cash and cash equivalents		16,892			19,419		18,735		17,111		20,198
Accrued investment income	3,191		3,287	3,361	3,434		3,566
Deferred policy acquisition costs	20,394		20,856	20,613	20,564		21,182
Value of business acquired	514		530	484	446		488
Market risk benefit assets	2,200		1,981	2,225	2,233		2,134
Reinsurance recoverables and deposit receivables	25,941		27,311	27,929	27,746		29,633
Income tax assets	1,108		939	958	856		479
Other assets	13,136		13,179	13,205	13,299		12,947
Separate account assets	190,642		198,888	200,064	196,859		200,550
Total assets		681,254			721,123		725,823		715,196		760,294
Liabilities:

Future policy benefits	253,551		273,281	272,790	262,330		285,474
Policyholders' account balances	140,788		147,018	151,810	154,991		164,088
Market risk benefit liabilities	4,660		5,467	4,624	4,592		5,178
Reinsurance and funds withheld payables	14,199		15,729	15,746	15,604		17,443
Securities sold under agreements to repurchase	5,547		6,056	6,563	6,929		7,455
Cash collateral for loaned securities	6,067		6,477	6,978	7,050		8,471
Income tax liabilities		-		-		-		-		-
Short-term debt	615		618	585	588		950
Long-term debt	18,877		18,882	19,368	19,353		19,076
Other liabilities	18,155		17,546	16,749	15,621		17,578
Notes issued by consolidated variable interest entities	791		1,374	1,132	1,174		1,456
Separate account liabilities	190,642		198,888	200,064	196,859		200,550
Total liabilities		653,892			691,336		696,409		685,091		727,719
Mezzanine Equity:
Redeemable noncontrolling interests	414		524	544	545		560
Total mezzanine equity		414			524		544		545		560
Equity:
Accumulated other comprehensive loss	(7,831)		(6,504)	(7,661)	(7,444)		(4,844)
Other equity (1)	33,645		34,324	34,870	35,457		35,260
Total Prudential Financial, Inc. equity		25,814			27,820		27,209		28,013		30,416
Noncontrolling interests		1,133			1,443		1,661		1,547		1,599
Total equity		26,947			29,263		28,870		29,560		32,015
Total liabilities, mezzanine equity and equity	681,253		721,123	725,823	715,196		760,294
____________

Includes $(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 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

Third Quarter 2024

COMBINING BALANCE SHEETS (in millions)

						As of September 30, 2024

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

Total investments	469,117	49,519		419,598		3,833		213,476	171,025	31,264
Deferred policy acquisition costs	21,182	159		21,023			-	12,016	9,558	(551)
Other assets	69,445	1,246		68,199		4,714		46,213	12,713	4,559
Separate account assets	200,550		-	200,550		29,331		174,779		-	(3,560)
Total assets	760,294		50,924			709,370			37,878		446,484		193,296	31,712
Liabilities:

Future policy benefits	285,474	42,683		242,791			-	123,199	110,175	9,417
Policyholders' account balances	164,088	4,391		159,697			-	99,599	55,841	4,257
Debt	20,026		-	20,026		1,565		7,206	106	11,149
Other liabilities	57,581	5,412		52,169		3,565		26,182	8,494	13,928
Separate account liabilities	200,550		-	200,550		29,331		174,779		-	(3,560)
Total liabilities	727,719		52,486			675,233			34,461		430,965		174,616	35,191
Mezzanine Equity:
Redeemable noncontrolling interests	560		-	560		393		-		-	167
Total mezzanine equity	560		-			560			393		-		-	167
Equity:
Accumulated other comprehensive loss	(4,844)	(143)		(4,701)		(77)		(410)	(1,989)	(2,225)
Other equity (1)	35,260	(1,430)		36,690		2,844		15,849	20,639	(2,642)
Total Prudential Financial, Inc. equity	30,416		(1,573)			31,989			2,767		15,439		18,650	(4,867)
Noncontrolling interests	1,599		11			1,588			257		80		30	1,221
Total equity	32,015		(1,562)			33,577			3,024		15,519		18,680	(3,646)
Total liabilities, mezzanine equity and equity	760,294		50,924			709,370			37,878		446,484		193,296	31,712


						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 $(238) 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 September 30, 2024 and December 31, 2023, respectively.

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Table of Contents

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2024

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED

(in millions)

			As of September 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	347	4,571	8,589	13,507		-	4,869	8,094	12,963
Operating Debt	519	5,594		-	6,113	535	5,589		-	6,124
Limited recourse and non-recourse borrowing	84		322		-		406		83		330	-	413
Total Debt	950	10,487	8,589	20,026	618	10,788	8,094	19,500

			As of September 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	13,117	347	43	13,507	12,573	346	44	12,963
Operating Debt	5,619	494		-	6,113	5,614	510		-	6,124
Limited recourse and non-recourse borrowing	-		84		322		406		-		130	283	413
Total Debt	18,736	925	365	20,026	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 September 30, 2024 and $346 million as of December 31, 2023.

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Attachments

Disclaimer

Prudential Financial Inc. published this content on October 30, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 30, 2024 at 20:51:55.250.