Table of Contents

Exhibit 99.2
Prudential Financial, Inc. (PRU)
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Quarterly Financial Supplement
Third Quarter 2022
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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
TABLE OF CONTENTS
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM327 350 188 206 219 1,293 613 -53%
U.S. Businesses1,090 895 943 370 702 2,980 2,015 -32%
International Businesses887 829 801 555 430 2,561 1,786 -30%
Corporate and Other(460)(489)(366)(259)(325)(1,118)(950)15%
Total adjusted operating income before income taxes1,844 1,585 1,566 872 1,026 5,716 3,464 -39%
Income taxes, applicable to adjusted operating income 357 358 348 208 223 1,171 779 -33%
After-tax adjusted operating income1,487 1,227 1,218 664 803 4,545 2,685 -41%
Income (loss) attributable to Prudential Financial, Inc.1,530 1,208 (31)(565)(284)6,516 (880)-114%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)14.5 %11.8 %11.8 %6.6 %8.3 %15.1 %8.9 %
Return on Average Equity (based on net income (loss))9.8 %7.8 %-0.2 %-6.3 %-5.1 %13.9 %-3.1 %
Distributions to Shareholders
Dividends paid451 443 462 457 454 1,378 1,373 —%
Share repurchases875 375 375 375 375 2,125 1,125 -47%
Total capital returned1,326 818 837 832 829 3,503 2,498 -29%
Per Share Data
Net income (loss) (diluted) (2)3.90 3.13 (0.10)(1.53)(0.78)16.32 (2.41)-115%
Adjusted Operating Income (diluted)3.78 3.18 3.17 1.74 2.13 11.38 7.04 -38%
Shareholder dividends1.15 1.15 1.20 1.20 1.20 3.45 3.60 4%
Book value160.29 161.26 115.28 74.72 44.15 
Book value excluding AOCI and FX (3)106.85 108.72 107.16 104.19 102.26 
Shares Outstanding
Weighted average number of common shares (basic)383.8 377.7 376.1 374.4 371.0 390.4 373.8 -4%
Weighted average number of common shares (diluted)386.8 380.9 379.1 377.1 373.1 393.2 376.4 -4%
End of period common shares (basic)378.9 376.3 375.7 372.6 369.1 
End of period common shares (diluted)386.1 383.7 381.5 377.9 373.8 
__________
(1) Operating Return on 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 and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
(2) For the three months ended September 30, 2022, June 30, 2022 and March 31, 2022, and for the nine months ended September 30, 2022 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2022, June 30, 2022 and March 31, 2022, and for the nine months ended September 30, 2022 all potential stock options and compensation programs were considered antidilutive.
(3) AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Earnings per share of Common Stock (diluted):
   After-tax adjusted operating income3.78 3.18 3.17 1.74 2.13 11.38 7.04 
Reconciling items:
       Realized investment gains (losses), net, and related charges and adjustments0.25 0.30 (3.59)(6.23)(3.92)3.84 (13.75)
       Market experience updates(0.51)1.10 (0.02)1.41 0.36 0.84 1.75 
       Divested and Run-off Businesses:
         Closed Block division0.07 0.13 0.06 0.03 (0.06)0.23 0.03 
         Other Divested and Run-off Businesses0.12 0.75 (0.79)1.07 (0.20)1.10 0.07 
       Difference in earnings allocated to participating unvested share-based payment awards— — 0.03 0.01 0.01 (0.07)0.05 
   Other adjustments (1)(0.02)(2.83)(0.04)— (0.03)(0.09)(0.07)
         Total reconciling items, before income taxes(0.09)(0.55)(4.35)(3.71)(3.84)5.85 (11.92)
       Income taxes, not applicable to adjusted operating income(0.21)(0.50)(1.08)(0.44)(0.93)0.91 (2.47)
           Total reconciling items, after income taxes0.12 (0.05)(3.27)(3.27)(2.91)4.94 (9.45)
Net income (loss) attributable to Prudential Financial, Inc.3.90 3.13 (0.10)(1.53)(0.78)16.32 (2.41)
Weighted average number of outstanding common shares (basic)383.8 377.7 376.1 374.4 371.0 390.4 373.8 
Weighted average number of outstanding common shares (diluted)386.8 380.9 379.1 377.1 373.1 393.2 376.4 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.1,530 1,208 (31)(565)(284)6,516 (880)
       Less: Earnings allocated to participating unvested share-based payment awards23 17 98 19 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation1,507 1,191 (38)(571)(290)6,418 (899)
After-tax adjusted operating income1,487 1,227 1,218 664 803 4,545 2,685 
       Less: Earnings allocated to participating unvested share-based payment awards23 17 17 10 69 36 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,464 1,210 1,201 655 793 4,476 2,649 
___________
(1) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.



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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20212022
3Q4Q1Q2Q3Q
Capitalization Data (1):
Senior Debt:
   Short-term Debt909 722 544 558 767 
   Long-term Debt11,070 11,003 11,082 11,008 10,810 
Junior Subordinated Long-term Debt7,617 7,619 8,607 8,604 9,088 
Prudential Financial, Inc. Equity:
    Including accumulated other comprehensive income61,887 61,876 43,978 28,235 16,502 
    Excluding accumulated other comprehensive income (2)40,051 40,552 39,773 38,413 37,376 
       Amount included above for remeasurement of foreign currency (3)(1,205)(1,164)(1,107)(962)(847)
       Excluding accumulated other comprehensive income and adjusted to remove amount
         included for remeasurement of foreign currency (3)41,256 41,716 40,880 39,375 38,223 
Book Value per Share of Common Stock:
    Including accumulated other comprehensive income160.29 161.26 115.28 74.72 44.15 
    Excluding accumulated other comprehensive income (2)103.73 105.69 104.25 101.65 99.99 
       Amount included above for remeasurement of foreign currency (3)(3.12)(3.03)(2.91)(2.54)(2.27)
       Excluding accumulated other comprehensive income and adjusted to remove amount
         included for remeasurement of foreign currency (3)106.85 108.72 107.16 104.19 102.26 
    End of period number of common shares (diluted)386.1 383.7 381.5 377.9 373.8 
Common Stock Price Range (based on closing price):
    High108.01 114.00 121.38 121.06 105.49 
    Low95.71 100.05 102.05 91.33 85.78 
    Close105.20 108.24 118.17 95.68 85.78 
Common Stock market capitalization (1)39,860 40,731 44,396 35,650 31,661 
__________
(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) 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.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
OPERATIONS HIGHLIGHTS
20212022
3Q4Q1Q2Q3Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers625.3 629.4 593.7 560.7 536.3 
Retail customers395.4 401.4 364.7 314.3 298.1 
General account493.2 493.0 456.2 382.4 371.8 
Total PGIM1,513.9 1,523.8 1,414.6 1,257.4 1,206.2 
U.S. Businesses160.0 163.1 151.9 132.2 123.4 
International Businesses12.1 12.8 13.8 13.6 13.8 
Corporate and Other40.6 42.6 39.8 6.4 6.1 
Total assets under management1,726.6 1,742.3 1,620.1 1,409.6 1,349.5 
Assets under administration372.4 382.5 370.7 145.9 139.4 
Total assets under management and administration2,099.0 2,124.8 1,990.8 1,555.5 1,488.9 
Distribution Representatives (1):
Prudential Advisors2,979 2,846 2,835 2,817 2,774 
International Life Planners6,138 6,024 6,056 5,924 5,972 
Gibraltar Life Consultants7,094 7,100 7,022 6,910 6,861 
Prudential Advisor Productivity (in thousands)83 106 76 83 78 
__________
(1) As of end of period.
(2) At fair market value.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums12,651 6,723 7,300 6,634 15,724 25,624 29,658 16%
  Policy charges and fee income1,589 1,512 1,454 1,615 1,279 4,474 4,348 -3%
  Net investment income3,666 3,617 3,413 3,241 3,047 10,543 9,701 -8%
  Asset management fees, commissions and other income1,757 1,892 1,490 2,284 1,561 5,396 5,335 -1%
     Total revenues19,663 13,744 13,657 13,774 21,611 46,037 49,042 7%
Benefits and expenses (1):
  Insurance and annuity benefits13,520 7,626 8,035 8,694 16,513 27,742 33,242 20%
  Interest credited to policyholders' account balances665 667 655 663 634 2,016 1,952 -3%
  Interest expense367 362 364 401 407 1,112 1,172 5%
  Deferral of acquisition costs(646)(599)(581)(522)(531)(1,945)(1,634)16%
  Amortization of acquisition costs525 510 535 605 499 1,570 1,639 4%
  General and administrative expenses3,388 3,593 3,083 3,061 3,063 9,826 9,207 -6%
      Total benefits and expenses17,819 12,159 12,091 12,902 20,585 40,321 45,578 13%
Adjusted operating income before income taxes1,844 1,585 1,566 872 1,026 5,716 3,464 -39%
  Income taxes, applicable to adjusted operating income357 358 348 208 223 1,171 779 -33%
After-tax adjusted operating income1,487 1,227 1,218 664 803 4,545 2,685 -41%
Reconciling items:
   Realized investment gains (losses), net, and related charges and adjustments98 116 (1,360)(2,350)(1,464)1,511 (5,174)-442%
   Market experience updates(199)420 (6)531 133 330 658 99%
   Divested and Run-off Businesses:
      Closed Block division27 48 23 13 (24)92 12 -87%
      Other Divested and Run-off Businesses48 284 (299)402 (76)432 27 -94%
   Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(3)12 (22)21 (22)(53)(23)57%
   Other adjustments (2)(9)(1,077)(17)— (10)(35)(27)23%
      Total reconciling items, before income taxes(38)(197)(1,681)(1,383)(1,463)2,277 (4,527)-299%
  Income taxes, not applicable to adjusted operating income(98)(188)(417)(197)(371)333 (985)-396%
      Total reconciling items, after income taxes60 (9)(1,264)(1,186)(1,092)1,944 (3,542)-282%
Income (loss) before income taxes and equity in earnings of operating joint ventures 1,806 1,388 (115)(511)(437)7,993 (1,063)-113%
Income tax expense (benefit)259 170 (69)11 (148)1,504 (206)-114%
Income (loss) before equity in earnings of operating joint ventures1,547 1,218 (46)(522)(289)6,489 (857)-113%
Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests(17)(10)15 (43)27 (23)-185%
Income (loss) attributable to Prudential Financial, Inc.1,530 1,208 (31)(565)(284)6,516 (880)-114%
Earnings attributable to noncontrolling interests35 34 (13)(7)(6)36 (26)-172%
Net income (loss)1,565 1,242 (44)(572)(290)6,552 (906)-114%
Less: Income (loss) attributable to noncontrolling interests35 34 (13)(7)(6)36 (26)-172%
Net income (loss) attributable to Prudential Financial, Inc.1,530 1,208 (31)(565)(284)6,516 (880)-114%
__________
(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, revenues of Divested and Run-off Businesses, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition, and include revenues representing equity in earnings of operating joint ventures other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of 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 37 and 38 for reconciliation.
(2) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of $837 million after-tax, $1,060 million pre-tax, in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
CONSOLIDATED BALANCE SHEETS
(in millions)
09/30/202112/31/202103/31/202206/30/202209/30/2022
Assets:
  Investments:
    Fixed maturities, available-for-sale, at fair value
       (net of allowance for credit losses $92; $114; $192; $109; $151) (amortized cost $332,957; $333,459; $332,640; $319,003; $325,957) 373,252 372,410 344,957 306,655 295,841 
    Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses
       (net of allowance for credit losses $6; $5; $4; $3; $2) (fair value $1,956; $1,803; $1,679; $1,475; $1,371) 1,644 1,514 1,432 1,280 1,199 
    Fixed maturities, trading, at fair value
       (amortized cost $9,583; $8,741; $8,262; $7,354; $7,268)9,548 8,823 7,724 6,272 5,690 
    Assets supporting experience-rated contractholder liabilities, at fair value3,424 3,358 3,184 2,785 2,580 
    Equity securities, at fair value
       (cost $5,100; $5,815; $4,872; $4,502; $5,378)7,727 8,574 7,397 6,402 6,882 
    Commercial mortgage and other loans
       (net of allowance for credit losses $117; $119; $121; $196; $218)57,786 58,666 59,304 56,840 56,896 
    Policy loans10,471 10,386 10,207 10,024 9,920 
    Other invested assets
       (net of allowance for credit losses $2; $2; $2; $1; $1)20,205 21,833 21,540 21,310 21,050 
    Short-term investments
       (net of allowance for credit losses $0; $0; $0; $0; $5)4,733 6,635 4,592 6,828 5,181 
        Total investments488,790 492,199 460,337 418,396 405,239 
  Cash and cash equivalents15,605 12,888 14,086 14,359 20,104 
  Accrued investment income2,808 2,855 2,838 2,798 2,888 
  Deferred policy acquisition costs18,067 18,192 18,479 18,632 19,334 
  Value of business acquired815 771 714 571 532 
  Income tax assets— — — 696 3,831 
  Other assets
       (net of allowance for credit losses $16; $19; $20; $21; $21) (1)164,645 164,532 151,991 34,534 31,303 
  Separate account assets241,852 246,145 229,621 205,613 194,525 
      Total assets932,582 937,582 878,066 695,599 677,756 
Liabilities:
  Future policy benefits291,721 290,784 284,380 275,096 278,262 
  Policyholders' account balances122,337 122,633 122,465 130,352 131,679 
  Securities sold under agreements to repurchase9,899 10,185 9,085 8,006 8,223 
  Cash collateral for loaned securities4,382 4,251 4,771 5,741 5,865 
  Income tax liabilities10,540 9,513 4,501 — — 
  Senior short-term debt909 722 544 558 767 
  Senior long-term debt11,070 11,003 11,082 11,008 10,810 
  Junior subordinated long-term debt7,617 7,619 8,607 8,604 9,088 
  Other liabilities
       (net of allowance for credit losses $21; $21; $19; $18; $17) (1)169,414 171,845 158,072 21,471 21,139 
  Notes issued by consolidated variable interest entities282 274 260 232 218 
  Separate account liabilities241,852 246,145 229,621 205,613 194,525 
      Total liabilities870,023 874,974 833,388 666,681 660,576 
Equity:
  Accumulated other comprehensive income (loss)21,836 21,324 4,205 (10,178)(20,874)
  Other equity40,051 40,552 39,773 38,413 37,376 
     Total Prudential Financial, Inc. equity61,887 61,876 43,978 28,235 16,502 
  Noncontrolling interests672 732 700 683 678 
     Total equity62,559 62,608 44,678 28,918 17,180 
Total liabilities and equity932,582 937,582 878,066 695,599 677,756 
__________
(1) September 30, 2021, December 31, 2021 and March 31, 2022 balances include the carrying amounts of Assets and Liabilities "held-for-sale" related to the April 2022 dispositions of the Full Service Retirement Business and a portion of Individual Retirement Strategies' Traditional Variable Annuity Block of Business.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
COMBINING BALANCE SHEETS
(in millions)
 As of September 30, 2022
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
  Total investments405,239 48,093 357,146 4,148 172,786 160,423 19,789 
  Deferred policy acquisition costs19,334 175 19,159 — 11,939 7,565 (345)
  Other assets58,658 1,627 57,031 4,259 30,075 10,860 11,837 
  Separate account assets194,525 — 194,525 41,537 156,473 — (3,485)
     Total assets677,756 49,895 627,861 49,944 371,273 178,848 27,796 
Liabilities:
  Future policy benefits278,262 44,615 233,647 — 108,846 115,247 9,554 
  Policyholders' account balances131,679 4,634 127,045 — 74,759 44,007 8,279 
  Debt 20,665 — 20,665 1,818 7,894 235 10,718 
  Other liabilities35,445 2,496 32,949 3,264 12,099 9,313 8,273 
  Separate account liabilities194,525 — 194,525 41,537 156,473 — (3,485)
    Total liabilities660,576 51,745 608,831 46,619 360,071 168,802 33,339 
Equity:
  Accumulated other comprehensive loss(20,874)(500)(20,374)(228)(10,362)(6,670)(3,114)
  Other equity37,376 (1,362)38,738 2,530 21,479 16,677 (1,948)
     Total Prudential Financial, Inc. equity16,502 (1,862)18,364 2,302 11,117 10,007 (5,062)
  Noncontrolling interests678 12 666 1,023 85 39 (481)
     Total equity17,180 (1,850)19,030 3,325 11,202 10,046 (5,543)
Total liabilities and equity677,756 49,895 627,861 49,944 371,273 178,848 27,796 
 As of December 31, 2021
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
  Total investments492,199 58,800 433,399 4,808 191,928 204,475 32,188 
  Deferred policy acquisition costs18,192 188 18,004 — 10,714 7,658 (368)
  Other assets (1)181,046 991 180,055 4,828 70,007 10,603 94,617 
  Separate account assets246,145 — 246,145 43,930 205,951 — (3,736)
     Total assets937,582 59,979 877,603 53,566 478,600 222,736 122,701 
Liabilities:
  Future policy benefits290,784 45,596 245,188 — 108,439 127,661 9,088 
  Policyholders' account balances122,633 4,737 117,896 — 59,987 49,503 8,406 
  Debt 19,344 — 19,344 1,698 8,513 166 8,967 
  Other liabilities (1)196,068 11,086 184,982 4,192 65,038 16,125 99,627 
  Separate account liabilities246,145 — 246,145 43,930 205,951 — (3,736)
    Total liabilities874,974 61,419 813,555 49,820 447,928 193,455 122,352 
Equity:
  Accumulated other comprehensive income21,324 (46)21,370 (48)9,218 12,182 18 
  Other equity40,552 (1,406)41,958 2,721 21,362 17,062 813 
     Total Prudential Financial, Inc. equity61,876 (1,452)63,328 2,673 30,580 29,244 831 
  Noncontrolling interests732 12 720 1,073 92 37 (482)
     Total equity62,608 (1,440)64,048 3,746 30,672 29,281 349 
Total liabilities and equity937,582 59,979 877,603 53,566 478,600 222,736 122,701 
______________
(1) Balances include the carrying amounts of Assets and Liabilities "held-for-sale" related to the April 2022 dispositions of the Full Service Retirement Business and a portion of Individual Retirement Strategies' Traditional Variable Annuity Block of Business.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
 As of September 30, 2022As of December 31, 2021
Senior DebtSenior Debt
Short-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal DebtShort-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal Debt
Borrowings by use of proceeds:
  Capital Debt100 4,878 9,088 14,066 98 4,975 7,619 12,692 
  Operating Debt501 5,581 — 6,082 420 5,650 — 6,070 
  Limited recourse and non-recourse borrowing166 351 — 517 204 378 — 582 
      Total Debt767 10,810 9,088 20,665 722 11,003 7,619 19,344 
 As of September 30, 2022As of December 31, 2021
The PrudentialThe Prudential
PrudentialInsurance CompanyOtherPrudentialInsurance CompanyOther
Financial, Inc.of America (1)(2)AffiliatesTotal DebtFinancial, Inc.of America (1)(2)AffiliatesTotal Debt
Borrowings by sources:
  Capital Debt13,578 445 43 14,066 12,096 444 152 12,692 
  Operating Debt5,606 476 — 6,082 5,602 468 — 6,070 
  Limited recourse and non-recourse borrowing— 178 339 517 — 274 308 582 
      Total Debt19,184 1,099 382 20,665 17,698 1,186 460 19,344 
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes $345 million of surplus notes as of September 30, 2022 and $344 million as of December 31, 2021.

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Table of Contents

Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - PGIM
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums  — — — — — — — 
  Policy charges and fee income  — — — — — — — 
  Net investment income  13 47 (4)(14)56 110 38 -65%
  Asset management fees, commissions and other income  1,059 1,051 930 843 851 3,285 2,624 -20%
     Total revenues  1,072 1,098 926 829 907 3,395 2,662 -22%
Benefits and expenses (1):  
  Insurance and annuity benefits  — — — — — — — 
  Interest credited to policyholders' account balances  — — — — — — — 
  Interest expense  10 14 19 30 58%
  Deferral of acquisition costs  (1)(1)(1)— (1)(4)(2)50%
  Amortization of acquisition costs  -40%
  General and administrative expenses   738 742 732 612 674 2,082 2,018 -3%
    Total benefits and expenses  745 748 738 623 688 2,102 2,049 -3%
Adjusted operating income before income taxes  327 350 188 206 219 1,293 613 -53%
Total revenues1,072 1,098 926 829 907 3,395 2,662 -22%
Less: Passthrough distribution revenue30 29 19 29 19 91 67 -26%
Less: Revenue associated with consolidations46 19 15 (21)52 -96%
    Total adjusted revenues (2)996 1,050 892 821 880 3,252 2,593 -20%
Adjusted operating margin (2)(3)32.8 %33.3 %21.1 %25.1 %24.9 %39.8 %23.6 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 24.2%, 24.8%, 20.3%, 31.9%, and 30.5% for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively, and 23.0% and 38.1% for the nine months ended September 30, 2022 and September 30, 2021, respectively.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
2022
2021Year-to-date
3Q4Q1Q2Q3Q20212022% change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
     Asset management fees847 857 809 756 742 2,445 2,307 -6%
     Other related revenues (1)92 143 19 17 80 260 116 -55%
     Service, distribution and other revenues133 98 98 56 85 690 239 -65%
         Total PGIM revenues1,072 1,098 926 829 907 3,395 2,662 -22%
Analysis of asset management fees by source:
     Institutional customers366 376 363 357 364 1,063 1,084 2%
     Retail customers332 334 301 274 256 941 831 -12%
     General account149 147 145 125 122 441 392 -11%
         Total asset management fees847 857 809 756 742 2,445 2,307 -6%
Supplementary Assets Under Management Information (at fair market value) (in billions):
September 30, 2022
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers 46.8 384.8 74.1 29.4 1.2 536.3 
Retail customers 94.0 131.4 2.1 0.9 69.7 298.1 
General account 3.3 246.3 52.8 69.4 — 371.8 
            Total144.1 762.5 129.0 99.7 70.9 1,206.2 
September 30, 2021
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers 63.1 470.8 57.7 27.2 6.5 625.3 
Retail customers 140.6 176.7 1.9 0.6 75.6 395.4 
General account 4.7 338.1 69.1 81.3 — 493.2 
            Total208.4 985.6 128.7 109.1 82.1 1,513.9 
__________
(1) Other related revenues, net of related expenses are $47 million, $2 million, $8 million, $87 million, and $56 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively, and $57 million and $175 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Institutional Customers - Assets Under Management (at fair market value):
Assets gathered by Investment Management & Advisory Services sales force:
   Beginning assets under management 555.6 562.4 568.0 536.9 539.7 550.2 568.0 
   Additions14.0 20.2 16.8 24.6 16.4 58.2 57.8 
   Withdrawals(13.3)(16.7)(16.5)(16.5)(15.8)(50.8)(48.8)
   Change in market value1.7 4.0 (34.2)(46.5)(22.1)1.1 (102.8)
   Net money market flows(1.1)(1.9)4.4 (3.4)(0.9)(2.8)0.1 
   Other5.5 — (1.6)44.6 (0.7)6.5 42.3 
   Ending assets under management562.4 568.0 536.9 539.7 516.6 562.4 516.6 
Affiliated institutional assets under management62.9 61.4 56.8 21.0 19.7 62.9 19.7 
Total assets managed for institutional customers at end of period625.3 629.4 593.7 560.7 536.3 625.3 536.3 
Net institutional additions, excluding money market activity0.7 3.5 0.3 8.1 0.6 7.4 9.0 
Retail Customers - Assets Under Management (at fair market value):
Assets gathered by Investment Management & Advisory Services sales force:
   Beginning assets under management266.0 262.8 265.8 238.7 204.0 252.5 265.8 
   Additions16.9 23.7 20.2 16.1 13.5 65.8 49.8 
   Withdrawals(17.3)(27.3)(24.8)(24.4)(18.1)(62.1)(67.3)
   Change in market value1.0 5.0 (22.5)(33.0)(5.5)11.8 (61.0)
   Net money market flows0.3 0.1 0.6 0.3 — 0.6 0.9 
   Other(4.1)1.5 (0.6)6.3 (1.7)(5.8)4.0 
   Ending assets under management262.8 265.8 238.7 204.0 192.2 262.8 192.2 
Affiliated retail assets under management132.6 135.6 126.0 110.3 105.9 132.6 105.9 
Total assets managed for retail customers at end of period395.4 401.4 364.7 314.3 298.1 395.4 298.1 
Net retail additions (withdrawals), excluding money market activity(0.4)(3.6)(4.6)(8.3)(4.6)3.7 (17.5)








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Table of Contents

Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums  8,639 3,054 3,074 3,271 12,134 13,668 18,479 35%
  Policy charges and fee income  1,519 1,440 1,377 1,528 1,194 4,255 4,099 -4%
  Net investment income  2,110 2,006 1,998 1,802 1,732 5,930 5,532 -7%
  Asset management fees, commissions and other income  880 991 809 1,760 822 2,540 3,391 34%
     Total revenues  13,148 7,491 7,258 8,361 15,882 26,393 31,501 19%
Benefits and expenses (1):  
  Insurance and annuity benefits  9,946 4,349 4,278 5,608 13,198 17,193 23,084 34%
  Interest credited to policyholders' account balances  436 438 430 450 418 1,311 1,298 -1%
  Interest expense  200 201 202 217 199 597 618 4%
  Deferral of acquisition costs  (294)(301)(258)(253)(250)(939)(761)19%
  Amortization of acquisition costs  247 247 241 323 173 734 737 —%
  General and administrative expenses   1,523 1,662 1,422 1,646 1,442 4,517 4,510 —%
    Total benefits and expenses  12,058 6,596 6,315 7,991 15,180 23,413 29,486 26%
Adjusted operating income before income taxes  1,090 895 943 370 702 2,980 2,015 -32%
__________
(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, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, goodwill impairment and certain components of 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.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums7,202 1,522 1,592 1,802 10,670 9,373 14,064 50%
  Policy charges and fee income672 664 615 507 471 1,990 1,593 -20%
  Net investment income1,301 1,221 1,230 1,070 1,028 3,625 3,328 -8%
  Asset management fees, commissions and other income471 460 413 1,399 464 1,357 2,276 68%
     Total revenues9,646 3,867 3,850 4,778 12,633 16,345 21,261 30%
Benefits and expenses (1):
  Insurance and annuity benefits7,735 2,011 2,031 2,301 11,217 10,795 15,549 44%
  Interest credited to policyholders' account balances177 173 167 181 146 534 494 -7%
  Interest expense15 (10)25 13 -48%
  Deferral of acquisition costs(95)(87)(81)(87)(80)(302)(248)18%
  Amortization of acquisition costs146 142 134 111 114 439 359 -18%
  General and administrative expenses 604 592 551 554 568 1,804 1,673 -7%
    Total benefits and expenses8,576 2,838 2,810 3,075 11,955 13,295 17,840 34%
Adjusted operating income before income taxes1,070 1,029 1,040 1,703 678 3,050 3,421 12%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums7,178 1,502 1,554 1,799 10,657 9,293 14,010 51%
  Policy charges and fee income10 10 27 28 4%
  Net investment income1,054 990 968 892 824 2,931 2,684 -8%
  Asset management fees, commissions and other income145 139 113 93 75 407 281 -31%
     Total revenues8,386 2,640 2,643 2,794 11,566 12,658 17,003 34%
Benefits and expenses (1):
  Insurance and annuity benefits7,662 1,950 1,935 2,259 11,164 10,575 15,358 45%
  Interest credited to policyholders' account balances85 84 81 76 102 264 259 -2%
  Interest expense(2)11 -27%
  Deferral of acquisition costs(8)(3)(2)(3)(10)(15)(15)—%
  Amortization of acquisition costs11 17 19 12%
  General and administrative expenses 63 58 52 63 60 171 175 2%
    Total benefits and expenses7,815 2,097 2,075 2,396 11,333 11,023 15,804 43%
Adjusted operating income before income taxes571 543 568 398 233 1,635 1,199 -27%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
  Beginning total account value243,843 246,068 245,720 239,102 234,594 243,387 245,720 
  Additions 8,045 3,501 2,278 3,700 13,518 18,466 19,496 
  Withdrawals and benefits (4,546)(4,893)(4,899)(3,560)(3,691)(15,932)(12,150)
  Change in market value, interest credited and interest income618 570 (1,570)(2,389)(553)1,311 (4,512)
  Other (1)(1,892)474 (2,427)(2,259)(5,555)(1,164)(10,241)
  Ending total account value 246,068 245,720 239,102 234,594 238,313 246,068 238,313 
  Net additions (withdrawals)3,499 (1,392)(2,621)140 9,827 2,534 7,346 
Amounts included in ending total account value above:
    Investment-only stable value wraps71,962 70,207 68,582 71,125 71,168 
    International reinsurance (2)(3)79,993 82,406 81,816 74,021 68,581 
    Group annuities and other products (3)94,113 93,107 88,704 89,448 98,564 
  Ending total account value246,068 245,720 239,102 234,594 238,313 
__________
(1) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.
(3) The amounts for third quarter of 2021 have been reclassified to conform to current period presentation.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums24 20 38 13 80 54 -33%
  Policy charges and fee income663 655 607 497 461 1,963 1,565 -20%
  Net investment income247 231 262 178 204 694 644 -7%
  Asset management fees, commissions and other income326 321 300 1,306 389 950 1,995 110%
     Total revenues1,260 1,227 1,207 1,984 1,067 3,687 4,258 15%
Benefits and expenses (1):
  Insurance and annuity benefits73 61 96 42 53 220 191 -13%
  Interest credited to policyholders' account balances92 89 86 105 44 270 235 -13%
  Interest expense17 (16)14 -64%
  Deferral of acquisition costs(87)(84)(79)(84)(70)(287)(233)19%
  Amortization of acquisition costs137 137 129 108 103 422 340 -19%
  General and administrative expenses 541 534 499 491 508 1,633 1,498 -8%
    Total benefits and expenses761 741 735 679 622 2,272 2,036 -10%
Adjusted operating income before income taxes499 486 472 1,305 445 1,415 2,222 57%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Variable Annuities:    
  Beginning total account value    176,554 172,813 176,439 162,936 117,574 170,546 176,439 
    Sales: FlexGuard Suite (1)(2)    1,317 1,369 1,405 1,451 1,081 4,370 3,937 
               Other variable annuities (2)(3)    146 137 114 80 59 478 253 
               Total sales    1,463 1,506 1,519 1,531 1,140 4,848 4,190 
    Full surrenders and death benefits    (2,545)(2,625)(2,156)(1,528)(1,201)(7,657)(4,885)
    Sales, net of full surrenders and death benefits    (1,082)(1,119)(637)(61)(2,809)(695)
    Partial withdrawals and other benefit payments(1,237)(1,522)(1,371)(915)(895)(3,807)(3,181)
         Net flows(2,319)(2,641)(2,008)(912)(956)(6,616)(3,876)
    Change in market value, interest credited, and other (4)    (518)7,176 (10,643)(43,832)(5,973)11,622 (60,448)
    Policy charges(904)(909)(852)(618)(615)(2,739)(2,085)
  Ending total account value    172,813 176,439 162,936 117,574 110,030 172,813 110,030 
Variable Annuities Account Value by Product:
     FlexGuard Suite (1)(2)6,824 8,699 9,625 9,533 10,123 6,824 10,123 
     Other variable annuities (2)(3)165,989 167,740 153,311 108,041 99,907 165,989 99,907 
  Ending total account value172,813 176,439 162,936 117,574 110,030 172,813 110,030 
Fixed Annuities and other products:    
  Beginning total account value    5,857 5,865 5,866 5,858 5,564 5,734 5,866 
    Sales    37 45 24 67 249 200 340 
    Full surrenders and death benefits    (28)(28)(32)(32)(24)(91)(88)
    Sales, net of full surrenders and death benefits    17 (8)35 225 109 252 
    Partial withdrawals and other benefit payments(97)(99)(96)(79)(81)(284)(256)
         Net flows(88)(82)(104)(44)144 (175)(4)
    Interest credited and other    96 84 96 (249)53 306 (100)
    Policy charges— (1)— (1)(1)— (2)
  Ending total account value, gross    5,865 5,866 5,858 5,564 5,760 5,865 5,760 
    Reinsurance ceded(463)(477)(481)(514)(637)(463)(637)
  Ending total account value, net5,402 5,389 5,377 5,050 5,123 5,402 5,123 
SALES BY DISTRIBUTION CHANNEL:     
Variable and Fixed Annuities (5):  
  Insurance Agents  578 635 614 607 563 1,821 1,784 
  Wirehouses   90 113 84 58 86 355 228 
  Independent Marketing Organization12 
  Independent Financial Planners762 725 766 843 668 2,654 2,277 
  Bank Distribution  67 75 78 88 69 206 235 
        Total  1,500 1,551 1,543 1,598 1,389 5,048 4,530 
__________
(1) Includes Prudential FlexGuard and FlexGuard Income.
(2) The amounts for third and fourth quarters of 2021, and first quarter of 2022 have been reclassified to conform to current period presentation.
(3) Includes Prudential Premier Investment (PPI), MyRock and legacy products with and without guaranteed minimum income and withdrawal benefits.
(4) Includes impact from the sale of the Traditional Variable Annuity Block of Business in second quarter of 2022.
(5) Amounts represent gross sales.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Account Values in General Account (1):
  Beginning balance17,102 18,300 20,062 20,928 19,430 13,843 20,062 
    Premiums and deposits1,341 1,359 1,366 1,596 1,300 4,493 4,262 
    Full surrenders and death benefits(93)(101)(106)(225)(86)(294)(417)
         Premiums and deposits net of full surrenders and death benefits1,248 1,258 1,260 1,371 1,214 4,199 3,845 
    Partial withdrawals and other benefit payments(159)(184)(174)(124)(131)(470)(429)
         Net flows1,089 1,074 1,086 1,247 1,083 3,729 3,416 
     Change in market value, interest credited and other (2)140 701 72 (2,461)(240)736 (2,629)
    Net transfers to separate account(31)(12)(292)(283)(102)(8)(677)
    Policy charges— (1)— (1)(1)— (2)
  Ending balance, gross18,300 20,062 20,928 19,430 20,170 18,300 20,170 
Reinsurance ceded(463)(477)(481)(514)(637)(463)(637)
  Ending balance, net17,837 19,585 20,447 18,916 19,533 17,837 19,533 
Account Values in Separate Account (1):
  Beginning balance165,309 160,378 162,243 147,866 103,708 162,437 162,243 
    Premiums and deposits159 192 177 89 555 268 
    Full surrenders and death benefits(2,480)(2,552)(2,082)(1,335)(1,139)(7,454)(4,556)
         Premiums and deposits net of full surrenders and death benefits(2,321)(2,360)(1,905)(1,333)(1,050)(6,899)(4,288)
    Partial withdrawals and other benefit payments(1,175)(1,437)(1,293)(870)(845)(3,621)(3,008)
         Net flows(3,496)(3,797)(3,198)(2,203)(1,895)(10,520)(7,296)
     Change in market value, interest credited and other (2)(562)6,559 (10,619)(41,620)(5,680)11,192 (57,919)
    Net transfers from general account31 12 292 283 102 677 
    Policy charges(904)(909)(852)(618)(615)(2,739)(2,085)
  Ending balance160,378 162,243 147,866 103,708 95,620 160,378 95,620 
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
(2) Includes impact from the sale of the Traditional Variable Annuity Block of Business in second quarter of 2022.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES LIVING BENEFIT FEATURES
(in millions)
20212022
3Q4Q1Q2Q3Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
  Guaranteed minimum accumulation benefits1,743 1,702 1,543 546 503 
  Guaranteed minimum withdrawal benefits302 302 271 112 102 
  Guaranteed minimum income benefits2,430 2,444 2,202 1,631 1,519 
  Guaranteed minimum withdrawal & income benefits - risk retained by Prudential133,982 135,293 123,571 87,601 80,866 
  Guaranteed minimum withdrawal & income benefits - externally reinsured3,228 3,303 3,068 2,660 2,446 
        Total141,685 143,044 130,655 92,550 85,436 
Account Values by Product Design Type
    Account Values with Auto-Rebalancing Feature - risk retained by Prudential111,582 113,110 103,805 73,070 67,654 
    Account Values with Auto-Rebalancing Feature - externally reinsured3,228 3,303 3,068 2,660 2,446 
    Account Values without Auto-Rebalancing Feature26,875 26,631 23,782 16,820 15,336 
        Total141,685 143,044 130,655 92,550 85,436 
Net Amount at Risk by Product Design Type
    Net Amount at Risk with Auto-Rebalancing Feature - risk retained by Prudential3,287 2,931 4,485 5,754 8,174 
    Net Amount at Risk without Auto-Rebalancing Feature450 409 734 1,526 2,372 
        Total3,737 3,340 5,219 7,280 10,546 
__________
(1) At end of period.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES DEATH BENEFIT FEATURES
(in millions)
20212022
3Q4Q1Q2Q3Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
 Return of net deposits:
     Account value130,968 132,265 120,838 84,119 77,643 
     Net amount at risk203 199 311 640 1,483 
 Minimum return, anniversary contract value, or maximum contract value:
     Account value28,912 29,121 26,565 19,122 17,751 
     Net amount at risk2,419 2,055 3,187 4,529 5,363 
Account Values by Product Design Type
    Account Values with Auto-Rebalancing Feature114,810 116,413 106,873 75,730 70,100 
    Account Values without Auto-Rebalancing Feature45,070 44,973 40,530 27,511 25,294 
        Total159,880 161,386 147,403 103,241 95,394 
Net Amount at Risk by Product Design Type
    Net Amount at Risk with Auto-Rebalancing Feature1,334 1,066 1,910 2,961 3,779 
    Net Amount at Risk without Auto-Rebalancing Feature1,288 1,188 1,588 2,208 3,067 
        Total2,622 2,254 3,498 5,169 6,846 
__________
(1) At end of period.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums  1,217 1,259 1,219 1,208 1,216 3,627 3,643 —%
  Policy charges and fee income  169 174 181 151 170 521 502 -4%
  Net investment income  142 131 124 117 121 407 362 -11%
  Asset management fees, commissions and other income  25 26 20 20 20 72 60 -17%
     Total revenues  1,553 1,590 1,544 1,496 1,527 4,627 4,567 -1%
Benefits and expenses (1):  
  Insurance and annuity benefits  1,394 1,493 1,351 1,145 1,201 3,989 3,697 -7%
  Interest credited to policyholders' account balances  41 40 36 38 38 131 112 -15%
  Interest expense  — 50%
  Deferral of acquisition costs  — (3)(2)— (1)— (3)—%
  Amortization of acquisition costs  —%
  General and administrative expenses   252 263 268 257 260 751 785 5%
    Total benefits and expenses  1,688 1,795 1,655 1,443 1,500 4,877 4,598 -6%
Adjusted operating income (loss) before income taxes  (135)(205)(111)53 27 (250)(31)88%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 21

Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Annualized New Business Premiums:
 Group life51 23 180 26 67 242 273 
 Group disability17 49 130 17 36 172 183 
        Total68 72 310 43 103 414 456 
Future Policy Benefits (1):
 Group life2,574 2,756 2,606 2,480 2,402 
 Group disability2,954 3,030 3,066 3,089 3,098 
        Total5,528 5,786 5,672 5,569 5,500 
Policyholders' Account Balances (1):
 Group life6,380 6,175 5,992 5,978 5,882 
 Group disability131 131 137 133 125 
        Total6,511 6,306 6,129 6,111 6,007 
Separate Account Liabilities (1):
 Group life 27,345 27,097 25,938 23,772 22,789 
Group Life Insurance:
 Gross premiums, policy charges and fee income (2)1,004 1,053 1,059 1,103 1,052 3,108 3,214 
 Earned premiums915 928 916 887 886 2,742 2,689 
 Earned policy charges and fee income148 151 158 127 145 459 430 
  Benefits ratio (3)105.2 %109.8 %103.6 %87.7 %91.4 %100.2 %94.4 %
  Administrative operating expense ratio11.7 %11.5 %10.7 %10.7 %10.9 %11.2 %10.7 %
  Persistency ratio96.5 %96.4 %96.3 %96.4 %96.0 %
Group Disability Insurance:
 Gross premiums, policy charges and fee income (2)322 355 340 344 356 953 1,040 
 Earned premiums302 331 303 321 330 885 954 
 Earned policy charges and fee income21 23 23 24 25 62 72 
  Benefits ratio (3)85.9 %87.3 %73.4 %73.0 %72.5 %82.5 %73.0 %
  Administrative operating expense ratio32.3 %31.4 %31.1 %32.2 %30.3 %32.4 %31.2 %
  Persistency ratio93.5 %93.4 %92.8 %92.4 %90.9 %
Total Group Insurance:
  Benefits ratio (3)100.7 %104.3 %96.5 %84.0 %86.6 %96.2 %89.1 %
  Administrative operating expense ratio16.8 %16.5 %15.6 %15.9 %15.9 %16.2 %15.8 %
  Net face amount of policies in force (in billions) (4)1,9762,0042,0212,0682,103
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 87.1%, 75.5%, and 84.20% for the three months ended June 30, 2022, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 94.2%, 73.8%, 89.2% and 100.2%, 82.4%, 96.2% for the nine months ended September 30, 2022 and September 30, 2021, respectively.
(4) At end of period; net of reinsurance.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - STATEMENTS OF OPERATIONS - INDIVIDUAL LIFE
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums220 273 263 261 248 668 772 16%
  Policy charges and fee income678 602 581 870 553 1,744 2,004 15%
  Net investment income667 653 644 614 582 1,897 1,840 -3%
  Asset management fees, commissions and other income274 279 269 263 240 781 772 -1%
     Total revenues1,839 1,807 1,757 2,008 1,623 5,090 5,388 6%
Benefits and expenses (1):
  Insurance and annuity benefits817 845 896 2,162 780 2,409 3,838 59%
  Interest credited to policyholders' account balances218 225 227 231 234 646 692 7%
  Interest expense187 190 189 198 206 562 593 6%
  Deferral of acquisition costs(199)(211)(175)(166)(169)(637)(510)20%
  Amortization of acquisition costs100 104 106 210 58 291 374 29%
  General and administrative expenses 506 573 463 698 473 1,507 1,634 8%
    Total benefits and expenses1,629 1,726 1,706 3,333 1,582 4,778 6,621 39%
Adjusted operating income (loss) before income taxes210 81 51 (1,325)41 312 (1,233)-495%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
ANNUALIZED NEW BUSINESS PREMIUMS (1):
  Term life26 24 24 23 24 91 71 
  Universal life (2)19 22 22 22 23 80 67 
  Variable life  144 136 104 110 103 402 317 
        Total 189 182 150 155 150 573 455 
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
   Prudential Advisors35 38 35 33 33 111 101 
   Third party distribution154 144 115 122 117 462 354 
          Total  189 182 150 155 150 573 455 
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (3):
  Beginning balance30,567 30,602 30,876 31,079 31,182 29,950 30,876 
    Premiums and deposits1,103 691 671 623 639 2,431 1,933 
    Surrenders and withdrawals(888)(386)(424)(437)(348)(1,486)(1,209)
         Net sales215 305 247 186 291 945 724 
    Benefit payments(77)(52)(60)(60)(51)(198)(171)
         Net flows138 253 187 126 240 747 553 
    Interest credited and other312 451 367 404 521 1,121 1,292 
    Net transfers from separate account97 88 168 98 89 321 355 
    Policy charges(512)(518)(519)(525)(520)(1,537)(1,564)
  Ending balance30,602 30,876 31,079 31,182 31,512 30,602 31,512 
Separate Account Liabilities:
  Beginning balance45,502 45,555 48,133 45,226 38,931 41,428 48,133 
    Premiums and deposits708 762 658 700 671 2,094 2,029 
    Surrenders and withdrawals(258)(272)(238)(237)(242)(820)(717)
         Net sales450 490 420 463 429 1,274 1,312 
    Benefit payments(140)(150)(146)(116)(171)(428)(433)
         Net flows310 340 274 347 258 846 879 
    Change in market value, interest credited and other 147 2,639 (2,699)(6,231)(1,532)4,495 (10,462)
    Net transfers to general account(97)(88)(168)(98)(89)(321)(355)
    Policy charges (307)(313)(314)(313)(318)(893)(945)
  Ending balance45,555 48,133 45,226 38,931 37,250 45,555 37,250 
NET FACE AMOUNT IN FORCE (in billions) (4):
  Term life241 299 299 298 297 
  Universal life (2)96 99 98 99 99 
  Variable life149 152 149 144 143 
        Total486 550 546 541 539 
__________
(1) Excludes corporate-owned life insurance.
(2) The amounts for third and fourth quarters of 2021 have been reclassified to conform to current period presentation.
(3) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(4) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting Adjusted Operating Income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
U.S. BUSINESSES - STATEMENTS OF OPERATIONS - ASSURANCE IQ
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums— — — — — — — 
  Policy charges and fee income— — — — — — — 
  Net investment income— — 100%
  Asset management fees, commissions and other income110 226 107 78 98 330 283 -14%
     Total revenues110 227 107 79 99 331 285 -14%
Benefits and expenses (1):
  Insurance and annuity benefits— — — — — — — 
  Interest credited to policyholders' account balances— — — — — — — 
  Interest expense13%
  Deferral of acquisition costs— — — — — — — 
  Amortization of acquisition costs— — — — — — — 
  General and administrative expenses 161 234 140 137 141 455 418 -8%
    Total benefits and expenses165 237 144 140 143 463 427 -8%
Adjusted operating loss before income taxes(55)(10)(37)(61)(44)(132)(142)-8%
__________
(1) Revenues exclude changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude goodwill impairment and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods.

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Table of Contents

Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums4,021 3,682 4,234 3,363 3,597 11,979 11,194 -7%
  Policy charges and fee income86 88 92 101 98 263 291 11%
  Net investment income1,376 1,373 1,297 1,286 1,112 4,030 3,695 -8%
  Asset management fees, commissions and other income135 130 103 (14)51 370 140 -62%
     Total revenues5,618 5,273 5,726 4,736 4,858 16,642 15,320 -8%
Benefits and expenses (1):
  Insurance and annuity benefits3,573 3,289 3,764 3,083 3,314 10,561 10,161 -4%
  Interest credited to policyholders' account balances195 195 191 179 182 604 552 -9%
  Interest expense11 19 533%
  Deferral of acquisition costs(367)(307)(328)(286)(289)(1,048)(903)14%
  Amortization of acquisition costs291 276 305 291 337 872 933 7%
  General and administrative expenses1,038 988 990 909 873 3,089 2,772 -10%
    Total benefits and expenses4,731 4,444 4,925 4,181 4,428 14,081 13,534 -4%
Adjusted operating income before income taxes887 829 801 555 430 2,561 1,786 -30%
__________
(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 and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 26

Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums1,983 1,829 2,225 1,762 1,813 6,077 5,800 -5%
  Policy charges and fee income53 51 53 49 51 156 153 -2%
  Net investment income580 582 574 555 435 1,662 1,564 -6%
  Asset management fees, commissions and other income79 73 72 59 57 213 188 -12%
     Total revenues2,695 2,535 2,924 2,425 2,356 8,108 7,705 -5%
Benefits and expenses (1):
  Insurance and annuity benefits1,778 1,658 1,979 1,636 1,647 5,419 5,262 -3%
  Interest credited to policyholders' account balances47 49 49 45 46 144 140 -3%
  Interest expense11 450%
  Deferral of acquisition costs(173)(165)(176)(145)(141)(518)(462)11%
  Amortization of acquisition costs128 122 145 128 158 388 431 11%
  General and administrative expenses439 441 447 415 386 1,327 1,248 -6%
    Total benefits and expenses2,220 2,107 2,446 2,082 2,102 6,762 6,630 -2%
Adjusted operating income before income taxes475 428 478 343 254 1,346 1,075 -20%
__________
(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 and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 27

Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums2,038 1,853 2,009 1,601 1,784 5,902 5,394 -9%
  Policy charges and fee income33 37 39 52 47 107 138 29%
  Net investment income796 791 723 731 677 2,368 2,131 -10%
  Asset management fees, commissions and other income56 57 31 (73)(6)157 (48)-131%
     Total revenues2,923 2,738 2,802 2,311 2,502 8,534 7,615 -11%
Benefits and expenses (1):
  Insurance and annuity benefits1,795 1,631 1,785 1,447 1,667 5,142 4,899 -5%
  Interest credited to policyholders' account balances148 146 142 134 136 460 412 -10%
  Interest expense— 700%
  Deferral of acquisition costs(194)(142)(152)(141)(148)(530)(441)17%
  Amortization of acquisition costs163 154 160 163 179 484 502 4%
  General and administrative expenses599 547 543 494 487 1,762 1,524 -14%
    Total benefits and expenses2,511 2,337 2,479 2,099 2,326 7,319 6,904 -6%
Adjusted operating income before income taxes412 401 323 212 176 1,215 711 -41%
__________
(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 and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 28

Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022
Actual exchange rate basis (1):
  Net premiums, policy charges and fee income:
    Japan, excluding Gibraltar Life 1,845 1,687 2,065 1,580 1,623 5,698 5,268 
    Gibraltar Life 2,071 1,890 2,048 1,653 1,831 6,009 5,532 
    All other countries 191 193 213 231 241 535 685 
        Total4,107 3,770 4,326 3,464 3,695 12,242 11,485 
  Annualized new business premiums:
    Japan, excluding Gibraltar Life183 174 200 159 138 573 497 
    Gibraltar Life 270 211 205 231 198 789 634 
    All other countries51 53 56 67 77 140 200 
        Total 504 438 461 457 413 1,502 1,331 
  Annualized new business premiums by distribution channel:
    Life Planners234 227 256 226 215 713 697 
    Gibraltar Life Consultants 150 93 100 140 125 392 365 
    Banks 71 68 52 33 34 250 119 
    Independent Agency 49 50 53 58 39 147 150 
        Total 504 438 461 457 413 1,502 1,331 
Constant exchange rate basis (2):
  Net premiums, policy charges and fee income:
    Japan, excluding Gibraltar Life1,896 1,763 2,184 1,747 1,844 5,813 5,775 
    Gibraltar Life 2,123 1,966 2,165 1,824 2,057 6,135 6,046 
    All other countries201 215 225 231 253 573 709 
        Total4,220 3,944 4,574 3,802 4,154 12,521 12,530 
 Annualized new business premiums:
    Japan, excluding Gibraltar Life186 178 208 174 160 580 542 
    Gibraltar Life 272 212 207 240 206 793 653 
    All other countries51 58 57 66 81 144 204 
        Total 509 448 472 480 447 1,517 1,399 
  Annualized new business premiums by distribution channel:
    Life Planners237 236 265 240 241 724 746 
    Gibraltar Life Consultants 151 93 101 145 130 394 376 
    Banks 71 68 52 33 34 250 119 
    Independent Agency 50 51 54 62 42 149 158 
        Total 509 448 472 480 447 1,517 1,399 
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
Page 29

Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
20212022
3Q4Q1Q2Q3Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
  (Constant exchange rate basis)
    Japan, excluding Gibraltar Life386 386 385 384 381 
    Gibraltar Life358 357 355 348 345 
    All other countries39 40 42 42 45 
        Total783 783 782 774 771 
Number of individual policies in force at end of period (in thousands) (3):
    Japan, excluding Gibraltar Life4,385 4,405 4,436 4,447 4,455 
    Gibraltar Life 6,941 6,907 6,868 6,805 6,765 
    All other countries 636 652 664 682 704 
        Total 11,962 11,964 11,968 11,934 11,924 
International life insurance individual policy persistency:
Life Planner:
    13 months93.1 %93.1 %92.8 %92.7 %92.4 %
    25 months87.0 %86.7 %85.9 %85.4 %85.6 %
Gibraltar Life (4):
    13 months95.7 %95.9 %95.9 %95.7 %95.5 %
    25 months89.8 %89.9 %90.1 %90.2 %90.8 %
Number of Life Planners at end of period:
    Japan4,630 4,566 4,557 4,481 4,481 
    All other countries1,508 1,458 1,499 1,443 1,491 
        Total Life Planners6,138 6,024 6,056 5,924 5,972 
Gibraltar Life Consultants7,094 7,100 7,022 6,910 6,861 
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
(4) Reflects business sold by Life Consultants and Independent Agents.
Page 30

Table of Contents

Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
20212022Year-to-date
3Q4Q1Q2Q3Q20212022% change
Revenues (1):
  Premiums(9)(13)(8)— (7)(23)(15)35%
  Policy charges and fee income(16)(16)(15)(14)(13)(44)(42)5%
  Net investment income167 191 122 167 147 473 436 -8%
  Asset management fees, commissions and other income(317)(280)(352)(305)(163)(799)(820)-3%
     Total revenues(175)(118)(253)(152)(36)(393)(441)-12%
Benefits and expenses (1):
  Insurance and annuity benefits(12)(7)(12)(3)75%
  Interest credited to policyholders' account balances34 34 34 34 34 101 102 1%
  Interest expense160 152 153 169 183 493 505 2%
  Deferral of acquisition costs16 10 17 46 32 -30%
  Amortization of acquisition costs(15)(14)(12)(10)(12)(41)(34)17%
  General and administrative expenses 89 201 (61)(106)74 138 (93)-167%
    Total benefits and expenses285 371 113 107 289 725 509 -30%
Adjusted operating loss before income taxes(460)(489)(366)(259)(325)(1,118)(950)15%
Adjusted operating income (loss) before income taxes comprised as follows:
  Investment income40 63 27 50 38 112 115 3%
  Interest expense on debt(209)(199)(198)(209)(213)(628)(620)1%
  Long-term and deferred compensation expense(8)(10)(46)12 (11)(72)(45)38%
  Other (2)(283)(343)(149)(112)(139)(530)(400)25%
Adjusted operating loss before income taxes(460)(489)(366)(259)(325)(1,118)(950)15%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses include consolidating adjustments.
(2) Includes pension and employee benefits and other corporate activities, including consolidating adjustments.
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Table of Contents

Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
September 30, 2022December 31, 2021
ClosedPFI Excluding ClosedPFI Excluding
TotalBlockClosed Block DivisionTotalBlockClosed Block Division
PortfolioDivisionAmount% of TotalPortfolioDivisionAmount% of Total
Fixed maturities:
      Public, available-for-sale, at fair value235,769 20,922 214,847 61.3 %305,035 28,167 276,868 65.0 %
      Public, held-to-maturity, at amortized cost, net of allowance (1)1,128 — 1,128 0.3 %1,413 — 1,413 0.3 %
      Private, available-for-sale, at fair value59,590 8,694 50,896 14.5 %66,897 10,237 56,660 13.3 %
      Private, held-to-maturity, at amortized cost, net of allowance (1)71 — 71 0.1 %101 — 101 0.1 %
      Fixed maturities, trading, at fair value5,492 887 4,605 1.3 %8,610 1,137 7,473 1.8 %
Assets supporting experience-rated contractholder liabilities, at fair value2,580 — 2,580 0.7 %3,358 — 3,358 0.8 %
Equity securities, at fair value6,252 1,599 4,653 1.3 %7,875 2,288 5,587 1.3 %
Commercial mortgage and other loans, at book value, net of allowance55,908 8,070 47,838 13.6 %57,387 8,241 49,146 11.6 %
Policy loans, at outstanding balance9,920 3,666 6,254 1.8 %10,386 3,815 6,571 1.5 %
Other invested assets, net of allowance (2)17,139 4,118 13,021 3.7 %16,843 4,358 12,485 2.9 %
Short-term investments, net of allowance5,174 137 5,037 1.4 %6,600 557 6,043 1.4 %
     Subtotal (3)399,023 48,093 350,930 100.0 %484,505 58,800 425,705 100.0 %
Invested assets of other entities and operations (4)6,216 — 6,216 7,694 — 7,694 
Total investments405,239 48,093 357,146 492,199 58,800 433,399 
Fixed Maturities by Credit Quality (3)(5):September 30, 2022December 31, 2021
PFI Excluding Closed Block DivisionPFI Excluding Closed Block Division
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedAllowance forFair AmortizedUnrealizedUnrealizedAllowance forFair
CostGainsLossesCredit LossesValue% of TotalCostGainsLossesCredit LossesValue% of Total
Public Fixed Maturities:
  NAIC Rating (6)
1184,162 7,811 18,069 173,900 80.9 %195,493 27,963 595 — 222,861 80.5 %
238,842 549 6,314 — 33,077 15.5 %38,830 5,254 148 — 43,936 15.9 %
                     Subtotal - High or Highest Quality Securities223,004 8,360 24,383 206,977 96.4 %234,323 33,217 743 — 266,797 96.4 %
35,788 113 685 — 5,216 2.4 %6,313 429 196 — 6,546 2.4 %
42,327 48 360 2,014 0.9 %2,642 88 66 2,663 0.9 %
5496 13 106 396 0.2 %620 45 14 648 0.2 %
6347 69 38 244 0.1 %249 14 19 30 214 0.1 %
                     Subtotal - Other Securities8,958 178 1,220 46 7,870 3.6 %9,824 576 295 34 10,071 3.6 %
                         Total231,962 8,538 25,603 50 214,847 100.0 %244,147 33,793 1,038 34 276,868 100.0 %
Private Fixed Maturities:
  NAIC Rating (6)
114,517 149 2,354 — 12,312 24.2 %12,433 941 71 — 13,303 23.5 %
235,239 547 5,362 — 30,424 59.8 %31,607 2,029 260 — 33,376 58.9 %
                     Subtotal - High or Highest Quality Securities49,756 696 7,716 — 42,736 84.0 %44,040 2,970 331 — 46,679 82.4 %
35,293 68 708 — 4,653 9.1 %5,966 287 39 — 6,214 11.0 %
42,751 32 250 — 2,533 5.0 %2,833 106 74 2,857 5.0 %
5953 79 18 860 1.7 %769 23 33 24 735 1.3 %
6153 41 114 0.2 %185 19 28 175 0.3 %
                     Subtotal - Other Securities9,150 107 1,038 59 8,160 16.0 %9,753 435 147 60 9,981 17.6 %
                         Total58,906 803 8,754 59 50,896 100.0 %53,793 3,405 478 60 56,660 100.0 %
_____________
(1) On an amortized cost basis, net of allowance, as of September 30, 2022, includes $1,055 million (fair value, $1,216 million) and $71 million (fair value, $76 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $73 million (fair value, $79 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations. On an amortized cost basis, net of allowance, as of December 31, 2021, includes $1,324 million (fair value, $1,594 million) and $101 million (fair value, $110 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $89 million (fair value, $99 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations.
(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet. Also excludes assets "held-for-sale" of $40,669 million as of December 31, 2021.
(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(5) Excludes fixed maturity securities classified as trading.
(6) Reflects equivalent ratings for investments of the international operations. Includes, as of September 30, 2022 and December 31, 2021, 684 securities with amortized cost of $6,674 million (fair value $5,992 million) and 617 securities with amortized cost of $4,547 million (fair value $4,596 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
September 30, 2022December 31, 2021
Amount% of TotalAmount% of Total
Japanese Insurance Operations (2):
Fixed maturities:
      Public, available-for-sale, at fair value109,042 68.8 %146,600 72.2 %
      Public, held-to-maturity, at amortized cost, net of allowance1,128 0.7 %1,413 0.7 %
      Private, available-for-sale, at fair value18,390 11.6 %21,079 10.4 %
      Private, held-to-maturity, at amortized cost, net of allowance71 0.1 %101 0.1 %
      Fixed maturities, trading, at fair value 587 0.4 %839 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value2,580 1.6 %3,328 1.6 %
Equity securities, at fair value 1,606 1.0 %2,187 1.1 %
Commercial mortgage and other loans, at book value, net of allowance18,283 11.5 %19,969 9.8 %
Policy loans, at outstanding balance2,434 1.5 %2,726 1.3 %
Other invested assets (3)4,311 2.7 %4,203 2.1 %
Short-term investments, net of allowance171 0.1 %692 0.3 %
     Total158,603 100.0 %203,137 100.0 %
September 30, 2022December 31, 2021
Amount% of TotalAmount% of Total
Excluding Japanese Insurance Operations (2):
Fixed maturities:
      Public, available-for-sale, at fair value105,805 55.0 %130,268 58.5 %
      Public, held-to-maturity, at amortized cost— 0.0 %— 0.0 %
      Private, available-for-sale, at fair value32,506 16.9 %35,581 16.0 %
      Private, held-to-maturity, at amortized cost— 0.0 %— 0.0 %
      Fixed maturities, trading, at fair value 4,018 2.1 %6,634 3.0 %
Assets supporting experience-rated contractholder liabilities, at fair value— 0.0 %30 0.0 %
Equity securities, at fair value3,047 1.6 %3,400 1.6 %
Commercial mortgage and other loans, at book value, net of allowance29,555 15.4 %29,177 13.1 %
Policy loans, at outstanding balance3,820 2.0 %3,845 1.7 %
Other invested assets, net of allowance (3)8,710 4.5 %8,282 3.7 %
Short-term investments, net of allowance4,866 2.5 %5,351 2.4 %
     Total (4)192,327 100.0 %222,568 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Excludes assets "held-for-sale" of $40,669 million as of December 31, 2021.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INVESTMENT RESULTS (1)
(in millions)
 Three Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (5)AmountYield (5)Amount
General Account (2)
Fixed maturities (3)3.72 %2,617 25 3.65 %2,747 132 
Equity securities1.73 %19 — 1.04 %13 — 
Commercial mortgage and other loans3.71 %446 (16)3.85 %481 34 
Policy loans4.51 %70 — 4.48 %75 — 
Short-term investments and cash equivalents3.23 %130 (4)0.57 %17 (2)
        Gross investment income before investment expenses3.69 %3,282 3.56 %3,333 164 
        Investment expenses-0.08 %(124)— -0.12 %(102)— 
          Subtotal3.61 %3,158 3.44 %3,231 164 
Other investments (3)(24)(625)624 29 
Investment results of other entities and operations (4)63 77 212 71 
Less: investment income related to adjusted operating income reconciling items(150)(401)
Total3,047 (543)3,666 264 
Nine Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (5)AmountYield (5)Amount
General Account (2)
Fixed maturities (3)3.68 %7,994 (901)3.66 %8,232 1,370 
Equity securities2.07 %75 — 1.87 %70 — 
Commercial mortgage and other loans3.68 %1,349 (90)3.93 %1,454 83 
Policy loans4.53 %214 — 4.67 %238 — 
Short-term investments and cash equivalents1.83 %202 (5)0.50 %45 (2)
        Gross investment income before investment expenses3.61 %9,834 (996)3.59 %10,039 1,451 
        Investment expenses-0.11 %(336)— -0.14 %(367)— 
          Subtotal3.50 %9,498 (996)3.45 %9,672 1,451 
Other investments (3)696 (1,306)1,382 1,114 
Investment results of other entities and operations (4)225 256 732 76 
Less: investment income related to adjusted operating income reconciling items(718)(1,243)
Total9,701 (2,046)10,543 2,641 
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Includes invested income of commercial loans, assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(5) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. The denominator in the yield percentage includes assets "held-for-sale" as of March 31, 2022 and December 31, 2021. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
 Three Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)2.82 %954 156 2.73 %994 132 
Equity securities1.04 %— 1.02 %— 
Commercial mortgage and other loans3.63 %169 (3)3.79 %189 14 
Policy loans3.94 %24 — 3.79 %27 — 
Short-term investments and cash equivalents3.07 %12 (2)0.52 %— 
        Gross investment income before investment expenses2.91 %1,163 151 2.84 %1,217 146 
        Investment expenses-0.13 %(74)— -0.14 %(62)— 
          Subtotal2.78 %1,089 151 2.70 %1,155 146 
Other investments (2)(502)133 (39)
          Total1,095 (351)1,288 107 
Nine Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)2.75 %2,863 233 2.71 %2,939 188 
Equity securities2.89 %41 — 2.84 %46 — 
Commercial mortgage and other loans3.65 %521 (12)3.81 %564 35 
Policy loans3.92 %75 — 4.06 %87 — 
Short-term investments and cash equivalents2.08 %18 (2)0.46 %— 
        Gross investment income before investment expenses2.87 %3,518 219 2.85 %3,639 223 
        Investment expenses-0.14 %(197)— -0.14 %(180)— 
          Subtotal2.73 %3,321 219 2.71 %3,459 223 
Other investments (2)142 (2,077)348 (476)
          Total3,463 (1,858)3,807 (253)
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
 Three Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (4)AmountYield (4)Amount
Excluding Japanese Insurance Operations (2):
Fixed maturities (3)4.57 %1,663 (131)4.51 %1,753 — 
Equity securities2.18 %15 — 1.06 %— 
Commercial mortgage and other loans3.77 %277 (13)3.89 %292 20 
Policy loans4.88 %46 — 5.00 %48 — 
Short-term investments and cash equivalents3.24 %118 (2)0.57 %16 (2)
        Gross investment income before investment expenses4.32 %2,119 (146)4.17 %2,116 18 
        Investment expenses-0.04 %(50)— -0.11 %(40)— 
          Subtotal4.28 %2,069 (146)4.06 %2,076 18 
Other investments (3)(30)(123)491 68 
          Total2,039 (269)2,567 86 
Nine Months Ended September 30
20222021
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (4)AmountYield (4)Amount
Excluding Japanese Insurance Operations (2):
Fixed maturities (3)4.53 %5,131 (1,134)4.55 %5,293 1,182 
Equity securities1.54 %34 — 1.13 %24 — 
Commercial mortgage and other loans3.70 %828 (78)4.01 %890 48 
Policy loans4.94 %139 — 5.12 %151 — 
Short-term investments and cash equivalents1.82 %184 (3)0.50 %42 (2)
        Gross investment income before investment expenses4.20 %6,316 (1,215)4.21 %6,400 1,228 
        Investment expenses-0.08 %(139)— -0.15 %(187)— 
          Subtotal4.12 %6,177 (1,215)4.06 %6,213 1,228 
Other investments (3)554 771 1,034 1,590 
          Total6,731 (444)7,247 2,818 
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. The denominator in the yield percentage includes assets "held-for-sale" as of March 31, 2022 and December 31, 2021. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
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Table of Contents
Prudential Financial, Inc.
image30.jpg
Quarterly Financial Supplement
Third Quarter 2022
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsMarket experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsMarket experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
  Premiums15,724 — — 397 126 — — 16,247 12,651 — — 419 123 — — 13,193 
  Policy charges and fee income1,279 (39)(7)— — — — 1,233 1,589 (59)(19)— 59 — — 1,570 
  Net investment income3,047 (4)— 434 154 — — 3,631 3,666 (8)— 650 409 — — 4,717 
  Realized investment gains (losses), net226 (873)125 29 (21)— — (514)122 113 (37)168 66 — — 432 
  Asset management fees, commissions and other income1,335 (601)— (149)(686)(16)— (117)1,635 73 — 84 (40)(23)— 1,729 
     Total revenues21,611 (1,517)118 711 (427)(16)— 20,480 19,663 119 (56)1,321 617 (23)— 21,641 
Benefits and Expenses:
  Insurance and annuity benefits16,513 (5)(30)623 (430)— — 16,671 13,520 (9)110 1,184 198 — — 15,003 
  Interest credited to policyholders' account balances634 (16)30 53 — — 703 665 68 31 146 — — 917 
  Interest expense407 — — (1)— — 410 367 — — — — — 368 
  Deferral of acquisition costs(531)— — — (1)— — (532)(646)— — — (2)— — (648)
  Amortization of acquisition costs499 (32)13 — — 485 525 (27)25 — — 529 
  General and administrative expenses3,063 — — 74 27 10 3,180 3,388 (11)75 224 (20)3,666 
      Total benefits and expenses20,585 (53)(15)735 (351)10 20,917 17,819 21 143 1,294 569 (20)19,835 
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsMarket experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
  Premiums29,658 — — 1,249 404 — — 31,311 25,624 — — 1,313 578 — — 27,515 
  Policy charges and fee income4,348 (174)— 60 — — 4,243 4,474 (178)(29)— 193 — — 4,460 
  Net investment income9,701 (18)— 1,508 736 — — 11,927 10,543 (26)— 1,865 1,269 — — 13,651 
  Realized investment gains (losses), net640 (2,841)457 69 (302)— — (1,977)392 1,984 187 505 78 — — 3,146 
  Asset management fees, commissions and other income4,695 (1,921)— (621)(958)17 — 1,212 5,004 112 — 616 78 (72)— 5,738 
     Total revenues49,042 (4,954)466 2,205 (60)17 — 46,716 46,037 1,892 158 4,299 2,196 (72)— 54,510 
Benefits and expenses:
  Insurance and annuity benefits33,242 288 (273)1,872 50 — — 35,179 27,742 (153)(58)3,865 769 — — 32,165 
  Interest credited to policyholders' account balances1,952 (52)33 91 (487)— — 1,537 2,016 375 (23)93 298 — — 2,759 
  Interest expense1,172 — — — — — 1,176 1,112 — — — — — 1,116 
  Deferral of acquisition costs(1,634)— — — (2)— — (1,636)(1,945)— — — (4)— — (1,949)
  Amortization of acquisition costs1,639 204 52 13 — — 1,913 1,570 159 (85)15 — — 1,662 
  General and administrative expenses9,207 (220)(4)213 347 40 27 9,610 9,826 — (6)234 694 (19)35 10,764 
      Total benefits and expenses45,578 220 (192)2,193 (87)40 27 47,779 40,321 381 (172)4,207 1,764 (19)35 46,517 
__________
(1) See page 39 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration, and goodwill impairments.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2021Three Months Ended March 31, 2022
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsMarket experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
  Premiums6,723 — — 476 113 — — 7,312 7,300 — — 409 243 — — 7,952 
  Policy charges and fee income1,512 (70)(16)— 58 — — 1,484 1,454 (78)23 — 60 — — 1,459 
  Net investment income3,617 (14)— 635 398 — — 4,636 3,413 (10)— 554 401 — — 4,358 
  Realized investment gains (losses), net185 98 193 302 100 — — 878 146 (528)53 100 (87)— — (316)
  Asset management fees, commissions and other income1,707 159 — 235 38 (25)— 2,114 1,344 (523)— (98)(951)(10)— (238)
     Total revenues13,744 173 177 1,648 707 (25)— 16,424 13,657 (1,139)76 965 (334)(10)— 13,215 
Benefits and expenses:
  Insurance and annuity benefits7,626 (12)(142)1,486 209 — — 9,167 8,035 (41)(41)838 312 — — 9,103 
  Interest credited to policyholders' account balances667 75 (22)31 (28)— — 723 655 47 31 30 (594)— — 169 
  Interest expense362 — — — — — — 362 364 — — — — — 365 
  Deferral of acquisition costs(599)— — — — — — (599)(581)— — — — — — (581)
  Amortization of acquisition costs510 (6)(78)— — 435 535 213 91 — — 847 
  Goodwill impairment— — — — — — 1,060 1,060 — — — — — — — — 
  General and administrative expenses3,593 — (1)77 239 (37)17 3,888 3,083 69 243 12 17 3,427 
      Total benefits and expenses12,159 57 (243)1,600 423 (37)1,077 15,036 12,091 221 82 942 (35)12 17 13,330 
Three Months Ended June 30, 2022
Reconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsMarket experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of operating joint ventures and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
  Premiums6,634 — — 443 35 — — 7,112 
  Policy charges and fee income1,615 (57)(7)— — — — 1,551 
  Net investment income3,241 (4)— 520 181 — — 3,938 
  Realized investment gains (losses), net268 (1,440)279 (60)(194)— — (1,147)
  Asset management fees, commissions and other income2,016 (797)— (374)679 43 — 1,567 
     Total revenues13,774 (2,298)272 529 701 43 — 13,021 
Benefits and expenses:
  Insurance and annuity benefits8,694 334 (202)411 168 — — 9,405 
  Interest credited to policyholders' account balances663 (83)— 31 54 — — 665 
  Interest expense401 — — — — — — 401 
  Deferral of acquisition costs(522)— — — (1)— — (523)
  Amortization of acquisition costs605 23 (52)— — 581 
  General and administrative expenses3,061 (222)(5)70 77 22 — 3,003 
      Total benefits and expenses12,902 52 (259)516 299 22 — 13,532 
__________
(1) See page 39 for a definition of adjusted operating income.
(2) Represents adjustments not included in the above reconciling items, including a goodwill impairment that resulted in a charge of $837 million after-tax, $1,060 million pre-tax, in fourth quarter of 2021 related to Assurance IQ. Also includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of the associated contingent consideration.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.
Realized investment gains (losses) within certain businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income.
Adjusted Operating Income excludes market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, which we believe enhances the understanding of underlying performance trends. Adjusted operating income also excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations and discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP. Additionally, adjusted operating income excludes other items, such as certain components of the consideration for acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration, and goodwill impairments. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Gibraltar Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
Equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Book value per share excluding Accumulated Other Comprehensive Income (Loss) (“AOCI”) and adjusted to remove amount included for remeasurement of foreign currency exchange rate is a non-GAAP measure. These items are excluded in order to highlight the book value attributable to our core business operations. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations, separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market along with the supporting investments that are marked to market through AOCI under GAAP. However, book value per share excluding AOCI and adjusted to remove the amount included for foreign currency exchange rate remeasurement is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Debt utilized to meet the capital requirements of our business.
8. Borrowings - Operating Debt:
Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of a premium, net of any amount ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
11. General Account:
Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.
12. Gibraltar Life:
Includes results from the Japan operation.
13. Gibraltar Life Consultants:
Captive insurance agents for Gibraltar Life.
14. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
15. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:
Ratio of administrative operating expenses (excluding commissions) to gross premiums, and net policy charges and fee income.
16. Individual Retirement Strategies Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
17. Individual Retirement Strategies - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
18. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
19. International Life Planners:
Captive insurance Advisors in our Life Planner operations.
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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
KEY DEFINITIONS AND FORMULAS
20. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.
21. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
22. PGIM Asset Under Management Classifications:
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
23. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
24. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
25. Prudential Advisors:
Captive financial professionals in our insurance operations in the United States.
26. Prudential Advisor Productivity:
Commissions on new sales of all products by Prudential Advisors financial professionals under contract for the entire period, divided by the number of those financial professionals. Excludes commissions on new sales by financial professionals hired or departed during the period. For interim reporting periods, the productivity measures are annualized.
27. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests.
28. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
29. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

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Table of Contents
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2022
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of November 1, 2022
Standard &Fitch
A.M. Best*Poor'sMoody's*Ratings*
The Prudential Insurance Company of AmericaA+AA-Aa3AA-
PRUCO Life Insurance CompanyA+AA-Aa3AA-
PRUCO Life Insurance Company of New JerseyA+AA-NRAA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NRA+NRNR
Gibraltar Life Insurance Company, Ltd.NRA+NRNR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NRA+NRNR
CREDIT RATINGS:
as of November 1, 2022
Prudential Financial, Inc.:
  Short-Term BorrowingsAMB-1A-1P-2F1
  Long-Term Senior Debta-AA3A-
  Junior Subordinated Long-Term DebtbbbBBB+Baa1BBB
The Prudential Insurance Company of America:
  Capital and surplus notesaAA2A
Prudential Funding, LLC:
  Short-Term DebtAMB-1A-1+P-1F1+
  Long-Term Senior Debta+AA-A1A+
PRICOA Global Funding I:
  Long-Term Senior Debtaa-AA-Aa3AA-
 * NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.
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