FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF NET ASSETS
December 31, 2023
SUBACCOUNTS
PSF PGIM Government Money Market Portfolio (Class I)PSF PGIM Total Return Bond Portfolio (Class I)PSF PGIM Jennison Blend Portfolio (Class I)PSF PGIM Flexible Managed Portfolio (Class I)PSF PGIM 50/50 Balanced Portfolio (Class I)
ASSETS
    Investment in the portfolios, at fair value$12,038,697 $18,046,213 $156,544,137 $84,576,755 $81,138,600 
    Net Assets $12,038,697 $18,046,213 $156,544,137 $84,576,755 $81,138,600 
NET ASSETS, representing:
    Accumulation units$12,038,697 $18,046,213 $156,544,137 $84,576,755 $81,138,600 
$12,038,697 $18,046,213 $156,544,137 $84,576,755 $81,138,600 
     Units outstanding4,771,164 2,208,185 4,602,861 5,183,428 6,493,919 
     Portfolio shares held1,203,870 1,261,091 1,607,890 1,904,882 2,076,749 
     Portfolio net asset value per share$10.00 $14.31 $97.36 $44.40 $39.07 
     Investment in portfolio shares, at cost$12,038,698 $12,998,259 $31,550,474 $25,483,935 $26,085,473 


STATEMENTS OF OPERATIONS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Government Money Market Portfolio (Class I)PSF PGIM Total Return Bond Portfolio (Class I)PSF PGIM Jennison Blend Portfolio (Class I)PSF PGIM Flexible Managed Portfolio (Class I)PSF PGIM 50/50 Balanced Portfolio (Class I)
1/1/20231/1/20231/1/20231/1/20231/1/2023
tototototo
12/31/202312/31/202312/31/202312/31/202312/31/2023
INVESTMENT INCOME
   Dividend income$571,289 $— $— $— $— 
EXPENSES
   Charges for mortality and expense risk143,286 219,552 1,748,325 988,281 963,755 
NET INVESTMENT INCOME (LOSS) 428,003 (219,552)(1,748,325)(988,281)(963,755)
NET REALIZED AND UNREALIZED GAIN (LOSS)
   ON INVESTMENTS
  Capital gains distributions received— — — — — 
  Net realized gain (loss) on shares redeemed— 552,085 16,824,561 7,968,044 8,211,086 
  Net change in unrealized appreciation (depreciation) on investments— 738,185 24,628,531 5,764,724 3,448,427 
NET GAIN (LOSS) ON INVESTMENTS— 1,290,270 41,453,092 13,732,768 11,659,513 
NET INCREASE (DECREASE) IN NET ASSETS
    RESULTING FROM OPERATIONS$428,003 $1,070,718 $39,704,767 $12,744,487 $10,695,758 
The accompanying notes are an integral part of these financial statements.
A1

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF NET ASSETS
December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Value Portfolio (Class I)PSF PGIM High Yield Bond Portfolio (Class I)PSF Natural Resources Portfolio (Class I)PSF Stock Index Portfolio (Class I)PSF Global Portfolio (Class I)
ASSETS
    Investment in the portfolios, at fair value$72,597,617 $10,102,953 $18,110,921 $107,075,816 $28,144,705 
    Net Assets $72,597,617 $10,102,953 $18,110,921 $107,075,816 $28,144,705 
NET ASSETS, representing:
    Accumulation units$72,597,617 $10,102,953 $18,110,921 $107,075,816 $28,144,705 
$72,597,617 $10,102,953 $18,110,921 $107,075,816 $28,144,705 
     Units outstanding4,089,850 1,397,215 1,070,846 5,140,111 3,618,460 
     Portfolio shares held1,436,155 1,526,126 424,243 926,021 510,053 
     Portfolio net asset value per share$50.55 $6.62 $42.69 $115.63 $55.18 
     Investment in portfolio shares, at cost$20,768,190 $6,203,752 $6,467,612 $14,894,083 $7,064,806 


STATEMENTS OF OPERATIONS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Value Portfolio (Class I)PSF PGIM High Yield Bond Portfolio (Class I)PSF Natural Resources Portfolio (Class I)PSF Stock Index Portfolio (Class I)PSF Global Portfolio (Class I)
1/1/20231/1/20231/1/20231/1/20231/1/2023
tototototo
12/31/202312/31/202312/31/202312/31/202312/31/2023
INVESTMENT INCOME
   Dividend income$— $— $— $— $— 
EXPENSES
   Charges for mortality and expense risk834,784 126,526 228,110 1,218,682 329,359 
NET INVESTMENT INCOME (LOSS) (834,784)(126,526)(228,110)(1,218,682)(329,359)
NET REALIZED AND UNREALIZED GAIN (LOSS)
   ON INVESTMENTS
  Capital gains distributions received— — — — — 
  Net realized gain (loss) on shares redeemed5,865,076 651,589 1,730,502 12,210,359 3,331,439 
  Net change in unrealized appreciation (depreciation) on investments4,057,975 516,038 (1,375,528)11,386,153 1,608,177 
NET GAIN (LOSS) ON INVESTMENTS9,923,051 1,167,627 354,974 23,596,512 4,939,616 
NET INCREASE (DECREASE) IN NET ASSETS
    RESULTING FROM OPERATIONS$9,088,267 $1,041,101 $126,864 $22,377,830 $4,610,257 
The accompanying notes are an integral part of these financial statements.
A2

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF NET ASSETS
December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Growth Portfolio (Class I)PSF Small-Cap Stock Index Portfolio (Class I)PSF PGIM Government Income Portfolio (Class I)AST Cohen & Steers Realty Portfolio
ASSETS
    Investment in the portfolios, at fair value$76,294,139 $43,721,479 $8,781,085 $1,082,272 
    Net Assets $76,294,139 $43,721,479 $8,781,085 $1,082,272 
NET ASSETS, representing:
    Accumulation units$76,294,139 $43,721,479 $8,781,085 $1,082,272 
$76,294,139 $43,721,479 $8,781,085 $1,082,272 
     Units outstanding5,432,504 3,666,288 2,488,328 97,775 
     Portfolio shares held538,534 748,655 687,096 64,459 
     Portfolio net asset value per share$141.67 $58.40 $12.78 $16.79 
     Investment in portfolio shares, at cost$7,048,809 $8,817,167 $7,641,974 $1,097,346 


STATEMENTS OF OPERATIONS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Growth Portfolio (Class I)PSF Small-Cap Stock Index Portfolio (Class I)PSF PGIM Government Income Portfolio (Class I)AST Cohen & Steers Realty Portfolio
1/1/20231/1/20231/1/20231/1/2023
totototo
12/31/202312/31/202312/31/202312/31/2023
INVESTMENT INCOME
   Dividend income$— $— $— $— 
EXPENSES
   Charges for mortality and expense risk801,533 490,494 110,265 10,873 
NET INVESTMENT INCOME (LOSS) (801,533)(490,494)(110,265)(10,873)
NET REALIZED AND UNREALIZED GAIN (LOSS)
   ON INVESTMENTS
  Capital gains distributions received— — — — 
  Net realized gain (loss) on shares redeemed6,031,603 3,059,329 133,778 (44,010)
  Net change in unrealized appreciation (depreciation) on investments22,092,482 2,999,198 317,559 142,383 
NET GAIN (LOSS) ON INVESTMENTS28,124,085 6,058,527 451,337 98,373 
NET INCREASE (DECREASE) IN NET ASSETS
    RESULTING FROM OPERATIONS$27,322,552 $5,568,033 $341,072 $87,500 


The accompanying notes are an integral part of these financial statements.
A3

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Government Money Market Portfolio (Class I)PSF PGIM Total Return Bond Portfolio (Class I)PSF PGIM Jennison Blend Portfolio (Class I)PSF PGIM Flexible Managed Portfolio (Class I)PSF PGIM 50/50 Balanced Portfolio (Class I)
1/1/20231/1/20231/1/20231/1/20231/1/2023
tototototo
12/31/202312/31/202312/31/202312/31/202312/31/2023
OPERATIONS
  Net investment income (loss)$428,003 $(219,552)$(1,748,325)$(988,281)$(963,755)
  Capital gains distributions received— — — — — 
  Net realized gain (loss) on shares redeemed— 552,085 16,824,561 7,968,044 8,211,086 
  Net change in unrealized appreciation (depreciation) on investments— 738,185 24,628,531 5,764,724 3,448,427 
NET INCREASE (DECREASE) IN NET ASSETS
  RESULTING FROM OPERATIONS 428,003 1,070,718 39,704,767 12,744,487 10,695,758 
CONTRACT OWNER TRANSACTIONS
  Contract owner net payments 453 4,922 84,580 230,089 377,065 
  Annuity payments(219,311)(256,429)(1,777,095)(1,677,850)(2,046,855)
  Surrenders, withdrawals and death benefits (2,646,148)(2,526,017)(18,399,100)(9,884,062)(10,036,105)
  Net transfers between other subaccounts
    or fixed rate option1,491,255 539,124 (597,376)(53,266)(411,643)
  Miscellaneous transactions856 1,090 (21,808)(758)299 
  Other charges(1,527)(2,550)(17,186)(11,891)(10,890)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS(1,374,422)(2,239,860)(20,727,985)(11,397,738)(12,128,129)
TOTAL INCREASE (DECREASE) IN NET ASSETS(946,419)(1,169,142)18,976,782 1,346,749 (1,432,371)
NET ASSETS
  Beginning of period12,985,116 19,215,355 137,567,355 83,230,006 82,570,971 
  End of period$12,038,697 $18,046,213 $156,544,137 $84,576,755 $81,138,600 
  Beginning units5,334,054 2,492,371 5,296,836 5,944,304 7,539,757 
  Units issued2,136,331 86,994 15,072 37,610 63,769 
  Units redeemed(2,699,221)(371,180)(709,047)(798,486)(1,109,607)
  Ending units4,771,164 2,208,185 4,602,861 5,183,428 6,493,919 
The accompanying notes are an integral part of these financial statements.
A4

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Value Portfolio (Class I)PSF PGIM High Yield Bond Portfolio (Class I)PSF Natural Resources Portfolio (Class I)PSF Stock Index Portfolio (Class I)PSF Global Portfolio (Class I)
1/1/20231/1/20231/1/20231/1/20231/1/2023
tototototo
12/31/202312/31/202312/31/202312/31/202312/31/2023
OPERATIONS
  Net investment income (loss)$(834,784)$(126,526)$(228,110)$(1,218,682)$(329,359)
  Capital gains distributions received— — — — — 
  Net realized gain (loss) on shares redeemed5,865,076 651,589 1,730,502 12,210,359 3,331,439 
  Net change in unrealized appreciation (depreciation) on investments4,057,975 516,038 (1,375,528)11,386,153 1,608,177 
NET INCREASE (DECREASE) IN NET ASSETS
  RESULTING FROM OPERATIONS 9,088,267 1,041,101 126,864 22,377,830 4,610,257 
CONTRACT OWNER TRANSACTIONS
  Contract owner net payments 301,596 10,928 27,605 49,324 17,967 
  Annuity payments(771,583)(188,155)(270,724)(1,445,093)(135,359)
  Surrenders, withdrawals and death benefits (6,853,645)(1,778,667)(1,913,736)(10,830,061)(4,068,540)
  Net transfers between other subaccounts
    or fixed rate option(646,524)(547,360)(504,761)(994,806)(178,684)
  Miscellaneous transactions7,448 325 (27)(363)5,508 
  Other charges(5,081)(1,023)(2,534)(15,853)(1,999)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS(7,967,789)(2,503,952)(2,664,177)(13,236,852)(4,361,107)
TOTAL INCREASE (DECREASE) IN NET ASSETS1,120,478 (1,462,851)(2,537,313)9,140,978 249,150 
NET ASSETS
  Beginning of period71,477,139 11,565,804 20,648,234 97,934,838 27,895,555 
  End of period$72,597,617 $10,102,953 $18,110,921 $107,075,816 $28,144,705 
  Beginning units4,583,992 1,767,515 1,230,350 5,849,825 4,238,370 
  Units issued23,027 17,331 10,868 34,416 42,176 
  Units redeemed(517,169)(387,631)(170,372)(744,130)(662,086)
  Ending units4,089,850 1,397,215 1,070,846 5,140,111 3,618,460 
The accompanying notes are an integral part of these financial statements.
A5

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2023
SUBACCOUNTS
PSF PGIM Jennison Growth Portfolio (Class I)PSF Small-Cap Stock Index Portfolio (Class I)PSF PGIM Government Income Portfolio (Class I)AST Cohen & Steers Realty Portfolio
1/1/20231/1/20231/1/20231/1/2023
totototo
12/31/202312/31/202312/31/202312/31/2023
OPERATIONS
  Net investment income (loss)$(801,533)$(490,494)$(110,265)$(10,873)
  Capital gains distributions received— — — — 
  Net realized gain (loss) on shares redeemed6,031,603 3,059,329 133,778 (44,010)
  Net change in unrealized appreciation (depreciation) on investments22,092,482 2,999,198 317,559 142,383 
NET INCREASE (DECREASE) IN NET ASSETS
  RESULTING FROM OPERATIONS 27,322,552 5,568,033 341,072 87,500 
CONTRACT OWNER TRANSACTIONS
  Contract owner net payments 56,737 39,270 33,101 5 
  Annuity payments(427,364)(171,454)(142,939)(1,881)
  Surrenders, withdrawals and death benefits (6,552,896)(3,284,446)(1,488,506)(79,431)
  Net transfers between other subaccounts
    or fixed rate option955,716 (116,546)236,911 101,635 
  Miscellaneous transactions5,894 2,349 178 (61)
  Other charges(9,782)(2,499)(1,444)(125)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS(5,971,695)(3,533,326)(1,362,699)20,142 
TOTAL INCREASE (DECREASE) IN NET ASSETS21,350,857 2,034,707 (1,021,627)107,642 
NET ASSETS
  Beginning of period54,943,282 41,686,772 9,802,712 974,630 
  End of period$76,294,139 $43,721,479 $8,781,085 $1,082,272 
  Beginning units5,934,579 3,997,876 2,884,949 97,523 
  Units issued212,826 56,276 165,790 31,562 
  Units redeemed(714,901)(387,864)(562,411)(31,310)
  Ending units5,432,504 3,666,288 2,488,328 97,775 


The accompanying notes are an integral part of these financial statements.
A6

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2022
SUBACCOUNTS
PSF PGIM Government Money Market Portfolio (Class I)PSF PGIM Total Return Bond Portfolio (Class I)PSF PGIM Jennison Blend Portfolio (Class I)PSF PGIM Flexible Managed Portfolio (Class I)PSF PGIM 50/50 Balanced Portfolio (Class I)
1/1/20221/1/20221/1/20221/1/20221/1/2022
tototototo
12/31/202212/31/202212/31/202212/31/202212/31/2022
OPERATIONS
Net investment income (loss)$26,020 $(260,001)$(1,896,015)$(1,106,404)$(1,107,108)
Capital gains distributions received— — — — — 
Net realized gain (loss) on shares redeemed— 763,728 15,084,388 6,950,826 8,452,669 
Net change in unrealized appreciation (depreciation) on investments— (4,507,548)(65,480,750)(22,478,229)(24,253,497)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS26,020 (4,003,821)(52,292,377)(16,633,807)(16,907,936)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments1,929 7,842 122,131 141,956 79,977 
Annuity payments(401,719)(305,497)(1,801,443)(962,122)(1,809,765)
Surrenders, withdrawals and death benefits(1,188,842)(2,391,184)(14,212,419)(8,850,093)(10,628,884)
Net transfers between other subaccounts
or fixed rate option5,074,211 (315,051)(2,709,709)(302,394)(269,278)
Miscellaneous transactions(404)1,471 19,739 6,472 15,410 
Other charges(1,702)(2,739)(15,873)(14,150)(13,987)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS3,483,473 (3,005,158)(18,597,574)(9,980,331)(12,626,527)
TOTAL INCREASE (DECREASE) IN NET ASSETS3,509,493 (7,008,979)(70,889,951)(26,614,138)(29,534,463)
NET ASSETS
Beginning of period9,475,623 26,224,334 208,457,306 109,844,144 112,105,434 
End of period$12,985,116 $19,215,355 $137,567,355 $83,230,006 $82,570,971 
Beginning units3,899,561 2,863,212 5,940,554 6,612,373 8,628,898 
Units issued4,163,101 84,095 14,492 29,369 45,602 
Units redeemed(2,728,608)(454,936)(658,210)(697,438)(1,134,743)
Ending units5,334,054 2,492,371 5,296,836 5,944,304 7,539,757 
















The accompanying notes are an integral part of these financial statements.
A7

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2022
SUBACCOUNTS
PSF PGIM Jennison Value Portfolio (Class I)PSF PGIM High Yield Bond Portfolio (Class I)PSF Natural Resources Portfolio (Class I)PSF Stock Index Portfolio (Class I)PSF Global Portfolio (Class I)
1/1/20221/1/20221/1/20221/1/20221/1/2022
tototototo
12/31/202212/31/202212/31/202212/31/202212/31/2022
OPERATIONS
Net investment income (loss)$(900,658)$(151,771)$(240,901)$(1,307,052)$(369,578)
Capital gains distributions received— — — — — 
Net realized gain (loss) on shares redeemed5,438,124 429,583 910,161 9,602,899 2,711,381 
Net change in unrealized appreciation (depreciation) on investments(12,173,543)(2,064,370)2,994,476 (33,518,863)(9,869,477)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS(7,636,077)(1,786,558)3,663,736 (25,223,016)(7,527,674)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments159,212 15,419 17,420 273,871 159,510 
Annuity payments(922,674)(134,182)(94,217)(813,374)(148,968)
Surrenders, withdrawals and death benefits(6,771,175)(1,144,975)(1,565,376)(10,800,522)(2,785,924)
Net transfers between other subaccounts
or fixed rate option152,084 (469,665)394,443 1,045,615 (725,713)
Miscellaneous transactions11,107 1,753 (857)29,755 3,998 
Other charges(5,908)(1,309)(3,063)(9,862)(2,360)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS(7,377,354)(1,732,959)(1,251,650)(10,274,517)(3,499,457)
TOTAL INCREASE (DECREASE) IN NET ASSETS(15,013,431)(3,519,517)2,412,086 (35,497,533)(11,027,131)
NET ASSETS
Beginning of period86,490,570 15,085,321 18,236,148 133,432,371 38,922,686 
End of period$71,477,139 $11,565,804 $20,648,234 $97,934,838 $27,895,555 
Beginning units5,048,581 2,021,960 1,310,431 6,431,588 4,745,292 
Units issued77,168 24,881 91,386 144,019 63,847 
Units redeemed(541,757)(279,326)(171,467)(725,782)(570,769)
Ending units4,583,992 1,767,515 1,230,350 5,849,825 4,238,370 

















The accompanying notes are an integral part of these financial statements.
A8

FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 2022
SUBACCOUNTS
PSF PGIM Jennison Growth Portfolio (Class I)PSF Small-Cap Stock Index Portfolio (Class I)PSF PGIM Government Income Portfolio (Class I)AST Cohen & Steers Realty Portfolio
1/1/20221/1/20221/1/20221/1/2022
totototo
12/31/202212/31/202212/31/202212/31/2022
OPERATIONS
Net investment income (loss)$(815,933)$(549,893)$(130,632)(11,611)
Capital gains distributions received— — — — 
Net realized gain (loss) on shares redeemed8,886,256 3,324,424 214,412 (24,533)
Net change in unrealized appreciation (depreciation) on investments(45,123,512)(12,155,531)(1,879,537)(181,400)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS(37,053,189)(9,381,000)(1,795,757)(217,544)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments266,571 51,766 7,064 52 
Annuity payments(356,182)(257,739)(210,389)(6,754)
Surrenders, withdrawals and death benefits(6,326,805)(3,295,341)(1,249,781)(93,034)
Net transfers between other subaccounts
or fixed rate option(4,113,722)(309,097)(60,926)1,147,191 
Miscellaneous transactions33,248 5,266 1,407 (1,000)
Other charges(6,518)(2,849)(1,625)(145)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CONTRACT OWNER TRANSACTIONS(10,503,408)(3,807,994)(1,514,250)1,046,310 
TOTAL INCREASE (DECREASE) IN NET ASSETS(47,556,597)(13,188,994)(3,310,007)828,766 
NET ASSETS
Beginning of period102,499,879 54,875,766 13,112,719 145,864 
End of period$54,943,282 $41,686,772 $9,802,712 974,630 
Beginning units6,826,562 4,348,900 3,300,408 10,765 
Units issued53,511 92,306 159,204 122,926 
Units redeemed(945,494)(443,330)(574,663)(36,168)
Ending units5,934,579 3,997,876 2,884,949 97,523 


The accompanying notes are an integral part of these financial statements.
A9

NOTES TO FINANCIAL STATEMENTS OF
THE PRUDENTIAL INDIVIDUAL VARIABLE CONTRACT ACCOUNT
December 31, 2023
Note 1:    General

The Prudential Individual Variable Contract Account (the “Account”) was established under the laws of the State of New Jersey on October 12, 1982 as a separate investment account of The Prudential Insurance Company of America (“Prudential”), which is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of Prudential. Proceeds from purchases of the Variable Investment Plan (“VIP”) and the Discovery Plus (“PDISCO+”) contracts (individually, a “contract” or “product” and collectively, the “contracts” or “products”) are invested in the Account. The portion of the Account’s assets applicable to the contracts is not chargeable with liabilities arising out of any other business Prudential may conduct.

The Account is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is a funding vehicle for the contracts. The contracts offer the option to invest in various subaccounts listed below, each of which invests in a corresponding portfolio of either The Prudential Series Fund or the Advanced Series Trust (collectively, the "Portfolios"). Investment options vary by contract.

The corresponding subaccount names are as follows:
PSF PGIM Government Money Market Portfolio (Class I)
PSF PGIM Total Return Bond Portfolio (Class I)
PSF PGIM Jennison Blend Portfolio (Class I)
PSF PGIM Flexible Managed Portfolio (Class I)
PSF PGIM 50/50 Balanced Portfolio (Class I)
PSF PGIM Jennison Value Portfolio (Class I)
PSF PGIM High Yield Bond Portfolio (Class I)
PSF Natural Resources Portfolio (Class I)
PSF Stock Index Portfolio (Class I)
PSF Global Portfolio (Class I)
PSF PGIM Jennison Growth Portfolio (Class I)
PSF Small-Cap Stock Index Portfolio (Class I)
PSF PGIM Government Income Portfolio (Class I)
AST Cohen & Steers Realty Portfolio

There were no mergers during the period ended December 31, 2023.

New sales of the products which invest in the Account have been discontinued. However, premium payments made by contract owners will continue to be received by the Account, subject to the rules of the products and any optional benefits, if elected.

The Portfolios are open-end management investment companies, and each portfolio of The Prudential Series Fund and the Advanced Series Trust is managed by affiliates of Prudential. Each subaccount of the Account indirectly bears exposure to risks which may be interrelated and include, but are not limited to, the market, credit and liquidity risks of the portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Portfolios. Additional information on these Portfolios is available upon request to the appropriate companies.

Note 2: Significant Accounting Policies

The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic
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Note 2:    Significant Accounting Policies (continued)
946, Financial Services-Investment Companies, which is part of the generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to the valuation of investments in the Portfolios. Subsequent events have been evaluated through the date these financial statements were issued, and no adjustment or disclosure is required in the financial statements.

Investments - The investments in shares of the Portfolios are stated at the reported net asset value per share of the respective Portfolios, which is based on the fair value of the underlying securities in the respective Portfolios. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statements of Operations of the applicable subaccounts.

Security Transactions - Purchase and sale transactions are recorded as of the trade date of the security being purchased or sold. Realized gains and losses on security transactions are determined based upon the specific identification method.

Dividend Income and Distributions Received - Dividend and capital gain distributions received are reinvested in additional shares of the Portfolios and are recorded on the ex-distribution date.

Note 3: Fair Value Measurements

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Account can access.
Level 2 - Fair value is based on significant inputs, other than Level 1 inputs, that are observable for the investment, either directly or indirectly, for substantially the full term of the investment through corroboration with observable market data. Level 2 inputs include the reported net asset value per share of the underlying portfolio, quoted market prices in active markets for similar investments, quoted market prices in markets that are not active for identical or similar investments, and other market observable inputs.
Level 3 - Fair value is based on at least one significant unobservable input for the investment, which may require significant judgment or estimation in determining the fair value.
As of December 31, 2023, management determined that the fair value inputs for all of the Account’s investments, which consist solely of investments in open-end mutual funds registered with the SEC, were considered Level 2.

Note 4:    Taxes

Prudential is taxed as a “life insurance company” as defined by the Internal Revenue Code. The results of operations of the Account form a part of Prudential Financial’s consolidated federal tax return. No federal, state or local income taxes are payable by the Account. As such, no provision for tax liability has been recorded in these financial statements. Prudential management will review periodically the status of the policy in the event of changes in the tax law.

Note 5: Purchases and Sales of Investments

The aggregate costs of purchases and proceeds from sales, excluding distributions received and reinvested, of investments in the Portfolios for the period ended December 31, 2023 were as follows:
PurchasesSales
PSF PGIM Government Money Market Portfolio (Class I)$5,289,786 $6,807,492 
PSF PGIM Total Return Bond Portfolio (Class I)679,806 3,139,219 
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Note 5: Purchases and Sales of Investments (continued)
PurchasesSales
PSF PGIM Jennison Blend Portfolio (Class I)$424,195 $22,900,504 
PSF PGIM Flexible Managed Portfolio (Class I)511,959 12,897,979 
PSF PGIM 50/50 Balanced Portfolio (Class I)680,622 13,772,506 
PSF PGIM Jennison Value Portfolio (Class I)340,291 9,142,864 
PSF PGIM High Yield Bond Portfolio (Class I)113,577 2,744,055 
PSF Natural Resources Portfolio (Class I)172,069 3,064,355 
PSF Stock Index Portfolio (Class I)599,498 15,055,032 
PSF Global Portfolio (Class I)279,106 4,969,572 
PSF PGIM Jennison Growth Portfolio (Class I)2,514,868 9,288,096 
PSF Small-Cap Stock Index Portfolio (Class I)596,253 4,620,072 
PSF PGIM Government Income Portfolio (Class I)574,587 2,047,551 
AST Cohen & Steers Realty Portfolio345,602 336,333 

Note 6:    Related Party Transactions

The Account has extensive transactions and relationships with Prudential and other affiliates. Due to these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. Prudential Financial and its affiliates perform various services on behalf of the portfolios of The Prudential Series Fund and the Advanced Series Trust in which the Account invests and may receive fees for the services performed. These services include, among other things, investment management, subadvisory, shareholder communications, postage, transfer agency and various other record keeping, administrative and customer service functions.

The Prudential Series Fund has entered into a management agreement with PGIM Investments LLC ("PGIM Investments"), and the Advanced Series Trust has entered into a management agreement with PGIM Investments and AST Investment Services, Inc., both indirect, wholly-owned subsidiaries of Prudential Financial (together, the “Investment Managers”). Pursuant to these agreements, the Investment Managers have responsibility for all investment advisory services and supervise the subadvisers’ performance of such services with respect to each portfolio of The Prudential Series Fund and the Advanced Series Trust. The Investment Managers have entered into subadvisory agreements with several subadvisers, including PGIM, Inc., PGIM Limited, Jennison Associates LLC, and PGIM Quantitative Solutions LLC, each of which are indirect, wholly-owned subsidiaries of Prudential Financial.

The Prudential Series Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), an indirect, wholly-owned subsidiary of Prudential Financial, which acts as the distributor of the Class I and Class II shares of the portfolios of The Prudential Series Fund. No distribution or service (12b-1) fees are paid to PIMS as distributor of the Class I shares of the portfolios of The Prudential Series Fund, which is the class of shares owned by the Account.

The Advanced Series Trust has a distribution agreement with Prudential Annuities Distributors, Inc. (“PAD”), an indirect, wholly-owned subsidiary of Prudential Financial, which acts as the distributor of the shares of each portfolio of the Advanced Series Trust. Distribution and service fees are paid to PAD by most portfolios of the Advanced Series Trust.

Prudential Mutual Fund Services LLC, an affiliate of the Investment Managers and an indirect, wholly-owned subsidiary of Prudential Financial, serves as the transfer agent of each portfolio of The Prudential Series Fund and the Advanced Series Trust.

Certain charges and fees of the portfolios of The Prudential Series Fund and the Advanced Series Trust may be waived and/or reimbursed by Prudential and its affiliates. Prudential and its affiliates reserve the right to discontinue these waivers/reimbursements at its discretion, subject to the contractual obligations of Prudential and its affiliates.

See The Prudential Series Fund and the Advanced Series Trust financial statements for further discussion of such expense and waiver/reimbursement arrangements. The Account indirectly bears the expenses of the underlying portfolios of The Prudential Series Fund and the Advanced Series Trust in which it invests, including the related party expenses disclosed above.
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Note 7:    Financial Highlights

A summary of units outstanding, accumulation unit values, net assets, investment income ratios, expense ratios, excluding expenses of the underlying Portfolios, and total returns by subaccount is presented below for each of the five years in the period ended December 31, 2023.

At the year endedFor the year ended
Units
(000s)		Unit ValueNet
Assets
(000s)		Investment
Income
Ratio*		Expense Ratio**Total Return***
PSF PGIM Government Money Market Portfolio (Class I)
December 31, 20234,771 $2.52 $12,039 4.75 %1.20 %3.65 %
December 31, 20225,334 $2.43 $12,985 1.39 %1.20 %0.18 %
December 31, 20213,900 $2.43 $9,476 0.04 %1.20 %-1.14 %
December 31, 20205,244 $2.46 $12,889 0.30 %1.20 %-0.88 %
December 31, 20195,266 $2.48 $13,060 1.90 %1.20 %0.70 %
PSF PGIM Total Return Bond Portfolio (Class I)
December 31, 20232,208 $8.17 $18,046 0.00 %1.20 %6.00 %
December 31, 20222,492 $7.71 $19,215 0.00 %1.20 %-15.82 %
December 31, 20212,863 $9.16 $26,224 0.00 %1.20 %-1.94 %
December 31, 20203,280 $9.34 $30,631 0.00 %1.20 %7.17 %
December 31, 20193,639 $8.72 $31,710 0.00 %1.20 %9.59 %
PSF PGIM Jennison Blend Portfolio (Class I)
December 31, 20234,603 $34.01 $156,544 0.00 %1.20 %30.95 %
December 31, 20225,297 $25.97 $137,567 0.00 %1.20 %-25.99 %
December 31, 20215,941 $35.09 $208,457 0.00 %1.20 %18.93 %
December 31, 20206,682 $29.51 $197,158 0.00 %1.20 %27.47 %
December 31, 20197,622 $23.15 $176,423 0.00 %1.20 %27.36 %
PSF PGIM Flexible Managed Portfolio (Class I)
December 31, 20235,183 $16.32 $84,577 0.00 %1.20 %16.53 %
December 31, 20225,944 $14.00 $83,230 0.00 %1.20 %-15.71 %
December 31, 20216,612 $16.61 $109,844 0.00 %1.20 %15.97 %
December 31, 20207,391 $14.32 $105,865 0.00 %1.20 %8.29 %
December 31, 20198,237 $13.23 $108,956 0.00 %1.20 %18.45 %
PSF PGIM 50/50 Balanced Portfolio (Class I)
December 31, 20236,494 $12.49 $81,139 0.00 %1.20 %14.09 %
December 31, 20227,540 $10.95 $82,571 0.00 %1.20 %-15.71 %
December 31, 20218,629 $12.99 $112,105 0.00 %1.20 %12.03 %
December 31, 20209,851 $11.60 $114,234 0.00 %1.20 %10.11 %
December 31, 201911,522 $10.53 $121,349 0.00 %1.20 %17.09 %
PSF PGIM Jennison Value Portfolio (Class I)
December 31, 20234,090 $17.75 $72,598 0.00 %1.20 %13.84 %
December 31, 20224,584 $15.59 $71,477 0.00 %1.20 %-8.98 %
December 31, 20215,049 $17.13 $86,491 0.00 %1.20 %26.28 %
December 31, 20205,637 $13.57 $76,474 0.00 %1.20 %2.36 %
December 31, 20196,413 $13.25 $85,002 0.00 %1.20 %24.56 %
PSF PGIM High Yield Bond Portfolio (Class I)
December 31, 20231,397 $7.23 $10,103 0.00 %1.20 %10.50 %
December 31, 20221,768 $6.54 $11,566 0.00 %1.20 %-12.29 %
December 31, 20212,022 $7.46 $15,085 0.00 %1.20 %6.65 %
December 31, 20202,200 $7.00 $15,392 0.00 %1.20 %5.83 %
December 31, 20192,458 $6.61 $16,250 0.00 %1.20 %14.95 %

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Note 7:    Financial Highlights (continued)

At the year endedFor the year ended
Units
(000s)		Unit ValueNet
Assets
(000s)		Investment
Income
Ratio*		Expense Ratio**Total Return***
PSF Natural Resources Portfolio (Class I)
December 31, 20231,071 $16.91 $18,111 0.00 %1.20 %0.78 %
December 31, 20221,230 $16.78 $20,648 0.00 %1.20 %20.60 %
December 31, 20211,310 $13.92 $18,236 0.00 %1.20 %24.02 %
December 31, 20201,481 $11.22 $16,617 0.00 %1.20 %10.95 %
December 31, 20191,651 $10.11 $16,700 0.00 %1.20 %9.37 %
PSF Stock Index Portfolio (Class I)
December 31, 20235,140 $20.83 $107,076 0.00 %1.20 %24.43 %
December 31, 20225,850 $16.74 $97,935 0.00 %1.20 %-19.30 %
December 31, 20216,432 $20.75 $133,432 0.00 %1.20 %26.76 %
December 31, 20207,177 $16.37 $117,467 0.00 %1.20 %16.68 %
December 31, 20198,140 $14.03 $114,184 0.00 %1.20 %29.52 %
PSF Global Portfolio (Class I)
December 31, 20233,618 $7.78 $28,145 0.00 %1.20 %18.18 %
December 31, 20224,238 $6.58 $27,896 0.00 %1.20 %-19.76 %
December 31, 20214,745 $8.20 $38,923 0.00 %1.20 %16.83 %
December 31, 20205,288 $7.02 $37,125 0.00 %1.20 %14.46 %
December 31, 20195,986 $6.13 $36,716 0.00 %1.20 %28.85 %
PSF PGIM Jennison Growth Portfolio (Class I)
December 31, 20235,433 $14.04 $76,294 0.00 %1.20 %51.69 %
December 31, 20225,935 $9.26 $54,943 0.00 %1.20 %-38.34 %
December 31, 20216,827 $15.01 $102,500 0.00 %1.20 %14.63 %
December 31, 20207,614 $13.10 $99,734 0.00 %1.20 %54.35 %
December 31, 20198,494 $8.49 $72,077 0.00 %1.20 %31.76 %
PSF Small-Cap Stock Index Portfolio (Class I)
December 31, 20233,666 $11.93 $43,721 0.00 %1.20 %14.37 %
December 31, 20223,998 $10.43 $41,687 0.00 %1.20 %-17.36 %
December 31, 20214,349 $12.62 $54,876 0.00 %1.20 %24.84 %
December 31, 20204,898 $10.11 $49,506 0.00 %1.20 %9.68 %
December 31, 20195,420 $9.22 $49,950 0.00 %1.20 %20.97 %
PSF PGIM Government Income Portfolio (Class I)
December 31, 20232,488 $3.53 $8,781 0.00 %1.20 %3.86 %
December 31, 20222,885 $3.40 $9,803 0.00 %1.20 %-14.48 %
December 31, 20213,300 $3.97 $13,113 0.00 %1.20 %-4.32 %
December 31, 20203,880 $4.15 $16,109 0.00 %1.20 %5.89 %
December 31, 20194,088 $3.92 $16,030 0.00 %1.20 %5.35 %
AST Cohen & Steers Realty Portfolio (available February 22, 2021)
December 31, 202398 $11.07 $1,082 0.00 %1.20 %10.76 %
December 31, 202298 $9.99 $975 0.00 %1.20 %-26.25 %
December 31, 202111 $13.55 $146 0.00 %1.20 %34.51 %
December 31, 2020— $— $— 0.00 %0.00 %0.00 %
December 31, 2019— $— $— 0.00 %0.00 %0.00 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying Portfolios, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying Portfolios in which the subaccount invests.
**
These amounts represent the annualized contract expenses of the Account, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Portfolios are excluded.
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Note 7:    Financial Highlights (continued)
***
These amounts represent the total returns for the periods indicated, including changes in the value of the underlying Portfolios, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Contract owners may experience different total returns based on their investment options. Subaccounts with a date notation indicate the effective date of that subaccount in the Account. Total returns for periods less than one year are not annualized. The total return is calculated for each of the five years in the period ended December 31, 2023 or for the periods indicated within.

Note 8:    Charges and Expenses

The following represents the various charges and expenses of the Account which are paid to Prudential.

A.Mortality and Expense Risk Charges

The mortality and expense risk charges, at an effective annual rate of 0.8% and 0.4%, respectively (for a total of 1.2% per year) are applied daily against the net assets of each subaccount. Mortality risk is the risk that contract owners may live longer than estimated and expense risk is the risk that the cost of issuing and administering the contracts may exceed related charges assessed by Prudential. These charges are assessed through a reduction in unit values.

B.Withdrawal Charges

A withdrawal charge may be assessed upon full or partial contract owner redemptions. These charges relate to the expenses of selling and distributing the contracts, including sales commissions, printing of prospectuses, sales administration, preparation of sales literature and other promotional activities. The range for withdrawal charges is 0% to 8%, plus return of 1% bonus during the period the purchase payment is subject to a withdrawal charge. This charge is assessed through the redemption of units.

C.Annual Maintenance Charge

An annual maintenance charge of $30 will be deducted if and only if the contract portfolio is less than $10,000 on a contract anniversary or at the time of a full withdrawal, including a withdrawal to affect an annuity. This charge is assessed through the redemption of units.

Note 9:    Other

Accumulation units are the basic valuation units used to calculate a contract owner's interest allocated to the variable account before the annuitization date.

Contract owner net payments represent contract owner contributions, net of applicable deductions, charges, and state premium taxes.

Annuity payments represent transfers to the general account at the time of contract annuitization which are used to establish the fixed payout account from which future annuity payments are distributed under the terms of the contracts.

Surrenders, withdrawals and death benefits are payments to contract owners and beneficiaries made under the terms of the contracts, including amounts that contract owners have requested to be withdrawn or paid to them.

Net transfers between other subaccounts or fixed rate option are amounts that contract owners have directed to be moved among subaccounts, including permitted transfers to and from the guaranteed interest account.

Miscellaneous transactions primarily represent timing related adjustments on contract owner transactions, such as premiums, surrenders, transfers, etc. which are funded by the general account in order to maintain appropriate contract owner account balances.

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Note 9:    Other (continued)
Other charges are contract level charges assessed through the redemption of units as described in Note 8, Charges and Expenses.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Prudential Insurance Company of America and
the Contract Owners of The Prudential Individual Variable Contract Account

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of The Prudential Individual Variable Contract Account indicated in the table below as of December 31, 2023, the related statements of operations for the period then ended, and the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of The Prudential Individual Variable Contract Account as of December 31, 2023, the results of each of their operations for the period then ended, and the changes in each of their net assets for each of the two years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

PSF PGIM Government Money Market Portfolio (Class I)PSF Natural Resources Portfolio (Class I)
PSF PGIM Total Return Bond Portfolio (Class I)PSF Stock Index Portfolio (Class I)
PSF PGIM Jennison Blend Portfolio (Class I)PSF Global Portfolio (Class I)
PSF PGIM Flexible Managed Portfolio (Class I)PSF PGIM Jennison Growth Portfolio (Class I)
PSF PGIM 50/50 Balanced Portfolio (Class I)PSF Small-Cap Stock Index Portfolio (Class I)
PSF PGIM Jennison Value Portfolio (Class I)PSF PGIM Government Income Portfolio (Class I)
PSF PGIM High Yield Bond Portfolio (Class I)AST Cohen & Steers Realty Portfolio

Basis for Opinions

These financial statements are the responsibility of The Prudential Insurance Company of America management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of The Prudential Individual Variable Contract Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of The Prudential Individual Variable Contract Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agent of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.





/s/ PricewaterhouseCoopers LLP
New York, New York
April 18, 2024

We have served as the auditor of one or more of the subaccounts of The Prudential Individual Variable Contract Account since at least 2012. We have not been able to determine the specific year we began serving as auditor of one or more of the subaccounts of The Prudential Individual Variable Contract Account.
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