The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses).”


	June 30, 2025		December 31, 2024
	(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,500	$	4,674
Obligations of U.S. states and their political subdivisions	2,444		2,224
Foreign government bonds	105		93
U.S. corporate securities	11,820		11,440
Foreign corporate securities	3,056		3,010
Asset-backed securities	1,935		1,283
Mortgage-backed securities	13,327		14,144
Mutual funds:
Equity	89,861		90,180
Fixed Income	32,399		33,828
Other	6,198		5,439
Equity securities	5,196		4,845
Commercial mortgage and other loans	55		54
Other invested assets	19,552		19,352
Short-term investments	1,450		1,137
Cash and cash equivalents	2,863		1,669
Total	$	194,761	$	193,372

For the periods ended June 30, 2025 and December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.


	Six Months Ended June 30, 2025
			Retirement Strategies
	PGIM		Institutional		Individual		Group Insurance		Individual Life		Total
	(in millions)
Balance, BOP	$	28,645	$	9,308	$	86,974	$	25,126	$	46,891	$	196,944
Deposits	5,132		202		279		126		1,968		7,707
Investment performance	1,148		361		4,486		1,163		2,644		9,802

Policy charges	(33)		(4)		(1,007)		(137)		(615)		(1,796)
Surrenders and withdrawals	(3,499)		(377)		(6,885)		(25)		(549)		(11,335)
Benefit payments	(1,827)		(254)		(52)		(145)		(270)		(2,548)
Net transfers (to) from general account	(110)		(141)		(30)		13		(259)		(527)
Other	(172)		147		3		243		66		287

Balance, EOP	$	29,284	$	9,242	$	83,768	$	26,364	$	49,876	$	198,534
Other businesses(1)											(3,773)
Total separate account liabilities											$	194,761

Cash surrender value(2)	$	29,284	$	9,242	$	82,960	$	26,271	$	46,195	$	193,952

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.

(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.


	Six Months Ended June 30, 2024
			Retirement Strategies
	PGIM		Institutional		Individual		Group Insurance		Individual Life		Total
	(in millions)
Balance, BOP	$	32,648	$	11,011	$	94,130	$	25,021	$	39,223	$	202,033
Deposits	10,873		105		294		289		1,613		13,174
Investment performance	(972)		(94)		5,249		366		4,334		8,883

Policy charges	(57)		(5)		(1,123)		(120)		(566)		(1,871)
Surrenders and withdrawals	(9,886)		(878)		(6,815)		(339)		(516)		(18,434)
Benefit payments	(1,745)		(270)		(46)		(144)		(208)		(2,413)
Net transfers (to) from general account	13		(45)		(42)		6		(251)		(319)
Other	(458)		84		3		(532)		46		(857)

Balance, EOP	$	30,416	$	9,908	$	91,650	$	24,547	$	43,675	200,196
Other businesses(1)											(3,337)
Total separate account liabilities											$	196,859

Cash surrender value(2)	$	30,416	$	9,908	$	90,583	$	24,442	$	40,129	$	195,478

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.