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).”


	March 31, 2026		December 31, 2025
	(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,924	$	4,753
Obligations of U.S. states and their political subdivisions	2,483		2,514
Foreign government bonds	122		109
U.S. corporate securities	12,553		13,783
Foreign corporate securities	3,302		4,282
Asset-backed securities	2,129		3,445
Mortgage-backed securities	13,335		10,154
Mutual funds:
Equity	85,788		92,137
Fixed Income	29,998		30,602
Other	6,152		6,315
Equity securities	5,198		5,459
Commercial mortgage and other loans	52		53
Other invested assets	19,837		19,749
Short-term investments	1,011		1,276
Cash and cash equivalents	2,152		1,620
Total	$	189,036	$	196,251

For the periods ended March 31, 2026 and December 31, 2025, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.


	Three Months Ended March 31, 2026
	PGIM		Retirement		Group Insurance		Individual Life		U.S. Legacy Products		Total
	(in millions)
Balance, BOP	$	29,278	$	12,154	$	26,916	$	54,073	$	77,880	$	200,301
Deposits	2,055		150		22		1,139		12		3,378
Investment performance	179		(128)		(74)		(1,549)		(1,269)		(2,841)

Policy charges	(16)		(5)		(57)		(321)		(463)		(862)
Surrenders and withdrawals	(1,145)		(445)		(7)		(284)		(3,364)		(5,245)
Benefit payments	(950)		(123)		(85)		(157)		(28)		(1,343)
Net transfers (to) from general account	31		7		(3)		(200)		4		(161)
Other	(207)		69		25		(62)		1		(174)

Balance, EOP	$	29,225	$	11,679	$	26,737	$	52,639	$	72,773	$	193,053
Other businesses(1)											(4,017)
Total separate account liabilities											$	189,036

Cash surrender value(2)	$	29,225	$	11,525	$	26,591	$	51,250	$	72,350	$	190,941

(1)Primarily represents activity from the Company’s intercompany eliminations as well as Divested and Run-off Businesses. 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 is no cash surrender charges for the PGIM segment.


	Three Months Ended March 31, 2025
	PGIM		Retirement		Group Insurance		Individual Life		U.S. Legacy Products		Total
	(in millions)
Balance, BOP	$	28,645	$	12,664	$	25,126	$	46,891	$	83,618	$	196,944
Deposits	2,211		289		11		924		12		3,447
Investment performance	569		175		511		(1,220)		(168)		(133)

Policy charges	(16)		(6)		(38)		(309)		(510)		(879)
Surrenders and withdrawals	(1,695)		(567)		(9)		(280)		(3,353)		(5,904)
Benefit payments	(910)		(129)		(60)		(153)		(27)		(1,279)
Net transfers (to) from general account	(83)		(157)		13		(109)		7		(329)
Other	(118)		78		(7)		44		2		(1)

Balance, EOP	$	28,603	$	12,347	$	25,547	$	45,788	$	79,581	191,866
Other businesses(1)											(3,675)
Total separate account liabilities											$	188,191

Cash surrender value(2)	$	28,603	$	12,207	$	25,452	$	42,169	$	78,856	$	187,287

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