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, 2026		December 31, 2025
	(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,964	$	4,753
Obligations of U.S. states and their political subdivisions	2,552		2,514
Foreign government bonds	125		109
U.S. corporate securities	12,905		13,783
Foreign corporate securities	3,497		4,282
Asset-backed securities	2,281		3,445
Mortgage-backed securities	13,562		10,154
Mutual funds:
Equity	93,759		92,137
Fixed Income	29,311		30,602
Other	6,573		6,315
Equity securities	5,853		5,459
Commercial mortgage and other loans	51		53
Other invested assets	19,802		19,749
Short-term investments	1,606		1,276
Cash and cash equivalents	2,109		1,620
Total	$	198,950	$	196,251

For the periods ended June 30, 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.


	Six Months Ended June 30, 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	4,244		296		1,128		2,217		32		7,917
Investment performance	537		475		737		4,312		4,124		10,185

Policy charges	(31)		(11)		(187)		(645)		(917)		(1,791)
Surrenders and withdrawals	(2,692)		(808)		(21)		(650)		(6,756)		(10,927)
Benefit payments	(1,919)		(242)		(215)		(268)		(53)		(2,697)
Net transfers (to) from general account	157		53		(4)		(431)		8		(217)
Other	99		417		(296)		25		1		246

Balance, EOP	$	29,673	$	12,334	$	28,058	$	58,633	$	74,319	$	203,017
Other businesses(1)											(4,067)
Total separate account liabilities											$	198,950

Cash surrender value(2)	$	29,673	$	12,021	$	27,977	$	56,748	$	74,117	$	200,536

(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.


	Six Months Ended June 30, 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	5,132		453		126		1,968		28		7,707
Investment performance	1,148		522		1,163		2,644		4,325		9,802

Policy charges	(33)		(5)		(137)		(615)		(1,006)		(1,796)
Surrenders and withdrawals	(3,499)		(946)		(25)		(549)		(6,316)		(11,335)
Benefit payments	(1,827)		(255)		(145)		(270)		(51)		(2,548)
Net transfers (to) from general account	(110)		(185)		13		(259)		14		(527)
Other	(172)		147		243		66		3		287

Balance, EOP	$	29,284	$	12,395	$	26,364	$	49,876	$	80,615	198,534
Other businesses(1)											(3,773)
Total separate account liabilities											$	194,761

Cash surrender value(2)	$	29,284	$	12,253	$	26,271	$	46,195	$	79,949	$	193,952

(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.