Prudential Financial Inc (PRU)

PGIM Announces Strategic Enhancements to Equity ETF PlatformJune 15, 2026 6:45 AM
Business Wire Enhancements organize equity ETF lineup around core and focused strategies PGIM, the $1.4 trillion1 global investment management business of Prudential Financial, Inc. (NYSE: PRU), today announced a series of enhancements to its Jennison equity exchange-traded fund (ETF) lineup. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615232651/en/“Investors and advisors are increasingly looking for actively managed ETFs that are low cost, clearly defined, and easy to implement across portfolios.” --Stuart Parker, Head of Global Wealth, PGIM These initiatives are intended to create a more streamlined and consistent equity ETF platform, enhancing access to Jennison’s fundamental, research-driven investment capabilities across market segments and further aligning the lineup with evolving investor demand. The platform enhancements include: The merger of the PGIM Jennison Focused Value Fund (PJGZX) into the PGIM Jennison Focused Value ETF (PJFV). In conjunction with the merger, PJFV will undergo an expense ratio reduction from 0.75% to 0.33% on or about July 1, 2026. The merger is expected to become effective on or about Nov. 13, 2026, at which time PJGZX will be reorganized into PJFV, after which PJGZX will be liquidated and its remaining assets distributed to shareholders. The renaming and repositioning of the PGIM Jennison International Opportunities ETF (PJIO) as the PGIM Jennison Focused International Equity ETF (PJIO), together with an expense ratio reduction from 0.90% to 0.54%. The changes will go into effect on or about Aug. 1, 2026. The closure and liquidation of the PGIM Jennison Better Future ETF (PJBF). The final day for creations or redemptions by authorized participants will be on or about July 13, 2026, and the last day of trading will be on or about July 14, 2026. PJBF is expected to cease operations on or about July 17, 2026, at which time the fund will be liquidated and its remaining assets distributed to shareholders. “Investors and advisors are increasingly looking for actively managed ETFs that are low-cost, clearly defined, and easy to implement across portfolios,” said Stuart Parker, head of Global Wealth, PGIM. “These enhancements reflect our commitment to meeting that demand by delivering a competitively priced and comprehensive ETF platform.” These efforts come after the recent launch of the PGIM Jennison U.S. Core Equity ETF (PJUS). The ~100-stock core portfolio is informed by Jennison’s fundamental, bottom-up investment approach, which emphasizes in-depth research and security selection while maintaining disciplined control of factor and risk exposures. Overall, the platform enhancements will result in a streamlined equity ETF lineup that’s organized around two distinct investment styles: core and focused. Core strategies are designed to provide diversified core equity market exposure, while focused strategies will offer complementary higher-conviction portfolios in each market segment. “For more than five decades, Jennison has been built on the conviction that rigorous, bottom-up fundamental research is the foundation of long-term outperformance,” said Ken Moore, head of Jennison. “By streamlining and expanding our ETF lineup, we are making Jennison’s research-driven investment capabilities more accessible to a broader set of investors.” PGIM’s ETF platform offers over 60 actively managed ETFs across equity and fixed income asset classes. PGIM is the 11th-largest active ETF provider2 with $27 billion in assets under management.1 Founded in 1969, Jennison manages $190 billion in client assets across a range of equity and fixed income investment strategies.1 Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. Learn more about PGIM’s growing lineup of actively managed ETFs at pgim.com. ABOUT PGIM PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. 1 As of March 31, 2026. 2 Source: Morningstar Direct as of March 31, 2026. Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial company. Registration as a registered investment adviser does not imply a certain level or skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Certain investment vehicles are distributed or offered through Prudential Investment Management Services LLC (also a Prudential Financial Company) or other affiliated entities. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Please visit jennison.com/important-disclosures for important information, including information on non-U.S. jurisdictions. Jennison Focused Value ETF Risk Disclosure As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. Value style investing may be out of favor for long periods of time, and the market may not recognize a security’s intrinsic value for a long time or at all. Foreign securities are subject to currency fluctuations and political uncertainty. Large-capitalization companies go in and out of favor based on market and economic conditions; the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations. At times, the Fund may have a significant portion of its assets invested in the same economic sector, making the Fund more vulnerable to developments in that sector. There is no guarantee the Fund’s objective will be achieved. Risks are more fully explained in the Fund’s prospectus. Jennison International Opportunities ETF Risk Disclosure As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker. Growth-style investing may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. Foreign securities are subject to currency fluctuations and political uncertainty. Emerging market investments are subject to greater volatility and price declines. Geographic concentration may cause the Fund’s performance to be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. At times, the Fund may have a significant portion of its assets invested in the same economic sector, making the Fund more vulnerable to developments in that sector. As a non-diversified fund, investments in the Fund involve greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. Investments in currency may result in a decline in the Fund’s net asset value due to changes in exchange rates. There is no guarantee the Fund’s objective will be achieved. Risks are more fully explained in the Fund’s prospectus. PGIM Jennison U.S. Core Equity ETF Risk Disclosure As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. The Fund’s blend investment style may subject the Fund to the risks of both value and growth investing. Large-capitalization companies go in and out of favor based on market and economic conditions; the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations. As a non-diversified fund, investments in the Fund involve greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. The Fund’s concentration in certain securities may cause the Fund to be adversely affected by the performance of those securities. Foreign securities are subject to currency fluctuations and political uncertainty. The Fund has a limited operating history and investment positions may have a disproportionate impact on performance. Derivatives may carry market, credit and liquidity risks. The Fund uses quantitative models. Securities or other investments selected using quantitative models may perform differently from the market or from expected performance. There is no assurance that these methodologies will produce the desired results or enable the Fund to meet its objective. There is no guarantee the Fund’s objective will be achieved. Risks are more fully explained in the Fund’s prospectus. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates (Jennison) is a registered investment advisor. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional. INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate 5561148 CONNECT WITH US:
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AM Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s New Junior Subordinated NotesJune 11, 2026 4:13 PM
Business Wire AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) to the $750 million, 6.25% fixed rate junior subordinated notes, due 2056, of Prudential Financial, Inc. (Prudential) (Newark, NJ) [NYSE: PRU]. At the same time AM Best has assigned a Long-Term IR of “aa-” (Superior) to the $450 million, 5% medium term notes, due 2031, of PRICOA Global Funding I. The outlook assigned to these Credit Ratings (ratings) is stable. The proceeds of the junior subordinated notes issuance are expected to be used for general corporate purposes, which may include repurchasing all of Prudential’s $750 million, 4.5% fixed to floating rate junior subordinated notes, due 2047, and callable in 2027. Following the issuances, the adjusted financial leverage at Prudential stands at 25.6%, as calculated by AM Best, which includes 45% equity credit. Interest coverage is considered adequate. Liquidity remains strong with $3.7 billion in highly liquid assets at the parent company level as of March 31, 2026. This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20260611012951/en/ Tyler Samani
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al.slavin@ambest.com Original: AM Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s New Junior Subordinated Notes

PGIM Announces Net Asset Value Restatement for Three Exchange-Traded Funds (PAB, PSDM, PTRB)June 2, 2026 9:32 PM
Business Wire PGIM,1 the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU) announces that the previously disclosed net asset value (NAV) per share of the PGIM Active Aggregate Bond ETF (PAB), PGIM Short Duration Multi-Sector Bond ETF (PSDM) and PGIM Total Return Bond ETF (PTRB) for May 29, 2026, was restated by the amount indicated below on June 1, 2026. This restatement is the result of an accounting error in calculating each exchange-traded fund’s NAV by a third-party administrator. Upon detecting the issue, PGIM acted promptly to direct the third-party fund administrator to correct the error. Fund Exchange Ticker Revised NAV Original NAV PGIM Active Aggregate Bond ETF (PAB) NYSE Arca, Inc. PAB $42.13264 $42.88141  PGIM Short Duration Multi-Sector Bond ETF (PSDM) Cboe BZX Exchange, Inc. PSDM $51.03433 $51.36878 PGIM Total Return Bond ETF (PTRB) NYSE Arca, Inc. PTRB $41.47636 $41.79489 Shareholders with questions regarding the restatement are encouraged to contact their financial advisor or PGIM at (888)-247-8090 or pgim.com. ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.4 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. 1 As of March 31, 2026 Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. ©2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Investing in exchange-traded funds (ETFs) involves risks, including the possible loss of principal. ETF shares may trade at a premium or discount to net asset value and may be affected by market volatility and liquidity conditions. Actively managed ETFs are subject to management risk, meaning investment decisions may not produce the intended results. INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed CONNECT WITH US:
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PGIM Closed-End Funds Declare Distributions for June, July and August 2026May 29, 2026 4:18 PM
Business Wire PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for June, July and August 2026. The distribution amounts and schedule for each fund appears below: Fund Name Ticker Distribution Per Share Change from Prior Distribution PGIM High Yield Bond Fund, Inc. ISD $0.105 – PGIM Global High Yield Fund, Inc. GHY $0.105 – PGIM Short Duration High Yield Opportunities Fund SDHY $0.108 – Month Ex-Date Record Date Payable Date June 6/11/2026 6/11/2026 6/30/2026 July 7/9/2026 7/9/2026 7/31/2026 August 8/13/2026 8/13/2026 8/31/2026 The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors. In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information. ABOUT PGIM PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.  1As of March 31, 2025. Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Credit. PGIM Credit is an investment group of PGIM, Inc. These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid. An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Credit is the public and private fixed income investment group within PGIM, Inc., an affiliate of the investment manager and a registered investment advisor. PGIM Credit is not a separate legal entity. Investment advisory services to the Fund are provided by PGIM, Inc. and PGIM Limited. PGIM, Inc. conducts the public fixed income investment advisory activities associated with PGIM Credit and, where applicable, provides private credit investment advisory services. PGIM Limited conducts investment advisory activities with respect to securities in certain non-U.S. markets. Effective April 8, 2026, PGIM Fixed Income and PGIM Private Credit (formerly known as PGIM Private Capital) were combined and renamed PGIM Credit. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Credit, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate. 5513955 Expiration: 05/31/2027 CONNECT WITH US:
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Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing ApartmentsMay 28, 2026 6:01 AM
PR Newswire (US) Mid-rise apartment development to offer prime regional connectivityALEXANDRIA, Va., May 28, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and PGIM, the global investment management business of Prudential Financial, Inc. and the second-largest real estate investment manager in the world, celebrated the commencement of construction on Alexandria Crossing at their groundbreaking ceremony earlier this month. Alongside the project's lead lender, ING Capital LLC, Quarterra and PGIM are proud to bring the new luxury apartment community to the heart of Alexandria, offering a premier residential destination that blends modern living with unparalleled connectivity. Alexandria Crossing is designed as a sophisticated mid-rise community, comprised of seven stories and featuring 385 apartment homes. The development will offer a diverse range of floor plans, from efficient studios to spacious three-bedroom residences, with units ranging from 398 to 1,378 square feet. Committed to environmental responsibility, the community is engineered to meet the National Green Building Standard (NGBS) Gold Certification for environmental sustainability.The broader master development also includes a significant residential expansion by Lennar, one of the nation's leading homebuilders, featuring 44 "two-over-two" for-sale townhomes — architecturally styled as four-level townhouses but internally split into two separate, multi-level residences — and 33 for-sale traditional townhomes."Alexandria Crossing represents our commitment to creating high-quality, sustainable housing that meets the needs of modern urban dwellers," said Drew Dunn, Senior Development Manager with Quarterra. "With its unmatched location and regional accessibility, combined with a curated amenities package, we are creating a community that is as convenient as it is comfortable."Located at 6239 Shields Avenue, Alexandria Crossing will offer residents prime connectivity to regional attractions, recreation, employers and necessities. The community fronts along US Route 1, providing immediate access to major thoroughfares including I-495, I-395 and the GW Memorial Parkway. The community site is just 0.8 miles from the Huntington Metro Station (Yellow Line) and adjacent to a future Bus Rapid Transit (BRT) stop. The transit access creates easy commutes to major employers, including the National Science Foundation, Virginia Tech Innovation Campus, Amazon HQ2, the Pentagon and Fort Belvoir.The community is situated immediately adjacent to the Kings Crossing Shopping Center, which includes retail and restaurants, as well as medical and service providers. Directly across Route 1 is the South Alex development, featuring groceries, coffee shops and destination dining.Residents can also enjoy nearby recreation destinations, including Mount Vernon District Park, Martha Washington Library, and various nature trails and bike paths. The community is within 10 minutes of the renowned restaurant scene in Old Town Alexandria and Carlyle Plaza, with the McCutcheon/Mount Vernon Farmers Market nearby.Designed for an active and social lifestyle, Alexandria Crossing will offer a suite of high-end amenities, including:Courtyards: Two courtyards will feature a resort-style pool with cabanas and a sun shelf, walking trails and outdoor dining areas. The courtyards will be connected by an interior sunroom with a kitchenette.Fitness Center: A state-of-the-art facility equipped with interactive fitness screens and flex spaces for all training levels.Clubhouse and Resident Lounge: Active spaces for entertaining, highlighted by a pool table, shuffleboard and a fireplace.Dog Park/Spa: An elevated outdoor dog park with obstacles and seating, as well and an indoor pet spa with built-in washing stations.Business Center: Modern business facilities, including a podcasting room, private conference room, four micro offices and oversized conference table.Open Space: An additional 0.62 acres of public open space incorporates the Terminus Green community park, a pollinator garden with benches and swing, and a linear park with multi-use green space, natural play elements and seating.Other property features include 131 bicycle racks, 40 resident storage units and an eight-level parking garage with 489 stalls, including eight EV charging spaces.Alexandria Crossing is Quarterra's first multifamily development in Alexandria and second in Virginia. About Quarterra
Quarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com.About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.1 As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.2 As of December 31, 2025.About ING
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.Media Contact                                      
Marlena DeFalco
LinnellTaylor Marketing                                                          
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Prismic Life Announces Completion of Oversubscribed Capital RaiseMay 20, 2026 8:35 AM
Business Wire Prismic Life Holding Company, LP (Prismic) today announced the successful completion of its previously announced capital raise. The approximately US$1.9 billion of total commitments reflects an oversubscribed closing, exceeding its original US$1.6 billion target. The additional capital expands Prismic’s capacity and flexibility to support a broader range of reinsurance opportunities. Prismic is sponsored by Prudential Financial, Inc. (NYSE: PRU) (PFI) and Warburg Pincus, global leaders in insurance and investment management. This capital raise included investments from a global consortium of world-class institutional investors, underscoring continued demand for Prismic’s differentiated reinsurance platform. Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., each a licensed Class E Bermuda-based life and annuity reinsurance company. Including this close, Prismic has raised more than US$3.3 billion in capital to support the reinsurance of liabilities, including PFI’s U.S. and Japanese liabilities as well as third-party business, such as the recent Daiichi Life transaction. Prismic Group Chair and CEO Nandini Mongia commented, “This capital raise marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions, and allows us to deliver innovative reinsurance solutions that support clients’ capital, risk, and balance-sheet management needs.” “Prismic is an important part of Prudential’s broader toolkit for flexible capital allocation,” said Andy Sullivan, chairman and CEO of Prudential Financial. “The platform provides Prudential access to third-party capital and strategic optionality that supports our long-term growth strategy.” “The oversubscribed raise highlights Prismic’s long-term growth potential,” added Jeffrey Perlman, CEO of Warburg Pincus. “Its integrated approach remains highly differentiated, and we are pleased to continue partnering with Prudential and Prismic as the platform grows.” Prismic will continue to leverage global investment management capabilities from PGIM, the US$1.4 trillion* global investment management business of PFI, and Warburg Pincus across public and private markets. Prismic was advised by PGIM, Inc., RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited. About Prismic Life
Prismic Life is a Bermuda-based, growth-oriented life and annuity reinsurance platform that leverages Prudential Financial and Warburg Pincus’ sponsorship and the market-leading asset management capabilities of PGIM and Warburg Pincus to deliver value to clients. Prismic Life’s expertise and scalable operating model enable the firm to provide risk and balance sheet management solutions, while offering investors access to reinsurance as an asset class. Launched on Sept. 1, 2023, Prismic Life currently manages over US$17 billion of liabilities. For more information about Prismic Life, please visit prismiclife.com. About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately US$1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than US$100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate and capital solutions strategies. The firm is headquartered in New York with more than 15 offices globally. For more information, please visit warburgpincus.com or follow us on LinkedIn and YouTube. *As of March 31, 2026. Prudential Forward-Looking Statements
Certain of the statements included in this release, such as those regarding the capital raise and expected results and impacts thereof, including the expected allocation of capital to assets managed by PGIM, the business plan of Prismic and our expectations relating to reinsurance, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Prudential’s forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential’s Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document. The securities subject to the equity investment referred to in this press release have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520537530/en/ Prismic Media Contact: Christian Ercole; christian.ercole@prismiclife.com Original: Prismic Life Announces Completion of Oversubscribed Capital Raise

CORRECTING and REPLACING PGIM Closed-End Funds declare distributions for March, April and May 2026May 15, 2026 11:04 AM
Business Wire May monthly distribution payable date of release issued February 27, 2026, should read: 5/29/2026 (instead of 5/31/2026). The updated release reads: PGIM CLOSED-END FUNDS DECLARE DISTRIBUTIONS FOR MARCH, APRIL AND MAY 2026 PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for March, April and May 2026. The distribution amounts and schedule for each fund appear below: Fund Name Ticker Distribution Per Share Change from Prior Distribution PGIM High Yield Bond Fund, Inc. ISD $0.105 – PGIM Global High Yield Fund, Inc. GHY $0.105 – PGIM Short Duration High Yield Opportunities Fund SDHY $0.108 – Month Ex-Date Record Date Payable Date March 3/12/2026 3/12/2026 3/31/2026 April 4/9/2026 4/9/2026 4/30/2026 May 5/14/2026 5/14/2026 5/29/2026 The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors. In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information. ABOUT PGIM PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com. 1 As of Dec. 31, 2025. Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager. These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid. An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate. 5493849 Expiration: 02/28/2027 CONNECT WITH US:
Visit pgim.com
Follow on LinkedIn View source version on businesswire.com: https://www.businesswire.com/news/home/20260227911194/en/ MEDIA CONTACT:
Travis Fishstein
+1 973-382-6093
travis.fishstein@pgim.com   Original: CORRECTING and REPLACING PGIM Closed-End Funds declare distributions for March, April and May 2026

Prudential Financial Declares Quarterly Dividend on Common StockMay 12, 2026 4:18 PM
Business Wire Prudential Financial, Inc. (NYSE: PRU) announced today the declaration of a quarterly dividend of $1.40 per share of Common Stock, payable on June 11, 2026, to shareholders of record at the close of business on May 26, 2026. About Prudential Financial Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512598170/en/ Prudential Media Contact: Emily Blum, emily.blum@prudential.com Original: Prudential Financial Declares Quarterly Dividend on Common Stock

Employees Face Difficult Trade-offs Amid Rising CostsMay 11, 2026 9:15 AM
Business Wire New Prudential Benefits & Beyond study finds financial stress, driven by economic uncertainty and rising medical costs, is forcing employees to make difficult trade-offs that affect their mental, physical and financial well-being. Prudential Financial, Inc. (NYSE: PRU) released today its annual Benefits & Beyond study, showing how economic uncertainty and rising medical costs are exacerbating financial stress and placing added strain on employees’ mental health. The research finds financial stress is no longer just a budget concern for employees. It is increasingly linked to mental strain and health decisions, which can have a ripple effect on workplace engagement. At the same time, the study highlights a significant disconnect between how employers believe they are supporting employees and how employees say they feel. While 75% of employers believe they are doing enough to help manage medical costs, only 46% of employees agree. Key findings from the first of three installments of Prudential’s 2026 Benefits & Beyond study, “The Future of Work: Building financial resilience in an era of rising costs,” include: Financial stress is widespread and deeply felt. 68% of employees experienced at least some financial stress in the past 12 months, with 28% saying it was a significant or overwhelming concern. Financial pressure is driving higher mental stress. 45% of employees report experiencing more mental stress over the past year due to financial concerns, with this figure rising to 50% for Gen Z. Rising medical costs are intensifying stress and affecting health decisions. Seven in 10 employees (71%) saw at least a 5% increase in medical costs, and nearly one in five (22%) experienced increases of 15% or more. Medical costs directly impact mental and emotional well-being. Employees say rising medical expenses significantly affect their financial stress (32%), mental health (22%), and physical health (22%). “Rising medical costs are putting pressure on employers and employees alike, intensifying financial stress across the workforce,” said Jon Trevisan, vice president and head of distribution at Prudential Group Insurance. “The most successful organizations will likely take a holistic approach that balances managing costs with delivering meaningful benefits that support overall employee financial health.” The need for a holistic approach is underscored by employee engagement, with only 13% turning to employer resources for help. “This research points to a critical opportunity for employers,” said Michael Estep, president of Prudential Group Insurance. “Connecting financial, medical and mental health support through clear, ongoing communication and education helps employees better understand their benefits and feel supported when they need it most.” Click here to view and download the study. The research was conducted with 3,096 full-time U.S. employees and 760 employers via national online surveys in January 2026. Visit prudential.com/employers/group-insurance for more information on Prudential Group Insurance’s portfolio of workplace benefits, absence management and risk mitigation solutions. ABOUT PRUDENTIAL Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of March 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than 150 years. For more information, please visit news.prudential.com. Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefits plans. The business also sells critical illness, accidental death and dismemberment, and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee-paid and unpaid leave including FMLA, ADA and PFL. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511937326/en/ MEDIA CONTACT:
Marisa Amador
973-802-8969
marisa.amador@prudential.com Original: Employees Face Difficult Trade-offs Amid Rising Costs

Prudential Financial, Inc. Announces First Quarter 2026 ResultsMay 5, 2026 4:18 PM
Business Wire Prudential Financial, Inc. (NYSE: PRU) today reported first quarter 2026 results. Net income attributable to Prudential Financial, Inc. of $597 million or $1.68 per Common share versus net income of $707 million or $1.96 per share for the year-ago quarter. After-tax adjusted operating income of $1.278 billion or $3.61 per Common share versus $1.188 billion or $3.29 per share for the year-ago quarter. Book value per Common share of $91.28 versus $83.59 per share for the year-ago quarter; adjusted book value per Common share of $99.79 versus $96.37 per share for the year-ago quarter. Parent company highly liquid assets(1) of $3.7 billion versus $4.9 billion for the year-ago quarter, primarily attributable to a $1.0 billion hybrid securities redemption in May 2025. Assets under management(2) of $1.576 trillion versus $1.522 trillion for the year-ago quarter. Capital returned to shareholders totaled $746 million, including $250 million of share repurchases and $496 million of dividends, versus $736 million in the year-ago quarter. Dividends paid in the first quarter were $1.40 per Common share, representing a yield on adjusted book value of over 5%. On April 21, 2026, Prudential issued a press release and held a call with the investment community to discuss the extension of the Prudential of Japan voluntary sales suspension. For more information, please visit our website at investor.prudential.com. “We delivered a solid first quarter, reflecting the progress we have made over the past year to operate with greater consistency and discipline,” said Andy Sullivan, Chairman and Chief Executive Officer of Prudential Financial. “Momentum is growing across our businesses as we sharpen focus and strengthen execution. PGIM delivered strong investment performance and is on track to achieve its margin expansion target. Our U.S. Businesses reflected the actions taken to enhance competitive positioning, enabling us to capture demand and improve the underlying fundamentals across retirement and insurance. While the results of our International Businesses were impacted by the sales suspension at Prudential of Japan, our broader Japan platform remains diversified and resilient. Outside of Japan, Emerging Markets delivered a robust first quarter, driven by record earnings in Brazil. We have a strong foundation, distinctive capabilities, and we are building a stronger Prudential — positioned to deliver durable value across cycles.” OVERVIEW Net income attributable to Prudential Financial, Inc. ("Prudential" or the "Company") was $597 million ($1.68 per Common share) for the first quarter of 2026, compared to net income of $707 million ($1.96 per Common share) for the first quarter of 2025. After-tax adjusted operating income was $1.278 billion ($3.61 per Common share) for the first quarter of 2026, compared to $1.188 billion ($3.29 per Common share) for the first quarter of 2025. Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3) RESULTS OF ONGOING OPERATIONS Prudential's ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results. PGIM PGIM, the Company’s global investment management business, reported adjusted operating income of $190 million for the first quarter of 2026, up 22% compared to $156 million in the year-ago quarter. This increase primarily reflects higher asset management fees and other related revenues, mainly driven by agency earnings, partially offset by higher expenses resulting from growth initiatives. PGIM assets under management of $1.433 trillion increased 3% from the year-ago quarter, primarily driven by equity market appreciation and strong investment performance. Total net outflows in the quarter of $0.1 billion reflected affiliated net outflows of $1.9 billion, mostly offset by third-party net inflows of $1.8 billion. Third-party institutional net inflows were $1.6 billion as public and private fixed income and real estate inflows were partially offset by public equity outflows. Third-party retail net inflows of $0.2 billion were primarily driven by public fixed income inflows, partially offset by public equity outflows. U.S. Businesses U.S. Businesses, which includes the Company's Retirement, Group Insurance, Individual Life, and U.S. Legacy Products segments, reported adjusted operating income of $956 million for the first quarter of 2026, up 3% compared to $931 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses in all businesses related to investments in enhancing service and distribution, and lower net fee income resulting from the continued run-off of the traditional variable annuity block. Retirement: Reported adjusted operating income of $572 million in the quarter, up 9% compared to $526 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by higher expenses to support business growth and the investments mentioned above, and less favorable underwriting results. Net account values of $356 billion increased 8% from the year-ago quarter, reflecting the benefits of market appreciation and business growth. Total sales in the quarter of $7.4 billion included $3.3 billion of retail annuities sales, reflecting strong momentum following the December 2025 launch of the Company's latest registered index-linked annuity product, and $1.4 billion of pension risk transfer activity across four middle-market transactions. Group Insurance: Reported adjusted operating income of $38 million in the quarter, compared to $89 million in the year-ago quarter. Excluding the impact of a favorable reserve refinement of approximately $30 million last year, this decrease primarily reflects less favorable disability underwriting results, due to higher claims incidence and severity, and higher expenses related to investments supporting business growth and operational efficiency in claims and service, partially offset by more favorable mortality in the working-age population in life underwriting results. Sales of $526 million in the quarter increased 32% from the year-ago quarter, driven by strong growth in disability, including supplemental health products, and continued momentum in the Premier middle-market segment. Individual Life: Reported adjusted operating income of $139 million in the quarter, more than doubling compared to $52 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, due to more favorable mortality from lower claims severity, and higher net investment spread results. Sales of $251 million in the quarter increased 23% from the year-ago quarter, primarily driven by variable accumulation product sales. U.S. Legacy Products: Effective January 1, 2026, Prudential established the U.S. Legacy Products reporting segment, consisting of traditional variable annuities with guaranteed living benefit riders and certain other annuities products, previously included in the former Individual Retirement Strategies segment, as well as guaranteed universal life policies previously included in the Individual Life segment. This new reporting segment represents run-off blocks consisting of products that are no longer being sold in U.S. markets. Reported adjusted operating income of $207 million in the quarter, down 22% compared to $264 million in the year-ago quarter. This decrease primarily reflects lower net fee income, resulting from the continued run-off of the traditional variable annuity block, partially offset by market appreciation, as well as less favorable underwriting results related to the guaranteed universal life block. Net legacy annuities account values of $74 billion decreased 8% from the year-ago quarter, driven by net outflows from the continued run-off of the block, partially offset by market appreciation. International Businesses International Businesses reported adjusted operating income of $810 million for the first quarter of 2026, down 4% compared to $848 million in the year-ago quarter. This decrease primarily reflects higher expenses related to the Prudential of Japan sales suspension, partially offset by higher net investment spread results and more favorable underwriting results primarily driven by new business growth in Brazil, which had a record earnings quarter. Constant dollar basis sales(4) of $424 million in the quarter decreased 27% from the year-ago quarter, primarily driven by the Prudential of Japan sales suspension. Corporate & Other Corporate & Other reported a loss, on an adjusted operating income basis, of $330 million for the first quarter of 2026, compared to a loss of $415 million in the year-ago quarter. This lower loss primarily reflects lower expenses and favorable foreign exchange remeasurement impacts. NET INCOME Net income in the quarter included $621 million of pre-tax net realized investment losses and related charges and adjustments, including $101 million of pre-tax net credit-related losses, $295 million of pre-tax losses related to the net change in value of market risk benefits, $53 million of pre-tax earnings from divested and run-off businesses, and $15 million of pre-tax gains related to market experience updates. Net income for the year-ago quarter included $351 million of pre-tax losses related to the net change in value of market risk benefits, $246 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $73 million of pre-tax losses from divested and run-off businesses, and $39 million of pre-tax gains related to market experience updates. EARNINGS CONFERENCE CALL Members of Prudential’s senior management team will host a conference call on Wednesday, May 6, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through May 20. To access a replay via phone starting at 3:00 p.m. ET on May 6 through May 20, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13759428. FORWARD-LOOKING STATEMENTS Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, included the margin expansion target for PGIM, and the suspension of sales at Prudential of Japan, and our ability to deliver durable value constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, that our remediation efforts at Prudential of Japan may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, and morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products. Additional factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document. NON-GAAP MEASURES Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release. We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the 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 below. Adjusted book value 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 and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com. 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, 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 capital and other factors. 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. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items. Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and 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 and redeemable 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, and goodwill impairments. Earnings attributable to noncontrolling interests and redeemable noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments. 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. Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions. FOOTNOTES (1) Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.   (2) For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.   (3) While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.   (4) For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com. Financial Highlights       (in millions, unaudited)                 Three Months Ended   March 31,   2026   2025 Adjusted operating income (loss) before income taxes (1):       PGIM $ 190     $ 156   U.S. Businesses   956       931   International Businesses   810       848   Corporate and Other   (330 )     (415 ) Total adjusted operating income (loss) before income taxes $ 1,626     $ 1,520   Reconciling Items:       Realized investment gains (losses), net, and related charges and adjustments $ (621 )   $ (246 ) Change in value of market risk benefits, net of related hedging gains (losses)   (295 )     (351 ) Market experience updates   15       39   Divested and Run-off Businesses:       Closed Block division   (11 )     (22 ) Other Divested and Run-off Businesses   64       (51 ) Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests   (42 )     3   Other adjustments (2)   (3 )     28   Total reconciling items, before income taxes   (893 )     (600 ) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities $ 733     $ 920   Income Statement Data:       Net income (loss) attributable to Prudential Financial, Inc. $ 597     $ 707   Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests   9       35   Net income (loss)   606       742   Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests   9       35   Income (loss) attributable to Prudential Financial, Inc.   597       707   Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests   (7 )     (6 ) Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities   604       713   Less: Total reconciling items, before income taxes   (893 )     (600 ) Less: Income taxes, not applicable to adjusted operating income (loss)   (219 )     (125 ) Total reconciling items, after income taxes   (674 )     (475 ) After-tax adjusted operating income (loss) (1)   1,278       1,188   Income taxes, applicable to adjusted operating income   348       332   Adjusted operating income (loss) before income taxes (1) $ 1,626     $ 1,520           See footnotes on last page.       Financial Highlights       (in millions, except per share data, unaudited)                 Three Months Ended   March 31,   2026   2025 Earnings per share of Common Stock:       Net income (loss) attributable to Prudential Financial, Inc. $ 1.68     $ 1.96   Less: Reconciling Items:       Realized investment gains (losses), net, and related charges and adjustments   (1.78 )     (0.69 ) Change in value of market risk benefits, net of related hedging gains (losses)   (0.84 )     (0.99 ) Market experience updates   0.04       0.11   Divested and Run-off Businesses:       Closed Block division   (0.03 )     (0.06 ) Other Divested and Run-off Businesses   0.18       (0.14 ) Difference in earnings allocated to participating unvested share-based payment awards   0.02       0.02   Other adjustments (2)   (0.01 )     0.08   Total reconciling items, before income taxes   (2.42 )     (1.67 ) Less: Income taxes, not applicable to adjusted operating income (loss)   (0.49 )     (0.34 ) Total reconciling items, after income taxes   (1.93 )     (1.33 ) After-tax adjusted operating income (loss) $ 3.61     $ 3.29   Weighted average number of outstanding common shares - basic   347.7       354.3   Weighted average number of outstanding common shares - diluted   349.4       356.1   For earnings per share of Common Stock calculation:       Net income (loss) attributable to Prudential Financial, Inc. $ 597     $ 707   Less: Earnings allocated to participating unvested share-based payment awards   9       10   Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation $ 588     $ 697   After-tax adjusted operating income (loss) (1) $ 1,278     $ 1,188   Less: Earnings allocated to participating unvested share-based payment awards   17       16   After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1) $ 1,261     $ 1,172   Prudential Financial, Inc. Equity (as of end of period):       GAAP book value (total PFI equity) at end of period $ 31,975     $ 29,883   Less: Accumulated other comprehensive income (AOCI)   (3,450 )     (4,741 ) GAAP book value excluding AOCI   35,425       34,624   Less: Cumulative change in fair value of funds withheld embedded derivatives   60       62   Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses)   409       108   Adjusted book value $ 34,956     $ 34,454   End of period number of common shares - diluted   350.3       357.5   GAAP book value per common share - diluted $ 91.28     $ 83.59   GAAP book value excluding AOCI per share - diluted $ 101.13     $ 96.85   Adjusted book value per common share - diluted $ 99.79     $ 96.37           See footnotes on last page.       Financial Highlights       (in millions, or as otherwise noted, unaudited)                 Three Months Ended   March 31,   2026   2025 PGIM:       PGIM:       Assets Managed by PGIM (in billions, as of end of period) :       Institutional customers - Third Party $ 638.8     $ 620.2   Retail customers - Third Party   259.0       240.6   Affiliated   535.5       524.5   Total PGIM $ 1,433.3     $ 1,385.3   Institutional Customers - Assets Under Management (in billions):       Gross additions, excluding money market $ 24.7     $ 23.8   Net additions (withdrawals), excluding realizations, distributions and money market (3) $ 1.6     $ 7.6   Retail Customers - Assets Under Management (in billions):       Gross additions, excluding money market $ 21.6     $ 17.7   Net additions (withdrawals), excluding money market $ 0.2     $ (0.2 ) Affiliated - Assets Under Management (in billions):       Gross additions, excluding money market $ 18.2     $ 20.6   Net additions (withdrawals), excluding realizations, distributions and money market $ (1.9 )   $ (0.1 ) U.S. Businesses:       Retirement:       Gross sales and additions (4) $ 7,369     $ 10,524   Net sales and additions (withdrawals) $ (688 )   $ 3,232   Total account value at end of period, net $ 355,745     $ 328,521   Group Insurance:       Annualized New Business Premiums (5):       Group life $ 211     $ 225   Group disability   315       175   Total $ 526     $ 400   Individual Life:       Annualized New Business Premiums (5):       Term life $ 38     $ 32   Universal life   17       18   Variable life   196       154   Total $ 251     $ 204   U.S. Legacy Products:       Total annuities account value at end of period, net (6) $ 74,061     $ 80,531   Total guaranteed universal life policyholder account balance, net (7) $ 5,648     $ 5,626   International Businesses:       International Businesses:       Annualized New Business Premiums (5)(8):       Actual exchange rate basis $ 429     $ 576   Constant exchange rate basis $ 424     $ 578           See footnotes on last page.       Financial Highlights       (in billions, as of end of period, unaudited)                 March 31,   2026   2025 Assets and Assets Under Management and Administration:       Total assets $ 765.4   $ 739.3 Assets under management (at fair market value):       PGIM $ 1,433.3   $ 1,385.3 U.S. Businesses   115.3     111.3 International Businesses   20.8     19.3 Corporate and Other   6.4     6.2 Total assets under management   1,575.8     1,522.1 Assets under administration   190.9     180.4 Total assets under management and administration $ 1,766.7   $ 1,702.5     (1) Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information.     (2) Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.     (3) Prior period amounts have been updated to conform to current period presentation.     (4) Represents retail annuities, longevity reinsurance, fee-based stable value, pension risk transfer, spread-based stable value, structured settlements and funding agreement-backed notes.     (5) Premiums from new sales 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.     (6) Represents discontinued annuities, guaranteed living benefits, alliance deposits and supplementary contracts.     (7) Includes fixed rate funds and deferred revenues on guaranteed universal life products.     (8) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 147 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505232507/en/ MEDIA CONTACT: Ashley Pope, ashley.pope@prudential.com INVESTOR RELATIONS CONTACT: Tina Madon, investor.relations@prudential.com Original: Prudential Financial, Inc. Announces First Quarter 2026 Results

Prudential of Japan Extends Voluntary Sales Suspension by an Additional 180 DaysApril 21, 2026 4:05 PM
Business Wire

Voluntary extension reflects the time required for the operational, governance, organizational, and related changes necessary for POJ to resume sales



Extended suspension enables advancement of changes to certain critical aspects of POJ’s legacy management system and agency operating model



Support for existing POJ customers and servicing of in-force policies remain unaffected



Prudential Financial’s Chairman & CEO and CFO will host a conference call with the investment community today at 5:30 p.m. ET to discuss this extension, the estimated financial impacts, and the path forward



The Prudential Life Insurance Company, Ltd. (“Prudential of Japan” or “POJ”) and its parent company, Prudential Financial, Inc. (NYSE: PRU) (“Prudential Financial”), announced today a decision to voluntarily extend the suspension of new sales activity at Prudential of Japan by an additional 180 days.


The extension follows the 90-day voluntary sales suspension that began on February 9, 2026, and reflects Prudential’s conclusion that the scope and complexity of the required changes within POJ are greater than previously anticipated and will take additional time to design and implement. These include the operational, governance, organizational, and related changes necessary to resume sales. Prudential also initiated an independent, third-party review of POJ’s management system earlier this year as part of its governance process. That review is ongoing and is expected to take several months to complete.


“I apologize to our customers for the disruption this situation has caused and for falling short of the expectations we expect of ourselves,” said Hiromitsu Tokumaru, president and chief executive officer of Prudential of Japan. “Acting in the best interests of our customers is a core value of Prudential and a cornerstone of what we stand for. We are determined to rebuild the trust of our customers through the demonstration of our commitment to customer care, experience, and integrity that best defines us.”


During the extended suspension period, POJ will continue advancing reforms across key areas, including compensation and evaluation systems, sales activity conduct management, head office and sales branch governance, and other actions designed to prevent reoccurrence of any misconduct and strengthen accountability. The extended suspension will also help enable POJ to transform the captive Life Planner model to better align incentives and decision-making with customer interests. The suspension applies only to new sales and does not affect existing policyholders or in-force policy servicing.


“Our highest priority is restoring the trust we have built over decades with customers and society in Japan,” said Brad Hearn, president and chief executive officer of Prudential Holdings of Japan. “This extension is a deliberate decision to prioritize the changes needed to critical elements of POJ’s business model to support long-term consumer outcomes. POJ has strong capabilities, a well-established brand, and a long-standing presence in Japan. We believe the business will emerge better positioned to serve customers in this market.”


Prudential of Japan remains financially sound and able to meet its obligations. Japan continues to be a core component of Prudential Financial’s global footprint, and the parent company is providing full support and resources as these reforms advance. The voluntary suspension does not apply to Prudential Financial’s or PGIM’s other business units in Japan, including Gibraltar Life and Prudential Gibraltar Financial Life.


“As we said earlier this year, we would not resume new sales until we were comfortable that POJ’s compliance and oversight environment supports doing so,” said Andy Sullivan, chairman and chief executive officer of Prudential Financial. “We have moved decisively to strengthen enterprise-level engagement in Japan, and my leadership team and I are ensuring that the changes underway are comprehensive, durable, and fully aligned with our group-wide standards. I am confident that we will return POJ to the market as a stronger, more resilient business with a modernized operating model that supports our customers over the long term.”


Prudential Financial’s Chairman & CEO and CFO will host a conference call on Tuesday, April 21 at 5:30 p.m. ET to discuss this announcement in more detail. The conference call will be broadcast live over the company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through May 5. To access a replay via phone starting at 10:00 p.m. ET on April 21 through May 5, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13759963.


About Prudential Financial

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.


Forward-Looking Statements

Certain of the statements included in this release, including those regarding the expected duration of the new sales suspension in Japan and the remedial steps we intend to implement, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others: that our remediation efforts may be unsuccessful or take longer than we expect, that we may uncover additional misconduct, that the sales suspension may continue for longer than we expect; losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; and uncertainty regarding remediation of the matters discussed herein. Additional factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421440077/en/
Prudential Media Contact: Ashley Pope; ashley.pope@prudential.com

Prudential Investor Contact: Tina Madon; investor.relations@prudential.com


Original: Prudential of Japan Extends Voluntary Sales Suspension by an Additional 180 Days

Prudential Financial Recommends Shareholders Reject Unsolicited Mini-Tender Offer from Potemkin LimitedApril 13, 2026 4:18 PM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) (“Prudential”) announced today that it has received notice of an unsolicited mini-tender offer by Potemkin Limited (“Potemkin”) to purchase up to 100,000 shares of Prudential common stock from Prudential shareholders. The offer represents approximately 0.03% of Prudential’s shares of common stock outstanding. Potemkin’s offer price of $60.70 per share is approximately 37.36% below the $96.90 closing price of Prudential common stock on the New York Stock Exchange on April 10, 2026.


Prudential does not endorse Potemkin’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to Potemkin’s offer because the offer is at a price that is significantly below the current market value of Prudential’s common stock.


Prudential is not associated in any way with Potemkin, its mini-tender offer, or its mini-tender offer documents. Potemkin’s offer is generally not subject to the information filing requirements of the Securities Exchange Act, and Potemkin is not generally required to file reports, proxy statements, or other information with the U.S. Securities and Exchange Commission (“SEC”) relating to its business, financial condition or otherwise.


Potemkin has made similar mini-tender offers for shares of other companies. Mini-tender offers, such as this one, seek to acquire less than 5% of a company’s shares outstanding, thereby avoiding many disclosure and procedural requirements of the SEC. As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers under U.S. securities laws.


The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are “hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” The SEC’s cautionary advice to investors on mini-tender offers is available at www.sec.gov/investor/pubs/minitend.htm.


Prudential urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to Potemkin’s offer.


Shareholders who have not responded to Potemkin’s offer are advised to take no action. Shareholders who have already tendered their shares may withdraw them within 14 days after the date of delivery of the shareholder’s Acceptance Form by providing notice as described in the Potemkin mini-tender offer documents, prior to the expiration of the offer, currently scheduled for Friday, March 26, 2027, 5 p.m. Eastern Time. Prudential encourages shareholders to carefully review the “Withdrawal Rights” section of the offer documents.


Brokers and dealers, as well as other market participants, are encouraged to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosure at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and the NASD Notice to Members 99-53, issued July 1999, regarding guidance to members forwarding mini-tender offers to their customers, which can be found at http://www.finra.org/sites/default/files/NoticeDocument/p004221.pdf.


Prudential requests that a copy of this news release be included with all distributions of materials relating to Potemkin’s mini-tender offer regarding shares of Prudential common stock.


About Prudential Financial


Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413195951/en/
Prudential: Emily Blum; emily.blum@prudential.com


Original: Prudential Financial Recommends Shareholders Reject Unsolicited Mini-Tender Offer from Potemkin Limited

Prudential Financial, Inc. to Announce First Quarter 2026 Earnings; Schedules Conference CallApril 8, 2026 8:35 AM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) will release its first quarter 2026 earnings on Tuesday, May 5, 2026, after the market closes. The earnings release, earnings presentation, financial supplement, and related materials will be posted on the company’s Investor Relations website at investor.prudential.com.


Members of Prudential’s senior management team will host a conference call on Wednesday, May 6, 2026, at 11:00 a.m. ET to review these results.


Conference Call Information

The conference call will be broadcast live on the company’s Investor Relations website. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded.


Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers:


Domestic: (877) 407-8293 (Toll Free)

International: (201) 689-8349


Replay Information

The call will be made available from 3:00 p.m. ET on May 6 through May 20 via the following numbers:


Domestic: (877) 660-6853 (Toll Free)

International: (201) 612-7415

Replay Code: 13759428


A replay will also be available on the company’s Investor Relations website through May 20. Questions may be directed to Investor Relations at investor.relations@prudential.com.


Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408608868/en/
INVESTOR RELATIONS CONTACT: Tina Madon, investor.relations@prudential.com

MEDIA CONTACT: Emily Blum, emily.blum@prudential.com


Original: Prudential Financial, Inc. to Announce First Quarter 2026 Earnings; Schedules Conference Call

Prudential Advisors welcomes two advisors with over $300M in assetsApril 7, 2026 6:00 AM
PR Newswire (US)

Keith Loegering and Brian Montalbano join existing teams at Prudential Advisors to leverage greater independence, growth opportunities and enhanced client support.NEWARK, N.J., April 7, 2026 /PRNewswire/ -- Prudential Advisors, the retail arm of Prudential Financial, Inc. (NYSE: PRU), continues to attract successful financial advisors with the addition of Keith Loegering and Brian Montalbano. Loegering has joined the Pacific Financial Group from RBC Wealth Management and will be opening an office in San Rafael, California. Montalbano, a former Synovus Securities advisor, has joined the Greater Florida Financial Group and will open an office in Port Charlotte, Florida. Combined, the two advisors represent more than $300 million in total client assets.







"Building on the momentum we saw last year, we continue to bring well-established, successful advisors to Prudential Advisors," said Patrick Hynes, president of Prudential Advisors. "Keith and Brian were both looking for the high level of service, support and independent flexibility that defines our operating model and culture. Congratulations to Pacific Financial Group and Greater Florida Financial Group on their ongoing expansion that is increasing Prudential Advisors' presence and enabling us to help more people plan for their future."Keith Loegering Loegering has been a financial advisor since 1996, joining the Prudential Advisors organization after building successful practices at RBC Wealth Management and Merrill Lynch. Looking for more flexibility to do what is best for clients, Loegering chose Prudential Advisors and Pacific Financial Group for their supported independence model, as well as enhanced technology and investment capabilities."I couldn't be more thrilled to have Keith as a partner with our team," said Brendan Snyder, managing director, Pacific Financial Group. "Yes, he runs a great practice, but more importantly, he fits our client-focused culture, and we look forward to working with him and supporting his business growth."Brian Montalbano Montalbano has been working in the securities and financial services industry since 1995 and was with Synovus Securities before joining Prudential Advisors. He made the move because he wanted to align with a business practice that enabled him to work more freely with his clients while still providing the necessary support to maintain high service standards. Montalbano also values the well-respected Prudential brand and the field support that can drive the vision he has for the future of his business."We are excited to welcome Brian into the Greater Florida Financial Group," said Mark Sears, managing director. "He brings a wealth of knowledge and experience in financial planning, while providing high-end, comprehensive solutions for his clients. We are looking forward to working alongside with Brian and his practice for years to come."Visit here to learn more about Prudential Advisors.ABOUT PRUDENTIAL ADVISORS
Prudential Advisors supports the growth and success of more than 3,000 financial advisors across the country, backed by local field leaders and associates in our headquarters. The business enables financial advisors to help their clients build wealth and meet financial goals through personalized advice and comprehensive solutions. For more information, please visit advisors.prudential.com.ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 30, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.MEDIA CONTACT
Mike Klein
732-742-4032
michael.klein@prudential.com© 2026 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.1090752-00001-00 



View original content to download multimedia:https://www.prnewswire.com/news-releases/prudential-advisors-welcomes-two-advisors-with-over-300m-in-assets-302735327.htmlSOURCE Prudential Advisors

Original: Prudential Advisors welcomes two advisors with over $300M in assets

Prudential Advisors' Moira Buckley elected Finseca secretary, set to serve as president in 2028-29March 24, 2026 6:00 AM
PR Newswire (US)

Announcement during Women's History Month underscores Buckley's leadership and Prudential Advisors' commitment to advancing the financial advisory professionNEWARK, N.J., March 24, 2026 /PRNewswire/ -- Prudential Advisors, the retail arm of Prudential Financial, Inc. (NYSE: PRU), today announced that Moira Buckley, Western Territory vice president at Prudential Advisors, has been elected secretary of Finseca, the premier professional community for financial advisors. Buckley will begin a four-year leadership journey that will culminate in her expected term as president in 2028-29. A 33-year veteran of Prudential, Buckley was elected following a competitive nomination process and a formal vote by Finseca's board of directors.







Finseca plays a central role in championing financial security and supporting professionals across the financial services ecosystem. The organization is involved in public policy advocacy and is committed to making holistic financial advice available to all Americans. Through its leadership and member engagement, the organization works to strengthen the profession and amplify its impact nationwide.As secretary, Buckley begins her progression through the organization's leadership "chairs," a structured succession path that ensures strategic alignment across the group. Her appointment comes at a pivotal moment for the industry. As firms and policymakers work to make holistic financial advice more accessible to all Americans, her election reflects her long-standing leadership within financial services and Finseca's commitment to advancing holistic financial security across diverse communities.Buckley currently leads a large network of financial advisors who provide holistic planning and offer financial advice to their clients. With more than three decades of experience in financial services, she has cultivated a reputation internally and externally for her transformative approach to financial advice — one that integrates wealth management, insurance and long-term financial security strategies."Serving in Finseca's leadership team is an opportunity to give back and help move the profession forward in ways that ultimately benefit the clients we all serve. This Women's History Month, as I take on this new role, I am committed to broadening participation in the profession — especially by ensuring women are represented and supported in leadership. Through collaboration, intention and sustained effort, I believe we can make substantial progress over the next four years."According to Marc Cadin, chief executive officer of Finseca, Buckley is expected to drive meaningful progress in the industry's growth and influence across more communities."Moira's leadership reflects the very best of our profession. We are proud to see her advance through the chairs and continue her impact on Finseca's future," Cadin said. "She brings a rare ability to unite leaders, elevate the value of holistic financial advice and champion solutions that expand access for more Americans. Her voice and perspective strengthen both our board and the broader industry at a time when leadership matters more than ever."Prudential Advisors' president, Pat Hynes, highlighted Buckley's impact within its wealth management business and across the industry.According to Hynes, "Moira exemplifies the highest standards of who we are and what we do — deep expertise, a commitment to excellence in client service and a passion for developing the next generation of advisors. We are incredibly proud to see her recognized at the national level and confident in the impact she will continue to have through Finseca."ABOUT PRUDENTIAL ADVISORS
Prudential Advisors supports the growth and success of more than 3,000 financial advisors across the country, backed by local field leaders and associates in our headquarters. The business enables financial advisors to help their clients build wealth and meet financial goals through personalized advice and comprehensive solutions. For more information, please visit advisors.prudential.com.ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 30, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.ABOUT FINSECA
At Finseca, we know that financial security improves people's lives and protects their livelihoods and future well-being. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.MEDIA CONTACTMike Klein
732-742-4032
michael.klein@prudential.com© 2026 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.1089367-00001-00



View original content to download multimedia:https://www.prnewswire.com/news-releases/prudential-advisors-moira-buckley-elected-finseca-secretary-set-to-serve-as-president-in-2028-29-302722787.htmlSOURCE Prudential Advisors

Original: Prudential Advisors' Moira Buckley elected Finseca secretary, set to serve as president in 2028-29

Five PGIM Funds Recognized by 2026 LSEG Lipper Fund AwardsMarch 12, 2026 9:30 AM
Business Wire
PGIM,1 the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has been recognized by the 2026 LSEG Lipper Fund Awards across multiple categories for consistently strong, risk-adjusted performance relative to industry peers.


For more than three decades, the LSEG Lipper Fund Awards have celebrated funds and fund management firms that demonstrate excellence in delivering consistent out-performance. The awards are based on Lipper’s quantitative, proprietary methodology, which evaluates funds across three-, five-, and 10-year periods.


“This is now the 16th consecutive year that PGIM funds have been recognized by Lipper,” said Stuart Parker, head of Global Wealth at PGIM. “The continued acknowledgment is a testament to the strength of our investment platform and the commitment of our talented investment professionals.”


The following funds received awards for outstanding performance in their respective categories:


Global Real Estate Funds


10 Years – PGIM Select Real Estate Fund; R6


Real Estate Funds


5 Years – PGIM U.S. Real Estate Fund; R6


10 Years – PGIM U.S. Real Estate Fund; Z


Global Natural Resources Funds


10 Years – PGIM Jennison Natural Resources Fund; R6


Health/Biotechnology Funds


5 Years – PGIM Jennison Health Sciences Fund; R6


International Large-Cap Core


3 Years – PGIM Quant Solutions International Equity Fund; R6


“We remain focused on growing our diversified lineup of strategies and delivering strong outcomes for clients through market cycles,” added Parker.


PGIM offers over 200 product solutions across a broad spectrum of asset classes, investment styles and vehicles.


Visit pgim.com to learn more.


ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.


Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.


1 As of Dec. 31, 2025.


ABOUT LSEG LIPPER FUND AWARDS

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.


The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.


Detailed information regarding 2026 Lipper Fund Awards rankings:


PGIM Select Real Estate Fund, #1 Global Real Estate Fund (Class R6) for the 10-year period out of 105 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 69 out of 126 funds; 3-year period: 6 out of 124 funds; 5-year period: 9 out of 119 funds as of 11/30/2025. Inception date: Class R6: 8/1/2014. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Global Real Estate Fund category were: 81 out of 126 funds, 8 out of 125 funds, 13 out of 120 funds, and 1 out of 99 funds, respectively. Past performance is no guarantee of future results.


PGIM U.S. Real Estate Fund, #1 Real Estate Fund (Class R6) for the 5-year period and (Class Z) for the 10-year period out of 164 and 130 funds, respectively, ended 11/30/2025. Class R6 total return ranking for the 1-year period: 37 out of 211 funds; 3-year period: 9 out of 204 funds as of 11/30/2025. Inception date: Class R6: 5/25/2017. . Class Z total return ranking for the 1-year period: 40 out of 211 funds; 3-year period: 10 out of 204 funds; 5-year period: 3 out of 193 funds as of 11/30/2025. Inception date: Class Z: 12/21/2010. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Class R6 Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the Real Estate Fund category were: 67 out of 211 funds, 9 out of 204 funds, and 2 out of 197 funds, respectively. Class Z Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Real Estate Fund category were: 73 out of 211 funds, 10 out of 204 funds, 3 out of 197 funds, and 3 out of 157 funds, respectively. Past performance is no guarantee of future results.


PGIM Jennison Natural Resources Fund, #1 Global Natural Resources Fund (Class R6) for the 10-year period out of 54 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 10 out of 61 funds; 3-year period: 22 out of 56 funds; 5-year period: 22 out of 53 funds as of 11/30/2025. Inception date: Class R6: 12/27/2010. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2025 for the Global Natural Resources Fund category were: 9 out of 67 funds, 22 out of 62 funds, 27 out of 58 funds, and 10 out of 55 funds, respectively. Past performance is no guarantee of future results.


PGIM Jennison Health Sciences Fund, #1 Health/Biotechnology Fund (Class R6) for the 5-year period out of 91 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 46 out of 129 funds; 3-year period: 18 out of 126 funds as of 11/30/2025. Inception date: Class R6: 1/27/2016. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the Health/Biotechnology Fund category were: 48 out of 129 funds, 20 out of 126 funds, and 14 out of 116 funds, respectively. Past performance is no guarantee of future results.


PGIM Quant Solutions International Equity Fund, #1 International Large-Cap Core Fund (Class R6) for the 3-year period out of 254 funds ended 11/30/2025. Class R6 total return ranking for the 1-year period: 7 out of 322 funds; 5-year period: 22 out of 294 funds as of 11/30/2025. Inception date: Class R6: 12/28/2016. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. Lipper total return ranking for the 1-, 3-, and 5-year periods as of 12/31/2025 for the International Large-Cap Core Fund category were: 5 out of 325 funds, 2 out of 303 funds, and 21 out of 294 funds, respectively. Past performance is no guarantee of future results.


Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.


Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. PGIM Real Estate is a unit of PGIM, Inc., a registered investment advisor. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Quantitative Solutions, PGIM Real Estate, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional.


CONNECT WITH US:

Visit pgim.com

Follow on LinkedIn


5282499

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MEDIA



PGIM

Travis Fishstein

+1 973-382-6093

travis.fishstein@pgim.com


Original: Five PGIM Funds Recognized by 2026 LSEG Lipper Fund Awards

Prudential Financial Board of Directors Appoints Chief Executive Officer Andrew Sullivan as ChairmanMarch 10, 2026 4:18 PM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) announced today that its Board of Directors has appointed Andrew Sullivan, currently serving as Chief Executive Officer, to the additional role of Chairman of the Board, effective March 10, 2026.


Sullivan succeeds Charles Lowrey, who resigned as Executive Chairman and director on March 10. Lowrey will remain with the company as a senior advisor through the end of the second quarter, when he will retire from Prudential. During his 25 years of distinguished service to Prudential, Lowrey served as Executive Chairman beginning in 2025, Chief Executive Officer from 2018 to 2025, and Chairman from 2019 to 2025.


“I’m honored that the Board has asked me to take on the additional role of Chairman,” said Sullivan, “It’s a privilege to lead the company at this pivotal moment. I have strong conviction in our strategy and the progress we’re making as we continue to execute with discipline and deliver long-term value for our customers and shareholders. On behalf of our Board and the entire company, I would like to thank Charlie for his leadership and significant contributions to Prudential.”


As Chairman and CEO, Lowrey established a foundation for the company’s next phase of growth, presiding over a series of growth investments, derisking transactions and organizational changes to strengthen the company’s competitive position in the marketplace. Lowrey also led Prudential through the COVID-19 pandemic, where he oversaw multiple initiatives to support Prudential employees, customers, and the communities in which Prudential operates.


Reflecting on his career, Lowrey said, “It has been an honor to serve Prudential for the past 25 years. I’m proud of what we’ve built together and grateful to our employees, Board, partners, and shareholders. Andy is a proven leader, and I have great confidence in him and the broader leadership team as Prudential enters its next chapter.”


“On behalf of the Board, I want to thank Charlie for his long and distinguished service to Prudential,” said Michael A. Todman, Prudential’s Lead Independent Director. “I look forward to continuing to work closely with Andy and the Board on areas of governance and stakeholder engagement, supporting strong alignment and continuity as Andy leads the company forward. His deep experience and knowledge of our business put him in a strong position to steer Prudential’s growth.”


About Prudential Financial


Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260310174206/en/
Prudential Media Contact: Emily Blum; emily.blum@prudential.com


Original: Prudential Financial Board of Directors Appoints Chief Executive Officer Andrew Sullivan as Chairman

PGIM Closed-End Funds declare distributions for March, April and May 2026February 27, 2026 4:18 PM
Business Wire
PGIM High Yield Bond Fund, Inc. (NYSE: ISD), PGIM Global High Yield Fund, Inc. (NYSE: GHY) and PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) declared today monthly distributions for March, April and May 2026. The distribution amounts and schedule for each fund appear below:




Fund Name






Ticker






Distribution




Per Share






Change from Prior Distribution








PGIM High Yield Bond Fund, Inc.






ISD






$0.105






–








PGIM Global High Yield Fund, Inc.






GHY






$0.105






–








PGIM Short Duration High Yield Opportunities Fund






SDHY






$0.108






–









Month






Ex-Date






Record Date






Payable Date








March






3/12/2026






3/12/2026






3/31/2026








April






4/9/2026






4/9/2026






4/30/2026








May






5/14/2026






5/14/2026






5/31/2026







The distribution amounts are forward-looking and may include net investment income, currency gains, capital gains and a return of capital, but such a determination cannot be made at this time. This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the applicable Board of Directors.


In early 2027, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). If applicable, and when available, a current estimate of the distribution’s composition can be found in the Section 19 notice section of the website. Please consult your tax advisor for further information.


ABOUT PGIM


PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.


Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.




1 As of Dec. 31, 2025.







Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund.


Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.


These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.


An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.


This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.


Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.


5255523 Expiration: 02/28/2027


CONNECT WITH US:

Visit pgim.com

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MEDIA CONTACT:

Travis Fishstein

+1 973-382-6093

travis.fishstein@pgim.com


 


Original: PGIM Closed-End Funds declare distributions for March, April and May 2026

Marivic Dar honored as a Luminaries with Heart recipient at the ThinkAdvisor 2025 Luminaries AwardsFebruary 17, 2026 6:00 AM
PR Newswire (US)

NEWARK, N.J., Feb. 17, 2026 /PRNewswire/ -- Prudential Advisors, the retail arm of Prudential Financial, Inc. (NYSE: PRU) announced that financial advisor Marivic Dar was named a recipient of the ThinkAdvisor 2025 Luminaries Award in its Luminaries with Heart category. Now in its fifth year, the ThinkAdvisor Luminaries Awards recognizes excellence in financial services, spotlighting outstanding contributions from both organizations and individuals.







"I am honored to receive this prestigious award from ThinkAdvisor," said Dar. "It is deeply gratifying to have my volunteerism and philanthropic work acknowledged in this way."For more than three decades in financial services — and over 20 years with Prudential Advisors — Dar, a financial planner with the Four Peaks Financial Group, has transformed lives in Hawaii and beyond through her unwavering commitment to financial empowerment, women's advancement, and community resilience. Her journey began as a young professional with the Filipino Association of University Women, a network that opened doors to civic service, including an appointment to the Honolulu Committee on the Status of Women, where she later became chair. There, she spearheaded the award-winning Financial Independence for Women initiative, a citywide program that helped women facing downsizing and displacement find resources and pathways to careers.In its recognition of remarkable achievements and innovation, the ThinkAdvisor 2025 Luminaries Awards program inspires the industry to reach new heights in leadership, creativity, and community engagement. A panel of independent judges, composed of distinguished industry professionals, determined the 2025 winners, who were recognized at an awards ceremony at the New York Hilton Midtown on Dec. 4."The 2025 Luminaries Awards continue to spotlight excellence in financial services," said Janet Levaux, editor-in-chief of ThinkAdvisor. "This year's honorees shine not only through bold leadership and groundbreaking innovation, but also through their deep commitment to strengthening communities and advancing the industry. Their achievements highlight the dynamic, evolving nature of financial services, and we are proud to showcase their work as an inspiring example for others to follow."About ThinkAdvisor
ThinkAdvisor (ThinkAdvisor.com) provides financial advisors, registered investment advisors, and wealth managers with comprehensive coverage of the products, services, and information they need to guide their clients in making critical wealth, health, and life decisions. The website showcases advisors adapting and succeeding in new ways, translating the impact of industry regulation, dealmaking, and technology into digestible coverage, so advisors have more time to spend advising clients and running their businesses.ABOUT PRUDENTIAL ADVISORS
Prudential Advisors supports the growth and success of more than 3,000 financial advisors across the country, backed by local field leaders and associates in our headquarters. The business enables financial advisors to help their clients build wealth and meet financial goals through personalized advice and comprehensive solutions. For more information, please visit advisors.prudential.com.ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.Media Contact: Mike Klein (732) 742-4032
michael.klein@prudential.com










View original content to download multimedia:https://www.prnewswire.com/news-releases/marivic-dar-honored-as-a-luminaries-with-heart-recipient-at-the-thinkadvisor-2025-luminaries-awards-302688062.htmlSOURCE Prudential Advisors

Original: Marivic Dar honored as a Luminaries with Heart recipient at the ThinkAdvisor 2025 Luminaries Awards

Montana Capital Partners announces final close of MCP Opportunity Secondary Program VI (OSP VI)February 11, 2026 7:30 AM
Business Wire
Montana Capital Partners (“MCP”) today announced the final close of MCP Opportunity Secondary Program VI (“OSP VI”), the sixth fund in MCP’s private equity secondaries series. OSP VI closed with a total programme size of US$1.4billion, in line with OSP VI’s most recent predecessor fund.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211915766/en/“OSP VI builds on over a decade of secondaries experience, allowing us to systematically identify relative value in mid-market private equity investments.” — Dr. Stephan Wessel, CEO, Montana Capital Partners
OSP VI pursues a relative value strategy across GP-led and LP-led transactions in North America and Western Europe, targeting investment opportunities in the private equity mid-market.


Building on a first close in 2024, the programme secured substantial re-ups from long-standing partners — including sovereign wealth funds, pension funds, insurance companies, family offices, and foundations from Europe, Asia, the Middle East, and the US — alongside commitments from new, highly-regarded institutional investors.


“The close of OSP VI comes amid increased demand for mid-market private equity secondary strategies,” said Dr. Stephan Wessel, CEO of MCP. “We continue to observe steady deal flow across GP-led and LP-led opportunities, enabling us to deploy over 50% of our new fund already. Additionally, we have syndicated a significant number of transactions to our co-investors.”


Successfully executed investments include a diversified portfolio acquired through a private transaction in partnership with a leading Chinese insurance company and MCP’s 2025 landmark transaction with Prudential Financial, Inc. (PFI), through which MCP acquired a portfolio of mid-market inflection buyout assets on behalf of OSP VI and select MCP co-investors. The current seed portfolio blends diversified LP-led transactions with high-conviction GP-led opportunities across North America and Western Europe.


“OSP VI builds on over a decade of secondaries experience, allowing us to systematically identify relative value in mid-market private equity investments," Stephan Wessel added. “We have developed a scaled platform that integrates market access across our secondary and primary businesses with PGIM’s global footprint. Combined with our rigorous, data-driven investment process, this positions us well to pursue compelling investment opportunities in the secondary market.”


OSP VI is the first fund closed after the acquisition of MCP by PGIM in 2021. MCP now manages a platform of more than US$5billion1 with a team of more than 45 professionals across Switzerland and the US and has deployed more than US$5billion across secondary investments to date.


ABOUT MCP


Montana Capital Partners AG ("MCP") is a US$5.1 billion1 global private equity secondaries investment manager with a focus on the mid-market.


MCP provides customised liquidity solutions with a focus on proactive sourcing and a balanced portfolio construction across GP-led and LP-led transactions. Across its offices in Baar, Switzerland, and New York, mcp and has invested in more than 140 transactions since its inception.


MCP is part of PGIM, the global investment management business of PFI (NYSE: PRU) with US$1.5 trillion in AUM, benefiting from its combined market positioning and global footprint. For more information visit mcp.eu.


ABOUT PGIM


PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing US$1.5 trillion in assets2, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.


Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.


1 As of 30 Sept. 2025. Together with its affiliates


2 As of 30 Sept. 2025.


For media use only. All investments involve risk, including the possible loss of capital.


These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. No liability whatsoever is accepted for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this report.


In the United Kingdom, information is issued by PGIM Fund Management Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Fund Management Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Fund Management Limited or PGIM Limited in reliance of provisions, exemptions, or licences available under the temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Fund Management Limited and PGIM Limited have their registered office at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Fund Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). These materials are issued by PGIM Luxembourg S.A., PGIM Fund Management Limited and/or PGIM Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA.


REF: 5174804

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MEDIA CONTACT

Paul René Frigo

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Original: Montana Capital Partners announces final close of MCP Opportunity Secondary Program VI (OSP VI)

Prudential Financial Elects Maryann Mannen to Board of DirectorsFebruary 10, 2026 8:35 AM
Business Wire
Prudential Financial Inc. (NYSE: PRU) announced today that Maryann Mannen has been elected to the Board of Directors as an independent director, effective May 12, 2026, and contingent on shareholder approval. She will serve on the Board’s Corporate Governance and Business Ethics Committee and Compensation and Human Capital Committee.


Mannen brings to Prudential broad operational and financial expertise acquired over more than 30 years in the global energy sector. She currently serves as chairman, president and chief executive officer of Marathon Petroleum Corporation and its subsidiary, MPLX LP. Previously, Mannen was executive vice president and chief financial officer at Marathon Petroleum, where she oversaw all finance-related functions, investor relations, and supply chain operations, among other responsibilities.


“Maryann’s extensive leadership experience and strong financial acumen make her an excellent addition to Prudential’s Board,” said Sandra Pianalto, director and chair of the Board’s Corporate Governance and Business Ethics Committee. “She brings a well-informed perspective that will support the Board’s work and contribute to Prudential’s evolution to become a higher-growth company. We are excited to welcome her.”


Prior to her joining Marathon Petroleum, Mannen was executive vice president and chief financial officer of FMC Technologies, where she played a critical role negotiating and completing the company’s merger with Technip SA, and where she served as executive vice president and chief financial officer of the merged company, TechnipFMC.


Mannen holds a master’s degree in business administration and a bachelor’s degree in commerce and accounting from Rider University. She serves as chairman of the board for Marathon Petroleum and MPLX LP. Mannen is also a director at Owens Corning, where she chairs the Audit Committee and serves as a member of the Governance and Nominating and Executive Committees, but will not stand for reelection at their upcoming Annual Meeting of Stockholders.


About Prudential Financial


Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Dec. 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than 150 years. For more information, please visit news.prudential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260210263152/en/
Prudential Media Contact: Emily Blum; emily.blum@prudential.com


Original: Prudential Financial Elects Maryann Mannen to Board of Directors

AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health SubsidiariesFebruary 6, 2026 2:39 PM
Business Wire
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], collectively referred to as Prudential. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PFI and all Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of the group. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)


The ratings reflect Prudential’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.


Prudential’s very strong balance sheet assessment is supported by its very strong Best’s Capital Adequacy Ratio (BCAR) assessment, which is reflective of the group’s efforts balance sheet over the past few years. The group’s investments supporting its insurance liabilities are of the highest quality with moderate exposure to below investment grade bonds, mortgage loans and structured securities. The insurance entities leverage the expertise of PFI’s global asset manager, PGIM. Furthermore, Prudential’s access to capital markets and additional financial flexibility through PFI adds to its balance sheet strength. The organization exhibits strong liquidity measures and more-than-adequate cash and short-term security holdings as of PFI’s last reported quarter ending Sept. 30, 2025. One of Prudential’s offsetting balance sheet strength attributes is the reliance on internal captives. Internal reinsurance allows the group to manage its capital more efficiently and more effectively on an economic basis and enables an aggregation and transfer of risk; however, AM Best notes that this partially reduces the overall quality of the group’s capital.


Prudential offers a very wide range of products in the life/annuity product space that is complemented by the asset management services offered by PGIM. AM Best recognizes its leading market positions in the pension risk transfer business, institutional stable value, indexed universal life and variable universal life protection and accumulation products. Strong sales have supported the group’s operating performance, which is driven by its diversified business lines of both insurance from its individual and group segments and non-insurance asset management services. Furthermore, AM Best recognizes Prudential’s stable net investment income growth over the past five years.


The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following subsidiaries of Prudential Financial, Inc.:



The Prudential Insurance Company of America



Pruco Life Insurance Company



Pruco Life Insurance Company of New Jersey



The following Long-Term IRs have been assigned with stable outlooks:


PRICOA Global Funding I— “aa-” (Superior) program rating


--“aa-” (Superior) on $500 million 4.35% medium term notes, due 2030

--“aa-” (Superior) on $500 million 4.65% medium term notes, due 2033


The following Short-Term IRs have been affirmed:


Prudential Financial, Inc.—


-- AMB-1 (Outstanding) on $3 billion commercial paper program


Prudential Funding, LLC—


-- AMB-1 (Outstanding) on $6 billion commercial paper program


PRICOA Short-Term Funding, LLC—


-- AMB-1 (Outstanding) on $3 billion Funding Agreement Backed Commercial Paper


The following Long-Term IRs have been affirmed with stable outlooks:


Prudential Financial, Inc.—


-- “a-” (Excellent) on JPY 23.0 billion 2.62% senior unsecured notes, due 2026

-- “a-” (Excellent) on JPY 17.5 billion 2.76% senior unsecured notes, due 2026

-- “a-” (Excellent) on JPY 9 billion 3.099% senior unsecured notes, due 2027

-- “a-” (Excellent) on $500 million 5.75% senior unsecured notes, due 2033

-- “a-” (Excellent) on $350 million 6.625% senior unsecured notes, due 2040

-- “a-” (Excellent) on $325 million 5.80% senior unsecured notes, due 2041

-- “a-” (Excellent) on $895.8 million 3.905% senior unsecured notes, due 2047

-- “a-” (Excellent) on $1.039 billion 3.935% senior unsecured notes, due 2049

-- “bbb” (Good) on $750 million 4.5% fixed to floating junior subordinated notes, due 2047

-- “bbb” (Good) on $1.0 billion 5.70% junior subordinated notes, due 2048

-- “bbb” (Good) on $800 million 3.70% junior subordinated notes, due 2050

-- “bbb” (Good) on $1.0 billion 5.125% junior subordinated notes, due 2052

-- “bbb” (Good) on $1.2 billion 6.0% junior subordinated notes, due 2052

-- “bbb” (Good) on $500 million 6.75% junior subordinated notes, due 2053

-- “bbb” (Good) on $1.0 billion 6.5% junior subordinated notes, due 2054

-- “bbb” (Good) on $500 million 5.625% junior subordinated notes, due 2058

-- “bbb” (Good) on $500 million 4.125% junior subordinated notes, due 2060

-- “bbb” (Good) on $300 million 5.95% junior subordinated notes, due 2062


Prudential Financial, Inc.— “a-” (Excellent) program rating


-- “a-” (Excellent) on all outstanding notes issued under the program


PRICOA Global Funding I— “aa-” (Superior) program rating


-- “aa-” (Superior) on all outstanding notes issued under the program


Prudential Funding, LLC— “a+” (Excellent) program rating


The following indicative Long-Term IRs have been affirmed with stable outlooks:


Prudential Financial, Inc.—


-- “a-” (Excellent) on senior unsecured debt

-- “bbb+” (Good) on subordinated debt

-- “bbb” (Good) on preferred stock


Prudential Financial Capital Trust II and III—


-- “bbb” (Good) on preferred securities


This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.


Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260206214956/en/
Wayne Kaminski, FLMI, ARA, MBA

Associate Director

+1 908 882 1916

wayne.kaminski@ambest.com
Kate Steffanelli

Associate Director

+1 908 882 2337

kate.steffanelli@ambest.com
Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com
Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com


Original: AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries

Prudential Financial, Inc. Announces Full Year and Fourth Quarter 2025 ResultsFebruary 3, 2026 4:18 PM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) today reported full year and fourth quarter 2025 results.



2025 net income attributable to Prudential Financial, Inc. of $3.576 billion or $9.99 per Common share increased compared to net income of $2.727 billion or $7.50 per share for 2024.




2025 after-tax adjusted operating income of $5.161 billion or $14.43 per Common share increased compared to $4.588 billion or $12.62 per share for 2024.




Fourth quarter 2025 net income attributable to Prudential Financial, Inc. of $905 million or $2.55 per Common share versus net loss of $57 million or $0.17 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.




Fourth quarter 2025 after-tax adjusted operating income of $1.168 billion or $3.30 per Common share versus $1.068 billion or $2.96 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share.




Book value per Common share of $92.05 versus $77.62 per share for the year-ago quarter; adjusted book value per Common share of $100.17 versus $95.82 per share for the year-ago quarter.




Parent company highly liquid assets(1) of $3.8 billion versus $4.6 billion for the year-ago quarter. In May 2025, there was a $1.0 billion hybrid securities redemption.




Assets under management(2) of $1.609 trillion versus $1.512 trillion for the year-ago quarter.




Capital returned to shareholders of $730 million in the fourth quarter, including $250 million of share repurchases and $480 million of dividends, versus $720 million in the year-ago quarter. Dividends paid in the fourth quarter were $1.35 per Common share, representing a yield on adjusted book value of over 5%.




As previously announced, the Company's Board of Directors has authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2026 through December 31, 2026. In addition, the Company declared a quarterly dividend of $1.40 per Common share, payable on March 12, 2026, to shareholders of record as of February 17, 2026. This represents an increase of 4% over the prior year dividend level and the 18th consecutive year the dividend has increased.




Today, Prudential of Japan announced a voluntary, 90-day suspension of new sales at Prudential of Japan to address previously disclosed employee misconduct issues. The press release is available on our website at news.prudential.com.



“Last year, we set out three priorities that are essential to delivering stronger performance, more consistent results, and sustained long-term value for our shareholders,” said Andy Sullivan, Chief Executive Officer of Prudential Financial. “Our 2025 financial results reflected the tangible progress we have made in evolving and delivering on our strategy, improving our execution, and fostering a high-performance culture.


2025 was a transformative year for PGIM, as we integrated our asset management capabilities into one unified platform, positioning us as one of the largest and most differentiated credit managers in the industry. Our U.S. and International businesses delivered solid sales, reflecting the actions taken over the last year to sharpen our focus and leverage our competitive strengths as we benefited from the secular tailwinds driving growth in the retirement markets globally. We also continued to maintain cost discipline and invest in our businesses, while delivering meaningful capital returns to shareholders, totaling nearly $3 billion in 2025.


As we turn to 2026, I want to emphasize that our commitment to putting our customers first is core to who we are as a company, and it guides every action we take to deliver meaningful value and earn the trust of those who rely on us. For this reason, we are voluntarily suspending new sales at Prudential of Japan for 90 days to support the implementation of a comprehensive set of measures intended to address previously disclosed incidents of misconduct by certain POJ employees. These measures, which include reimbursing impacted customers and strengthening oversight of our sales practices, governance, and risk management, are an important first step to restoring trust in Prudential’s brand in this important market. We will emerge as a stronger company in Japan, and globally, with a strategy, set of businesses, and customer-focused culture that positions us to win and drive value for our shareholders.”


OVERVIEW


Net income attributable to Prudential Financial, Inc. was $3.576 billion ($9.99 per Common share) for 2025, compared to $2.727 billion ($7.50 per Common share) for 2024. After-tax adjusted operating income was $5.161 billion ($14.43 per Common share) for 2025, compared to $4.588 billion ($12.62 per Common share) for 2024.


Net income attributable to Prudential Financial, Inc. was $905 million ($2.55 per Common share) for the fourth quarter of 2025, compared to a net loss of $57 million ($0.17 per Common share) for the fourth quarter of 2024. After-tax adjusted operating income was $1.168 billion ($3.30 per Common share) for the fourth quarter of 2025, compared to $1.068 billion ($2.96 per Common share) for the fourth quarter of 2024.


Consolidated adjusted operating income and adjusted book value are non-GAAP measures. A discussion of these measures, including definitions thereof, how they are useful to investors, and certain limitations thereof, is included later in this press release under “Non-GAAP Measures,” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.(3)


RESULTS OF ONGOING OPERATIONS


The Company’s ongoing operations include PGIM, U.S. Businesses, International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.


PGIM


PGIM, the Company’s global investment management business, reported adjusted operating income of $249 million for the fourth quarter of 2025, compared to $259 million in the year-ago quarter. This decrease primarily reflects higher expenses and lower other related revenues, driven by lower seed and co-investment income, partially offset by higher asset management fees.


PGIM assets under management of $1.466 trillion were up 7% from the year-ago quarter, driven by equity market and fixed income appreciation and strong investment performance. Full year total net inflows of $0.5 billion reflected third-party net inflows of $2.1 billion, partially offset by affiliated net outflows of $1.6 billion. Third-party institutional net inflows were $6.1 billion as public fixed income inflows were partially offset by public equity outflows. Third-party retail net outflows of $4.0 billion were mainly driven by public equity outflows, partially offset by public fixed income inflows.


U.S. Businesses


U.S. Businesses reported adjusted operating income of $1.051 billion for the fourth quarter of 2025, compared to $860 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, more favorable underwriting results, and lower expenses, partially offset by lower net fee income.


Retirement Strategies, consisting of Institutional Retirement Strategies and Individual Retirement Strategies, reported adjusted operating income of $881 million for the fourth quarter of 2025, compared to $851 million in the year-ago quarter.


Institutional Retirement Strategies:



Reported adjusted operating income of $425 million in the current quarter, compared to $427 million in the year-ago quarter. This decrease primarily reflects higher expenses and less favorable underwriting results mostly offset by higher net investment spread results.




Net account values of $300 billion increased 7% from the year-ago quarter, reflecting market appreciation and modest business growth. Full year sales of $25.9 billion included over $12 billion in longevity risk transfer transactions as we continued to expand our European footprint.



Individual Retirement Strategies:



Reported adjusted operating income of $456 million in the current quarter, compared to $424 million in the year-ago quarter. This increase primarily reflects higher net investment spread results, partially offset by lower net fee income, driven by the run-off of our legacy traditional variable annuity block.




Net account values of $137 billion increased 8% from the year-ago quarter, driven by market appreciation and net inflows from registered index-linked and fixed annuity products, partially offset by net outflows from the run-off of our legacy traditional variable annuity block. Full year sales of $13.6 billion decreased 3% from prior year, driven by lower sales of registered index-linked annuities, partially offset by higher sales in fixed annuities.



Group Insurance:



Reported adjusted operating income of $77 million in the current quarter, compared to $66 million in the year-ago quarter. This increase primarily reflects more favorable underwriting results, partially offset by higher expenses to support business growth.




Full year sales of $611 million increased 11% from prior year, driven by growth in both group life and disability.



Individual Life:



Reported adjusted operating income of $93 million in the current quarter, compared to a $57 million loss in the year-ago quarter. This increase primarily reflects more favorable underwriting results, lower expenses due to one-time transaction costs that occurred in the year-ago quarter, and higher net investment spread results.




Full year sales of $955 million increased 5% from prior year, primarily driven by higher universal life and variable life sales.



International Businesses


International Businesses reported adjusted operating income of $757 million for the fourth quarter of 2025, compared to $742 million in the year-ago quarter. This increase primarily reflects higher net investment spread results and more favorable underwriting results, partially offset by higher expenses.


Full year constant dollar basis sales(4) of $2.2 billion increased 4% from prior year, driven by growth in retirement and savings products in Japan and broader distribution in Brazil.


Corporate & Other


Corporate & Other reported a loss, on an adjusted operating income basis, of $552 million for the fourth quarter of 2025, compared to a loss of $490 million in the year-ago quarter. This higher loss primarily reflects higher expenses driven by an organizational charge and unfavorable foreign exchange remeasurement impacts.


NET INCOME


Net income in the current quarter included $282 million of pre-tax net realized investment losses and related charges and adjustments, including $84 million of pre-tax net credit-related losses, $22 million of pre-tax losses related to the net change in value of market risk benefits, $15 million of pre-tax losses from divested and run-off businesses, and $23 million of pre-tax gains related to market experience updates.


Net loss for the year-ago quarter included $1.525 billion of pre-tax net realized investment losses and related charges and adjustments, including $202 million of pre-tax net credit-related losses, $77 million of pre-tax losses related to the net change in value of market risk benefits, $72 million of pre-tax losses from divested and run-off businesses, and $60 million of pre-tax gains related to market experience updates.


EARNINGS CONFERENCE CALL


Members of Prudential’s senior management will host a conference call on Wednesday, February 4, 2026, at 11:00 a.m. ET to review these results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes prior to the start of the call in the event necessary software needs to be downloaded. Institutional investors, analysts, and other interested parties are invited to listen to the call by dialing one of the following numbers: (877) 407-8293 (domestic) or (201) 689-8349 (international). A replay will also be available on the Investor Relations website through February 18. To access a replay via phone starting at 3:00 p.m. ET on February 4 through February 18, dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use replay code 13757901.


FORWARD-LOOKING STATEMENTS


Certain of the statements included in this release, including those regarding our strategy and prospects for future performance, our plans with respect to dividends and share repurchases, and the investigation into misconduct in Japan and our remediation efforts related thereto, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements include, among others, losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from our expectations when we price our products; and uncertainty regarding investigations into and remediation of matters such as the misconduct in Japan. Additional factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.


NON-GAAP MEASURES


Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release.


We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the 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 below. Adjusted book value 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 and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at investor.prudential.com.


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, 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 capital and other factors.


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. Adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, adjusted operating income excludes the impact of annual assumption updates and other refinements included in the above items.


Adjusted operating income excludes “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions, and 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, 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. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.


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.


Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative change in fair value of funds withheld embedded derivatives, and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.


FOOTNOTES




(1)







Highly liquid assets predominantly include cash, short-term investments, U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and/or foreign government bonds. For more information about highly liquid assets, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.








 







 








(2)







For more information about assets under management, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Segment Measures” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.








 







 








(3)







While not a traditional U.S. GAAP measure, adjusted operating income is the Company's segment performance measure, which is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standards Codification (ASC) 280 - Segment Reporting. Where presented by segment, we have provided a reconciliation to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.








 







 








(4)







For more information about constant dollar basis sales, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations by Segment – International Businesses” included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.







Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for 150 years. For more information, please visit news.prudential.com.




Financial Highlights








(in millions, unaudited)








 






 






 






 






 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,






 






December 31,








 






2025






 






2024






 






2025






 






2024








Adjusted operating income (loss) before income taxes (1):






 






 






 






 






 






 






 








PGIM






$






249






 






 






$






259






 






 






$






878






 






 






$






875






 








U.S. Businesses






 






1,051






 






 






 






860






 






 






 






4,086






 






 






 






3,728






 








International Businesses






 






757






 






 






 






742






 






 






 






3,247






 






 






 






3,106






 








Corporate and Other






 






(552






)






 






 






(490






)






 






 






(1,574






)






 






 






(1,783






)








Total adjusted operating income (loss) before income taxes






$






1,505






 






 






$






1,371






 






 






$






6,637






 






 






$






5,926






 








Reconciling Items:






 






 






 






 






 






 






 








Realized investment gains (losses), net, and related charges and adjustments






$






(282






)






 






$






(1,525






)






 






$






(1,618






)






 






$






(2,150






)








Change in value of market risk benefits, net of related hedging gains (losses)






 






(22






)






 






 






(77






)






 






 






(475






)






 






 






(397






)








Market experience updates






 






23






 






 






 






60






 






 






 






68






 






 






 






(52






)








Divested and Run-off Businesses:






 






 






 






 






 






 






 








Closed Block division






 






(38






)






 






 






(52






)






 






 






(68






)






 






 






(113






)








Other Divested and Run-off Businesses






 






23






 






 






 






(20






)






 






 






107






 






 






 






30






 








Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests and redeemable noncontrolling interests






 






6






 






 






 






97






 






 






 






(20






)






 






 






(16






)








Other adjustments (2)






 






(1






)






 






 






(3






)






 






 






25






 






 






 






(19






)








Total reconciling items, before income taxes






 






(291






)






 






 






(1,520






)






 






 






(1,981






)






 






 






(2,717






)








Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities






$






1,214






 






 






$






(149






)






 






$






4,656






 






 






$






3,209






 








Income Statement Data:






 






 






 






 






 






 






 








Net income (loss) attributable to Prudential Financial, Inc.






$






905






 






 






$






(57






)






 






$






3,576






 






 






$






2,727






 








Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests






 






36






 






 






 






130






 






 






 






156






 






 






 






119






 








Net income (loss)






 






941






 






 






 






73






 






 






 






3,732






 






 






 






2,846






 








Less: Earnings attributable to noncontrolling interests and redeemable noncontrolling interests






 






36






 






 






 






130






 






 






 






156






 






 






 






119






 








Income (loss) attributable to Prudential Financial, Inc.






 






905






 






 






 






(57






)






 






 






3,576






 






 






 






2,727






 








Less: Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests and redeemable noncontrolling interests






 






(40






)






 






 






(94






)






 






 






(27






)






 






 






25






 








Income (loss) (after-tax) before equity in earnings of joint ventures and other operating entities






 






945






 






 






 






37






 






 






 






3,603






 






 






 






2,702






 








Less: Total reconciling items, before income taxes






 






(291






)






 






 






(1,520






)






 






 






(1,981






)






 






 






(2,717






)








Less: Income taxes, not applicable to adjusted operating income (loss)






 






(68






)






 






 






(489






)






 






 






(423






)






 






 






(831






)








Total reconciling items, after income taxes






 






(223






)






 






 






(1,031






)






 






 






(1,558






)






 






 






(1,886






)








After-tax adjusted operating income (loss) (1)






 






1,168






 






 






 






1,068






 






 






 






5,161






 






 






 






4,588






 








Income taxes, applicable to adjusted operating income






 






337






 






 






 






303






 






 






 






1,476






 






 






 






1,338






 








Adjusted operating income (loss) before income taxes (1)






$






1,505






 






 






$






1,371






 






 






$






6,637






 






 






$






5,926






 








 






 






 






 






 






 






 






 








See footnotes on last page.






 






 






 






 






 






 






 









Financial Highlights








(in millions, except per share data, unaudited)








 






 






 






 






 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,






 






December 31,








 






2025






 






2024






 






2025






 






2024








Earnings per share of Common Stock:






 






 






 






 






 






 






 








Net income (loss) attributable to Prudential Financial, Inc.






$






2.55






 






 






$






(0.17






)






 






$






9.99






 






 






$






7.50






 








Less: Reconciling Items:






 






 






 






 






 






 






 








Realized investment gains (losses), net, and related charges and adjustments






 






(0.80






)






 






 






(4.27






)






 






 






(4.57






)






 






 






(5.98






)








Change in value of market risk benefits, net of related hedging gains (losses)






 






(0.06






)






 






 






(0.22






)






 






 






(1.34






)






 






 






(1.10






)








Market experience updates






 






0.07






 






 






 






0.17






 






 






 






0.19






 






 






 






(0.14






)








Divested and Run-off Businesses:






 






 






 






 






 






 






 








Closed Block division






 






(0.11






)






 






 






(0.15






)






 






 






(0.19






)






 






 






(0.31






)








Other Divested and Run-off Businesses






 






0.07






 






 






 






(0.06






)






 






 






0.30






 






 






 






0.08






 








Difference in earnings allocated to participating unvested share-based payment awards






 






—






 






 






 






0.02






 






 






 






0.05






 






 






 






0.06






 








Other adjustments (2)






 






—






 






 






 






(0.01






)






 






 






0.07






 






 






 






(0.05






)








Total reconciling items, before income taxes






 






(0.83






)






 






 






(4.52






)






 






 






(5.49






)






 






 






(7.44






)








Less: Income taxes, not applicable to adjusted operating income (loss)






 






(0.08






)






 






 






(1.39






)






 






 






(1.05






)






 






 






(2.32






)








Total reconciling items, after income taxes






 






(0.75






)






 






 






(3.13






)






 






 






(4.44






)






 






 






(5.12






)








After-tax adjusted operating income (loss)






$






3.30






 






 






$






2.96






 






 






$






14.43






 






 






$






12.62






 








Weighted average number of outstanding common shares - basic






 






349.0






 






 






 






355.4






 






 






 






351.8






 






 






 






357.5






 








Weighted average number of outstanding common shares - diluted






 






350.9






 






 






 






357.3






 






 






 






353.7






 






 






 






359.3






 








For earnings per share of Common Stock calculation:






 






 






 






 






 






 






 








Net income (loss) attributable to Prudential Financial, Inc.






$






905






 






 






$






(57






)






 






$






3,576






 






 






$






2,727






 








Less: Earnings allocated to participating unvested share-based payment awards






 






10






 






 






 






5






 






 






 






41






 






 






 






32






 








Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation






$






895






 






 






$






(62






)






 






$






3,535






 






 






$






2,695






 








After-tax adjusted operating income (loss) (1)






$






1,168






 






 






$






1,068






 






 






$






5,161






 






 






$






4,588






 








Less: Earnings allocated to participating unvested share-based payment awards






 






11






 






 






 






12






 






 






 






57






 






 






 






53






 








After-tax adjusted operating income (loss) for earnings per share of Common Stock calculation (1)






$






1,157






 






 






$






1,056






 






 






$






5,104






 






 






$






4,535






 








Prudential Financial, Inc. Equity (as of end of period):






 






 






 






 






 






 






 








GAAP book value (total PFI equity) at end of period






$






32,438






 






 






$






27,872






 






 






 






 






 








Less: Accumulated other comprehensive income (AOCI)






 






(3,077






)






 






 






(6,711






)






 






 






 






 








GAAP book value excluding AOCI






 






35,515






 






 






 






34,583






 






 






 






 






 








Less: Cumulative change in fair value of funds withheld embedded derivatives






 






(24






)






 






 






141






 






 






 






 






 








Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses)






 






238






 






 






 






34






 






 






 






 






 








Adjusted book value






$






35,301






 






 






$






34,408






 






 






 






 






 








End of period number of common shares - diluted






 






352.4






 






 






 






359.1






 






 






 






 






 








GAAP book value per common share - diluted






$






92.05






 






 






$






77.62






 






 






 






 






 








GAAP book value excluding AOCI per share - diluted






$






100.78






 






 






$






96.30






 






 






 






 






 








Adjusted book value per common share - diluted






$






100.17






 






 






$






95.82






 






 






 






 






 








 






 






 






 






 






 






 






 








See footnotes on last page.






 






 






 






 






 






 






 









Financial Highlights








(in millions, or as otherwise noted, unaudited)








 






 






 






 







 






 






 






 









 






Three Months Ended






 






Year Ended








 






December 31,






 






December 31,








 






2025






 






2024






 






2025






 






2024








PGIM:






 






 






 







 






 






 






 









PGIM:






 






 






 







 






 






 






 









Assets Managed by PGIM (in billions, as of end of period) (3):






 






 






 







 






 






 






 









Institutional customers - Third Party






$






652.0






 






 






$






601.1







 






 






 






 









Retail customers - Third Party






 






267.0






 






 






 






244.9







 






 






 






 









Affiliated






 






547.1






 






 






 






529.2







 






 






 






 









Total PGIM






$






1,466.1






 






 






$






1,375.2







 






 






 






 









Institutional Customers - Assets Under Management (in billions) (3):






 






 






 







 






 






 






 









Gross additions, excluding money market






$






20.6






 






 






$






23.6







 






$






85.3






 






 






$






101.4









Net additions (withdrawals), excluding realizations, distributions and money market






$






(4.4






)






 






$






2.2







 






$






6.1






 






 






$






21.7









Retail Customers - Assets Under Management (in billions):






 






 






 







 






 






 






 









Gross additions, excluding money market






$






21.5






 






 






$






19.0







 






$






71.4






 






 






$






65.6









Net additions (withdrawals), excluding money market






$






(1.3






)






 






$






0.2







 






$






(4.0






)






 






$






1.4









Affiliated - Assets Under Management (in billions) (3):






 






 






 







 






 






 






 









Gross additions, excluding money market






$






17.3






 






 






$






55.7







 






$






73.5






 






 






$






125.4









Net additions (withdrawals), excluding realizations, distributions and money market






$






(3.9






)






 






$






9.0







 






$






(1.6






)






 






$






24.6









U.S. Businesses:






 






 






 







 






 






 






 









Retirement Strategies:






 






 






 







 






 






 






 









Institutional Retirement Strategies:






 






 






 







 






 






 






 









Gross additions






$






3,686






 






 






$






10,249







 






$






25,944






 






 






$






36,331









Net additions (withdrawals)






$






(3,207






)






 






$






4,122







 






$






424






 






 






$






11,004









Total account value at end of period, net






$






299,618






 






 






$






279,191







 






 






 






 









Individual Retirement Strategies:






 






 






 







 






 






 






 









Actively-Sold Protected Investment and Income Solutions and, Discontinued Traditional VA and Guaranteed Living Benefits:






 






 






 







 






 






 






 









Gross sales (4)






$






3,574






 






 






$






3,636







 






$






13,560






 






 






$






14,038









Sales, net of full surrenders and death benefits






$






533






 






 






$






765







 






$






1,881






 






 






$






2,974









Total account value at end of period, net






$






136,781






 






 






$






127,120







 






 






 






 









Group Insurance:






 






 






 







 






 






 






 









Annualized New Business Premiums (5):






 






 






 







 






 






 






 









Group life






$






29






 






 






$






38







 






$






325






 






 






$






289









Group disability






 






27






 






 






 






25







 






 






286






 






 






 






261









Total






$






56






 






 






$






63







 






$






611






 






 






$






550









Individual Life:






 






 






 







 






 






 






 









Annualized New Business Premiums (5):






 






 






 







 






 






 






 









Term life






$






36






 






 






$






35







 






$






144






 






 






$






134









Universal life






 






32






 






 






 






24







 






 






110






 






 






 






85









Variable life






 






201






 






 






 






267







 






 






701






 






 






 






687









Total






$






269






 






 






$






326







 






$






955






 






 






$






906









International Businesses:






 






 






 







 






 






 






 









International Businesses:






 






 






 







 






 






 






 









Annualized New Business Premiums (5)(6):






 






 






 







 






 






 






 









Actual exchange rate basis






$






522






 






 






$






498







 






$






2,194






 






 






$






2,122









Constant exchange rate basis






$






525






 






 






$






507







 






$






2,205






 






 






$






2,124









 






 






 






 







 






 






 






 









See footnotes on last page.






 






 






 







 






 






 






 










Financial Highlights






 







 






 









(in billions, as of end of period, unaudited)






 







 






 









 






 







 






 









 






December 31,








 






2025






 






2024








Assets and Assets Under Management and Administration:






 







 






 









Total assets






$






773.7







 






$






735.6









Assets under management (at fair market value):






 







 






 









PGIM






$






1,466.1







 






$






1,375.2









U.S. Businesses






 






116.9







 






 






112.6









International Businesses






 






19.7







 






 






18.4









Corporate and Other






 






6.4







 






 






6.2









Total assets under management






 






1,609.1







 






 






1,512.4









Assets under administration






 






195.1







 






 






173.5









Total assets under management and administration






$






1,804.2







 






$






1,685.9











 




 



(1)







Adjusted operating income is a non-GAAP measure of performance. See "Non-GAAP Measures" within the earnings release for additional information.








 







 






 






 






 






 






 








(2)







Represents adjustments not included in the above reconciling items, including certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods.








 







 






 






 






 






 






 








(3)







Prior period amounts have been updated to conform to current period presentation.








 







 






 






 






 






 






 








(4)







Includes Prudential FlexGuard and FlexGuard Income, Prudential Premier Investment, MyRock, Private Placement Variable Annuity and all fixed annuity products. Excludes discontinued traditional variable annuities and guaranteed living benefits.








 







 






 






 






 






 






 








(5)







Premiums from new sales 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.








 







 






 






 






 






 






 








(6)







Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 143 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203024550/en/
MEDIA CONTACT: Emily Blum, Emily.Blum@prudential.com


Original: Prudential Financial, Inc. Announces Full Year and Fourth Quarter 2025 Results