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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  ___________________________
  FORM 8-K
  ___________________________
  
CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 15, 2025
  ___________________________
PRUDENTIAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
  ___________________________
New Jersey001-1670722-3703799
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification Number)
 
751 Broad Street
Newark, NJ 07102
(Address of principal executive offices and zip code)
 
(973) 802-6000
(Registrant’s telephone number, including area code)
___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, Par Value $.01PRUNew York Stock Exchange
5.950% Junior Subordinated NotesPRHNew York Stock Exchange
5.625% Junior Subordinated NotesPRSNew York Stock Exchange
4.125% Junior Subordinated NotesPFHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 



Item 2.02    Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

Item 7.01    Regulation FD Disclosure.

Prudential Financial, Inc. (the “Company”) is furnishing this Current Report to (1) disclose certain preliminary financial information regarding the quarter ended December 31, 2024, prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the period, scheduled for release on February 4, 2025; and (2) revise certain financial information included in the quarterly financial supplement for the quarter ended September 30, 2024.

Assets Under Management of the PGIM Segment
As of December 31, 2024, assets under management of the PGIM segment were $1.38 trillion.

Other Related Revenues, Net of Related Expenses, of the PGIM Segment
For the quarter ended December 31, 2024, PGIM’s other related revenues, net of related expenses, were approximately $65 million. “Other related revenues” includes incentive fees, transaction fees, and revenues from seed and co-investments and mortgage originations.

Alternative Investment Income of the General Account
For the quarter ended December 31, 2024, the alternative investment income of the Company’s General Account, excluding the Closed Block Division and Funds Withheld portfolios, (the “GA Portfolio”) is estimated to be approximately $10 - $30 million above the Company’s near-term expectations. “Alternative investment income” includes the adjusted operating income of the GA Portfolio’s interests in private equity, hedge fund and real estate-related investments, as well as real estate investments held through direct ownership, and excludes the results from those interests held by Divested Businesses and third parties that have been consolidated on the Company’s balance sheet.

The preliminary financial information presented above is estimated and unaudited and has been prepared in good faith on a basis consistent with prior periods based on information available to management as of the date hereof; however, we have not completed our financial closing procedures for the quarter ended December 31, 2024, and our actual results could be materially different from these preliminary financial results.

Revision of Quarterly Financial Supplement for the Third Quarter of 2024
During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment, in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has decided to voluntarily revise its historical adjusted operating income for the relevant periods, resulting in a decrease in after-tax adjusted operating income of $115 million or $0.31 per Common share for the nine months ended September 30, 2024, and $24 million or $0.07 per Common share for the nine months ended September 30, 2023, compared to previously reported amounts(1). These revisions had no impact to GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products.

The Company furnishes herewith, as Exhibit 99.1, a revised Quarterly Financial Supplement (unaudited) for the quarter ended September 30, 2024 to provide additional information regarding these revisions. The updates made for these revisions are highlighted in yellow throughout. Except as expressly described above, there have been no other changes to the previously issued supplement for the quarter ended September 30, 2024. In addition, except as specifically described above, the revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures therein in any way other than as required to reflect the revisions described above. The unaudited supplemental financial information included in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Quarterly Report on Form 10-Q, filed on October 31, 2024, and the Company's other filings with the SEC.

Certain of the statements included in this report, including those regarding our estimated financial results for the fourth quarter of 2024 and expected future cash flows, 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 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 estimated financial results for the fourth quarter of 2024 presented herein could differ from our actual results because we have not completed our financial closing procedures for the period. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation.

(1)Adjusted operating income is a non-GAAP financial measure. See Exhibit 99.1 for more information about adjusted operating income.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: January 15, 2025
PRUDENTIAL FINANCIAL, INC.
By:/s/ Robert D. Axel
 Name: Robert D. Axel
Title:   Senior Vice President and Principal Accounting Officer
 



Exhibit 99.1
Prudential Financial, Inc. (PRU)
image12.jpg
Adjusted as of January 15, 2025
Quarterly Financial Supplement
Third Quarter 2024
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and Exchange Commission for general information and consolidated financial information. All financial information in this document is unaudited.
i
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
TABLE OF CONTENTS
Page
 
        Individual Retirement Strategies Sales Results and Account Values
ii
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
During the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, its segment measure of performance, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment, in the first three quarters of 2024 and each of the four quarters of 2023. As a result, the Company has decided to voluntarily revise its historical adjusted operating income for the relevant periods, resulting in a decrease in after-tax adjusted operating income of $115 million or $0.31 per Common share for the nine months ended September 30, 2024, and $24 million or $0.07 per Common share for the nine months ended September 30, 2023, compared to previously reported amounts. These revisions had no impact to GAAP net income, book value, statutory results, or the historical or expected future cash flows of these products.

The Company furnishes herewith, as Exhibit 99.1, a revised Quarterly Financial Supplement (unaudited) for the quarter ended September 30, 2024 to provide additional information regarding these revisions. The updates made for these revisions are highlighted in yellow throughout. Except as expressly described above, there have been no other changes to the previously issued supplement for the quarter ended September 30, 2024. In addition, except as specifically described above, the revised supplement does not reflect events occurring after the original filing thereof, nor does it modify or update disclosures therein in any way other than as required to reflect the revisions described above. The unaudited supplemental financial information included in Exhibit 99.1 has been prepared by, and is the responsibility of, the Company's management. This information should be read together with the consolidated financial statements and the related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Quarterly Report on Form 10-Q, filed on October 31, 2024, and the Company's other filings with the SEC.
iii


Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
FINANCIAL METRICS SUMMARY
(in millions, except per share and return on equity data)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Earnings
Adjusted operating income (loss) before income taxes:
PGIM211 172 169 206 241 541 616 14%
U.S. Businesses1,069 964 805 1,023 1,040 2,773 2,868 3%
International Businesses811 748 896 702 766 2,435 2,364 -3%
Corporate and Other(438)(653)(435)(371)(487)(1,381)(1,293)6%
Total adjusted operating income before income taxes1,653 1,231 1,435 1,560 1,560 4,368 4,555 4%
Income taxes, applicable to adjusted operating income 335 305 320 363 352 914 1,035 13%
After-tax adjusted operating income1,318 926 1,115 1,197 1,208 3,454 3,520 2%
Income (loss) attributable to Prudential Financial, Inc.(802)1,317 1,138 1,198 448 1,171 2,784 138%
Return on Equity
Operating Return on Average Equity (based on adjusted operating income) (1)15.1 %10.7 %12.7 %13.5 %13.6 %13.1 %13.3 %
Return on Average Equity (based on net income (loss))-11.8 %19.6 %16.5 %17.4 %6.1 %5.4 %13.1 %
Distributions to Shareholders
Dividends paid461 458 476 475 471 1,392 1,422 2%
Share repurchases250 250 250 250 250 750 750 —%
Total capital returned711 708 726 725 721 2,142 2,172 1%
Per Share Data
Net income (loss) - diluted (2)(2.23)3.61 3.12 3.28 1.24 3.15 7.64 143%
Adjusted Operating Income - diluted3.58 2.54 3.05 3.28 3.33 9.33 9.67 4%
Shareholder dividends1.25 1.25 1.30 1.30 1.30 3.75 3.90 4%
GAAP book value - diluted70.82 76.77 75.00 77.51 84.47 
Adjusted book value - diluted (3)94.19 96.64 97.03 98.42 98.71 
Shares Outstanding
Weighted average number of common shares - basic362.6 360.3 359.0 358.8 356.9 364.6 358.3 -2%
Weighted average number of common shares - diluted363.8 361.0 360.5 360.5 358.7 365.8 359.9 -2%
End of period common shares - basic361.3 359.2 359.1 357.7 355.9 
End of period common shares - diluted364.5 362.4 362.8 361.4 360.1 
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income, adjusted to remove amounts included for foreign currency exchange rate remeasurement and the cumulative change in fair value of funds withheld embedded derivatives as described on page 3.
(2) For the three months ended September 30, 2023 weighted average shares for basic earnings per share is used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 all potential stock options and compensation programs were considered antidilutive.
(3) Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and the cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3.
Page 1
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Earnings per share of Common Stock (diluted):
After-tax adjusted operating income3.58 2.54 3.05 3.28 3.33 9.33 9.67 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(6.79)0.94 (0.17)0.49 (2.05)(7.79)(1.74)
Change in value of market risk benefits, net of related hedging gains (losses)(0.69)0.60 0.34 (0.82)(0.41)(0.44)(0.89)
Market experience updates0.39 (0.22)(0.09)0.13 (0.35)0.51 (0.31)
Divested and Run-off Businesses:
Closed Block division0.01 (0.14)(0.01)(0.17)0.01 (0.14)(0.17)
Other Divested and Run-off Businesses(0.31)0.12 (0.10)0.11 0.13 (0.06)0.14 
Difference in earnings allocated to participating unvested share-based payment awards0.03 (0.01)— — 0.02 0.06 0.02 
Other adjustments (1)(0.02)(0.03)(0.02)(0.01)(0.01)(0.07)(0.04)
Total reconciling items, before income taxes(7.38)1.26 (0.05)(0.27)(2.66)(7.93)(2.99)
Income taxes, not applicable to adjusted operating income(1.57)0.19 (0.12)(0.27)(0.57)(1.75)(0.96)
Total reconciling items, after income taxes(5.81)1.07 0.07 — (2.09)(6.18)(2.03)
Net income (loss) attributable to Prudential Financial, Inc.(2.23)3.61 3.12 3.28 1.24 3.15 7.64 
Weighted average number of outstanding common shares - basic362.6 360.3 359.0 358.8 356.9 364.6 358.3 
Weighted average number of outstanding common shares - diluted363.8 361.0 360.5 360.5 358.7 365.8 359.9 
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.(802)1,317 1,138 1,198 448 1,171 2,784 
Less: Earnings allocated to participating unvested share-based payment awards5 14 15 14 5 17 33 
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation(807)1,303 1,123 1,184 443 1,154 2,751 
After-tax adjusted operating income1,318 926 1,115 1,197 1,208 3,454 3,520 
Less: Earnings allocated to participating unvested share-based payment awards15 10 15 13 13 40 41 
After-tax adjusted operating income for earnings per share of Common Stock calculation1,303 916 1,100 1,184 1,195 3,414 3,479 
___________
(1) 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.



Page 2
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
OTHER FINANCIAL HIGHLIGHTS
(in millions, except per share data)
20232024
3Q4Q1Q2Q3Q
Capitalization Data (1):
Senior debt:
Short-term debt615 618 585 588 950 
Long-term debt10,787 10,788 10,786 10,771 10,487 
Junior subordinated long-term debt8,090 8,094 8,582 8,582 8,589 
Prudential Financial, Inc. Equity:
GAAP book value (total PFI equity) at end of period25,814 27,820 27,209 28,013 30,416 
Less: Accumulated other comprehensive income (AOCI)(7,831)(6,504)(7,661)(7,444)(4,844)
GAAP book value excluding AOCI (2)33,645 34,324 34,870 35,457 35,260 
Less: Cumulative change in fair value of funds withheld embedded derivatives (3)— (181)14 178 (238)
Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains (losses) (4)(687)(518)(345)(291)(49)
Adjusted book value34,332 35,023 35,201 35,570 35,547 
Book Value per Share of Common Stock:
GAAP book value per common share - diluted70.82 76.77 75.00 77.51 84.47 
GAAP book value excluding AOCI per share - diluted (2)92.30 94.71 96.11 98.11 97.92 
Adjusted book value per common share - diluted94.19 96.64 97.03 98.42 98.71 
End of period number of common shares - diluted364.5 362.4 362.8 361.4 360.1 
Common Stock Price Range (based on closing price):
High99.14 105.21 117.40 121.31 127.32 
Low88.66 88.61 101.84 107.35 105.53 
Close94.89 103.71 117.40 117.19 121.10 
Common Stock market capitalization (1)34,284 37,253 42,158 41,919 43,099 
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Amount represents the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(4) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
Page 3
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
OPERATIONS HIGHLIGHTS
20232024
3Q4Q1Q2Q3Q
Assets Under Management and Administration (in billions) (1)(2):
PGIM:
Institutional customers547.6 582.6 616.6 604.4 630.4 
Retail customers312.5 330.3 345.4 349.9 361.9 
General account358.5 385.2 379.4 373.8 407.6 
Total PGIM1,218.6 1,298.1 1,341.4 1,328.1 1,399.9 
U.S. Businesses116.5 123.9 126.3 124.6 128.6 
International Businesses16.4 17.9 18.2 17.9 18.1 
Corporate and Other9.8 9.7 10.4 11.4 11.3 
Total assets under management1,361.3 1,449.6 1,496.3 1,482.0 1,557.9 
Assets under administration164.7 181.5 182.6 183.9 189.8 
Total assets under management and administration1,526.0 1,631.1 1,678.9 1,665.9 1,747.7 
Distribution Representatives (1):
Prudential Advisors2,681 2,660 2,752 2,821 2,877 
International Life Planners5,917 5,856 5,855 5,836 5,900 
Gibraltar Life Consultants6,736 6,808 6,792 6,724 6,861 
__________
(1) As of end of period.
(2) At fair market value.

Page 4
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums3,659 6,364 15,006 7,277 12,527 18,860 34,810 85%
Policy charges and fee income1,060 1,059 1,056 1,061 1,098 3,165 3,215 2%
Net investment income3,892 3,918 4,120 4,218 4,436 11,375 12,774 12%
Asset management fees, commissions and other income1,437 1,532 1,524 1,293 1,428 4,217 4,245 1%
Total revenues10,048 12,873 21,706 13,849 19,489 37,617 55,044 46%
Benefits and expenses (1):
Insurance and annuity benefits4,348 7,130 15,774 8,137 13,321 20,867 37,232 78%
Change in estimates of liability for future policy benefits49 20 15 (29)66 230 52 -77%
Interest credited to policyholders' account balances827 867 902 952 1,038 2,379 2,892 22%
Interest expense419 439 529 480 485 1,315 1,494 14%
Deferral of acquisition costs(576)(637)(647)(614)(636)(1,691)(1,897)-12%
Amortization of acquisition costs351 356 362 363 356 1,061 1,081 2%
General and administrative expenses2,977 3,467 3,336 3,000 3,299 9,088 9,635 6%
Total benefits and expenses8,395 11,642 20,271 12,289 17,929 33,249 50,489 52%
Adjusted operating income before income taxes1,653 1,231 1,435 1,560 1,560 4,368 4,555 4%
Income taxes, applicable to adjusted operating income335 305 320 363 352 914 1,035 13%
After-tax adjusted operating income1,318 926 1,115 1,197 1,208 3,454 3,520 2%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(2,472)338 (63)175 (737)(2,848)(625)78%
Change in value of market risk benefits, net of related hedging gains (losses)(251)216 123 (297)(146)(160)(320)-100%
Market experience updates143 (78)(32)47 (127)188 (112)-160%
Divested and Run-off Businesses:
Closed Block division2 (50)(3)(60)2 (50)(61)-22%
Other Divested and Run-off Businesses(113)43 (35)38 47 (22)50 327%
Equity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interests(11)(26)(27)(43)(43)(42)(113)-169%
Other adjustments (2)(9)(12)(8)(5)(3)(24)(16)33%
Total reconciling items, before income taxes(2,711)431 (45)(145)(1,007)(2,958)(1,197)60%
Income taxes, not applicable to adjusted operating income(586)54 (31)(99)(212)(660)(342)48%
Total reconciling items, after income taxes(2,125)377 (14)(46)(795)(2,298)(855)63%
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities(1,058)1,662 1,390 1,415 553 1,410 3,358 138%
Income tax expense (benefit)(251)359 289 264 140 254 693 173%
Income (loss) before equity in earnings of joint ventures and other operating entities(807)1,303 1,101 1,151 413 1,156 2,665 131%
Equity in earnings of joint ventures and other operating entities, net of taxes and earnings attributable to noncontrolling interests5 14 37 47 35 15 119 693%
Income (loss) attributable to Prudential Financial, Inc.(802)1,317 1,138 1,198 448 1,171 2,784 138%
Earnings attributable to noncontrolling interests11 9 13 (27)3 11 (11)-200%
Net income (loss)(791)1,326 1,151 1,171 451 1,182 2,773 135%
Less: Income (loss) attributable to noncontrolling interests11 9 13 (27)3 11 (11)-200%
Net income (loss) attributable to Prudential Financial, Inc.(802)1,317 1,138 1,198 448 1,171 2,784 138%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses), revenues of Divested and Run-off Businesses, and include revenues representing equity in earnings of joint ventures and other operating entities other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of acquisitions, including the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates. See pages 35-38 for reconciliation.
(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.
Page 5
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
CONSOLIDATED BALANCE SHEETS
(in millions)
09/30/202312/31/202303/31/202406/30/202409/30/2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value295,318 316,321 318,510 311,092 340,730 
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses— — — — — 
Fixed maturities, trading, at fair value7,129 9,790 10,288 10,250 12,065 
Assets supporting experience-rated contractholder liabilities, at fair value2,943 3,168 3,359 3,351 3,654 
Equity securities, at fair value7,039 8,242 7,224 7,098 6,771 
Commercial mortgage and other loans57,908 59,305 58,781 60,243 62,573 
Policy loans9,959 10,047 9,907 9,739 9,947 
Other invested assets 21,868 22,855 24,227 24,634 25,367 
Short-term investments 5,072 5,005 5,953 6,241 8,010 
Total investments407,236 434,733 438,249 432,648 469,117 
Cash and cash equivalents16,892 19,419 18,735 17,111 20,198 
Accrued investment income3,191 3,287 3,361 3,434 3,566 
Deferred policy acquisition costs20,394 20,856 20,613 20,564 21,182 
Value of business acquired514 530 484 446 488 
Market risk benefit assets2,200 1,981 2,225 2,233 2,134 
Reinsurance recoverables and deposit receivables25,941 27,311 27,929 27,746 29,633 
Income tax assets1,108 939 958 856 479 
Other assets13,136 13,179 13,205 13,299 12,947 
Separate account assets190,642 198,888 200,064 196,859 200,550 
Total assets681,254 721,123 725,823 715,196 760,294 
Liabilities:
Future policy benefits253,551 273,281 272,790 262,330 285,474 
Policyholders' account balances140,788 147,018 151,810 154,991 164,088 
Market risk benefit liabilities4,660 5,467 4,624 4,592 5,178 
Reinsurance and funds withheld payables14,199 15,729 15,746 15,604 17,443 
Securities sold under agreements to repurchase5,547 6,056 6,563 6,929 7,455 
Cash collateral for loaned securities6,067 6,477 6,978 7,050 8,471 
Income tax liabilities— — — — — 
Short-term debt615 618 585 588 950 
Long-term debt18,877 18,882 19,368 19,353 19,076 
Other liabilities18,155 17,546 16,749 15,621 17,578 
Notes issued by consolidated variable interest entities791 1,374 1,132 1,174 1,456 
Separate account liabilities190,642 198,888 200,064 196,859 200,550 
Total liabilities653,892 691,336 696,409 685,091 727,719 
Mezzanine Equity:
Redeemable noncontrolling interests414 524 544 545 560 
Total mezzanine equity414 524 544 545 560 
Equity:
Accumulated other comprehensive loss(7,831)(6,504)(7,661)(7,444)(4,844)
Other equity (1)33,645 34,324 34,870 35,457 35,260 
Total Prudential Financial, Inc. equity25,814 27,820 27,209 28,013 30,416 
Noncontrolling interests1,133 1,443 1,661 1,547 1,599 
Total equity26,947 29,263 28,870 29,560 32,015 
Total liabilities, mezzanine equity and equity681,253 721,123 725,823 715,196 760,294 
____________
(1) Includes $(238) million, $178 million, $(14) million and $181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
COMBINING BALANCE SHEETS
(in millions)
 As of September 30, 2024
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments469,117 49,519 419,598 3,833 213,476 171,025 31,264 
Deferred policy acquisition costs21,182 159 21,023 — 12,016 9,558 (551)
Other assets69,445 1,246 68,199 4,714 46,213 12,713 4,559 
Separate account assets200,550 — 200,550 29,331 174,779 — (3,560)
Total assets760,294 50,924 709,370 37,878 446,484 193,296 31,712 
Liabilities:
Future policy benefits285,474 42,683 242,791 — 123,199 110,175 9,417 
Policyholders' account balances164,088 4,391 159,697 — 99,599 55,841 4,257 
Debt 20,026 — 20,026 1,565 7,206 106 11,149 
Other liabilities57,581 5,412 52,169 3,565 26,182 8,494 13,928 
Separate account liabilities200,550 — 200,550 29,331 174,779 — (3,560)
Total liabilities727,719 52,486 675,233 34,461 430,965 174,616 35,191 
Mezzanine Equity:
Redeemable noncontrolling interests560 — 560 393 — — 167 
Total mezzanine equity560 — 560 393 — — 167 
Equity:
Accumulated other comprehensive loss(4,844)(143)(4,701)(77)(410)(1,989)(2,225)
Other equity (1)35,260 (1,430)36,690 2,844 15,849 20,639 (2,642)
Total Prudential Financial, Inc. equity30,416 (1,573)31,989 2,767 15,439 18,650 (4,867)
Noncontrolling interests1,599 11 1,588 257 80 30 1,221 
Total equity32,015 (1,562)33,577 3,024 15,519 18,680 (3,646)
Total liabilities, mezzanine equity and equity760,294 50,924 709,370 37,878 446,484 193,296 31,712 
 As of December 31, 2023
Consolidated PFIClosed Block DivisionPFI Excluding Closed Block DivisionPGIMU.S. BusinessesInternational BusinessesCorporate and Other
Assets:
Total investments434,733 49,336 385,397 4,906 184,264 169,531 26,696 
Deferred policy acquisition costs20,856 168 20,688 — 11,757 9,351 (420)
Other assets66,646 1,584 65,062 4,511 41,498 12,342 6,711 
Separate account assets198,888 — 198,888 32,647 169,386 — (3,145)
Total assets721,123 51,088 670,035 42,064 406,905 191,224 29,842 
Liabilities:
Future policy benefits273,281 43,587 229,694 — 107,007 113,501 9,186 
Policyholders' account balances147,018 4,500 142,518 — 85,983 51,941 4,594 
Debt 19,500 — 19,500 1,577 7,360 72 10,491 
Other liabilities52,649 4,539 48,110 3,095 21,668 8,267 15,080 
Separate account liabilities198,888 — 198,888 32,647 169,386 — (3,145)
Total liabilities691,336 52,626 638,710 37,319 391,404 173,781 36,206 
Mezzanine Equity:
Redeemable noncontrolling interest524 — 524 524 — — — 
Total mezzanine equity524 — 524 524 — — — 
Equity:
Accumulated other comprehensive loss(6,504)(144)(6,360)(86)(1,862)(1,922)(2,490)
Other equity (1)34,324 (1,405)35,729 2,768 17,281 19,335 (3,655)
Total Prudential Financial, Inc. equity27,820 (1,549)29,369 2,682 15,419 17,413 (6,145)
Noncontrolling interests1,443 11 1,432 1,539 82 30 (219)
Total equity29,263 (1,538)30,801 4,221 15,501 17,443 (6,364)
Total liabilities, mezzanine equity and equity721,123 51,088 670,035 42,064 406,905 191,224 29,842 
____________
(1) Corporate and Other includes $(238) million and $181 million of cumulative change in fair value of funds withheld and modified coinsurance embedded derivatives as described on page 3, as of September 30, 2024 and December 31, 2023, respectively.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
(in millions)
 As of September 30, 2024As of December 31, 2023
Senior DebtSenior Debt
Short-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal DebtShort-term DebtLong-term DebtJunior Subordinated Long-term DebtTotal Debt
Borrowings by use of proceeds:
Capital Debt347 4,571 8,589 13,507 — 4,869 8,094 12,963 
Operating Debt519 5,594 — 6,113 535 5,589 — 6,124 
Limited recourse and non-recourse borrowing84 322 — 406 83 330 — 413 
Total Debt950 10,487 8,589 20,026 618 10,788 8,094 19,500 
 As of September 30, 2024As of December 31, 2023
Prudential Financial, Inc.The Prudential Insurance Company of America (1)(2)Other AffiliatesTotal DebtPrudential Financial, Inc.The Prudential Insurance Company of America (1)(2)Other AffiliatesTotal Debt
Borrowings by sources:
Capital Debt13,117 347 43 13,507 12,573 346 44 12,963 
Operating Debt5,619 494 — 6,113 5,614 510 — 6,124 
Limited recourse and non-recourse borrowing— 84 322 406 — 130 283 413 
Total Debt18,736 925 365 20,026 18,187 986 327 19,500 
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at The Prudential Insurance Company of America includes $347 million of surplus notes as of September 30, 2024 and $346 million as of December 31, 2023.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - PGIM
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums— — — — — — — —
Policy charges and fee income— — — — — — — —
Net investment income42 79 (43)14 16 189 (13)-107%
Asset management fees, commissions and other income934 836 1,033 949 1,005 2,534 2,987 18%
Total revenues976 915 990 963 1,021 2,723 2,974 9%
Benefits and expenses (1):
Insurance and annuity benefits— — — — — — — —
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances— — — — — — — —
Interest expense28 29 24 26 30 84 80 -5%
Deferral of acquisition costs(1)— (1)— — (2)(1)50%
Amortization of acquisition costs— 1 1 — 1 1 2 100%
General and administrative expenses 738 713 797 731 749 2,099 2,277 8%
Total benefits and expenses765 743 821 757 780 2,182 2,358 8%
Adjusted operating income before income taxes211 172 169 206 241 541 616 14%
Total revenues976 915 990 963 1,021 2,723 2,974 9%
Less: Passthrough distribution revenue20 19 21 22 23 59 66 12%
Less: Revenue associated with consolidations62 16 23 10 24 69 57 -17%
Total adjusted revenues (2)894 880 946 931 974 2,595 2,851 10%
Adjusted operating margin (2)(3)23.6 %19.5 %17.9 %22.1 %24.7 %20.8 %21.6 %
__________
(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests and exclude certain components of the consideration for acquisitions.
(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
(3) Reported Operating Margin based on total revenues is 23.6%, 21.4%, 17.1%, 18.8%, and 21.6% for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and 20.7% and 19.9% for nine months ended September 30, 2024 and September 30, 2023, respectively.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Supplementary Revenue Information (in millions):
Analysis of revenues by type:
Asset management fees738 735 774 777 803 2,184 2,354 8%
Other related revenues (1)71 66 93 71 90 181 254 40%
Service, distribution and other revenues167 114 123 115 128 358 366 2%
Total PGIM revenues976 915 990 963 1,021 2,723 2,974 9%
Analysis of asset management fees by source:
Institutional customers363 366 378 377 385 1,082 1,140 5%
Retail customers261 257 276 281 293 757 850 12%
General account114 112 120 119 125 345 364 6%
Total asset management fees738 735 774 777 803 2,184 2,354 8%
Supplementary Assets Under Management Information (at fair market value) (in billions):
September 30, 2024
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers 73.9 452.5 68.2 33.6 2.2 630.4 
Retail customers 136.5 153.1 2.3 0.5 69.5 361.9 
General account 3.3 257.8 61.3 85.1 0.1 407.6 
Total213.7 863.4 131.8 119.2 71.8 1,399.9 
September 30, 2023
Public EquityPublic Fixed IncomeReal EstatePrivate Credit and Other AlternativesMulti-AssetTotal
Institutional customers 56.2 387.2 70.5 32.4 1.3 547.6 
Retail customers 108.1 131.6 2.2 0.9 69.7 312.5 
General account 3.6 228.6 54.4 71.9 — 358.5 
Total167.9 747.4 127.1 105.2 71.0 1,218.6 
__________
(1) Other related revenues, net of related expenses are $45 million, $39 million, $56 million, $36 million, and $37 million for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and $140 million and $96 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
(in billions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Institutional Customers - Assets Under Management (at fair market value):
Beginning assets under management 536.7 528.6 562.7 596.9 585.2 528.9 562.7 
Additions14.4 20.5 45.2 16.9 15.7 47.2 77.8 
Withdrawals(18.2)(26.8)(19.1)(25.8)(20.2)(64.2)(65.1)
Net institutional additions (withdrawals), excluding money market activity(3.8)(6.3)26.1 (8.9)(4.5)(17.0)12.7 
Change in market value(13.8)36.7 3.2 0.9 30.6 6.9 34.7 
Net money market flows0.1 (1.1)0.2 (0.1)(2.8)(0.4)(2.7)
Other (1)9.4 4.8 4.7 (3.6)1.8 10.2 2.9 
Ending assets under management528.6 562.7 596.9 585.2 610.3 528.6 610.3 
Affiliated institutional assets under management19.0 19.9 19.7 19.2 20.1 19.0 20.1 
Total assets managed for institutional customers at end of period547.6 582.6 616.6 604.4 630.4 547.6 630.4 
Retail Customers - Assets Under Management (at fair market value):
Beginning assets under management209.4 203.1 215.5 228.1 234.5 191.7 215.5 
Additions11.9 14.8 15.7 14.5 16.4 37.1 46.6 
Withdrawals(13.8)(22.0)(15.2)(15.1)(15.1)(45.0)(45.4)
Net retail additions (withdrawals), excluding money market activity(1.9)(7.2)0.5 (0.6)1.3 (7.9)1.2 
Change in market value(4.7)19.5 12.2 6.7 9.4 19.2 28.3 
Net money market flows0.7 0.3 0.3 0.5 0.2 1.3 1.0 
Other(0.4)(0.2)(0.4)(0.2)(0.3)(1.2)(0.9)
Ending assets under management203.1 215.5 228.1 234.5 245.1 203.1 245.1 
Affiliated retail assets under management109.4 114.8 117.3 115.4 116.8 109.4 116.8 
Total assets managed for retail customers at end of period312.5 330.3 345.4 349.9 361.9 312.5 361.9 
__________
(1) Third quarter 2023 includes $9.5 billion related to the reinsurance of in-force structured settlement annuities business to Prismic Life Reinsurance, Ltd., which were previously included in General Account assets under management. First quarter 2024 includes $5.8 billion related to the reinsurance of certain guaranteed universal life policies to Somerset Reinsurance Ltd., which were previously included in General Account assets under management. Second quarter 2024 includes a decrease of assets associated with PGIM Wadhwani LLP, a business now reflected in Divested and Run-off Businesses and included in Corporate and Other assets under management.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums550 3,505 11,869 4,282 9,686 8,916 25,837 190%
Policy charges and fee income997 990 990 995 1,029 2,979 3,014 1%
Net investment income2,355 2,281 2,478 2,528 2,666 6,725 7,672 14%
Asset management fees, commissions and other income641 705 636 605 599 2,020 1,840 -9%
Total revenues4,543 7,481 15,973 8,410 13,980 20,640 38,363 86%
Benefits and expenses (1):
Insurance and annuity benefits1,601 4,607 13,007 5,692 10,743 12,319 29,442 139%
Change in estimates of liability for future policy benefits33 (29)(9)(381)64 (85)(326)-284%
Interest credited to policyholders' account balances563 581 601 643 703 1,609 1,947 21%
Interest expense226 253 333 282 294 726 909 25%
Deferral of acquisition costs(307)(349)(370)(402)(416)(876)(1,188)-36%
Amortization of acquisition costs204 209 212 212 213 621 637 3%
General and administrative expenses 1,154 1,245 1,394 1,341 1,339 3,553 4,074 15%
Total benefits and expenses3,474 6,517 15,168 7,387 12,940 17,867 35,495 99%
Adjusted operating income before income taxes1,069 964 805 1,023 1,040 2,773 2,868 3%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums(959)2,041 10,325 2,769 8,153 4,387 21,247 384%
Policy charges and fee income318 310 312 320 320 970 952 -2%
Net investment income1,491 1,405 1,536 1,638 1,764 4,229 4,938 17%
Asset management fees, commissions and other income528 584 586 568 554 1,636 1,708 4%
Total revenues1,378 4,340 12,759 5,295 10,791 11,222 28,845 157%
Benefits and expenses (1):
Insurance and annuity benefits(417)2,615 10,898 3,757 8,768 6,278 23,423 273%
Change in estimates of liability for future policy benefits31 (25)11 (468)47 (168)(410)-144%
Interest credited to policyholders' account balances293 308 355 398 467 804 1,220 52%
Interest expense14 20 31 28 36 53 95 79%
Deferral of acquisition costs(117)(131)(169)(179)(186)(323)(534)-65%
Amortization of acquisition costs89 90 95 100 102 275 297 8%
General and administrative expenses 563 573 657 670 659 1,680 1,986 18%
Total benefits and expenses456 3,450 11,878 4,306 9,893 8,599 26,077 203%
Adjusted operating income before income taxes922 890 881 989 898 2,623 2,768 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums(979)2,027 10,297 2,758 8,134 4,315 21,189 391%
Policy charges and fee income10 7 6 8 10 26 24 -8%
Net investment income1,098 1,006 1,092 1,142 1,199 3,174 3,433 8%
Asset management fees, commissions and other income92 143 143 133 130 332 406 22%
Total revenues221 3,183 11,538 4,041 9,473 7,847 25,052 219%
Benefits and expenses (1):
Insurance and annuity benefits(438)2,584 10,858 3,718 8,742 6,175 23,318 278%
Change in estimates of liability for future policy benefits24 (25)(3)(456)41 (176)(418)-138%
Interest credited to policyholders' account balances146 137 154 153 177 415 484 17%
Interest expense(6)1 17 9 12 — 38 —%
Deferral of acquisition costs(18)(24)(19)(15)(23)(51)(57)-12%
Amortization of acquisition costs3 3 2 2 4 13 8 -38%
General and administrative expenses 71 75 88 80 82 208 250 20%
Total benefits and expenses(218)2,751 11,097 3,491 9,035 6,584 23,623 259%
Adjusted operating income before income taxes439 432 441 550 438 1,263 1,429 13%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INSTITUTIONAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Beginning total account value258,533 254,933 267,654 274,630 274,128 251,818 267,654 
Additions 4,697 14,287 10,990 4,011 11,081 14,211 26,082 
Withdrawals and benefits (7,781)(6,163)(6,417)(6,164)(6,619)(19,120)(19,200)
Net flows(3,084)8,124 4,573 (2,153)4,462 (4,909)6,882 
Change in market value, interest credited and interest income878 2,565 2,655 1,919 4,476 5,157 9,050 
Other (1)(1,394)2,032 (252)(268)4,763 2,867 4,243 
Ending total account value, gross254,933 267,654 274,630 274,128 287,829 254,933 287,829 
Reinsurance ceded(9,273)(9,237)(9,179)(9,129)(9,062)(9,273)(9,062)
Ending total account value, net245,660 258,417 265,451 264,999 278,767 245,660 278,767 
Amounts included in ending total account value, net above:
Investment-only stable value wraps65,497 64,098 62,842 61,455 62,189 
International reinsurance (2)88,253 102,544 102,049 102,465 108,927 
Group annuities and other products91,910 91,775 100,560 101,079 107,651 
Ending total account value, net245,660 258,417 265,451 264,999 278,767 
__________
(1) Other activity includes the effect of foreign exchange rate changes associated with our United Kingdom international reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under international reinsurance contracts.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums20 14 28 11 19 72 58 -19%
Policy charges and fee income308 303 306 312 310 944 928 -2%
Net investment income393 399 444 496 565 1,055 1,505 43%
Asset management fees, commissions and other income436 441 443 435 424 1,304 1,302 —%
Total revenues1,157 1,157 1,221 1,254 1,318 3,375 3,793 12%
Benefits and expenses (1):
Insurance and annuity benefits21 31 40 39 26 103 105 2%
Change in estimates of liability for future policy benefits7 — 14 (12)6 8 8 —%
Interest credited to policyholders' account balances147 171 201 245 290 389 736 89%
Interest expense20 19 14 19 24 53 57 8%
Deferral of acquisition costs(99)(107)(150)(164)(163)(272)(477)-75%
Amortization of acquisition costs86 87 93 98 98 262 289 10%
General and administrative expenses 492 498 569 590 577 1,472 1,736 18%
Total benefits and expenses674 699 781 815 858 2,015 2,454 22%
Adjusted operating income before income taxes483 458 440 439 460 1,360 1,339 -2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, and change in value of market risk benefits, net of related hedging gains (losses). Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 16
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES SALES RESULTS AND ACCOUNT VALUES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Actively -Sold Protected Investment and Income Product Sales (1):
FlexGuard Suite1,279 1,263 1,727 2,219 2,244 3,607 6,190 
Investment Only VA (2)48 35 28 39 28 116 95 
Fixed616 804 1,550 1,221 1,346 1,779 4,117 
Total1,943 2,102 3,305 3,479 3,618 5,502 10,402 
Actively-Sold Protected Investment and Income Solutions (1):
Beginning total account value25,970 27,069 30,655 35,257 39,108 21,208 30,655 
Sales1,943 2,102 3,305 3,479 3,618 5,502 10,402 
Full surrenders and death benefits(208)(239)(281)(322)(351)(622)(954)
Sales, net of full surrenders and death benefits1,735 1,863 3,024 3,157 3,267 4,880 9,448 
Partial withdrawals and other benefit payments(135)(170)(181)(184)(184)(401)(549)
Net flows1,600 1,693 2,843 2,973 3,083 4,479 8,899 
Change in market value, interest credited, and other(494)1,901 1,770 891 1,554 1,402 4,215 
Policy charges(7)(8)(11)(13)(16)(20)(40)
Ending total account value, gross27,069 30,655 35,257 39,108 43,729 27,069 43,729 
Reinsurance ceded(1,552)(1,694)(1,986)(2,205)(2,494)(1,552)(2,494)
Ending total account value, net25,517 28,961 33,271 36,903 41,235 25,517 41,235 
Discontinued Traditional VA and Guaranteed Living Benefit Block (3):
Beginning total account value100,327 94,021 99,053 99,443 96,267 98,814 99,053 
Sales7 7 9 7 6 24 22 
Full surrenders and death benefits(1,544)(1,636)(2,284)(2,467)(2,510)(4,269)(7,261)
Sales, net of full surrenders and death benefits(1,537)(1,629)(2,275)(2,460)(2,504)(4,245)(7,239)
Partial withdrawals and other benefit payments(927)(1,122)(1,109)(1,037)(1,037)(2,838)(3,183)
Net flows(2,464)(2,751)(3,384)(3,497)(3,541)(7,083)(10,422)
Change in market value and other(3,298)8,321 4,311 857 4,924 4,000 10,092 
Policy charges(544)(538)(537)(536)(534)(1,710)(1,607)
Ending total account value, gross94,021 99,053 99,443 96,267 97,116 94,021 97,116 
Reinsurance ceded(9,432)(10,103)(9,702)(9,271)(9,526)(9,432)(9,526)
Ending total account value, net84,589 88,950 89,741 86,996 87,590 84,589 87,590 
__________
(1) 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.
(2) Represents variable annuities without guaranteed living benefits including Prudential Premier Investment, MyRock and Private Placement Variable Annuity.
(3) Includes Prudential Highest Daily Income, Prudential Defined Income and other legacy variable products with and without guaranteed minimum income and withdrawal benefits.
Page 17
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES ACCOUNT VALUE ACTIVITY
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Account Values in General Account (1):
Beginning balance26,455 27,613 30,844 35,140 38,942 22,063 30,844 
Premiums and deposits1,856 2,030 3,226 3,373 3,522 5,278 10,121 
Full surrenders and death benefits(121)(155)(237)(266)(296)(358)(799)
Premiums and deposits net of full surrenders and death benefits1,735 1,875 2,989 3,107 3,226 4,920 9,322 
Partial withdrawals and other benefit payments(148)(191)(218)(221)(224)(445)(663)
Net flows1,587 1,684 2,771 2,886 3,002 4,475 8,659 
Change in market value, interest credited and other(285)1,189 1,513 905 960 1,478 3,378 
Net transfers (to) from separate account(142)360 15 14 451 (399)480 
Policy charges(2)(2)(3)(3)(5)(4)(11)
Ending balance, gross27,613 30,844 35,140 38,942 43,350 27,613 43,350 
Reinsurance ceded(1,552)(1,694)(1,986)(2,205)(2,494)(1,552)(2,494)
Ending balance, net26,061 29,150 33,154 36,737 40,856 26,061 40,856 
Account Values in Separate Account (1):
Beginning balance99,842 93,477 98,864 99,560 96,433 97,959 98,864 
Premiums and deposits94 79 88 113 102 248 303 
Full surrenders and death benefits(1,631)(1,720)(2,328)(2,523)(2,565)(4,533)(7,416)
Premiums and deposits net of full surrenders and death benefits(1,537)(1,641)(2,240)(2,410)(2,463)(4,285)(7,113)
Partial withdrawals and other benefit payments(914)(1,101)(1,072)(1,000)(997)(2,794)(3,069)
Net flows(2,451)(2,742)(3,312)(3,410)(3,460)(7,079)(10,182)
Change in market value, interest credited and other(3,507)9,033 4,568 843 5,518 3,924 10,929 
Net transfers (to) from general account142 (360)(15)(14)(451)399 (480)
Policy charges(549)(544)(545)(546)(545)(1,726)(1,636)
Ending balance, gross93,477 98,864 99,560 96,433 97,495 93,477 97,495 
Reinsurance ceded(9,432)(10,103)(9,702)(9,271)(9,526)(9,432)(9,526)
Ending balance, net84,045 88,761 89,858 87,162 87,969 84,045 87,969 
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
Page 18
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - RETIREMENT STRATEGIES - INDIVIDUAL RETIREMENT STRATEGIES MARKET RISK BENEFIT FEATURES
(in millions)
20232024
3Q4Q1Q2Q3Q
MARKET RISK BENEFITS ACCOUNT VALUES AND NET AMOUNT AT RISK (1):
Market Risk Benefits Account Values by Risk Management Design:
Account Values with Auto-Rebalancing Feature - risk retained by Prudential66,563 70,093 70,679 68,512 68,960 
Account Values with Auto-Rebalancing Feature - externally reinsured2,269 2,315 2,254 2,115 2,115 
Account Values without Auto-Rebalancing Feature23,869 25,244 25,056 24,178 24,561 
Total92,701 97,652 97,989 94,805 95,636 
Market Risk Benefits Net Amount at Risk by Product Design Type:
Net Amount at Risk with Auto-Rebalancing Feature9,508 7,177 6,373 6,541 5,638 
Net Amount at Risk without Auto-Rebalancing Feature3,909 2,576 2,597 2,817 2,240 
Total13,417 9,753 8,970 9,358 7,878 
__________
(1) At end of period.

Page 19
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - GROUP INSURANCE
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums1,268 1,231 1,298 1,272 1,299 3,793 3,869 2%
Policy charges and fee income163 169 175 165 189 505 529 5%
Net investment income130 128 136 128 134 384 398 4%
Asset management fees, commissions and other income15 19 25 21 21 56 67 20%
Total revenues1,576 1,547 1,634 1,586 1,643 4,738 4,863 3%
Benefits and expenses (1):
Insurance and annuity benefits1,179 1,166 1,249 1,140 1,241 3,537 3,630 3%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances39 42 40 36 35 124 111 -10%
Interest expense1 1 2 4 2 7 8 14%
Deferral of acquisition costs(1)(2)(6)(4)(5)(1)(15)-1400%
Amortization of acquisition costs1 5 1 2 1 4 4 —%
General and administrative expenses 268 269 303 287 287 814 877 8%
Total benefits and expenses1,487 1,481 1,589 1,465 1,561 4,485 4,615 3%
Adjusted operating income before income taxes89 66 45 121 82 253 248 -2%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 20
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - GROUP INSURANCE SUPPLEMENTARY INFORMATION
(dollar amounts in millions, or as otherwise noted)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Annualized New Business Premiums:
Group life61 41 189 27 35 255 251 
Group disability34 19 189 19 28 216 236 
Total95 60 378 46 63 471 487 
Future Policy Benefits (1):
Group life2,242 2,421 2,350 2,328 2,266 
Group disability3,175 3,178 3,240 3,222 3,253 
Total5,417 5,599 5,590 5,550 5,519 
Policyholders' Account Balances (1):
Group life5,250 5,229 4,889 4,782 4,878 
Group disability112 113 119 111 110 
Total5,362 5,342 5,008 4,893 4,988 
Separate Account Liabilities (1):
Group life 22,864 25,021 25,265 24,546 26,021 
Group Life Insurance:
Gross premiums, policy charges and fee income (2)1,100 1,149 1,098 1,123 1,137 3,320 3,358 
Earned premiums900 873 903 897 924 2,729 2,724 
Earned policy charges and fee income138 144 150 139 164 433 453 
Benefits ratio (3)84.8 %87.5 %90.1 %85.3 %85.0 %87.6 %86.8 %
Administrative operating expense ratio11.8 %11.2 %12.1 %11.8 %11.0 %11.8 %11.6 %
Persistency ratio93.7 %93.6 %95.1 %95.0 %94.6 %
Group Disability Insurance:
Gross premiums, policy charges and fee income (2)393 385 426 410 403 1,144 1,239 
Earned premiums368 358 395 375 375 1,064 1,145 
Earned policy charges and fee income25 25 25 26 25 72 76 
Benefits ratio (3)76.2 %72.2 %71.3 %70.4 %78.9 %70.7 %73.5 %
Administrative operating expense ratio24.1 %25.9 %25.9 %26.5 %26.5 %24.9 %26.3 %
Persistency ratio91.2 %91.1 %93.8 %93.2 %92.9 %
Total Group Insurance:
Benefits ratio (3)82.4 %83.3 %84.7 %81.1 %83.4 %83.1 %83.1 %
Administrative operating expense ratio15.1 %14.9 %16.0 %15.8 %15.1 %15.2 %15.6 %
Net face amount of policies in force (in billions) (4)2,1432,1552,0652,0922,102
__________
(1) As of end of period.
(2) Before returns of premiums to participating policyholders for favorable claims experience.
(3) Benefits ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 85.3%, 64.1% and 79.4% for the three months ended June 30, 2024, respectively. Benefits ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 86.8%, 71.4%, 82.5% and 86.9%, 69.6%, 82.3% for the nine months ended September 30, 2024 and September 30, 2023, respectively.
(4) At end of period; net of reinsurance.
Page 21
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - U.S. BUSINESSES - INDIVIDUAL LIFE
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums241 233 246 241 234 736 721 -2%
Policy charges and fee income516 511 503 510 520 1,504 1,533 2%
Net investment income734 748 806 762 768 2,112 2,336 11%
Asset management fees, commissions and other income98 102 25 16 24 328 65 -80%
Total revenues1,589 1,594 1,580 1,529 1,546 4,680 4,655 -1%
Benefits and expenses (1):
Insurance and annuity benefits839 826 860 795 734 2,504 2,389 -5%
Change in estimates of liability for future policy benefits2 (4)(20)87 17 83 84 1%
Interest credited to policyholders' account balances231 231 206 209 201 681 616 -10%
Interest expense211 232 300 250 256 666 806 21%
Deferral of acquisition costs(189)(216)(195)(219)(225)(552)(639)-16%
Amortization of acquisition costs114 114 116 110 110 342 336 -2%
General and administrative expenses 323 403 434 384 393 1,059 1,211 14%
Total benefits and expenses1,531 1,586 1,701 1,616 1,486 4,783 4,803 —%
Adjusted operating income (loss) before income taxes58 8 (121)(87)60 (103)(148)-44%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Revenues and Benefits and expenses exclude market experience updates.

Page 22
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
U.S. BUSINESSES - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
(in millions, or as otherwise noted)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
ANNUALIZED NEW BUSINESS PREMIUMS (1):
Term life33 33 31 34 34 87 99 
Universal life17 27 20 22 19 54 61 
Variable life136 145 116 147 157 391 420 
Total 186 205 167 203 210 532 580 
ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
Prudential Advisors35 38 35 44 43 106 122 
Third party distribution151 167 132 159 167 426 458 
Total186 205 167 203 210 532 580 
ACCOUNT VALUE ACTIVITY:
Policyholders' Account Balances (2):
Beginning balance32,713 32,730 33,026 33,176 33,365 31,522 33,026 
Premiums and deposits587 675 634 604 619 1,800 1,857 
Surrenders and withdrawals(417)(557)(436)(414)(445)(1,301)(1,295)
Net sales170 118 198 190 174 499 562 
Benefit payments(41)(43)(48)(43)(30)(145)(121)
Net flows129 75 150 147 144 354 441 
Interest credited and other274 624 401 388 440 1,141 1,229 
Net transfers from separate account128 113 138 148 158 1,285 444 
Policy charges(514)(516)(539)(494)(526)(1,572)(1,559)
Ending balance, gross32,730 33,026 33,176 33,365 33,581 32,730 33,581 
Reinsurance ceded— — (4,506)(4,512)(4,520)— (4,520)
Ending balance, net32,730 33,026 28,670 28,853 29,061 32,730 29,061 
Separate Account Liabilities:
Beginning balance43,230 42,171 46,453 50,128 51,385 39,419 46,453 
Premiums and deposits739 836 794 904 1,018 2,313 2,716 
Surrenders and withdrawals(212)(235)(293)(334)(316)(714)(943)
Net sales527 601 501 570 702 1,599 1,773 
Benefit payments(119)(126)(138)(165)(183)(340)(486)
Net flows408 475 363 405 519 1,259 1,287 
Change in market value, interest credited and other (1,003)4,262 3,796 1,352 2,569 3,772 7,717 
Net transfers to general account(128)(113)(138)(148)(158)(1,285)(444)
Policy charges (336)(342)(346)(352)(362)(994)(1,060)
Ending balance42,171 46,453 50,128 51,385 53,953 42,171 53,953 
NET FACE AMOUNT IN FORCE (in billions) (3):
Term life293 290 286 283 280 
Universal life97 97 80 79 79 
Variable life150 154 158 160 162 
Total540 541 524 522 521 
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(3) At end of period; net of reinsurance. Net Face Amount In Force excludes certain policies considered to be non-core business drivers impacting adjusted operating income for Individual Life. Policies within the Closed Block division are not reported through Individual Life.
Page 23

Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums3,112 2,864 3,139 3,002 2,850 9,955 8,991 -10%
Policy charges and fee income77 82 80 80 83 226 243 8%
Net investment income1,316 1,367 1,412 1,390 1,428 3,922 4,230 8%
Asset management fees, commissions and other income61 65 82 40 56 201 178 -11%
Total revenues4,566 4,378 4,713 4,512 4,417 14,304 13,642 -5%
Benefits and expenses (1):
Insurance and annuity benefits2,751 2,525 2,772 2,452 2,581 8,557 7,805 -9%
Change in estimates of liability for future policy benefits16 49 24 352 2 315 378 20%
Interest credited to policyholders' account balances239 263 279 288 315 680 882 30%
Interest expense3 5 (1)(2)5 18 2 -89%
Deferral of acquisition costs(292)(312)(293)(268)(308)(886)(869)2%
Amortization of acquisition costs156 156 159 161 164 466 484 4%
General and administrative expenses882 944 877 827 892 2,719 2,596 -5%
Total benefits and expenses3,755 3,630 3,817 3,810 3,651 11,869 11,278 -5%
Adjusted operating income before income taxes811 748 896 702 766 2,435 2,364 -3%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 24
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums1,665 1,511 1,818 1,663 1,527 5,292 5,008 -5%
Policy charges and fee income48 52 47 48 56 144 151 5%
Net investment income584 608 629 602 619 1,743 1,850 6%
Asset management fees, commissions and other income62 61 56 54 45 185 155 -16%
Total revenues2,359 2,232 2,550 2,367 2,247 7,364 7,164 -3%
Benefits and expenses (1):
Insurance and annuity benefits1,421 1,311 1,589 1,343 1,365 4,530 4,297 -5%
Change in estimates of liability for future policy benefits11 23 13 217 5 82 235 187%
Interest credited to policyholders' account balances61 68 69 68 76 175 213 22%
Interest expense(1)(4)(7)(3)2 1 (8)-900%
Deferral of acquisition costs(143)(144)(155)(132)(141)(443)(428)3%
Amortization of acquisition costs76 76 78 81 82 230 241 5%
General and administrative expenses407 438 418 393 394 1,253 1,205 -4%
Total benefits and expenses1,832 1,768 2,005 1,967 1,783 5,828 5,755 -1%
Adjusted operating income before income taxes527 464 545 400 464 1,536 1,409 -8%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 25
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums1,447 1,353 1,321 1,339 1,323 4,663 3,983 -15%
Policy charges and fee income29 30 33 32 27 82 92 12%
Net investment income732 759 783 788 809 2,179 2,380 9%
Asset management fees, commissions and other income(1)4 26 (14)11 16 23 44%
Total revenues2,207 2,146 2,163 2,145 2,170 6,940 6,478 -7%
Benefits and expenses (1):
Insurance and annuity benefits1,330 1,214 1,183 1,109 1,216 4,027 3,508 -13%
Change in estimates of liability for future policy benefits5 26 11 135 (3)233 143 -39%
Interest credited to policyholders' account balances178 195 210 220 239 505 669 32%
Interest expense4 9 6 1 3 17 10 -41%
Deferral of acquisition costs(149)(168)(138)(136)(167)(443)(441)—%
Amortization of acquisition costs80 80 81 80 82 236 243 3%
General and administrative expenses475 506 459 434 498 1,466 1,391 -5%
Total benefits and expenses1,923 1,862 1,812 1,843 1,868 6,041 5,523 -9%
Adjusted operating income before income taxes284 284 351 302 302 899 955 6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, change in value of market risk benefits, net of related hedging gains (losses) and include revenues representing equity in earnings of joint ventures and other operating entities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Revenues and Benefits and expenses exclude market experience updates.

Page 26
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024
Actual exchange rate basis (1):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan1,422 1,266 1,584 1,386 1,311 4,620 4,281 
Japan - Gibraltar Life1,476 1,383 1,354 1,371 1,350 4,745 4,075 
Emerging Markets291 297 281 325 272 816 878 
Total3,189 2,946 3,219 3,082 2,933 10,181 9,234 
Annualized new business premiums:
Japan - Prudential of Japan143 182 196 156 162 497 514 
Japan - Gibraltar Life236 310 224 268 324 708 816 
Emerging Markets112 106 97 95 102 284 294 
Total 491 598 517 519 588 1,489 1,624 
Annualized new business premiums by distribution channel:
Life Planners255 288 293 251 264 781 808 
Gibraltar Life Consultants 131 139 105 120 136 403 361 
Banks 68 82 59 74 110 174 243 
Independent Agency 37 89 60 74 78 131 212 
Total 491 598 517 519 588 1,489 1,624 
Constant exchange rate basis (2):
Net premiums, policy charges and fee income:
Japan - Prudential of Japan1,486 1,362 1,690 1,499 1,412 4,732 4,601 
Japan - Gibraltar Life1,548 1,464 1,454 1,482 1,436 4,879 4,372 
Emerging Markets243 252 235 286 253 698 774 
Total3,277 3,078 3,379 3,267 3,101 10,309 9,747 
Annualized new business premiums:
Japan - Prudential of Japan150 195 211 172 175 510 558 
Japan - Gibraltar Life241 314 229 275 331 716 835 
Emerging Markets88 86 80 85 94 228 259 
Total 479 595 520 532 600 1,454 1,652 
Annualized new business premiums by distribution channel:
Life Planners238 281 291 257 269 738 817 
Gibraltar Life Consultants 132 142 108 124 140 406 372 
Banks 68 82 59 75 110 174 244 
Independent Agency 41 90 62 76 81 136 219 
Total 479 595 520 532 600 1,454 1,652 
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
Page 27
Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
20232024
3Q4Q1Q2Q3Q
Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan - Prudential of Japan320 312 307 301 297 
Japan - Gibraltar Life288 285 281 279 277 
Emerging Markets43 44 42 43 46 
Total651 641 630 623 620 
Number of individual policies in force at end of period (in thousands) (3):
Japan - Prudential of Japan4,501 4,511 4,531 4,535 4,555 
Japan - Gibraltar Life6,626 6,594 6,552 6,519 6,520 
Emerging Markets769 789 765 783 820 
Total 11,896 11,894 11,848 11,837 11,895 
International life insurance individual policy persistency:
Life Planner:
13 months92.2 %92.0 %91.4 %90.6 %89.5 %
25 months83.2 %83.1 %82.6 %82.0 %81.3 %
Gibraltar Life (4):
13 months94.8 %94.3 %94.8 %94.8 %94.7 %
25 months88.7 %88.0 %88.3 %88.6 %88.4 %
Number of Life Planners at end of period:
Japan4,337 4,310 4,339 4,257 4,264 
All other countries1,580 1,546 1,516 1,579 1,636 
Total Life Planners5,917 5,856 5,855 5,836 5,900 
Gibraltar Life Consultants6,736 6,808 6,792 6,724 6,861 
__________
(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 129 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
(2) Net of reinsurance.
(3) Direct business only; policy count includes annuities.
(4) Reflects business sold by Life Consultants and Independent Agents.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
(in millions)
20232024Year-to-date
3Q4Q1Q2Q3Q20232024% change
Revenues (1):
Premiums(3)(5)(2)(7)(9)(11)(18)-64%
Policy charges and fee income(14)(13)(14)(14)(14)(40)(42)-5%
Net investment income179 191 273 286 326 539 885 64%
Asset management fees, commissions and other income(199)(74)(227)(301)(232)(538)(760)-41%
Total revenues(37)99 30 (36)71 (50)65 230%
Benefits and expenses (1):
Insurance and annuity benefits(4)(2)(5)(7)(3)(9)(15)-67%
Change in estimates of liability for future policy benefits— — — — — — — —
Interest credited to policyholders' account balances25 23 22 21 20 90 63 -30%
Interest expense162 152 173 174 156 487 503 3%
Deferral of acquisition costs24 24 17 56 88 73 161 121%
Amortization of acquisition costs(9)(10)(10)(10)(22)(27)(42)-56%
General and administrative expenses 203 565 268 101 319 717 688 -4%
Total benefits and expenses401 752 465 335 558 1,331 1,358 2%
Adjusted operating loss before income taxes(438)(653)(435)(371)(487)(1,381)(1,293)6%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses and goodwill impairment and certain components of consideration for a business acquisition, which are recognized as compensation expense over the requisite service periods. Revenues and Benefits and expenses include consolidating adjustments.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
September 30, 2024December 31, 2023
ClosedPFI Excluding ClosedPFI Excluding
TotalBlockFunds Closed Block Division and Funds WithheldTotalBlockFundsClosed Block Division and Funds Withheld (2)
PortfolioDivisionWithheld (1)Amount% of TotalPortfolio (2)DivisionWithheld (1)(2)Amount% of Total
Fixed maturities:
Public, available-for-sale, at fair value257,380 20,206 6,466 230,708 58.1 %241,222 20,483 3,270 217,469 58.9 %
Private, available-for-sale, at fair value82,897 10,288 2,718 69,891 17.6 %74,542 10,003 2,678 61,861 16.7 %
Fixed maturities, trading, at fair value11,588 726 6,831 4,031 1.0 %8,785 887 2,944 4,954 1.3 %
Assets supporting experience-rated contractholder liabilities, at fair value3,654 — — 3,654 0.9 %3,168 — — 3,168 0.9 %
Equity securities, at fair value6,223 1,824 5 4,394 1.1 %7,634 1,970 — 5,664 1.5 %
Commercial mortgage and other loans, at book value, net of allowance61,475 7,819 156 53,500 13.5 %58,786 7,769 23 50,994 13.8 %
Policy loans, at outstanding balance9,947 3,388 — 6,559 1.7 %10,047 3,479 — 6,568 1.8 %
Other invested assets, net of allowance (3)22,958 4,710 1,445 16,803 4.2 %19,454 4,513 1,007 13,934 3.8 %
Short-term investments, net of allowance8,003 558 67 7,378 1.9 %4,992 232 51 4,709 1.3 %
Subtotal (4)464,125 49,519 17,688 396,918 100.0 %428,630 49,336 9,973 369,321 100.0 %
Invested assets of other entities and operations (5)4,992 — — 4,992 6,103 — — 6,103 
Total investments469,117 49,519 17,688 401,910 434,733 49,336 9,973 375,424 
Fixed Maturities by Credit Quality (4)(6):September 30, 2024December 31, 2023
PFI Excluding Closed Block Division and Funds WithheldPFI Excluding Closed Block Division and Funds Withheld (2)
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedAllowance forFair AmortizedUnrealizedUnrealizedAllowance forFair
CostGainsLossesCredit LossesValue% of TotalCostGainsLossesCredit LossesValue% of Total
Public Fixed Maturities:
  NAIC Rating (7)
1189,192 5,712 16,148 — 178,756 77.5 %182,105 6,683 15,644 1 173,143 79.6 %
246,121 1,340 2,607 — 44,854 19.4 %39,358 1,020 3,395 — 36,983 17.0 %
                     Subtotal - High or Highest Quality Securities235,313 7,052 18,755 — 223,610 96.9 %221,463 7,703 19,039 1 210,126 96.6 %
35,394 85 402 — 5,077 2.3 %5,216 143 238 — 5,121 2.3 %
41,390 58 45 — 1,403 0.6 %1,765 50 99 53 1,663 0.8 %
5546 18 39 18 507 0.2 %479 13 63 7 422 0.2 %
6191 8 8 80 111 0.0 %224 4 16 75 137 0.1 %
                     Subtotal - Other Securities7,521 169 494 98 7,098 3.1 %7,684 210 416 135 7,343 3.4 %
                         Total242,834 7,221 19,249 98 230,708 100.0 %229,147 7,913 19,455 136 217,469 100.0 %
Private Fixed Maturities:
  NAIC Rating (7)
118,847 356 1,330 — 17,873 25.6 %17,121 240 1,588 — 15,773 25.5 %
243,067 1,329 2,252 — 42,144 60.3 %38,561 880 2,795 — 36,646 59.2 %
                     Subtotal - High or Highest Quality Securities61,914 1,685 3,582 — 60,017 85.9 %55,682 1,120 4,383 — 52,419 84.7 %
35,822 189 167 — 5,844 8.3 %5,130 118 246 5 4,997 8.1 %
43,020 36 87 28 2,941 4.2 %3,112 28 89 2 3,049 4.9 %
5905 32 59 3 875 1.3 %1,283 21 69 3 1,232 2.0 %
6274 18 14 64 214 0.3 %158 17 5 6 164 0.3 %
                     Subtotal - Other Securities10,021 275 327 95 9,874 14.1 %9,683 184 409 16 9,442 15.3 %
                         Total71,935 1,960 3,909 95 69,891 100.0 %65,365 1,304 4,792 16 61,861 100.0 %
_____________
(1) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(2) Prior period amounts have been restated to conform to current period presentation.
(3) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
(5) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
(6) Excludes fixed maturity securities classified as trading.
(7) Reflects equivalent ratings for investments of the international operations. Includes, as of September 30, 2024 and December 31, 2023, 875 securities with amortized cost of $8,545 million (fair value $8,531 million) and 639 securities with amortized cost of $7,242 million (fair value $7,227 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS AND FUNDS WITHHELD (1)
(in millions)
September 30, 2024December 31, 2023
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Japanese Insurance Operations (2):
Fixed maturities:
Public, available-for-sale, at fair value113,574 67.3 %113,737 68.2 %
Private, available-for-sale, at fair value22,963 13.6 %20,891 12.5 %
Fixed maturities, trading, at fair value 515 0.3 %669 0.4 %
Assets supporting experience-rated contractholder liabilities, at fair value3,654 2.2 %3,168 1.9 %
Equity securities, at fair value 1,179 0.7 %1,614 1.0 %
Commercial mortgage and other loans, at book value, net of allowance16,717 9.9 %17,980 10.8 %
Policy loans, at outstanding balance2,702 1.6 %2,670 1.6 %
Other invested assets (3)5,840 3.4 %5,617 3.4 %
Short-term investments, net of allowance1,638 1.0 %421 0.2 %
Total168,782 100.0 %166,767 100.0 %
September 30, 2024December 31, 2023 (4)
Amount% of TotalAmount% of Total
Investment Portfolio Composition - Excluding Japanese Insurance Operations and Funds Withheld (2):
Fixed maturities:
Public, available-for-sale, at fair value117,134 51.3 %103,732 51.3 %
Private, available-for-sale, at fair value46,928 20.6 %40,970 20.2 %
Fixed maturities, trading, at fair value 3,516 1.5 %4,285 2.1 %
Assets supporting experience-rated contractholder liabilities, at fair value— 0.0 %— 0.0 %
Equity securities, at fair value3,215 1.4 %4,050 2.0 %
Commercial mortgage and other loans, at book value, net of allowance36,783 16.1 %33,014 16.3 %
Policy loans, at outstanding balance3,857 1.7 %3,898 1.9 %
Other invested assets, net of allowance (3)10,963 4.9 %8,317 4.1 %
Short-term investments, net of allowance5,740 2.5 %4,288 2.1 %
Total228,136 100.0 %202,554 100.0 %
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
(4) Prior period amounts have been restated to conform to current period presentation.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS (1)
(in millions)
 Three Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses) (3)
Yield (2)AmountYield (2)(3)Amount (3)
General Account (4)
Fixed maturities (5)4.48 %3,298 (527)4.15 %3,075 (277)
Equity securities2.55 %28 — 2.32 %30 — 
Commercial mortgage and other loans4.31 %564 (41)4.01 %495 (68)
Policy loans4.66 %75 — 4.50 %72 — 
Short-term investments and cash equivalents5.92 %252 — 6.48 %232 2 
Gross investment income before investment expenses4.49 %4,217 (568)4.31 %3,904 (343)
Investment expenses-0.15 %(273)— -0.13 %(217)— 
Subtotal4.34 %3,944 (568)4.18 %3,687 (343)
Other investments (5)243 54 281 (2,033)
Investment results of other entities and operations (6)27 (5)44 38 
Investment results of Funds Withheld (7)337 (1,092)48 167 
Less: investment income related to adjusted operating income reconciling items(115)— (168)— 
Total4,436 (1,611)3,892 (2,171)
Nine Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses) (3)
Yield (2)AmountYield (2)(3)Amount (3)
General Account (4)
Fixed maturities (5)4.34 %9,548 (806)4.09 %9,116 (496)
Equity securities3.04 %109 — 2.93 %109 — 
Commercial mortgage and other loans4.31 %1,646 (136)3.95 %1,435 (105)
Policy loans4.57 %219 — 4.56 %216 — 
Short-term investments and cash equivalents6.40 %743 — 5.84 %643 2 
Gross investment income before investment expenses4.40 %12,265 (942)4.24 %11,519 (599)
Investment expenses-0.16 %(806)— -0.13 %(653)— 
Subtotal4.24 %11,459 (942)4.11 %10,866 (599)
Other investments (5)731 195 743 (2,357)
Investment results of other entities and operations (6)19 1 197 27 
Investment results of Funds Withheld (7)932 (1,040)70 167 
Less: investment income related to adjusted operating income reconciling items(367)— (501)— 
Total12,774 (1,786)11,375 (2,762)
________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties. assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(6) Includes invested income of assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(7) Includes investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
 Three Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)AmountYield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.18 %1,115 (82)2.96 %1,009 (15)
Equity securities1.90 %6 — 1.12 %5 — 
Commercial mortgage and other loans3.71 %153 (1)3.67 %162 (33)
Policy loans3.71 %24 — 3.89 %25 — 
Short-term investments and cash equivalents5.25 %35 — 5.20 %27 — 
Gross investment income before investment expenses3.25 %1,333 (83)3.05 %1,228 (48)
Investment expenses-0.14 %(90)— -0.12 %(79)— 
Subtotal3.11 %1,243 (83)2.93 %1,149 (48)
Other investments (2)121 343 84 (807)
Total1,364 260 1,233 (855)
Nine Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses)
Yield (1)Amount
Japanese Insurance Operations:
Fixed maturities (2)3.10 %3,235 88 2.88 %2,981 189 
Equity securities3.06 %33 — 2.84 %37 — 
Commercial mortgage and other loans3.78 %478 (15)3.66 %484 (48)
Policy loans3.76 %73 — 3.88 %74 — 
Short-term investments and cash equivalents5.88 %92 — 4.76 %71 — 
Gross investment income before investment expenses3.21 %3,911 73 3.00 %3,647 141 
Investment expenses-0.13 %(246)— -0.13 %(241)— 
Subtotal3.08 %3,665 73 2.87 %3,406 141 
Other investments (2)347 (214)238 (926)
Total4,012 (141)3,644 (785)
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
INVESTMENT RESULTS - EXCLUDING FUNDS WITHHELD AND JAPANESE INSURANCE OPERATIONS (1)
(in millions)
 Three Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses) (3)
Yield (2)AmountYield (2)(3)Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5)5.68 %2,183 (445)5.17 %2,066 (262)
Equity securities2.81 %22 — 2.92 %25 — 
Commercial mortgage and other loans4.59 %411 (40)4.19 %333 (35)
Policy loans5.31 %51 — 4.90 %47 — 
Short-term investments and cash equivalents6.02 %217 — 6.66 %205 2 
Gross investment income before investment expenses5.46 %2,884 (485)5.21 %2,676 (295)
Investment expenses-0.16 %(183)— -0.13 %(138)— 
Subtotal5.30 %2,701 (485)5.08 %2,538 (295)
Other investments (5)122 (289)197 (1,226)
Total2,823 (774)2,735 (1,521)
Nine Months Ended September 30,
20242023
Investment IncomeRealized Gains (Losses)Investment IncomeRealized Gains (Losses) (3)
Yield (2)AmountYield (2)(3)Amount (3)
Excluding Funds Withheld and Japanese Insurance Operations (4):
Fixed maturities (5)5.48 %6,313 (894)5.13 %6,135 (685)
Equity securities3.04 %76 — 2.98 %72 — 
Commercial mortgage and other loans4.57 %1,168 (121)4.11 %951 (57)
Policy loans5.12 %146 — 5.02 %142 — 
Short-term investments and cash equivalents6.47 %651 — 5.97 %572 2 
Gross investment income before investment expenses5.33 %8,354 (1,015)5.15 %7,872 (740)
Investment expenses-0.18 %(560)— -0.13 %(412)— 
Subtotal5.15 %7,794 (1,015)5.02 %7,460 (740)
Other investments (5)384 409 505 (1,431)
Total8,178 (606)7,965 (2,171)
__________
(1) Excludes Closed Block division.
(2) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost, net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(3) Prior period amounts have been reclassified to conform to current period presentation.
(4) Excludes assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet and investments that support customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements.
(5) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums34,810 — — — 1,235 357 — — 36,402 18,860 — — (1)1,228 358 — — 20,445 
Policy charges and fee income3,215 120 — (92)— 9 — — 3,252 3,165 95 — 59 — — — — 3,319 
Net investment income12,774 (12)— — 1,527 379 — — 14,668 11,375 (14)— — 1,491 515 — — 13,367 
Realized investment gains (losses), net (3)(449)(1,315)— — (532)(22)— — (2,318)293 (2,932)— — (361)(123)— — (3,123)
Asset management fees, commissions and other income4,694 759 — — 360 486 (101)— 6,198 3,924 464 — — 183 527 (51)— 5,047 
Change in value of market risk benefits, net of related hedging gains (losses)— — (320)— — — — — (320)— — (160)— — — — — (160)
Total revenues55,044 (448)(320)(92)2,590 1,209 (101)— 57,882 37,617 (2,387)(160)58 2,541 1,277 (51)— 38,895 
Benefits and expenses:
Insurance and annuity benefits37,232 (10)— (5)2,339 584 — — 40,140 20,867 17 — 7 2,290 566 — — 23,747 
Change in estimates of liability for future policy benefits52 22 — 25 — (112)— — (13)230 34 — (137)— 104 — — 231 
Interest credited to policyholders' account balances2,892 141 — — 87 128 — — 3,248 2,379 389 — — 89 145 — — 3,002 
Interest expense1,494 — — — — 10 — — 1,504 1,315 — — — — 6 — — 1,321 
Deferral of acquisition costs(1,897)— — — — (1)— — (1,898)(1,691)— — — — — — — (1,691)
Amortization of acquisition costs1,081 24 — — 9 3 — — 1,117 1,061 21 — — 10 — — — 1,092 
General and administrative expenses9,635 — — — 216 547 12 16 10,426 9,088 — — — 202 478 (9)24 9,783 
Total benefits and expenses50,489 177 — 20 2,651 1,159 12 16 54,524 33,249 461 — (130)2,591 1,299 (9)24 37,485 
__________
(1) See page 40 for a definition of adjusted operating income.
(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) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(249) million for nine months ended September 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(73) million and certain derivatives of $1 million for nine months ended September 30, 2024.




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Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums12,527 — — 1 393 124 — — 13,045 3,659 — — (1)392 123 — — 4,173 
Policy charges and fee income1,098 48 — (35)— — — — 1,111 1,060 12 — 40 — — — — 1,112 
Net investment income4,436 (3)— — 504 118 — — 5,055 3,892 (5)— — 511 173 — — 4,571 
Realized investment gains (losses), net (3)(191)(1,428)— — (233)8 — — (1,844)47 (2,126)— — (231)(92)— — (2,402)
Asset management fees, commissions and other income1,619 408 — — 153 134 (45)— 2,269 1,390 (281)— — (57)119 (22)— 1,149 
Change in value of market risk benefits, net of related hedging gains (losses)— — (146)— — — — — (146)— — (251)— — — — — (251)
Total revenues19,489 (975)(146)(34)817 384 (45)— 19,490 10,048 (2,400)(251)39 615 323 (22)— 8,352 
Benefits and expenses:
Insurance and annuity benefits13,321 (13)— (2)714 196 — — 14,216 4,348 91 — 4 515 202 — — 5,160 
Change in estimates of liability for future policy benefits66 10 — 95 — 9 — — 180 49 2 — (108)— 8 — — (49)
Interest credited to policyholders' account balances1,038 (243)— — 28 40 — — 863 827 (28)— — 30 43 — — 872 
Interest expense485 — — — — 4 — — 489 419 — — — (1)3 — — 421 
Deferral of acquisition costs(636)— — — — — — — (636)(576)— — — — — — — (576)
Amortization of acquisition costs356 8 — — 3 — — — 367 351 7 — — 3 — — — 361 
General and administrative expenses3,299 — — — 70 88 (2)3 3,458 2,977 — — — 66 180 (11)9 3,221 
Total benefits and expenses17,929 (238)— 93 815 337 (2)3 18,937 8,395 72 — (104)613 436 (11)9 9,410 
__________
(1) See page 40 for a definition of adjusted operating income.
(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) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(92) million for three months ended September 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(547) million and certain derivatives of $21 million for three months ended September 30, 2024.


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Prudential Financial, Inc.
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Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended December 31, 2023Three Months Ended March 31, 2024
Reconciling ItemsReconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAPAdjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustments Change in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums6,364 — — 2 447 106 — — 6,919 15,006 — — (1)409 123 — — 15,537 
Policy charges and fee income1,059 142 — 7 — — — — 1,208 1,056 50 — (57)— 7 — — 1,056 
Net investment income3,918 (4)— — 468 116 — — 4,498 4,120 (4)— — 514 134 — — 4,764 
Realized investment gains (losses), net (3)(4)(510)— — (19)41 — — (492)(102)(85)— — (125)4 — — (308)
Asset management fees, commissions and other income1,536 656 — — 229 348 (34)— 2,735 1,626 340 — — 164 246 (39)— 2,337 
Change in value of market risk benefits, net of related hedging gains (losses)— — 216 — — — — — 216 — — 123 — — — — — 123 
Total revenues12,873 284 216 9 1,125 611 (34)— 15,084 21,706 301 123 (58)962 514 (39)— 23,509 
Benefits and expenses:
Insurance and annuity benefits7,130 (122)— (9)1,072 182 — — 8,253 15,774 50 — (1)859 202 — — 16,884 
Change in estimates of liability for future policy benefits20 18 — 96 — (28)— — 106 15 2 — (25)— (9)— — (17)
Interest credited to policyholders' account balances867 42 — — 29 43 — — 981 902 304 — — 30 47 — — 1,283 
Interest expense439 — — — — 3 — — 442 529 — — — (1)2 — — 530 
Deferral of acquisition costs(637)— — — — — — — (637)(647)— — — — (1)— — (648)
Amortization of acquisition costs356 8 — — 3 — — — 367 362 8 — — 3 2 — — 375 
Goodwill impairment— — — — — 177 — — 177 — — — — — — — — — 
General and administrative expenses3,467 — — — 71 191 (8)12 3,733 3,336 — — — 74 306 (12)8 3,712 
Total benefits and expenses11,642 (54)— 87 1,175 568 (8)12 13,422 20,271 364 — (26)965 549 (12)8 22,119 
__________
(1) See page 40 for a definition of adjusted operating income.
(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) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(77) million and $(63) million for three months ended December 31, 2023 and March 31, 2024, respectively. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $(503) million and $262 million and certain derivatives of $35 million and $(16) million for three months ended December 31, 2023 and March 31, 2024, respectively.






Page 37


Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
(in millions)
Three Months Ended June 30, 2024
Reconciling Items
Adjusted Operating Income (Loss) basis (1)Total realized investment gains (losses), net, and related charges and adjustmentsChange in value of market risk benefits, net of related hedging gains (losses)Market experience updatesClosed Block DivisionOther Divested and Run-off BusinessesEquity in earnings of joint ventures and other operating entities, and earnings attributable to noncontrolling interestsOther adjustments (2)U.S. GAAP
Revenues:
Premiums7,277 — — — 433 109 — — 7,819 
Policy charges and fee income1,061 22 — — — 2 — — 1,085 
Net investment income4,218 (5)— — 509 128 — — 4,850 
Realized investment gains (losses), net (3)(156)197 — — (174)(34)— — (167)
Asset management fees, commissions and other income1,449 11 — — 43 105 (17)— 1,591 
Change in value of market risk benefits, net of related hedging gains (losses)— — (297)— — — — — (297)
Total revenues13,849 225 (297)— 811 310 (17)— 14,881 
Benefits and expenses:
Insurance and annuity benefits8,137 (47)— (2)766 186 — — 9,040 
Change in estimates of liability for future policy benefits(29)10 — (45)— (113)— — (177)
Interest credited to policyholders' account balances952 79 — — 29 41 — — 1,101 
Interest expense480 — — — 1 4 — — 485 
Deferral of acquisition costs(614)— — — — — — — (614)
Amortization of acquisition costs363 8 — — 3 — — — 374 
General and administrative expenses3,000 — — — 72 154 26 5 3,257 
Total benefits and expenses12,289 50 — (47)871 272 26 5 13,466 
__________
(1) See page 40 for a definition of adjusted operating income.
(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) Includes realized gains and losses from sales of funds withheld and modified coinsurance assets not passed back to reinsurers of $(94) million for three months ended June 30, 2024. Also includes changes in the value of the funds withheld and modified coinsurance embedded derivatives associated with available-for-sale securities of $212 million and certain derivatives of $(4) million for three months ended June 30, 2024.
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Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
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.
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.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable domestic and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that 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. Amounts ascribed to Gibraltar Life Consultants include production by captive agents associated with the Japan operation.
4. Assets Under Administration:
Fair market value of assets in client accounts and mortgage servicing assets, which are reported on an unpaid principal balance basis, that are not included in Assets Under Management. Prudential does not receive a management fee on these assets, but may receive a fee for executing trades, custody or record keeping services, or servicing the mortgage loans. In addition, fair market value of assets for which Prudential provides non-discretionary investment advice and receives a fee.
5. Assets Under Management:
Fair market value of assets directly managed by Prudential or joint ventures of which Prudential has at least 50% ownership, and assets invested in investment options included in the Company’s products that are managed by third party sub-advised managers at the discretion of Prudential. This includes externally managed modified coinsurance for both Hartford and Allstate. It also includes the fair value of derivatives used in various portfolio management strategies related to the portfolio’s invested assets, regardless of the hedge accounting designation, but excludes direct hedges of product liabilities and expenses.
6. Book value per share of Common Stock:
GAAP equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Adjusted book value per common share is a non-GAAP measure. This non-GAAP measure 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 including the removal of the associated accounting impacts of the remeasurement of certain insurance liabilities and investments that are marked to market through AOCI under GAAP, and the cumulative change in fair value of funds withheld embedded derivatives related to unrealized gains and losses on available-for-sale securities and certain derivatives associated with customer liabilities reinsured under coinsurance with funds withheld and modified coinsurance arrangements. However, adjusted book value per common share is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Debt utilized to meet the capital requirements of our business.
8. Borrowings - Operating Debt:
Debt utilized for business funding to meet specific purposes, which may include activities associated with our PGIM and Assurance IQ businesses. Operating debt also consists of debt issued to finance specific portfolios of investment assets, the proceeds from which will service the debt. Specifically, this includes assets supporting reserve requirements under Regulation XXX and Guideline AXXX, as well as funding for institutional and insurance company portfolio cash flow timing differences.
9. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
10. Earned Premiums:
The portion of premium, net of returns to participating policyholders and amounts ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
11. General Account:
Includes assets of the insurance companies for which the Company bears the investment risk. These generally include assets supporting "Future Policy Benefits" and "Policyholders' Account Balances". General account assets also include assets of the parent company, Prudential Financial, Inc. and excludes assets recognized for statutory purposes that are specifically allocated to a separate account.
12. Gibraltar Life:
Includes results from the Japan operation.
13. Gibraltar Life Consultants:
Captive insurance agents for Gibraltar Life.
14. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
15. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:
Ratio of administrative operating expenses (excluding commissions) to gross premiums, and net policy charges and fee income.
16. Individual Retirement Strategies Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
17. Individual Retirement Strategies - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
18. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
19. International Life Planners:
Captive insurance Advisors in our Life Planner operations.
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Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
KEY DEFINITIONS AND FORMULAS
20. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the debt holder is only entitled to collect against the assets pledged to the debt as collateral or has very limited rights to collect against other assets.
21. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, seed and co-investment results, and commercial mortgage revenues.
22. PGIM Asset Under Management Classifications:
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay fixed interest and usually have a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class, balancing equity and fixed income funds and target date funds.
23. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
24. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
25. Prudential Advisors:
Captive financial professionals in our insurance operations in the United States.
26. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests.
27. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
28. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

Page 41
Prudential Financial, Inc.
image12.jpg
Quarterly Financial Supplement
Third Quarter 2024
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of January 15, 2025
Standard &Fitch
A.M. Best*Poor'sMoody's*Ratings*
The Prudential Insurance Company of AmericaA+AA-Aa3AA-
PRUCO Life Insurance CompanyA+AA-Aa3AA-
PRUCO Life Insurance Company of New JerseyA+AA-NRAA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan) NRA+NRNR
Gibraltar Life Insurance Company, Ltd.NRA+NRNR
The Prudential Gibraltar Financial Life Insurance Co. Ltd. NRA+NRNR
CREDIT RATINGS:
as of January 15, 2025
Prudential Financial, Inc.:
  Short-Term BorrowingsAMB-1A-1P-2F1
  Long-Term Senior Debta-AA3A-
  Junior Subordinated Long-Term DebtbbbBBB+Baa1BBB
The Prudential Insurance Company of America:
  Capital and surplus notesaAA2A
Prudential Funding, LLC:
  Short-Term DebtAMB-1A-1+P-1F1+
  Long-Term Senior Debta+AA-(P)A1NR
PRICOA Global Funding I:
  Long-Term Senior Debtaa-AA-Aa3AA-
 * NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.
For more information, please visit our website at investor.prudential.com.
Page 42
v3.24.4
Document and Entity Information Document
Jan. 15, 2025
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 15, 2025
Entity Registrant Name PRUDENTIAL FINANCIAL, INC.
Entity Central Index Key 0001137774
Entity Incorporation, State or Country Code NJ
Entity File Number 001-16707
Entity Tax Identification Number 22-3703799
Entity Address, Address Line One 751 Broad Street
Entity Address, City or Town Newark
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07102
City Area Code 973
Local Phone Number 802-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Class A | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, Par Value $.01
Trading Symbol PRU
Security Exchange Name NYSE
5.950% Junior Subordinated Notes | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security 5.950% Junior Subordinated Notes
Trading Symbol PRH
Security Exchange Name NYSE
5.625% Junior Subordinated Notes | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security 5.625% Junior Subordinated Notes
Trading Symbol PRS
Security Exchange Name NYSE
4.125% Junior Subordinated Notes | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security 4.125% Junior Subordinated Notes
Trading Symbol PFH
Security Exchange Name NYSE
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