FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	288,931,642	$	330,873,318	$	197,204,138	$	127,333,586	$	95,392,430
Net Assets	$	288,931,642	$	330,873,318	$	197,204,138	$	127,333,586	$	95,392,430
NET ASSETS, representing:
Accumulation units	$	288,931,642	$	330,873,318	$	197,204,138	$	127,333,586	$	95,392,430
	$	288,931,642	$	330,873,318	$	197,204,138	$	127,333,586	$	95,392,430
Units outstanding	98,105,533		59,895,784		28,945,575		4,216,056		3,895,592
Portfolio shares held	28,893,164		21,128,564		2,010,441		2,884,766		2,404,649
Portfolio net asset value per share	$	10.00	$	15.66	$	98.09	$	44.14	$	39.67
Investment in portfolio shares, at cost	$	288,931,642	$	283,279,156	$	77,240,030	$	94,033,677	$	73,565,037

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	131,454	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	999,547		1,107,413		431,803		292,856		212,102
NET INVESTMENT INCOME (LOSS)	(868,093)		(1,107,413)		(431,803)		(292,856)		(212,102)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		2,599,138		6,438,646		1,220,965		1,091,353
Net change in unrealized appreciation (depreciation) on investments	—		(4,898,999)		26,666,829		15,694,988		8,900,554
NET GAIN (LOSS) ON INVESTMENTS	—		(2,299,861)		33,105,475		16,915,953		9,991,907
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(868,093)	$	(3,407,274)	$	32,673,672	$	16,623,097	$	9,779,805

The accompanying notes are an integral part of these financial statements.

A1

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	PSF PGIM Jennison Value Portfolio (Class I)		PSF PGIM High Yield Bond Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF Global Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	144,825,297	$	120,644,112	$	20,533,544	$	1,570,959,601	$	96,776,256
Net Assets	$	144,825,297	$	120,644,112	$	20,533,544	$	1,570,959,601	$	96,776,256
NET ASSETS, representing:
Accumulation units	$	144,825,297	$	120,644,112	$	20,533,544	$	1,570,959,601	$	96,776,256
	$	144,825,297	$	120,644,112	$	20,533,544	$	1,570,959,601	$	96,776,256
Units outstanding	7,231,899		19,447,517		2,581,604		145,473,677		14,926,808
Portfolio shares held	3,039,994		18,087,573		598,646		13,970,294		1,703,208
Portfolio net asset value per share	$	47.64	$	6.67	$	34.30	$	112.45	$	56.82
Investment in portfolio shares, at cost	$	76,749,556	$	99,264,652	$	16,611,493	$	863,258,380	$	58,961,990

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Jennison Value Portfolio (Class I)		PSF PGIM High Yield Bond Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	302,465		239,923		17,379		4,020,543		219,354
NET INVESTMENT INCOME (LOSS)	(302,465)		(239,923)		(17,379)		(4,020,543)		(219,354)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	3,525,221		878,334		153,014		28,115,153		1,897,256
Net change in unrealized appreciation (depreciation) on investments	26,525,186		7,094,172		3,929,521		287,962,440		11,397,210
NET GAIN (LOSS) ON INVESTMENTS	30,050,407		7,972,506		4,082,535		316,077,593		13,294,466
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	29,747,942	$	7,732,583	$	4,065,156	$	312,057,050	$	13,075,112

The accompanying notes are an integral part of these financial statements.

A2

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
ASSETS
Investment in the portfolios, at fair value	$	76,513,137	$	416,598,482	$	65,889,226	$	38,506,034	$	4,417,563
Net Assets	$	76,513,137	$	416,598,482	$	65,889,226	$	38,506,034	$	4,417,563
NET ASSETS, representing:
Accumulation units	$	76,513,137	$	416,598,482	$	65,889,226	$	38,506,034	$	4,417,563
	$	76,513,137	$	416,598,482	$	65,889,226	$	38,506,034	$	4,417,563
Units outstanding	17,031,570		41,063,876		3,335,565		16,495,074		1,358,867
Portfolio shares held	5,445,775		2,816,758		1,091,966		2,405,124		78,451
Portfolio net asset value per share	$	14.05	$	147.90	$	60.34	$	16.01	$	56.31
Investment in portfolio shares, at cost	$	67,945,714	$	172,362,819	$	29,367,884	$	36,673,998	$	2,564,960

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	233,559	$	4,040
EXPENSES
Charges for mortality and expense risk	468,241		910,756		252,709		232,732		34,967
NET INVESTMENT INCOME (LOSS)	(468,241)		(910,756)		(252,709)		827		(30,927)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		2,580,269		202,968
Net realized gain (loss) on shares redeemed	305,300		14,648,568		2,812,901		456,409		107,528
Net change in unrealized appreciation (depreciation) on investments	(2,857,574)		38,666,239		10,770,737		(2,703,310)		439,425
NET GAIN (LOSS) ON INVESTMENTS	(2,552,274)		53,314,807		13,583,638		333,368		749,921
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(3,020,515)	$	52,404,051	$	13,330,929	$	334,195	$	718,994

The accompanying notes are an integral part of these financial statements.

A3

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		American Century VP Value Fund (Class I)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		American Century VP Disciplined Core Value Fund (Class I)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)
ASSETS
Investment in the portfolios, at fair value	$	10,048,559	$	6,740,609	$	3,450,240	$	426,401	$	6,146,623
Net Assets	$	10,048,559	$	6,740,609	$	3,450,240	$	426,401	$	6,146,623
NET ASSETS, representing:
Accumulation units	$	10,048,559	$	6,740,609	$	3,450,240	$	426,401	$	6,146,623
	$	10,048,559	$	6,740,609	$	3,450,240	$	426,401	$	6,146,623
Units outstanding	1,992,434		1,270,697		963,706		106,794		1,280,317
Portfolio shares held	126,620		493,095		154,097		39,776		248,148
Portfolio net asset value per share	$	79.36	$	13.67	$	22.39	$	10.72	$	24.77
Investment in portfolio shares, at cost	$	6,429,263	$	4,210,319	$	2,879,893	$	348,969	$	4,805,815

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		American Century VP Value Fund (Class I)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		American Century VP Disciplined Core Value Fund (Class I)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	109,569	$	—	$	5,252	$	36,021
EXPENSES
Charges for mortality and expense risk	42,808		40,437		29,626		969		11,859
NET INVESTMENT INCOME (LOSS)	(42,808)		69,132		(29,626)		4,283		24,162
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	1,281,990		—		398,011		62,218		36,453
Net realized gain (loss) on shares redeemed	444,227		107,449		40,169		36,038		173,742
Net change in unrealized appreciation (depreciation) on investments	242,698		1,096,087		(117,313)		(10,760)		1,056,905
NET GAIN (LOSS) ON INVESTMENTS	1,968,915		1,203,536		320,867		87,496		1,267,100
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	1,926,107	$	1,272,668	$	291,241	$	91,779	$	1,291,262

The accompanying notes are an integral part of these financial statements.

A4

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)		PSF Small-Cap Value Portfolio (Class I)		PSF PGIM Jennison Focused Blend Portfolio (Class I)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		Invesco V.I. Managed Volatility Fund (Series I)
ASSETS
Investment in the portfolios, at fair value	$	1,675,553	$	202,291,063	$	38,994,124	$	608,753	$	—
Net Assets	$	1,675,553	$	202,291,063	$	38,994,124	$	608,753	$	—
NET ASSETS, representing:
Accumulation units	$	1,675,553	$	202,291,063	$	38,994,124	$	608,753	$	—
	$	1,675,553	$	202,291,063	$	38,994,124	$	608,753	$	—
Units outstanding	928,043		24,830,511		1,196,666		116,096		—
Portfolio shares held	29,004		5,634,849		669,772		46,541		—
Portfolio net asset value per share	$	57.77	$	35.90	$	58.22	$	13.08	$	—
Investment in portfolio shares, at cost	$	1,086,628	$	122,166,116	$	20,746,479	$	639,153	$	—

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)		PSF Small-Cap Value Portfolio (Class I)		PSF PGIM Jennison Focused Blend Portfolio (Class I)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		Invesco V.I. Managed Volatility Fund (Series I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		4/30/2021**
INVESTMENT INCOME
Dividend income	$	1,868	$	—	$	—	$	2,757	$	950
EXPENSES
Charges for mortality and expense risk	3,407		416,019		53,031		882		33
NET INVESTMENT INCOME (LOSS)	(1,539)		(416,019)		(53,031)		1,875		917
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		130,059		—
Net realized gain (loss) on shares redeemed	71,128		5,379,239		908,737		1,010		(4,478)
Net change in unrealized appreciation (depreciation) on investments	182,976		33,189,579		4,388,472		(51,956)		7,280
NET GAIN (LOSS) ON INVESTMENTS	254,104		38,568,818		5,297,209		79,113		2,802
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	252,565	$	38,152,799	$	5,244,178	$	80,988	$	3,719

** Date subaccount was no longer available for investment.

The accompanying notes are an integral part of these financial statements.

A5

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	Invesco V.I. Technology Fund (Series I)		Janus Henderson VIT Enterprise Portfolio (Service Shares)		Janus Henderson VIT Balanced Portfolio (Service Shares)		Invesco V.I. Discovery Mid Cap Growth Fund (Series II)		Janus Henderson VIT Research Portfolio (Service Shares)
ASSETS
Investment in the portfolios, at fair value	$	588,098	$	1,003,530	$	31,286	$	44,594	$	8,735,248
Net Assets	$	588,098	$	1,003,530	$	31,286	$	44,594	$	8,735,248
NET ASSETS, representing:
Accumulation units	$	588,098	$	1,003,530	$	31,286	$	44,594	$	8,735,248
	$	588,098	$	1,003,530	$	31,286	$	44,594	$	8,735,248
Units outstanding	358,903		262,783		6,702		14,960		1,803,842
Portfolio shares held	15,444		10,850		589		430		160,752
Portfolio net asset value per share	$	38.08	$	92.49	$	53.14	$	103.76	$	54.34
Investment in portfolio shares, at cost	$	324,164	$	827,312	$	25,380	$	26,800	$	4,978,008

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	Invesco V.I. Technology Fund (Series I)		Janus Henderson VIT Enterprise Portfolio (Service Shares)		Janus Henderson VIT Balanced Portfolio (Service Shares)		Invesco V.I. Discovery Mid Cap Growth Fund (Series II)		Janus Henderson VIT Research Portfolio (Service Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	1,432	$	257	$	—	$	1,317
EXPENSES
Charges for mortality and expense risk	1,128		1,859		176		104		20,240
NET INVESTMENT INCOME (LOSS)	(1,128)		(427)		81		(104)		(18,923)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	53,742		54,000		157		5,376		419,875
Net realized gain (loss) on shares redeemed	14,598		195,937		38,815		8,373		165,726
Net change in unrealized appreciation (depreciation) on investments	6,986		(96,167)		(45,707)		(4,226)		891,695
NET GAIN (LOSS) ON INVESTMENTS	75,326		153,770		(6,735)		9,523		1,477,296
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	74,198	$	153,343	$	(6,654)	$	9,419	$	1,458,373

The accompanying notes are an integral part of these financial statements.

A6

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	PSF Mid-Cap Growth Portfolio (Class I)		Janus Henderson VIT Overseas Portfolio (Service Shares)		PSF International Growth Portfolio (Class I)		M Large Cap Growth Fund		M Capital Appreciation Fund
ASSETS
Investment in the portfolios, at fair value	$	247,489,753	$	13,304,660	$	50,594,349	$	5,552,683	$	2,798,227
Net Assets	$	247,489,753	$	13,304,660	$	50,594,349	$	5,552,683	$	2,798,227
NET ASSETS, representing:
Accumulation units	$	247,489,753	$	13,304,660	$	50,594,349	$	5,552,683	$	2,798,227
	$	247,489,753	$	13,304,660	$	50,594,349	$	5,552,683	$	2,798,227
Units outstanding	24,993,475		1,645,298		11,306,611		94,845		69,823
Portfolio shares held	8,077,342		324,346		3,668,916		163,941		98,877
Portfolio net asset value per share	$	30.64	$	41.02	$	13.79	$	33.87	$	28.30
Investment in portfolio shares, at cost	$	113,672,142	$	11,105,631	$	26,155,260	$	4,438,636	$	2,938,016

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF Mid-Cap Growth Portfolio (Class I)		Janus Henderson VIT Overseas Portfolio (Service Shares)		PSF International Growth Portfolio (Class I)		M Large Cap Growth Fund		M Capital Appreciation Fund
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	121,679	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	509,828		11,818		84,732		2,470		2,132
NET INVESTMENT INCOME (LOSS)	(509,828)		109,861		(84,732)		(2,470)		(2,132)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		946,862		463,731
Net realized gain (loss) on shares redeemed	7,165,997		308,372		2,211,666		67,661		246,716
Net change in unrealized appreciation (depreciation) on investments	14,397,338		837,438		3,460,291		(34,561)		(422,921)
NET GAIN (LOSS) ON INVESTMENTS	21,563,335		1,145,810		5,671,957		979,962		287,526
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	21,053,507	$	1,255,671	$	5,587,225	$	977,492	$	285,394

The accompanying notes are an integral part of these financial statements.

A7

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	M International Equity Fund		M Large Cap Value Fund		ProFund VP Asia 30		ProFund VP Basic Materials		ProFund VP Bear
ASSETS
Investment in the portfolios, at fair value	$	3,348,373	$	3,595,605	$	3,938	$	1,449	$	—
Net Assets	$	3,348,373	$	3,595,605	$	3,938	$	1,449	$	—
NET ASSETS, representing:
Accumulation units	$	3,348,373	$	3,595,605	$	3,938	$	1,449	$	—
	$	3,348,373	$	3,595,605	$	3,938	$	1,449	$	—
Units outstanding	163,665		116,608		880		329		—
Portfolio shares held	231,721		233,633		74		17		—
Portfolio net asset value per share	$	14.45	$	15.39	$	53.26	$	84.94	$	14.55
Investment in portfolio shares, at cost	$	2,892,174	$	2,908,813	$	4,295	$	968	$	—

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	M International Equity Fund		M Large Cap Value Fund		ProFund VP Asia 30		ProFund VP Basic Materials		ProFund VP Bear
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	79,589	$	54,582	$	—	$	4	$	—
EXPENSES
Charges for mortality and expense risk	1,870		1,868		12		4		—
NET INVESTMENT INCOME (LOSS)	77,719		52,714		(12)		—		—
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		671		30		—
Net realized gain (loss) on shares redeemed	24,849		38,359		14		7		40
Net change in unrealized appreciation (depreciation) on investments	210,176		739,554		(1,578)		249		3
NET GAIN (LOSS) ON INVESTMENTS	235,025		777,913		(893)		286		43
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	312,744	$	830,627	$	(905)	$	286	$	43

The accompanying notes are an integral part of these financial statements.

A8

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP Biotechnology		ProFund VP UltraBull		ProFund VP Consumer Services		ProFund VP Oil & Gas		ProFund VP Europe 30
ASSETS
Investment in the portfolios, at fair value	$	3,499	$	784,048	$	2,259	$	340	$	15,453
Net Assets	$	3,499	$	784,048	$	2,259	$	340	$	15,453
NET ASSETS, representing:
Accumulation units	$	3,499	$	784,048	$	2,259	$	340	$	15,453
	$	3,499	$	784,048	$	2,259	$	340	$	15,453
Units outstanding	384		61,501		374		134		5,988
Portfolio shares held	37		16,887		29		12		603
Portfolio net asset value per share	$	94.46	$	46.43	$	77.36	$	28.04	$	25.62
Investment in portfolio shares, at cost	$	2,260	$	784,046	$	2,007	$	564	$	13,428

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Biotechnology		ProFund VP UltraBull		ProFund VP Consumer Services		ProFund VP Oil & Gas		ProFund VP Europe 30
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	6	$	129
EXPENSES
Charges for mortality and expense risk	8		315		7		1		36
NET INVESTMENT INCOME (LOSS)	(8)		(315)		(7)		5		93
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	21		—		190		—		—
Net realized gain (loss) on shares redeemed	128		213,279		59		(15)		21
Net change in unrealized appreciation (depreciation) on investments	354		(1)		(9)		130		2,824
NET GAIN (LOSS) ON INVESTMENTS	503		213,278		240		115		2,845
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	495	$	212,963	$	233	$	120	$	2,938

The accompanying notes are an integral part of these financial statements.

A9

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP Financials		ProFund VP Health Care		ProFund VP Japan		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value
ASSETS
Investment in the portfolios, at fair value	$	1,694	$	4,125	$	7,515	$	3,548	$	3,225
Net Assets	$	1,694	$	4,125	$	7,515	$	3,548	$	3,225
NET ASSETS, representing:
Accumulation units	$	1,694	$	4,125	$	7,515	$	3,548	$	3,225
	$	1,694	$	4,125	$	7,515	$	3,548	$	3,225
Units outstanding	644		704		2,480		595		595
Portfolio shares held	34		49		132		70		64
Portfolio net asset value per share	$	50.42	$	84.07	$	56.77	$	50.76	$	50.46
Investment in portfolio shares, at cost	$	1,140	$	3,062	$	6,503	$	3,059	$	2,553

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Financials		ProFund VP Health Care		ProFund VP Japan		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	5	$	2	$	—	$	—	$	8
EXPENSES
Charges for mortality and expense risk	4		10		18		8		7
NET INVESTMENT INCOME (LOSS)	1		(8)		(18)		(8)		1
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	98		318		1,014		283		—
Net realized gain (loss) on shares redeemed	9		103		24		8		9
Net change in unrealized appreciation (depreciation) on investments	272		342		(762)		215		684
NET GAIN (LOSS) ON INVESTMENTS	379		763		276		506		693
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	380	$	755	$	258	$	498	$	694

The accompanying notes are an integral part of these financial statements.

A10

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP Government Money Market		ProFund VP NASDAQ-100		ProFund VP Pharmaceuticals		ProFund VP Precious Metals		ProFund VP Real Estate
ASSETS
Investment in the portfolios, at fair value	$	266,845	$	42,506	$	1,427	$	671	$	3,317
Net Assets	$	266,845	$	42,506	$	1,427	$	671	$	3,317
NET ASSETS, representing:
Accumulation units	$	266,845	$	42,506	$	1,427	$	671	$	3,317
	$	266,845	$	42,506	$	1,427	$	671	$	3,317
Units outstanding	251,105		3,404		505		460		733
Portfolio shares held	266,845		575		34		24		42
Portfolio net asset value per share	$	1.00	$	73.87	$	42.16	$	28.13	$	79.69
Investment in portfolio shares, at cost	$	266,845	$	40,858	$	1,225	$	1,020	$	2,673

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Government Money Market		ProFund VP NASDAQ-100		ProFund VP Pharmaceuticals		ProFund VP Precious Metals		ProFund VP Real Estate
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	143	$	—	$	3	$	—	$	1
EXPENSES
Charges for mortality and expense risk	2,654		121		4		2		7
NET INVESTMENT INCOME (LOSS)	(2,511)		(121)		(1)		(2)		(6)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		5,724		17		—		—
Net realized gain (loss) on shares redeemed	—		43,397		2		(19)		8
Net change in unrealized appreciation (depreciation) on investments	—		(17,424)		118		(49)		912
NET GAIN (LOSS) ON INVESTMENTS	—		31,697		137		(68)		920
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(2,511)	$	31,576	$	136	$	(70)	$	914

The accompanying notes are an integral part of these financial statements.

A11

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP Short NASDAQ-100		ProFund VP Small-Cap		ProFund VP Small-Cap Growth		ProFund VP Technology		ProFund VP Telecommunications
ASSETS
Investment in the portfolios, at fair value	$	—	$	9,391	$	27,833	$	3,431	$	1,167
Net Assets	$	—	$	9,391	$	27,833	$	3,431	$	1,167
NET ASSETS, representing:
Accumulation units	$	—	$	9,391	$	27,833	$	3,431	$	1,167
	$	—	$	9,391	$	27,833	$	3,431	$	1,167
Units outstanding	—		1,868		4,073		295		493
Portfolio shares held	—		217		679		37		31
Portfolio net asset value per share	$	13.49	$	43.20	$	40.99	$	92.90	$	37.77
Investment in portfolio shares, at cost	$	—	$	7,172	$	23,831	$	1,426	$	1,033

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Short NASDAQ-100		ProFund VP Small-Cap		ProFund VP Small-Cap Growth		ProFund VP Technology		ProFund VP Telecommunications
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	11
EXPENSES
Charges for mortality and expense risk	—		24		65		7		3
NET INVESTMENT INCOME (LOSS)	—		(24)		(65)		(7)		8
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		362		1,721		223		—
Net realized gain (loss) on shares redeemed	32		141		38		31		1
Net change in unrealized appreciation (depreciation) on investments	8		632		2,929		630		164
NET GAIN (LOSS) ON INVESTMENTS	40		1,135		4,688		884		165
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	40	$	1,111	$	4,623	$	877	$	173

The accompanying notes are an integral part of these financial statements.

A12

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP U.S. Government Plus		ProFund VP UltraMid-Cap		ProFund VP UltraNASDAQ-100		ProFund VP UltraSmall-Cap		ProFund VP Bull
ASSETS
Investment in the portfolios, at fair value	$	16,029	$	—	$	1,568,127	$	—	$	33,239
Net Assets	$	16,029	$	—	$	1,568,127	$	—	$	33,239
NET ASSETS, representing:
Accumulation units	$	16,029	$	—	$	1,568,127	$	—	$	33,239
	$	16,029	$	—	$	1,568,127	$	—	$	33,239
Units outstanding	5,777		—		24,232		—		6,510
Portfolio shares held	704		—		15,789		—		473
Portfolio net asset value per share	$	22.76	$	73.95	$	99.32	$	26.25	$	70.29
Investment in portfolio shares, at cost	$	16,286	$	—	$	1,568,127	$	—	$	32,417

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP U.S. Government Plus		ProFund VP UltraMid-Cap		ProFund VP UltraNASDAQ-100		ProFund VP UltraSmall-Cap		ProFund VP Bull
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	38		92		175		62		2,302
NET INVESTMENT INCOME (LOSS)	(38)		(92)		(175)		(62)		(2,302)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	2,686		—		66,901		3,323		1,801
Net realized gain (loss) on shares redeemed	3		31,687		(81,627)		11,583		207,020
Net change in unrealized appreciation (depreciation) on investments	(3,839)		—		(3)		—		(2,236)
NET GAIN (LOSS) ON INVESTMENTS	(1,150)		31,687		(14,729)		14,906		206,585
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(1,188)	$	31,595	$	(14,904)	$	14,844	$	204,283

The accompanying notes are an integral part of these financial statements.

A13

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	ProFund VP Utilities		AST T. Rowe Price Large-Cap Growth Portfolio		AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Tactical Preservation Portfolio		AST T. Rowe Price Large-Cap Value Portfolio
ASSETS
Investment in the portfolios, at fair value	$	1,449	$	323,899,200	$	22,917,736	$	22,311,047	$	58,291,947
Net Assets	$	1,449	$	323,899,200	$	22,917,736	$	22,311,047	$	58,291,947
NET ASSETS, representing:
Accumulation units	$	1,449	$	323,899,200	$	22,917,736	$	22,311,047	$	58,291,947
	$	1,449	$	323,899,200	$	22,917,736	$	22,311,047	$	58,291,947
Units outstanding	275		8,005,070		544,540		896,571		3,134,748
Portfolio shares held	34		4,286,649		1,141,890		892,799		2,641,230
Portfolio net asset value per share	$	42.47	$	75.56	$	20.07	$	24.99	$	22.07
Investment in portfolio shares, at cost	$	1,377	$	181,589,596	$	11,775,006	$	16,882,369	$	43,352,120

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Utilities		AST T. Rowe Price Large-Cap Growth Portfolio		AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Tactical Preservation Portfolio		AST T. Rowe Price Large-Cap Value Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	19	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	4		620,978		19,566		37,732		91,650
NET INVESTMENT INCOME (LOSS)	15		(620,978)		(19,566)		(37,732)		(91,650)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(1)		7,695,981		454,706		310,844		499,165
Net change in unrealized appreciation (depreciation) on investments	172		35,719,626		6,232,821		1,184,958		9,095,883
NET GAIN (LOSS) ON INVESTMENTS	171		43,415,607		6,687,527		1,495,802		9,595,048
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	186	$	42,794,629	$	6,667,961	$	1,458,070	$	9,503,398

The accompanying notes are an integral part of these financial statements.

A14

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio		AST MFS Growth Portfolio
ASSETS
Investment in the portfolios, at fair value	$	17,594,077	$	90,738,322	$	94,566,953	$	62,158,454	$	145,287,962
Net Assets	$	17,594,077	$	90,738,322	$	94,566,953	$	62,158,454	$	145,287,962
NET ASSETS, representing:
Accumulation units	$	17,594,077	$	90,738,322	$	94,566,953	$	62,158,454	$	145,287,962
	$	17,594,077	$	90,738,322	$	94,566,953	$	62,158,454	$	145,287,962
Units outstanding	465,756		3,352,168		4,088,202		1,520,768		4,069,237
Portfolio shares held	457,821		5,188,012		2,206,415		624,771		2,704,541
Portfolio net asset value per share	$	38.43	$	17.49	$	42.86	$	99.49	$	53.72
Investment in portfolio shares, at cost	$	9,814,299	$	60,131,921	$	57,545,563	$	29,074,011	$	92,991,980

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio		AST MFS Growth Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	16,166		158,269		167,841		118,270		251,400
NET INVESTMENT INCOME (LOSS)	(16,166)		(158,269)		(167,841)		(118,270)		(251,400)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	539,776		1,567,324		2,086,616		1,807,688		1,447,422
Net change in unrealized appreciation (depreciation) on investments	3,526,363		6,128,643		16,401,308		7,509,324		23,267,111
NET GAIN (LOSS) ON INVESTMENTS	4,066,139		7,695,967		18,487,924		9,317,012		24,714,533
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	4,049,973	$	7,537,698	$	18,320,083	$	9,198,742	$	24,463,133

The accompanying notes are an integral part of these financial statements.

A15

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Growth Portfolio		AST BlackRock Low Duration Bond Portfolio		AST T. Rowe Price Natural Resources Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio
ASSETS
Investment in the portfolios, at fair value	$	56,159,705	$	44,249,647	$	22,733,162	$	94,428,253	$	82,353,048
Net Assets	$	56,159,705	$	44,249,647	$	22,733,162	$	94,428,253	$	82,353,048
NET ASSETS, representing:
Accumulation units	$	56,159,705	$	44,249,647	$	22,733,162	$	94,428,253	$	82,353,048
	$	56,159,705	$	44,249,647	$	22,733,162	$	94,428,253	$	82,353,048
Units outstanding	1,147,259		3,889,069		1,169,638		4,090,926		4,962,536
Portfolio shares held	682,461		3,834,458		833,938		2,934,377		2,027,401
Portfolio net asset value per share	$	82.29	$	11.54	$	27.26	$	32.18	$	40.62
Investment in portfolio shares, at cost	$	24,310,261	$	43,688,163	$	17,773,730	$	66,184,212	$	65,720,032

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Growth Portfolio		AST BlackRock Low Duration Bond Portfolio		AST T. Rowe Price Natural Resources Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	117,140		87,199		21,034		165,694		138,944
NET INVESTMENT INCOME (LOSS)	(117,140)		(87,199)		(21,034)		(165,694)		(138,944)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	3,168,067		124,734		227,989		1,117,150		524,122
Net change in unrealized appreciation (depreciation) on investments	(854,093)		(409,695)		4,136,048		11,072,092		6,088,754
NET GAIN (LOSS) ON INVESTMENTS	2,313,974		(284,961)		4,364,037		12,189,242		6,612,876
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	2,196,834	$	(372,160)	$	4,343,003	$	12,023,548	$	6,473,932

The accompanying notes are an integral part of these financial statements.

A16

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		American Century VP Mid Cap Value Fund (Class I)		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		MFS® Utilities Series (Initial Class)
ASSETS
Investment in the portfolios, at fair value	$	10,576,954	$	14,134,290	$	14,011,377	$	15,539,843	$	38,826,955
Net Assets	$	10,576,954	$	14,134,290	$	14,011,377	$	15,539,843	$	38,826,955
NET ASSETS, representing:
Accumulation units	$	10,576,954	$	14,134,290	$	14,011,377	$	15,539,843	$	38,826,955
	$	10,576,954	$	14,134,290	$	14,011,377	$	15,539,843	$	38,826,955
Units outstanding	431,488		361,154		486,067		782,496		2,002,404
Portfolio shares held	284,939		564,920		245,168		630,675		1,013,494
Portfolio net asset value per share	$	37.12	$	25.02	$	57.15	$	24.64	$	38.31
Investment in portfolio shares, at cost	$	8,448,562	$	11,093,645	$	11,392,530	$	12,009,562	$	32,850,855

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		American Century VP Mid Cap Value Fund (Class I)		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		MFS® Utilities Series (Initial Class)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	14,995	$	154,203	$	45,104	$	54,983	$	591,533
EXPENSES
Charges for mortality and expense risk	15,070		11,628		16,185		28,387		59,418
NET INVESTMENT INCOME (LOSS)	(75)		142,575		28,919		26,596		532,115
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	164,733		—		168,008		78,924		1,152,649
Net realized gain (loss) on shares redeemed	154,422		238,113		121,627		659,465		291,351
Net change in unrealized appreciation (depreciation) on investments	1,229,723		2,273,528		1,803,908		2,353,701		2,515,136
NET GAIN (LOSS) ON INVESTMENTS	1,548,878		2,511,641		2,093,543		3,092,090		3,959,136
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	1,548,803	$	2,654,216	$	2,122,462	$	3,118,686	$	4,491,251

The accompanying notes are an integral part of these financial statements.

A17

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Wellington Management Hedged Equity Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio
ASSETS
Investment in the portfolios, at fair value	$	73,027,564	$	121,923,069	$	92,271,870	$	327,236,137	$	44,127,178
Net Assets	$	73,027,564	$	121,923,069	$	92,271,870	$	327,236,137	$	44,127,178
NET ASSETS, representing:
Accumulation units	$	73,027,564	$	121,923,069	$	92,271,870	$	327,236,137	$	44,127,178
	$	73,027,564	$	121,923,069	$	92,271,870	$	327,236,137	$	44,127,178
Units outstanding	5,285,358		3,527,051		3,813,070		12,031,431		2,110,603
Portfolio shares held	4,648,476		2,876,222		4,431,886		12,668,840		2,108,322
Portfolio net asset value per share	$	15.71	$	42.39	$	20.82	$	25.83	$	20.93
Investment in portfolio shares, at cost	$	62,782,256	$	95,933,149	$	52,252,533	$	207,127,591	$	31,603,113

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Wellington Management Hedged Equity Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	159,373		238,255		135,514		574,826		89,962
NET INVESTMENT INCOME (LOSS)	(159,373)		(238,255)		(135,514)		(574,826)		(89,962)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	694,012		866,500		2,855,613		6,110,759		1,145,787
Net change in unrealized appreciation (depreciation) on investments	(1,448,465)		10,026,260		7,152,169		29,818,680		1,391,646
NET GAIN (LOSS) ON INVESTMENTS	(754,453)		10,892,760		10,007,782		35,929,439		2,537,433
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(913,826)	$	10,654,505	$	9,872,268	$	35,354,613	$	2,447,471

The accompanying notes are an integral part of these financial statements.

A18

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	AST Fidelity Institutional AM® Quantitative Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST AllianzGI World Trends Portfolio		AST BlackRock Global Strategies Portfolio
ASSETS
Investment in the portfolios, at fair value	$	—	$	101,220,981	$	31,125,503	$	12,043,054	$	258,423,667
Net Assets	$	—	$	101,220,981	$	31,125,503	$	12,043,054	$	258,423,667
NET ASSETS, representing:
Accumulation units	$	—	$	101,220,981	$	31,125,503	$	12,043,054	$	258,423,667
	$	—	$	101,220,981	$	31,125,503	$	12,043,054	$	258,423,667
Units outstanding	—		3,018,486		867,952		423,977		14,344,576
Portfolio shares held	—		4,484,758		1,142,220		595,013		14,144,700
Portfolio net asset value per share	$	—	$	22.57	$	27.25	$	20.24	$	18.27
Investment in portfolio shares, at cost	$	—	$	75,708,187	$	22,367,360	$	8,733,513	$	170,235,035

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Fidelity Institutional AM® Quantitative Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST AllianzGI World Trends Portfolio		AST BlackRock Global Strategies Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	10/15/2021**		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	31,564		223,693		67,581		27,759		435,092
NET INVESTMENT INCOME (LOSS)	(31,564)		(223,693)		(67,581)		(27,759)		(435,092)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	4,592,039		1,662,540		295,942		126,391		4,793,276
Net change in unrealized appreciation (depreciation) on investments	(3,182,594)		11,886,218		3,089,771		1,013,085		21,890,279
NET GAIN (LOSS) ON INVESTMENTS	1,409,445		13,548,758		3,385,713		1,139,476		26,683,555
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	1,377,881	$	13,325,065	$	3,318,132	$	1,111,717	$	26,248,463

** Date subaccount was no longer available for investment.

The accompanying notes are an integral part of these financial statements.

A19

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	TOPS® Aggressive Growth ETF Portfolio (Class 2)		TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)
ASSETS
Investment in the portfolios, at fair value	$	65,191,791	$	46,494,809	$	5,280,213	$	68,477,951	$	61,343,466
Net Assets	$	65,191,791	$	46,494,809	$	5,280,213	$	68,477,951	$	61,343,466
NET ASSETS, representing:
Accumulation units	$	65,191,791	$	46,494,809	$	5,280,213	$	68,477,951	$	61,343,466
	$	65,191,791	$	46,494,809	$	5,280,213	$	68,477,951	$	61,343,466
Units outstanding	3,141,385		3,089,332		384,935		3,474,587		3,440,284
Portfolio shares held	3,326,112		3,222,093		390,837		3,585,233		4,122,545
Portfolio net asset value per share	$	19.60	$	14.43	$	13.51	$	19.10	$	14.88
Investment in portfolio shares, at cost	$	53,926,128	$	41,145,833	$	4,797,820	$	56,071,795	$	51,271,226

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	TOPS® Aggressive Growth ETF Portfolio (Class 2)		TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	313,366	$	357,111	$	37,164	$	488,754	$	594,188
EXPENSES
Charges for mortality and expense risk	104,683		85,566		10,495		115,899		104,503
NET INVESTMENT INCOME (LOSS)	208,683		271,545		26,669		372,855		489,685
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	438,290		243,468		80,996		604,801		764,210
Net change in unrealized appreciation (depreciation) on investments	6,845,650		2,684,794		171,570		6,866,041		4,648,189
NET GAIN (LOSS) ON INVESTMENTS	7,283,940		2,928,262		252,566		7,470,842		5,412,399
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	7,492,623	$	3,199,807	$	279,235	$	7,843,697	$	5,902,084

The accompanying notes are an integral part of these financial statements.

A20

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)		TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS Growth Fund (Class 2)		American Funds IS Growth-Income Fund (Class 2)
ASSETS
Investment in the portfolios, at fair value	$	9,787,505	$	24,465,449	$	19,341,701	$	288,299,742	$	226,597,758
Net Assets	$	9,787,505	$	24,465,449	$	19,341,701	$	288,299,742	$	226,597,758
NET ASSETS, representing:
Accumulation units	$	9,787,505	$	24,465,449	$	19,341,701	$	288,299,742	$	226,597,758
	$	9,787,505	$	24,465,449	$	19,341,701	$	288,299,742	$	226,597,758
Units outstanding	600,452		1,382,802		1,097,280		8,236,550		8,609,558
Portfolio shares held	772,494		1,867,592		1,438,045		2,283,020		3,410,562
Portfolio net asset value per share	$	12.67	$	13.10	$	13.45	$	126.28	$	66.44
Investment in portfolio shares, at cost	$	8,982,576	$	21,753,930	$	16,992,298	$	220,269,107	$	174,760,682

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)		TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS Growth Fund (Class 2)		American Funds IS Growth-Income Fund (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	106,629	$	231,900	$	211,685	$	543,591	$	2,259,597
EXPENSES
Charges for mortality and expense risk	21,004		48,895		42,813		516,977		426,257
NET INVESTMENT INCOME (LOSS)	85,625		183,005		168,872		26,614		1,833,340
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		28,476,547		1,790,448
Net realized gain (loss) on shares redeemed	74,460		183,757		99,842		1,974,017		870,723
Net change in unrealized appreciation (depreciation) on investments	519,193		1,923,371		1,463,684		13,699,570		34,653,989
NET GAIN (LOSS) ON INVESTMENTS	593,653		2,107,128		1,563,526		44,150,134		37,315,160
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	679,278	$	2,290,133	$	1,732,398	$	44,176,748	$	39,148,500

The accompanying notes are an integral part of these financial statements.

A21

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	American Funds IS International Fund (Class 2)		Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)
ASSETS
Investment in the portfolios, at fair value	$	109,924,429	$	103,144,465	$	77,835,292	$	27,962,944	$	4,675,084
Net Assets	$	109,924,429	$	103,144,465	$	77,835,292	$	27,962,944	$	4,675,084
NET ASSETS, representing:
Accumulation units	$	109,924,429	$	103,144,465	$	77,835,292	$	27,962,944	$	4,675,084
	$	109,924,429	$	103,144,465	$	77,835,292	$	27,962,944	$	4,675,084
Units outstanding	7,610,909		3,894,059		3,832,548		1,889,876		317,095
Portfolio shares held	4,863,913		1,964,282		1,976,017		1,668,433		243,494
Portfolio net asset value per share	$	22.60	$	52.51	$	39.39	$	16.76	$	19.20
Investment in portfolio shares, at cost	$	101,067,659	$	78,368,699	$	69,097,851	$	25,437,301	$	4,741,251

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	American Funds IS International Fund (Class 2)		Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	2,751,264	$	20,506	$	260,334	$	1,130,573	$	132,684
EXPENSES
Charges for mortality and expense risk	227,137		190,396		139,673		56,486		10,118
NET INVESTMENT INCOME (LOSS)	2,524,127		(169,890)		120,661		1,074,087		122,566
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		11,156,700		11,993,166		—		—
Net realized gain (loss) on shares redeemed	343,805		931,398		466,039		46,808		(26,942)
Net change in unrealized appreciation (depreciation) on investments	(5,449,591)		8,491,270		1,075,210		2,508,026		678,228
NET GAIN (LOSS) ON INVESTMENTS	(5,105,786)		20,579,368		13,534,415		2,554,834		651,286
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(2,581,659)	$	20,409,478	$	13,655,076	$	3,628,921	$	773,852

The accompanying notes are an integral part of these financial statements.

A22

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)		MFS® Total Return Bond Series (Initial Class)
ASSETS
Investment in the portfolios, at fair value	$	10,883,514	$	3,684,363	$	13,573,799	$	12,561,467	$	76,354,705
Net Assets	$	10,883,514	$	3,684,363	$	13,573,799	$	12,561,467	$	76,354,705
NET ASSETS, representing:
Accumulation units	$	10,883,514	$	3,684,363	$	13,573,799	$	12,561,467	$	76,354,705
	$	10,883,514	$	3,684,363	$	13,573,799	$	12,561,467	$	76,354,705
Units outstanding	872,720		145,656		407,787		449,245		6,140,096
Portfolio shares held	939,044		69,385		661,814		458,783		5,601,959
Portfolio net asset value per share	$	11.59	$	53.10	$	20.51	$	27.38	$	13.63
Investment in portfolio shares, at cost	$	10,974,519	$	3,301,479	$	10,426,619	$	10,294,030	$	75,784,885

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)		MFS® Total Return Bond Series (Initial Class)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	113,232	$	7,916	$	41,015	$	122,141	$	1,916,968
EXPENSES
Charges for mortality and expense risk	23,658		3,350		12,084		10,843		159,533
NET INVESTMENT INCOME (LOSS)	89,574		4,566		28,931		111,298		1,757,435
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		311,023		540,529		555,289		5,196
Net realized gain (loss) on shares redeemed	(4,295)		20,060		199,928		93,705		38,908
Net change in unrealized appreciation (depreciation) on investments	328,471		100,803		1,910,505		2,154,817		(2,394,738)
NET GAIN (LOSS) ON INVESTMENTS	324,176		431,886		2,650,962		2,803,811		(2,350,634)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	413,750	$	436,452	$	2,679,893	$	2,915,109	$	(593,199)

The accompanying notes are an integral part of these financial statements.

A23

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	MFS® Value Series (Initial Class)		Invesco V.I. Growth and Income Fund (Series I)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		American Funds IS Washington Mutual Investors Fund (Class 2)		AST Small-Cap Growth Opportunities Portfolio
ASSETS
Investment in the portfolios, at fair value	$	57,368,689	$	38,685,863	$	363,135,190	$	50,182,096	$	15,924,870
Net Assets	$	57,368,689	$	38,685,863	$	363,135,190	$	50,182,096	$	15,924,870
NET ASSETS, representing:
Accumulation units	$	57,368,689	$	38,685,863	$	363,135,190	$	50,182,096	$	15,924,870
	$	57,368,689	$	38,685,863	$	363,135,190	$	50,182,096	$	15,924,870
Units outstanding	2,838,322		1,938,154		12,945,405		2,219,118		342,103
Portfolio shares held	2,320,740		1,632,315		786,092		2,814,475		494,869
Portfolio net asset value per share	$	24.72	$	23.70	$	461.95	$	17.83	$	32.18
Investment in portfolio shares, at cost	$	46,707,486	$	32,569,356	$	252,422,262	$	39,075,735	$	8,444,723

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	MFS® Value Series (Initial Class)		Invesco V.I. Growth and Income Fund (Series I)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		American Funds IS Washington Mutual Investors Fund (Class 2)		AST Small-Cap Growth Opportunities Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	670,012	$	555,014	$	3,242,395	$	636,992	$	—
EXPENSES
Charges for mortality and expense risk	110,576		86,692		751,825		100,243		16,125
NET INVESTMENT INCOME (LOSS)	559,436		468,322		2,490,570		536,749		(16,125)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	1,115,745		—		2,041,964		—		—
Net realized gain (loss) on shares redeemed	385,628		241,077		5,790,151		212,390		672,649
Net change in unrealized appreciation (depreciation) on investments	8,552,710		7,468,714		63,097,240		8,832,785		(904,276)
NET GAIN (LOSS) ON INVESTMENTS	10,054,083		7,709,791		70,929,355		9,045,175		(231,627)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	10,613,519	$	8,178,113	$	73,419,925	$	9,581,924	$	(247,752)

The accompanying notes are an integral part of these financial statements.

A24

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNTS
	AST International Value Portfolio		Calvert VP EAFE International Index Portfolio (Class F)		Calvert VP NASDAQ 100 Index Portfolio (Class F)		Calvert VP S&P MidCap 400 Index Portfolio (Class F)		AST Global Bond Portfolio
ASSETS
Investment in the portfolios, at fair value	$	76,479,455	$	10,325,805	$	40,599,383	$	20,470,072	$	17,018,060
Net Assets	$	76,479,455	$	10,325,805	$	40,599,383	$	20,470,072	$	17,018,060
NET ASSETS, representing:
Accumulation units	$	76,479,455	$	10,325,805	$	40,599,383	$	20,470,072	$	17,018,060
	$	76,479,455	$	10,325,805	$	40,599,383	$	20,470,072	$	17,018,060
Units outstanding	6,331,439		806,793		1,845,828		1,406,260		1,715,533
Portfolio shares held	3,330,987		101,502		281,921		141,436		1,401,817
Portfolio net asset value per share	$	22.96	$	101.73	$	144.01	$	144.73	$	12.14
Investment in portfolio shares, at cost	$	65,987,461	$	9,624,388	$	33,104,713	$	17,335,998	$	17,088,987

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST International Value Portfolio		Calvert VP EAFE International Index Portfolio (Class F)		Calvert VP NASDAQ 100 Index Portfolio (Class F)		Calvert VP S&P MidCap 400 Index Portfolio (Class F)		AST Global Bond Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
INVESTMENT INCOME
Dividend income	$	—	$	148,834	$	91,873	$	141,713	$	—
EXPENSES
Charges for mortality and expense risk	144,405		17,764		67,247		35,244		31,181
NET INVESTMENT INCOME (LOSS)	(144,405)		131,070		24,626		106,469		(31,181)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		1,809,801		481,212		—
Net realized gain (loss) on shares redeemed	594,021		71,105		279,765		65,764		4,566
Net change in unrealized appreciation (depreciation) on investments	3,968,550		367,704		4,635,179		1,991,074		(189,047)
NET GAIN (LOSS) ON INVESTMENTS	4,562,571		438,809		6,724,745		2,538,050		(184,481)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	4,418,166	$	569,879	$	6,749,371	$	2,644,519	$	(215,662)

The accompanying notes are an integral part of these financial statements.

A25

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2021

	SUBACCOUNT
	Invesco V.I. Equity and Income Fund (Series I)
ASSETS
Investment in the portfolios, at fair value	$	51,580
Net Assets	$	51,580
NET ASSETS, representing:
Accumulation units	$	51,580
	$	51,580
Units outstanding	4,916
Portfolio shares held	2,493
Portfolio net asset value per share	$	20.69
Investment in portfolio shares, at cost	$	50,215

STATEMENTS OF OPERATIONS

For the period ended December 31, 2021

	SUBACCOUNT
	Invesco V.I. Equity and Income Fund (Series I)
	4/30/2021*
	to
	12/31/2021
INVESTMENT INCOME
Dividend income	$	913
EXPENSES
Charges for mortality and expense risk	66
NET INVESTMENT INCOME (LOSS)	847
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	483
Net realized gain (loss) on shares redeemed	6
Net change in unrealized appreciation (depreciation) on investments	1,365
NET GAIN (LOSS) ON INVESTMENTS	1,854
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	2,701

* Date subaccount became available for investment.

The accompanying notes are an integral part of these financial statements.

A26

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(868,093)	$	(1,107,413)	$	(431,803)	$	(292,856)	$	(212,102)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		2,599,138		6,438,646		1,220,965		1,091,353
Net change in unrealized appreciation (depreciation) on investments	—		(4,898,999)		26,666,829		15,694,988		8,900,554
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(868,093)		(3,407,274)		32,673,672		16,623,097		9,779,805
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	984,652,169		29,013,340		9,750,783		13,641,076		8,930,013
Policy loans	(15,426,525)		(1,451,376)		(1,484,217)		(265,296)		(122,104)
Policy loan repayments and interest	2,452,943		1,248,981		1,183,708		294,401		159,568
Surrenders, withdrawals and death benefits	(32,110,504)		(14,246,255)		(5,210,374)		(1,232,695)		(1,093,482)
Net transfers between other subaccounts
or fixed rate option	(964,804,745)		36,231,287		3,698,552		18,988,199		20,562,582
Miscellaneous transactions	(10,708)		101,441		8,436		3,387		1,592
Other charges	(34,315,971)		(14,874,566)		(5,791,821)		(7,231,631)		(5,303,002)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(59,563,341)		36,022,852		2,155,067		24,197,441		23,135,167
TOTAL INCREASE (DECREASE) IN NET ASSETS	(60,431,434)		32,615,578		34,828,739		40,820,538		32,914,972
NET ASSETS
Beginning of period	349,363,076		298,257,740		162,375,399		86,513,048		62,477,458
End of period	$	288,931,642	$	330,873,318	$	197,204,138	$	127,333,586	$	95,392,430
Beginning units	111,728,140		57,023,226		29,184,640		3,570,259		3,071,331
Units issued	109,777,448		9,429,244		1,347,214		823,990		1,107,215
Units redeemed	(123,400,055)		(6,556,686)		(1,586,279)		(178,193)		(282,954)
Ending units	98,105,533		59,895,784		28,945,575		4,216,056		3,895,592

The accompanying notes are an integral part of these financial statements.

A27

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Jennison Value Portfolio (Class I)		PSF PGIM High Yield Bond Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(302,465)	$	(239,923)	$	(17,379)	$	(4,020,543)	$	(219,354)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	3,525,221		878,334		153,014		28,115,153		1,897,256
Net change in unrealized appreciation (depreciation) on investments	26,525,186		7,094,172		3,929,521		287,962,440		11,397,210
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	29,747,942		7,732,583		4,065,156		312,057,050		13,075,112
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	9,216,067		10,563,094		1,960,635		118,171,674		7,685,340
Policy loans	(1,104,703)		(756,295)		(233,863)		(6,672,973)		(627,020)
Policy loan repayments and interest	885,365		631,525		138,371		5,903,893		490,633
Surrenders, withdrawals and death benefits	(3,863,670)		(2,678,312)		(467,896)		(19,105,627)		(1,688,525)
Net transfers between other subaccounts
or fixed rate option	10,173,861		16,307,959		(195,683)		192,408,743		14,223,095
Miscellaneous transactions	(14,985)		(1,578)		(4,320)		(287,642)		11,111
Other charges	(4,400,580)		(5,159,322)		(663,324)		(48,054,689)		(3,518,549)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	10,891,355		18,907,071		533,920		242,363,379		16,576,085
TOTAL INCREASE (DECREASE) IN NET ASSETS	40,639,297		26,639,654		4,599,076		554,420,429		29,651,197
NET ASSETS
Beginning of period	104,186,000		94,004,458		15,934,468		1,016,539,172		67,125,059
End of period	$	144,825,297	$	120,644,112	$	20,533,544	$	1,570,959,601	$	96,776,256
Beginning units	6,724,626		17,414,161		2,510,677		133,625,227		13,917,866
Units issued	1,032,089		3,006,239		204,518		18,221,117		1,911,884
Units redeemed	(524,816)		(972,883)		(133,591)		(6,372,667)		(902,942)
Ending units	7,231,899		19,447,517		2,581,604		145,473,677		14,926,808

The accompanying notes are an integral part of these financial statements.

A28

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(468,241)	$	(910,756)	$	(252,709)	$	827	$	(30,927)
Capital gains distributions received	—		—		—		2,580,269		202,968
Net realized gain (loss) on shares redeemed	305,300		14,648,568		2,812,901		456,409		107,528
Net change in unrealized appreciation (depreciation) on investments	(2,857,574)		38,666,239		10,770,737		(2,703,310)		439,425
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(3,020,515)		52,404,051		13,330,929		334,195		718,994
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		22,579,343		2,813,282		66,232		55,947
Policy loans	(156,740)		(2,794,606)		(127,101)		(9,280)		(1,098)
Policy loan repayments and interest	208,071		1,626,797		72,000		7,038		12,720
Surrenders, withdrawals and death benefits	(153,060)		(9,562,593)		(434,216)		(52,826)		(77,733)
Net transfers between other subaccounts
or fixed rate option	(825,246)		42,842,384		3,782		(1,102,204)		11,596
Miscellaneous transactions	13,013		39,167		(48,700)		8,816		(3,720)
Other charges	(921,966)		(12,505,346)		(1,146,801)		(294,777)		(96,598)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(1,835,928)		42,225,146		1,132,246		(1,377,001)		(98,886)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(4,856,443)		94,629,197		14,463,175		(1,042,806)		620,108
NET ASSETS
Beginning of period	81,369,580		321,969,285		51,426,051		39,548,840		3,797,455
End of period	$	76,513,137	$	416,598,482	$	65,889,226	$	38,506,034	$	4,417,563
Beginning units	17,434,234		39,930,435		3,402,616		17,036,829		1,393,696
Units issued	45,532		3,917,231		268,094		617,767		50,310
Units redeemed	(448,196)		(2,783,790)		(335,145)		(1,159,522)		(85,139)
Ending units	17,031,570		41,063,876		3,335,565		16,495,074		1,358,867

The accompanying notes are an integral part of these financial statements.

A29

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		American Century VP Value Fund (Class I)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		American Century VP Disciplined Core Value Fund (Class I)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(42,808)	$	69,132	$	(29,626)	$	4,283	$	24,162
Capital gains distributions received	1,281,990		—		398,011		62,218		36,453
Net realized gain (loss) on shares redeemed	444,227		107,449		40,169		36,038		173,742
Net change in unrealized appreciation (depreciation) on investments	242,698		1,096,087		(117,313)		(10,760)		1,056,905
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,926,107		1,272,668		291,241		91,779		1,291,262
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	66,089		74,668		33,682		6,497		471
Policy loans	(5,024)		(414)		(3,568)		—		—
Policy loan repayments and interest	3,453		754		20,355		—		—
Surrenders, withdrawals and death benefits	(359,668)		(20,258)		(20,661)		—		(240,433)
Net transfers between other subaccounts
or fixed rate option	(114,874)		163,927		(65,911)		(91,678)		259,833
Miscellaneous transactions	(4,552)		(37)		(287)		(32)		(24,206)
Other charges	(152,376)		(135,639)		(46,135)		(5,597)		(48,882)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(566,952)		83,001		(82,525)		(90,810)		(53,217)
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,359,155		1,355,669		208,716		969		1,238,045
NET ASSETS
Beginning of period	8,689,404		5,384,940		3,241,524		425,432		4,908,578
End of period	$	10,048,559	$	6,740,609	$	3,450,240	$	426,401	$	6,146,623
Beginning units	2,148,289		1,261,075		987,810		131,486		1,284,521
Units issued	92,015		61,169		20,359		37,294		247,389
Units redeemed	(247,870)		(51,547)		(44,463)		(61,986)		(251,593)
Ending units	1,992,434		1,270,697		963,706		106,794		1,280,317

The accompanying notes are an integral part of these financial statements.

A30

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)		PSF Small-Cap Value Portfolio (Class I)		PSF PGIM Jennison Focused Blend Portfolio (Class I)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		Invesco V.I. Managed Volatility Fund (Series I)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		4/30/2021**
OPERATIONS
Net investment income (loss)	$	(1,539)	$	(416,019)	$	(53,031)	$	1,875	$	917
Capital gains distributions received	—		—		—		130,059		—
Net realized gain (loss) on shares redeemed	71,128		5,379,239		908,737		1,010		(4,478)
Net change in unrealized appreciation (depreciation) on investments	182,976		33,189,579		4,388,472		(51,956)		7,280
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	252,565		38,152,799		5,244,178		80,988		3,719
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	24,156		15,719,316		3,925,007		5,682		963
Policy loans	—		(1,332,503)		(426,652)		—		—
Policy loan repayments and interest	—		1,024,466		228,781		243		—
Surrenders, withdrawals and death benefits	(58,708)		(3,744,399)		(1,036,386)		—		—
Net transfers between other subaccounts
or fixed rate option	(49,091)		21,147,633		2,349,574		240,017		(55,875)
Miscellaneous transactions	(938)		4,586		2,035		(97)		(2)
Other charges	(28,709)		(7,480,909)		(1,668,175)		(5,953)		(146)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(113,290)		25,338,190		3,374,184		239,892		(55,060)
TOTAL INCREASE (DECREASE) IN NET ASSETS	139,275		63,490,989		8,618,362		320,880		(51,341)
NET ASSETS
Beginning of period	1,536,278		138,800,074		30,375,762		287,873		51,341
End of period	$	1,675,553	$	202,291,063	$	38,994,124	$	608,753	$	—
Beginning units	988,997		23,601,637		1,058,412		67,825		24,187
Units issued	50,046		3,152,138		194,116		49,369		438
Units redeemed	(111,000)		(1,923,264)		(55,862)		(1,098)		(24,625)
Ending units	928,043		24,830,511		1,196,666		116,096		—

** Date subaccount was no longer available for investment.

The accompanying notes are an integral part of these financial statements.

A31

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	Invesco V.I. Technology Fund (Series I)		Janus Henderson VIT Enterprise Portfolio (Service Shares)		Janus Henderson VIT Balanced Portfolio (Service Shares)		Invesco V.I. Discovery Mid Cap Growth Fund (Series II)		Janus Henderson VIT Research Portfolio (Service Shares)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(1,128)	$	(427)	$	81	$	(104)	$	(18,923)
Capital gains distributions received	53,742		54,000		157		5,376		419,875
Net realized gain (loss) on shares redeemed	14,598		195,937		38,815		8,373		165,726
Net change in unrealized appreciation (depreciation) on investments	6,986		(96,167)		(45,707)		(4,226)		891,695
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	74,198		153,343		(6,654)		9,419		1,458,373
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	11,733		12,661		168		—		199,849
Policy loans	—		—		—		—		(103,632)
Policy loan repayments and interest	—		—		—		—		106,313
Surrenders, withdrawals and death benefits	—		(4,994)		(38,606)		(12,098)		(200,272)
Net transfers between other subaccounts
or fixed rate option	(20,269)		(347,483)		(690,865)		—		(80,070)
Miscellaneous transactions	(242)		(58)		(1,225)		(244)		961
Other charges	(7,889)		(13,235)		(1,606)		(5,074)		(151,786)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(16,667)		(353,109)		(732,134)		(17,416)		(228,637)
TOTAL INCREASE (DECREASE) IN NET ASSETS	57,531		(199,766)		(738,788)		(7,997)		1,229,736
NET ASSETS
Beginning of period	530,567		1,203,296		770,074		52,591		7,505,512
End of period	$	588,098	$	1,003,530	$	31,286	$	44,594	$	8,735,248
Beginning units	369,715		366,483		192,480		20,916		1,855,995
Units issued	7,712		99,809		627		10		38,873
Units redeemed	(18,524)		(203,509)		(186,405)		(5,966)		(91,026)
Ending units	358,903		262,783		6,702		14,960		1,803,842

The accompanying notes are an integral part of these financial statements.

A32

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	PSF Mid-Cap Growth Portfolio (Class I)		Janus Henderson VIT Overseas Portfolio (Service Shares)		PSF International Growth Portfolio (Class I)		M Large Cap Growth Fund		M Capital Appreciation Fund
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(509,828)	$	109,861	$	(84,732)	$	(2,470)	$	(2,132)
Capital gains distributions received	—		—		—		946,862		463,731
Net realized gain (loss) on shares redeemed	7,165,997		308,372		2,211,666		67,661		246,716
Net change in unrealized appreciation (depreciation) on investments	14,397,338		837,438		3,460,291		(34,561)		(422,921)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	21,053,507		1,255,671		5,587,225		977,492		285,394
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	17,483,203		951,665		2,748,579		238,669		194,267
Policy loans	(1,835,055)		(127,088)		(387,044)		(1,145)		(656)
Policy loan repayments and interest	1,314,739		65,842		276,640		492		47
Surrenders, withdrawals and death benefits	(5,728,246)		(350,980)		(1,618,958)		—		—
Net transfers between other subaccounts
or fixed rate option	22,552,089		2,174,334		(337,297)		51,020		99,374
Miscellaneous transactions	28,484		4,124		(9,774)		(101)		888
Other charges	(7,814,476)		(357,340)		(1,185,643)		(171,281)		(131,862)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	26,000,738		2,360,557		(513,497)		117,654		162,058
TOTAL INCREASE (DECREASE) IN NET ASSETS	47,054,245		3,616,228		5,073,728		1,095,146		447,452
NET ASSETS
Beginning of period	200,435,508		9,688,432		45,520,621		4,457,537		2,350,775
End of period	$	247,489,753	$	13,304,660	$	50,594,349	$	5,552,683	$	2,798,227
Beginning units	24,451,378		1,439,879		11,211,509		91,983		66,838
Units issued	1,935,494		702,062		916,346		9,067		121,597
Units redeemed	(1,393,397)		(496,643)		(821,244)		(6,205)		(118,612)
Ending units	24,993,475		1,645,298		11,306,611		94,845		69,823

The accompanying notes are an integral part of these financial statements.

A33

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	M International Equity Fund		M Large Cap Value Fund		ProFund VP Asia 30		ProFund VP Basic Materials		ProFund VP Bear
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	77,719	$	52,714	$	(12)	$	—	$	—
Capital gains distributions received	—		—		671		30		—
Net realized gain (loss) on shares redeemed	24,849		38,359		14		7		40
Net change in unrealized appreciation (depreciation) on investments	210,176		739,554		(1,578)		249		3
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	312,744		830,627		(905)		286		43
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	200,867		203,649		215		75		—
Policy loans	(93)		(494)		—		—		—
Policy loan repayments and interest	69		8		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	233,856		(79,948)		—		—		(49)
Miscellaneous transactions	(123)		185		—		—		(53)
Other charges	(103,852)		(119,025)		(58)		(23)		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	330,724		4,375		157		52		(102)
TOTAL INCREASE (DECREASE) IN NET ASSETS	643,468		835,002		(748)		338		(59)
NET ASSETS
Beginning of period	2,704,905		2,760,603		4,686		1,111		59
End of period	$	3,348,373	$	3,595,605	$	3,938	$	1,449	$	—
Beginning units	145,809		113,524		851		316		614
Units issued	26,268		12,734		39		18		488,963
Units redeemed	(8,412)		(9,650)		(10)		(5)		(489,577)
Ending units	163,665		116,608		880		329		—

The accompanying notes are an integral part of these financial statements.

A34

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Biotechnology		ProFund VP UltraBull		ProFund VP Consumer Services		ProFund VP Oil & Gas		ProFund VP Europe 30
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(8)	$	(315)	$	(7)	$	5	$	93
Capital gains distributions received	21		—		190		—		—
Net realized gain (loss) on shares redeemed	128		213,279		59		(15)		21
Net change in unrealized appreciation (depreciation) on investments	354		(1)		(9)		130		2,824
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	495		212,963		233		120		2,938
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	75		—		—		—		705
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		241,494		—		—		—
Miscellaneous transactions	—		13,737		—		—		—
Other charges	(402)		(258)		(545)		(17)		(219)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(327)		254,973		(545)		(17)		486
TOTAL INCREASE (DECREASE) IN NET ASSETS	168		467,936		(312)		103		3,424
NET ASSETS
Beginning of period	3,331		316,112		2,571		237		12,029
End of period	$	3,499	$	784,048	$	2,259	$	340	$	15,453
Beginning units	422		39,115		467		142		5,790
Units issued	6		1,778,147		—		—		288
Units redeemed	(44)		(1,755,761)		(93)		(8)		(90)
Ending units	384		61,501		374		134		5,988

The accompanying notes are an integral part of these financial statements.

A35

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Financials		ProFund VP Health Care		ProFund VP Japan		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	1	$	(8)	$	(18)	$	(8)	$	1
Capital gains distributions received	98		318		1,014		283		—
Net realized gain (loss) on shares redeemed	9		103		24		8		9
Net change in unrealized appreciation (depreciation) on investments	272		342		(762)		215		684
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	380		755		258		498		694
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	75		75		286		150		150
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		—		—		—		—
Miscellaneous transactions	—		—		—		—		—
Other charges	(28)		(503)		(117)		(60)		(54)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	47		(428)		169		90		96
TOTAL INCREASE (DECREASE) IN NET ASSETS	427		327		427		588		790
NET ASSETS
Beginning of period	1,267		3,798		7,088		2,960		2,435
End of period	$	1,694	$	4,125	$	7,515	$	3,548	$	3,225
Beginning units	624		786		2,424		580		576
Units issued	31		10		93		26		29
Units redeemed	(11)		(92)		(37)		(11)		(10)
Ending units	644		704		2,480		595		595

The accompanying notes are an integral part of these financial statements.

A36

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Government Money Market		ProFund VP NASDAQ-100		ProFund VP Pharmaceuticals		ProFund VP Precious Metals		ProFund VP Real Estate
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(2,511)	$	(121)	$	(1)	$	(2)	$	(6)
Capital gains distributions received	—		5,724		17		—		—
Net realized gain (loss) on shares redeemed	—		43,397		2		(19)		8
Net change in unrealized appreciation (depreciation) on investments	—		(17,424)		118		(49)		912
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(2,511)		31,576		136		(70)		914
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	225		357		76		—		—
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	(745,262)		(23,066)		—		—		—
Miscellaneous transactions	(504)		—		—		—		—
Other charges	(2,144)		(2,037)		(24)		(40)		(163)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(747,685)		(24,746)		52		(40)		(163)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(750,196)		6,830		188		(110)		751
NET ASSETS
Beginning of period	1,017,041		35,676		1,239		781		2,566
End of period	$	266,845	$	42,506	$	1,427	$	671	$	3,317
Beginning units	954,269		3,557		486		486		775
Units issued	26,976,612		155,224		27		—		—
Units redeemed	(27,679,776)		(155,377)		(8)		(26)		(42)
Ending units	251,105		3,404		505		460		733

The accompanying notes are an integral part of these financial statements.

A37

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Short NASDAQ-100		ProFund VP Small-Cap		ProFund VP Small-Cap Growth		ProFund VP Technology		ProFund VP Telecommunications
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	—	$	(24)	$	(65)	$	(7)	$	8
Capital gains distributions received	—		362		1,721		223		—
Net realized gain (loss) on shares redeemed	32		141		38		31		1
Net change in unrealized appreciation (depreciation) on investments	8		632		2,929		630		164
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	40		1,111		4,623		877		173
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		—		881		75		76
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	(43)		—		—		—		—
Miscellaneous transactions	(140)		—		—		—		—
Other charges	—		(544)		(241)		(53)		(19)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(183)		(544)		640		22		57
TOTAL INCREASE (DECREASE) IN NET ASSETS	(143)		567		5,263		899		230
NET ASSETS
Beginning of period	143		8,824		22,570		2,532		937
End of period	$	—	$	9,391	$	27,833	$	3,431	$	1,167
Beginning units	4,457		1,976		3,975		293		467
Units issued	1,440,293		—		136		7		34
Units redeemed	(1,444,750)		(108)		(38)		(5)		(8)
Ending units	—		1,868		4,073		295		493

The accompanying notes are an integral part of these financial statements.

A38

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP U.S. Government Plus		ProFund VP UltraMid-Cap		ProFund VP UltraNASDAQ-100		ProFund VP UltraSmall-Cap		ProFund VP Bull
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(38)	$	(92)	$	(175)	$	(62)	$	(2,302)
Capital gains distributions received	2,686		—		66,901		3,323		1,801
Net realized gain (loss) on shares redeemed	3		31,687		(81,627)		11,583		207,020
Net change in unrealized appreciation (depreciation) on investments	(3,839)		—		(3)		—		(2,236)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(1,188)		31,595		(14,904)		14,844		204,283
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	706		—		—		—		750
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		(30,328)		772,270		(15,206)		(199,812)
Miscellaneous transactions	—		(1,267)		31,084		362		4,051
Other charges	(140)		—		(65)		—		(2,699)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	566		(31,595)		803,289		(14,844)		(197,710)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(622)		—		788,385		—		6,573
NET ASSETS
Beginning of period	16,651		—		779,742		—		26,666
End of period	$	16,029	$	—	$	1,568,127	$	—	$	33,239
Beginning units	5,562		—		18,331		—		6,582
Units issued	267		392,171		187,076		310,219		4,209,490
Units redeemed	(52)		(392,171)		(181,175)		(310,219)		(4,209,562)
Ending units	5,777		—		24,232		—		6,510

The accompanying notes are an integral part of these financial statements.

A39

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	ProFund VP Utilities		AST T. Rowe Price Large-Cap Growth Portfolio		AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Tactical Preservation Portfolio		AST T. Rowe Price Large-Cap Value Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	15	$	(620,978)	$	(19,566)	$	(37,732)	$	(91,650)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(1)		7,695,981		454,706		310,844		499,165
Net change in unrealized appreciation (depreciation) on investments	172		35,719,626		6,232,821		1,184,958		9,095,883
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	186		42,794,629		6,667,961		1,458,070		9,503,398
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	76		32,827,637		1,965,250		2,500,552		9,030,176
Policy loans	—		(2,249,933)		(262,033)		(257,229)		(172,253)
Policy loan repayments and interest	—		1,196,884		215,202		161,769		78,555
Surrenders, withdrawals and death benefits	—		(6,141,969)		(627,046)		(402,565)		(621,049)
Net transfers between other subaccounts
or fixed rate option	—		36,239,403		371,903		2,605,349		12,052,785
Miscellaneous transactions	—		17,617		(1,195)		(1,431)		4,316
Other charges	(23)		(14,949,857)		(652,562)		(1,080,261)		(2,877,144)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	53		46,939,782		1,009,519		3,526,184		17,495,386
TOTAL INCREASE (DECREASE) IN NET ASSETS	239		89,734,411		7,677,480		4,984,254		26,998,784
NET ASSETS
Beginning of period	1,210		234,164,789		15,240,256		17,326,793		31,293,163
End of period	$	1,449	$	323,899,200	$	22,917,736	$	22,311,047	$	58,291,947
Beginning units	264		6,489,982		513,151		750,224		2,020,709
Units issued	16		1,821,973		64,692		201,226		1,252,573
Units redeemed	(5)		(306,885)		(33,303)		(54,879)		(138,534)
Ending units	275		8,005,070		544,540		896,571		3,134,748

The accompanying notes are an integral part of these financial statements.

A40

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio		AST MFS Growth Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(16,166)	$	(158,269)	$	(167,841)	$	(118,270)	$	(251,400)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	539,776		1,567,324		2,086,616		1,807,688		1,447,422
Net change in unrealized appreciation (depreciation) on investments	3,526,363		6,128,643		16,401,308		7,509,324		23,267,111
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,049,973		7,537,698		18,320,083		9,198,742		24,463,133
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,630,342		10,855,015		7,678,305		4,619,810		18,128,477
Policy loans	(238,322)		(540,054)		(701,423)		(463,370)		(454,978)
Policy loan repayments and interest	121,206		237,006		508,331		382,253		229,313
Surrenders, withdrawals and death benefits	(515,043)		(1,164,056)		(1,631,258)		(1,350,569)		(1,351,119)
Net transfers between other subaccounts
or fixed rate option	339,150		11,380,663		12,859,085		3,597,537		21,376,180
Miscellaneous transactions	(625)		(526)		(450)		(2,706)		19,120
Other charges	(553,206)		(4,844,491)		(3,460,199)		(2,222,854)		(8,068,924)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	783,502		15,923,557		15,252,391		4,560,101		29,878,069
TOTAL INCREASE (DECREASE) IN NET ASSETS	4,833,475		23,461,255		33,572,474		13,758,843		54,341,202
NET ASSETS
Beginning of period	12,760,602		67,277,067		60,994,479		48,399,611		90,946,760
End of period	$	17,594,077	$	90,738,322	$	94,566,953	$	62,158,454	$	145,287,962
Beginning units	440,414		2,674,597		3,258,565		1,341,893		3,106,548
Units issued	60,805		905,179		1,039,586		257,780		1,053,921
Units redeemed	(35,463)		(227,608)		(209,949)		(78,905)		(91,232)
Ending units	465,756		3,352,168		4,088,202		1,520,768		4,069,237

The accompanying notes are an integral part of these financial statements.

A41

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Small-Cap Growth Portfolio		AST BlackRock Low Duration Bond Portfolio		AST T. Rowe Price Natural Resources Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(117,140)	$	(87,199)	$	(21,034)	$	(165,694)	$	(138,944)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	3,168,067		124,734		227,989		1,117,150		524,122
Net change in unrealized appreciation (depreciation) on investments	(854,093)		(409,695)		4,136,048		11,072,092		6,088,754
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,196,834		(372,160)		4,343,003		12,023,548		6,473,932
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	3,501,984		5,990,796		2,050,180		11,130,606		11,305,391
Policy loans	(885,616)		(98,966)		(317,187)		(279,389)		(318,475)
Policy loan repayments and interest	477,655		71,911		277,814		219,511		155,183
Surrenders, withdrawals and death benefits	(2,043,876)		(1,194,508)		(803,231)		(1,114,604)		(703,114)
Net transfers between other subaccounts
or fixed rate option	(320,216)		15,207,033		(317,145)		13,028,025		20,575,255
Miscellaneous transactions	23,509		2,468		(1,687)		6,966		24,734
Other charges	(1,571,933)		(2,948,369)		(746,061)		(4,684,371)		(3,909,978)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(818,493)		17,030,365		142,683		18,306,744		27,128,996
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,378,341		16,658,205		4,485,686		30,330,292		33,602,928
NET ASSETS
Beginning of period	54,781,364		27,591,442		18,247,476		64,097,961		48,750,120
End of period	$	56,159,705	$	44,249,647	$	22,733,162	$	94,428,253	$	82,353,048
Beginning units	1,168,884		2,378,920		1,161,078		3,188,789		3,155,012
Units issued	146,488		2,038,798		82,043		1,069,952		1,947,652
Units redeemed	(168,113)		(528,649)		(73,483)		(167,815)		(140,128)
Ending units	1,147,259		3,889,069		1,169,638		4,090,926		4,962,536

The accompanying notes are an integral part of these financial statements.

A42

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		American Century VP Mid Cap Value Fund (Class I)		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		MFS® Utilities Series (Initial Class)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(75)	$	142,575	$	28,919	$	26,596	$	532,115
Capital gains distributions received	164,733		—		168,008		78,924		1,152,649
Net realized gain (loss) on shares redeemed	154,422		238,113		121,627		659,465		291,351
Net change in unrealized appreciation (depreciation) on investments	1,229,723		2,273,528		1,803,908		2,353,701		2,515,136
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,548,803		2,654,216		2,122,462		3,118,686		4,491,251
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,383,326		1,336,020		2,126,179		1,568,583		4,639,622
Policy loans	(18,223)		(191,524)		(39,271)		(161,220)		(369,341)
Policy loan repayments and interest	15,992		137,420		30,784		62,778		205,706
Surrenders, withdrawals and death benefits	(118,467)		(331,127)		(184,101)		(262,484)		(663,126)
Net transfers between other subaccounts
or fixed rate option	2,863,950		(605,732)		5,279,386		(501,073)		4,345,575
Miscellaneous transactions	8,454		(2,284)		26,475		5,503		(7,695)
Other charges	(436,726)		(471,928)		(684,721)		(762,397)		(2,007,605)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	3,698,306		(129,155)		6,554,731		(50,310)		6,143,136
TOTAL INCREASE (DECREASE) IN NET ASSETS	5,247,109		2,525,061		8,677,193		3,068,376		10,634,387
NET ASSETS
Beginning of period	5,329,845		11,609,229		5,334,184		12,471,467		28,192,568
End of period	$	10,576,954	$	14,134,290	$	14,011,377	$	15,539,843	$	38,826,955
Beginning units	250,365		364,986		202,216		783,167		1,619,726
Units issued	216,413		35,740		309,212		247,491		534,215
Units redeemed	(35,290)		(39,572)		(25,361)		(248,162)		(151,537)
Ending units	431,488		361,154		486,067		782,496		2,002,404

The accompanying notes are an integral part of these financial statements.

A43

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Wellington Management Hedged Equity Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(159,373)	$	(238,255)	$	(135,514)	$	(574,826)	$	(89,962)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	694,012		866,500		2,855,613		6,110,759		1,145,787
Net change in unrealized appreciation (depreciation) on investments	(1,448,465)		10,026,260		7,152,169		29,818,680		1,391,646
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(913,826)		10,654,505		9,872,268		35,354,613		2,447,471
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	5,930,185		10,637,576		6,770,102		29,349,777		3,457,285
Policy loans	(624,631)		(314,248)		(1,556,997)		(2,639,912)		(348,371)
Policy loan repayments and interest	584,962		128,525		949,581		1,718,207		179,628
Surrenders, withdrawals and death benefits	(1,934,710)		(943,212)		(4,267,995)		(9,707,156)		(1,798,470)
Net transfers between other subaccounts
or fixed rate option	7,140,226		36,897,386		644,874		21,840,730		2,163,440
Miscellaneous transactions	1,188		5,594		3,508		(18,153)		(641)
Other charges	(2,991,967)		(5,687,767)		(3,196,031)		(15,936,256)		(2,071,629)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	8,105,253		40,723,854		(652,958)		24,607,237		1,581,242
TOTAL INCREASE (DECREASE) IN NET ASSETS	7,191,427		51,378,359		9,219,310		59,961,850		4,028,713
NET ASSETS
Beginning of period	65,836,137		70,544,710		83,052,560		267,274,287		40,098,465
End of period	$	73,027,564	$	121,923,069	$	92,271,870	$	327,236,137	$	44,127,178
Beginning units	4,628,642		2,288,299		3,792,380		11,063,984		2,032,600
Units issued	1,024,176		1,334,331		310,527		1,573,166		281,739
Units redeemed	(367,460)		(95,579)		(289,837)		(605,719)		(203,736)
Ending units	5,285,358		3,527,051		3,813,070		12,031,431		2,110,603

The accompanying notes are an integral part of these financial statements.

A44

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST Fidelity Institutional AM® Quantitative Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST AllianzGI World Trends Portfolio		AST BlackRock Global Strategies Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	10/15/2021**		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(31,564)	$	(223,693)	$	(67,581)	$	(27,759)	$	(435,092)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	4,592,039		1,662,540		295,942		126,391		4,793,276
Net change in unrealized appreciation (depreciation) on investments	(3,182,594)		11,886,218		3,089,771		1,013,085		21,890,279
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,377,881		13,325,065		3,318,132		1,111,717		26,248,463
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,260,059		11,323,442		3,654,744		1,276,724		21,593,722
Policy loans	(116,430)		(386,690)		(152,749)		(52,632)		(3,050,710)
Policy loan repayments and interest	84,042		221,050		99,644		57,245		1,815,880
Surrenders, withdrawals and death benefits	(98,520)		(606,980)		(395,362)		(86,272)		(8,194,336)
Net transfers between other subaccounts
or fixed rate option	(17,110,282)		7,996,619		3,676,060		801,799		4,516,345
Miscellaneous transactions	241		(9,950)		(403)		(63)		(11,513)
Other charges	(856,812)		(5,908,909)		(1,880,436)		(679,585)		(10,138,526)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	(15,837,702)		12,628,582		5,001,498		1,317,216		6,530,862
TOTAL INCREASE (DECREASE) IN NET ASSETS	(14,459,821)		25,953,647		8,319,630		2,428,933		32,779,325
NET ASSETS
Beginning of period	14,459,821		75,267,334		22,805,873		9,614,121		225,644,342
End of period	$	—	$	101,220,981	$	31,125,503	$	12,043,054	$	258,423,667
Beginning units	547,366		2,612,868		722,078		375,258		13,962,170
Units issued	83,657		615,152		175,340		65,577		1,207,792
Units redeemed	(631,023)		(209,534)		(29,466)		(16,858)		(825,386)
Ending units	—		3,018,486		867,952		423,977		14,344,576

** Date subaccount was no longer available for investment.

The accompanying notes are an integral part of these financial statements.

A45

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	TOPS® Aggressive Growth ETF Portfolio (Class 2)		TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	208,683	$	271,545	$	26,669	$	372,855	$	489,685
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	438,290		243,468		80,996		604,801		764,210
Net change in unrealized appreciation (depreciation) on investments	6,845,650		2,684,794		171,570		6,866,041		4,648,189
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	7,492,623		3,199,807		279,235		7,843,697		5,902,084
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	8,532,626		8,828,915		613,458		10,702,535		8,837,569
Policy loans	(136,369)		(117,267)		(6,522)		(185,701)		(134,470)
Policy loan repayments and interest	67,456		13,292		13,196		205,491		94,116
Surrenders, withdrawals and death benefits	(327,498)		(406,501)		(313,131)		(647,116)		(507,581)
Net transfers between other subaccounts
or fixed rate option	24,974,715		12,458,350		916,492		14,143,565		7,652,603
Miscellaneous transactions	(3,021)		(1,724)		108		2,019		(9,817)
Other charges	(3,976,787)		(3,443,978)		(361,297)		(4,445,048)		(3,394,591)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	29,131,122		17,331,087		862,304		19,775,745		12,537,829
TOTAL INCREASE (DECREASE) IN NET ASSETS	36,623,745		20,530,894		1,141,539		27,619,442		18,439,913
NET ASSETS
Beginning of period	28,568,046		25,963,915		4,138,674		40,858,509		42,903,553
End of period	$	65,191,791	$	46,494,809	$	5,280,213	$	68,477,951	$	61,343,466
Beginning units	1,584,099		1,869,599		318,652		2,357,801		2,683,177
Units issued	1,697,907		1,359,455		129,758		1,278,216		1,094,859
Units redeemed	(140,621)		(139,722)		(63,475)		(161,430)		(337,752)
Ending units	3,141,385		3,089,332		384,935		3,474,587		3,440,284

The accompanying notes are an integral part of these financial statements.

A46

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)		TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS Growth Fund (Class 2)		American Funds IS Growth-Income Fund (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	85,625	$	183,005	$	168,872	$	26,614	$	1,833,340
Capital gains distributions received	—		—		—		28,476,547		1,790,448
Net realized gain (loss) on shares redeemed	74,460		183,757		99,842		1,974,017		870,723
Net change in unrealized appreciation (depreciation) on investments	519,193		1,923,371		1,463,684		13,699,570		34,653,989
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	679,278		2,290,133		1,732,398		44,176,748		39,148,500
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,061,413		3,006,486		1,433,193		30,413,558		21,553,969
Policy loans	(57,735)		(325,971)		(92,815)		(635,136)		(469,507)
Policy loan repayments and interest	6,136		253,702		80,989		645,494		365,545
Surrenders, withdrawals and death benefits	(113,433)		(219,823)		(110,803)		(1,923,487)		(1,090,954)
Net transfers between other subaccounts
or fixed rate option	1,601,810		3,568,408		2,083,107		60,242,243		32,706,220
Miscellaneous transactions	225		6,476		(316)		5,355		27,078
Other charges	(694,972)		(1,519,283)		(1,093,309)		(14,527,817)		(11,491,120)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	1,803,444		4,769,995		2,300,046		74,220,210		41,601,231
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,482,722		7,060,128		4,032,444		118,396,958		80,749,731
NET ASSETS
Beginning of period	7,304,783		17,405,321		15,309,257		169,902,784		145,848,027
End of period	$	9,787,505	$	24,465,449	$	19,341,701	$	288,299,742	$	226,597,758
Beginning units	485,685		1,102,932		962,159		5,912,458		6,871,541
Units issued	169,964		386,231		188,700		2,542,780		1,952,408
Units redeemed	(55,197)		(106,361)		(53,579)		(218,688)		(214,391)
Ending units	600,452		1,382,802		1,097,280		8,236,550		8,609,558

The accompanying notes are an integral part of these financial statements.

A47

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	American Funds IS International Fund (Class 2)		Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	2,524,127	$	(169,890)	$	120,661	$	1,074,087	$	122,566
Capital gains distributions received	—		11,156,700		11,993,166		—		—
Net realized gain (loss) on shares redeemed	343,805		931,398		466,039		46,808		(26,942)
Net change in unrealized appreciation (depreciation) on investments	(5,449,591)		8,491,270		1,075,210		2,508,026		678,228
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(2,581,659)		20,409,478		13,655,076		3,628,921		773,852
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	12,496,333		10,547,698		9,495,065		3,365,466		—
Policy loans	(156,218)		(728,724)		(301,889)		(51,734)		(2,137)
Policy loan repayments and interest	150,528		427,600		285,572		61,433		—
Surrenders, withdrawals and death benefits	(746,902)		(1,079,583)		(918,002)		(243,669)		(89,969)
Net transfers between other subaccounts
or fixed rate option	23,153,878		12,914,461		9,900,831		2,633,608		(94,250)
Miscellaneous transactions	10,651		49,366		(17,269)		(3,778)		(5,345)
Other charges	(5,585,442)		(5,138,233)		(4,185,649)		(1,769,045)		(163,801)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	29,322,828		16,992,585		14,258,659		3,992,281		(355,502)
TOTAL INCREASE (DECREASE) IN NET ASSETS	26,741,169		37,402,063		27,913,735		7,621,202		418,350
NET ASSETS
Beginning of period	83,183,260		65,742,402		49,921,557		20,341,742		4,256,734
End of period	$	109,924,429	$	103,144,465	$	77,835,292	$	27,962,944	$	4,675,084
Beginning units	5,654,553		3,140,746		3,074,104		1,600,913		343,584
Units issued	2,095,403		885,133		860,292		367,297		—
Units redeemed	(139,047)		(131,820)		(101,848)		(78,334)		(26,489)
Ending units	7,610,909		3,894,059		3,832,548		1,889,876		317,095

The accompanying notes are an integral part of these financial statements.

A48

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)		MFS® Total Return Bond Series (Initial Class)
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	89,574	$	4,566	$	28,931	$	111,298	$	1,757,435
Capital gains distributions received	—		311,023		540,529		555,289		5,196
Net realized gain (loss) on shares redeemed	(4,295)		20,060		199,928		93,705		38,908
Net change in unrealized appreciation (depreciation) on investments	328,471		100,803		1,910,505		2,154,817		(2,394,738)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	413,750		436,452		2,679,893		2,915,109		(593,199)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,518,914		426,411		1,198,047		1,440,638		10,030,657
Policy loans	(49,749)		(15,362)		(332,901)		(279,088)		(221,846)
Policy loan repayments and interest	27,155		7,097		238,024		63,923		190,567
Surrenders, withdrawals and death benefits	(124,640)		(70,151)		(219,237)		(272,644)		(438,572)
Net transfers between other subaccounts
or fixed rate option	939,177		71,682		(417,926)		178,116		13,829,257
Miscellaneous transactions	(620)		(1,180)		(395)		4,743		2,698
Other charges	(829,444)		(103,193)		(394,710)		(386,326)		(5,118,855)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	1,480,793		315,304		70,902		749,362		18,273,906
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,894,543		751,756		2,750,795		3,664,471		17,680,707
NET ASSETS
Beginning of period	8,988,971		2,932,607		10,823,004		8,896,996		58,673,998
End of period	$	10,883,514	$	3,684,363	$	13,573,799	$	12,561,467	$	76,354,705
Beginning units	754,001		132,560		406,698		418,559		4,664,940
Units issued	162,376		18,752		36,788		60,230		1,582,499
Units redeemed	(43,657)		(5,656)		(35,699)		(29,544)		(107,343)
Ending units	872,720		145,656		407,787		449,245		6,140,096

The accompanying notes are an integral part of these financial statements.

A49

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	MFS® Value Series (Initial Class)		Invesco V.I. Growth and Income Fund (Series I)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		American Funds IS Washington Mutual Investors Fund (Class 2)		AST Small-Cap Growth Opportunities Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	559,436	$	468,322	$	2,490,570	$	536,749	$	(16,125)
Capital gains distributions received	1,115,745		—		2,041,964		—		—
Net realized gain (loss) on shares redeemed	385,628		241,077		5,790,151		212,390		672,649
Net change in unrealized appreciation (depreciation) on investments	8,552,710		7,468,714		63,097,240		8,832,785		(904,276)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	10,613,519		8,178,113		73,419,925		9,581,924		(247,752)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	6,436,243		3,239,983		40,899,818		5,004,639		1,541,622
Policy loans	(111,991)		(79,026)		(766,475)		(115,238)		(369,329)
Policy loan repayments and interest	80,506		118,127		392,732		62,230		246,893
Surrenders, withdrawals and death benefits	(399,659)		(724,051)		(1,492,041)		(328,323)		(589,083)
Net transfers between other subaccounts
or fixed rate option	5,855,487		1,907,238		44,135,225		7,745,963		402,345
Miscellaneous transactions	13,252		(4,640)		19,842		(3,701)		3,917
Other charges	(3,193,599)		(2,108,903)		(19,268,303)		(2,613,442)		(541,223)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	8,680,239		2,348,728		63,920,798		9,752,128		695,142
TOTAL INCREASE (DECREASE) IN NET ASSETS	19,293,758		10,526,841		137,340,723		19,334,052		447,390
NET ASSETS
Beginning of period	38,074,931		28,159,022		225,794,467		30,848,044		15,477,480
End of period	$	57,368,689	$	38,685,863	$	363,135,190	$	50,182,096	$	15,924,870
Beginning units	2,351,584		1,808,389		10,298,113		1,738,753		326,212
Units issued	608,450		259,580		3,442,134		546,673		42,090
Units redeemed	(121,712)		(129,815)		(794,842)		(66,308)		(26,199)
Ending units	2,838,322		1,938,154		12,945,405		2,219,118		342,103

The accompanying notes are an integral part of these financial statements.

A50

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNTS
	AST International Value Portfolio		Calvert VP EAFE International Index Portfolio (Class F)		Calvert VP NASDAQ 100 Index Portfolio (Class F)		Calvert VP S&P MidCap 400 Index Portfolio (Class F)		AST Global Bond Portfolio
	1/1/2021		1/1/2021		1/1/2021		1/1/2021		1/1/2021
	to		to		to		to		to
	12/31/2021		12/31/2021		12/31/2021		12/31/2021		12/31/2021
OPERATIONS
Net investment income (loss)	$	(144,405)	$	131,070	$	24,626	$	106,469	$	(31,181)
Capital gains distributions received	—		—		1,809,801		481,212		—
Net realized gain (loss) on shares redeemed	594,021		71,105		279,765		65,764		4,566
Net change in unrealized appreciation (depreciation) on investments	3,968,550		367,704		4,635,179		1,991,074		(189,047)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,418,166		569,879		6,749,371		2,644,519		(215,662)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	7,131,723		1,084,579		6,137,985		2,381,857		2,531,685
Policy loans	(423,383)		(24,095)		(83,680)		(78,049)		(80,606)
Policy loan repayments and interest	547,203		11,074		31,543		24,633		68,904
Surrenders, withdrawals and death benefits	(1,515,927)		(24,775)		(83,901)		(28,690)		(495,943)
Net transfers between other subaccounts
or fixed rate option	10,361,955		5,882,438		14,056,908		8,068,791		2,636,224
Miscellaneous transactions	14,700		9,784		3,769		1,762		2,419
Other charges	(2,627,653)		(542,488)		(2,381,284)		(1,089,424)		(995,195)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	13,488,618		6,396,517		17,681,340		9,280,880		3,667,488
TOTAL INCREASE (DECREASE) IN NET ASSETS	17,906,784		6,966,396		24,430,711		11,925,399		3,451,826
NET ASSETS
Beginning of period	58,572,671		3,359,409		16,168,672		8,544,673		13,566,234
End of period	$	76,479,455	$	10,325,805	$	40,599,383	$	20,470,072	$	17,018,060
Beginning units	5,209,730		289,753		927,633		727,407		1,344,875
Units issued	1,448,151		586,364		1,001,633		707,000		567,634
Units redeemed	(326,442)		(69,324)		(83,438)		(28,147)		(196,976)
Ending units	6,331,439		806,793		1,845,828		1,406,260		1,715,533

The accompanying notes are an integral part of these financial statements.

A51

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2021

	SUBACCOUNT
	Invesco V.I. Equity and Income Fund (Series I)
	4/30/2021*
	to
	12/31/2021
OPERATIONS
Net investment income (loss)	$	847
Capital gains distributions received	483
Net realized gain (loss) on shares redeemed	6
Net change in unrealized appreciation (depreciation) on investments	1,365
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,701
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,540
Policy loans	—
Policy loan repayments and interest	—
Surrenders, withdrawals and death benefits	—
Net transfers between other subaccounts
or fixed rate option	47,601
Miscellaneous transactions	—
Other charges	(262)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER
TRANSACTIONS	48,879
TOTAL INCREASE (DECREASE) IN NET ASSETS	51,580
NET ASSETS
Beginning of period	—
End of period	$	51,580
Beginning units	—
Units issued	4,942
Units redeemed	(26)
Ending units	4,916

* Date subaccount became available for investment.

The accompanying notes are an integral part of these financial statements.

A52

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(257,681)	$	(973,053)	$	(309,670)	$	(186,687)	$	(131,119)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		2,609,556		4,146,950		1,663,080		729,180
Net change in unrealized appreciation (depreciation) on investments	—		18,344,354		32,794,218		5,895,079		5,109,082
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(257,681)		19,980,857		36,631,498		7,371,472		5,707,143
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	958,290,323		18,776,270		9,141,688		9,385,146		4,698,743
Policy loans	(19,292,199)		(1,182,837)		(1,652,284)		(303,404)		(330,882)
Policy loan repayments and interest	2,677,925		1,093,670		1,205,661		91,773		118,809
Surrenders, withdrawals and death benefits	(22,246,649)		(16,302,429)		(3,654,478)		(636,815)		(834,282)
Net transfers between other subaccounts
or fixed rate option	(749,707,331)		76,952,178		6,458,570		14,670,323		18,143,598
Miscellaneous transactions	(42,151)		12,250		6,080		(3,702)		(5,366)
Other charges	(28,230,190)		(11,586,045)		(4,862,550)		(5,431,442)		(3,421,931)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	141,449,728		67,763,057		6,642,687		17,771,879		18,368,689
TOTAL INCREASE (DECREASE) IN NET ASSETS	141,192,047		87,743,914		43,274,185		25,143,351		24,075,832
NET ASSETS
Beginning of period	208,171,029		210,513,826		119,101,214		61,369,697		38,401,626
End of period	$	349,363,076	$	298,257,740	$	162,375,399	$	86,513,048	$	62,477,458
Beginning units	93,849,920		45,749,450		29,364,414		3,032,271		2,419,635
Units issued	112,294,245		18,540,336		1,662,040		831,616		900,060
Units redeemed	(94,416,025)		(7,266,560)		(1,841,814)		(293,628)		(248,364)
Ending units	111,728,140		57,023,226		29,184,640		3,570,259		3,071,331

The accompanying notes are an integral part of these financial statements.

A53

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	PSF PGIM Jennison Value Portfolio (Class I)		PSF PGIM High Yield Bond Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(210,179)	$	(177,218)	$	(11,611)	$	(2,687,563)	$	(137,923)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	1,947,483		478,664		(256,955)		33,664,301		1,209,198
Net change in unrealized appreciation (depreciation) on investments	2,369,254		5,807,103		2,225,271		119,559,447		7,881,442
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,106,558		6,108,549		1,956,705		150,536,185		8,952,717
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	7,056,292		8,407,949		1,952,360		54,583,403		4,720,785
Policy loans	(1,110,950)		(823,837)		(203,010)		(5,151,225)		(672,101)
Policy loan repayments and interest	923,629		552,981		102,218		2,560,617		451,712
Surrenders, withdrawals and death benefits	(2,717,352)		(1,712,234)		(315,855)		(10,961,944)		(918,510)
Net transfers between other subaccounts
or fixed rate option	7,748,142		9,838,088		361,604		77,421,005		9,730,338
Miscellaneous transactions	(7,644)		(121)		(2,785)		(14,840)		(4,042)
Other charges	(3,401,213)		(4,305,486)		(602,993)		(31,047,900)		(2,231,341)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	8,490,904		11,957,340		1,291,539		87,389,116		11,076,841
TOTAL INCREASE (DECREASE) IN NET ASSETS	12,597,462		18,065,889		3,248,244		237,925,301		20,029,558
NET ASSETS
Beginning of period	91,588,538		75,938,569		12,686,224		778,613,871		47,095,501
End of period	$	104,186,000	$	94,004,458	$	15,934,468	$	1,016,539,172	$	67,125,059
Beginning units	6,248,444		16,283,890		2,237,730		136,306,482		12,735,024
Units issued	1,164,766		2,372,935		472,599		14,389,855		2,095,383
Units redeemed	(688,584)		(1,242,664)		(199,652)		(17,071,110)		(912,541)
Ending units	6,724,626		17,414,161		2,510,677		133,625,227		13,917,866

The accompanying notes are an integral part of these financial statements.

A54

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(489,469)	$	(594,091)	$	(172,784)	$	1,745	$	(10,583)
Capital gains distributions received	—		—		—		1,557,397		265,971
Net realized gain (loss) on shares redeemed	637,994		15,133,228		2,474,884		358,809		153,013
Net change in unrealized appreciation (depreciation) on investments	5,031,274		96,910,766		2,832,946		3,105,201		551,982
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	5,179,799		111,449,903		5,135,046		5,023,152		960,383
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		15,006,297		2,372,704		430,126		77,472
Policy loans	(170,424)		(2,882,783)		(98,137)		(16,816)		(1,036)
Policy loan repayments and interest	129,571		1,487,640		54,856		56,567		12,418
Surrenders, withdrawals and death benefits	—		(6,648,773)		(305,078)		(459,680)		(183,451)
Net transfers between other subaccounts
or fixed rate option	(3,125,107)		21,407,733		(2,890,122)		(4,412,542)		(227,516)
Miscellaneous transactions	(25,141)		(400,919)		(14,622)		(17,184)		(561)
Other charges	(854,757)		(8,548,730)		(892,944)		(286,495)		(102,721)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(4,045,858)		19,420,465		(1,773,343)		(4,706,024)		(425,395)
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,133,941		130,870,368		3,361,703		317,128		534,988
NET ASSETS
Beginning of period	80,235,639		191,098,917		48,064,348		39,231,712		3,262,467
End of period	$	81,369,580	$	321,969,285	$	51,426,051	$	39,548,840	$	3,797,455
Beginning units	18,312,200		39,457,064		3,679,729		19,185,588		1,561,256
Units issued	108,141		4,224,903		158,127		718,441		42,947
Units redeemed	(986,107)		(3,751,532)		(435,240)		(2,867,200)		(210,507)
Ending units	17,434,234		39,930,435		3,402,616		17,036,829		1,393,696

The accompanying notes are an integral part of these financial statements.

A55

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		American Century VP Value Fund (Class I)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		American Century VP Disciplined Core Value Fund (Class I)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(35,354)	$	85,150	$	(21,252)	$	17,056	$	23,156
Capital gains distributions received	482,380		143,349		341,787		47,665		—
Net realized gain (loss) on shares redeemed	443,826		160,574		(4,575)		86,038		(251,347)
Net change in unrealized appreciation (depreciation) on investments	1,307,125		(546,539)		824,814		(60,506)		659,391
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,197,977		(157,466)		1,140,774		90,253		431,200
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	326,988		64,429		39,538		6,497		486
Policy loans	(4,950)		(358)		(4,327)		—		—
Policy loan repayments and interest	3,304		25,547		37,905		—		—
Surrenders, withdrawals and death benefits	(316,879)		(36,590)		(83,564)		—		(7,054)
Net transfers between other subaccounts
or fixed rate option	260,110		(774,680)		21,610		(649,557)		605,725
Miscellaneous transactions	581		(12,005)		375		95		(67,081)
Other charges	(160,260)		(135,997)		(47,455)		(19,201)		(32,170)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	108,894		(869,654)		(35,918)		(662,166)		499,906
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,306,871		(1,027,120)		1,104,856		(571,913)		931,106
NET ASSETS
Beginning of period	6,382,533		6,412,060		2,136,668		997,345		3,977,472
End of period	$	8,689,404	$	5,384,940	$	3,241,524	$	425,432	$	4,908,578
Beginning units	2,070,580		1,504,966		993,720		343,962		1,122,974
Units issued	408,206		85,126		119,747		191,297		709,137
Units redeemed	(330,497)		(329,017)		(125,657)		(403,773)		(547,590)
Ending units	2,148,289		1,261,075		987,810		131,486		1,284,521

The accompanying notes are an integral part of these financial statements.

A56

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)		PSF Small-Cap Value Portfolio (Class I)		PSF PGIM Jennison Focused Blend Portfolio (Class I)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		Invesco V.I. Managed Volatility Fund (Series I)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	2,147	$	(232,412)	$	(32,659)	$	83	$	933
Capital gains distributions received	—		—		—		3,402		1,113
Net realized gain (loss) on shares redeemed	67,703		1,443,817		776,305		(766)		(123)
Net change in unrealized appreciation (depreciation) on investments	402,669		5,849,520		6,234,467		20,609		(2,573)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	472,519		7,060,925		6,978,113		23,328		(650)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	177,150		11,078,415		3,019,730		6,146		2,310
Policy loans	—		(1,005,603)		(362,076)		—		—
Policy loan repayments and interest	—		762,915		110,441		—		—
Surrenders, withdrawals and death benefits	(268,748)		(2,488,349)		(610,401)		—		—
Net transfers between other subaccounts
or fixed rate option	533,654		19,256,059		1,937,554		—		—
Miscellaneous transactions	(584)		13,754		1,809		25		(2)
Other charges	(33,356)		(4,915,586)		(1,382,696)		(4,635)		(511)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	408,116		22,701,605		2,714,361		1,536		1,797
TOTAL INCREASE (DECREASE) IN NET ASSETS	880,635		29,762,530		9,692,474		24,864		1,147
NET ASSETS
Beginning of period	655,643		109,037,544		20,683,288		263,009		50,194
End of period	$	1,536,278	$	138,800,074	$	30,375,762	$	287,873	$	51,341
Beginning units	505,021		21,310,716		897,840		67,150		23,247
Units issued	690,676		3,659,695		232,496		2,026		1,200
Units redeemed	(206,700)		(1,368,774)		(71,924)		(1,351)		(260)
Ending units	988,997		23,601,637		1,058,412		67,825		24,187

The accompanying notes are an integral part of these financial statements.

A57

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Invesco V.I. Technology Fund (Series I)		Janus Henderson VIT Enterprise Portfolio (Service Shares)		Janus Henderson VIT Balanced Portfolio (Service Shares)		Invesco V.I. Discovery Mid Cap Growth Fund (Series II)		Janus Henderson VIT Research Portfolio (Service Shares)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(846)	$	(1,757)	$	12,174	$	(87)	$	6,661
Capital gains distributions received	40,064		85,379		5,817		3,783		531,246
Net realized gain (loss) on shares redeemed	3,569		73,699		242,189		1,406		244,710
Net change in unrealized appreciation (depreciation) on investments	124,097		44,411		(187,372)		10,150		1,107,747
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	166,884		201,732		72,808		15,252		1,890,364
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	11,069		17,282		—		—		207,073
Policy loans	—		—		—		—		(170,885)
Policy loan repayments and interest	—		—		—		—		101,700
Surrenders, withdrawals and death benefits	—		—		—		(488)		(306,309)
Net transfers between other subaccounts
or fixed rate option	—		(236,224)		(559,586)		—		(40,017)
Miscellaneous transactions	60		(2,601)		7,973		(12)		(10)
Other charges	(7,717)		(16,391)		(7,394)		(4,756)		(150,269)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	3,412		(237,934)		(559,007)		(5,256)		(358,717)
TOTAL INCREASE (DECREASE) IN NET ASSETS	170,296		(36,202)		(486,199)		9,996		1,531,647
NET ASSETS
Beginning of period	360,271		1,239,498		1,256,273		42,595		5,973,865
End of period	$	530,567	$	1,203,296	$	770,074	$	52,591	$	7,505,512
Beginning units	366,084		449,035		357,347		23,711		1,953,565
Units issued	10,402		98,419		495,980		—		145,942
Units redeemed	(6,771)		(180,971)		(660,847)		(2,795)		(243,512)
Ending units	369,715		366,483		192,480		20,916		1,855,995

The accompanying notes are an integral part of these financial statements.

A58

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	PSF Mid-Cap Growth Portfolio (Class I)		Janus Henderson VIT Overseas Portfolio (Service Shares)		PSF International Growth Portfolio (Class I)		M Large Cap Growth Fund		M Capital Appreciation Fund
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(338,401)	$	87,340	$	(63,860)	$	(1,760)	$	(1,173)
Capital gains distributions received	—		—		—		500,742		45,731
Net realized gain (loss) on shares redeemed	8,565,907		(5,948)		1,248,185		332,875		(14,665)
Net change in unrealized appreciation (depreciation) on investments	54,835,187		1,295,260		9,715,932		202,233		354,208
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	63,062,693		1,376,652		10,900,257		1,034,090		384,101
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	10,602,348		898,660		2,451,597		238,858		188,810
Policy loans	(2,501,106)		(110,000)		(424,037)		(522)		(53)
Policy loan repayments and interest	1,124,237		26,291		264,718		469		90
Surrenders, withdrawals and death benefits	(4,003,938)		(292,438)		(1,112,535)		(4,400)		(1,944)
Net transfers between other subaccounts
or fixed rate option	4,429,345		(372,073)		310,057		(1,201,098)		104,791
Miscellaneous transactions	(235,290)		5,368		376		265		(25)
Other charges	(5,699,188)		(333,097)		(1,079,118)		(176,263)		(106,107)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	3,716,408		(177,289)		411,058		(1,142,691)		185,562
TOTAL INCREASE (DECREASE) IN NET ASSETS	66,779,101		1,199,363		11,311,315		(108,601)		569,663
NET ASSETS
Beginning of period	133,656,407		8,489,069		34,209,306		4,566,138		1,781,112
End of period	$	200,435,508	$	9,688,432	$	45,520,621	$	4,457,537	$	2,350,775
Beginning units	24,999,587		1,454,755		11,167,123		122,125		57,676
Units issued	1,744,512		212,401		1,121,137		11,144		14,311
Units redeemed	(2,292,721)		(227,277)		(1,076,751)		(41,286)		(5,149)
Ending units	24,451,378		1,439,879		11,211,509		91,983		66,838

The accompanying notes are an integral part of these financial statements.

A59

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	M International Equity Fund		M Large Cap Value Fund		ProFund VP Asia 30		ProFund VP Basic Materials		ProFund VP Bear
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	37,721	$	48,332	$	31	$	3	$	(34)
Capital gains distributions received	—		26,244		362		75		—
Net realized gain (loss) on shares redeemed	(9,908)		1,484		7		2		(492)
Net change in unrealized appreciation (depreciation) on investments	202,629		(120,237)		817		74		(3)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	230,442		(44,177)		1,217		154		(529)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	188,847		209,730		216		75		—
Policy loans	(89)		—		—		—		—
Policy loan repayments and interest	157		—		—		—		—
Surrenders, withdrawals and death benefits	(6,054)		(3,524)		—		—		—
Net transfers between other subaccounts
or fixed rate option	(100,333)		(858,277)		—		—		(7,248)
Miscellaneous transactions	22		719		—		—		7,836
Other charges	(96,420)		(113,639)		(52)		(20)		—
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(13,870)		(764,991)		164		55		588
TOTAL INCREASE (DECREASE) IN NET ASSETS	216,572		(809,168)		1,381		209		59
NET ASSETS
Beginning of period	2,488,333		3,569,771		3,305		902		—
End of period	$	2,704,905	$	2,760,603	$	4,686	$	1,111	$	59
Beginning units	141,647		143,040		812		298		—
Units issued	21,892		22,389		52		25		19,172,577
Units redeemed	(17,730)		(51,905)		(13)		(7)		(19,171,963)
Ending units	145,809		113,524		851		316		614

The accompanying notes are an integral part of these financial statements.

A60

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Biotechnology		ProFund VP UltraBull		ProFund VP Consumer Services		ProFund VP Oil & Gas		ProFund VP Europe 30
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(7)	$	(274)	$	(6)	$	6	$	266
Capital gains distributions received	214		—		744		3		—
Net realized gain (loss) on shares redeemed	96		(63,350)		73		(28)		(35)
Net change in unrealized appreciation (depreciation) on investments	145		2		(229)		(115)		(1,381)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	448		(63,622)		582		(134)		(1,150)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	75		—		—		—		706
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		(135,355)		—		—		—
Miscellaneous transactions	—		5,404		—		—		—
Other charges	(387)		—		(488)		(20)		(236)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(312)		(129,951)		(488)		(20)		470
TOTAL INCREASE (DECREASE) IN NET ASSETS	136		(193,573)		94		(154)		(680)
NET ASSETS
Beginning of period	3,195		509,685		2,477		391		12,709
End of period	$	3,331	$	316,112	$	2,571	$	237	$	12,029
Beginning units	466		75,385		577		153		5,538
Units issued	10		1,166,236		—		—		374
Units redeemed	(54)		(1,202,506)		(110)		(11)		(122)
Ending units	422		39,115		467		142		5,790

The accompanying notes are an integral part of these financial statements.

A61

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Financials		ProFund VP Health Care		ProFund VP Japan		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	5	$	(9)	$	3	$	(6)	$	3
Capital gains distributions received	83		445		—		218		167
Net realized gain (loss) on shares redeemed	5		85		12		(4)		(9)
Net change in unrealized appreciation (depreciation) on investments	(114)		(52)		950		293		(102)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(21)		469		965		501		59
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	75		75		287		150		150
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		—		—		—		—
Miscellaneous transactions	—		—		—		—		—
Other charges	(26)		(473)		(124)		(54)		(44)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	49		(398)		163		96		106
TOTAL INCREASE (DECREASE) IN NET ASSETS	28		71		1,128		597		165
NET ASSETS
Beginning of period	1,239		3,727		5,960		2,363		2,270
End of period	$	1,267	$	3,798	$	7,088	$	2,960	$	2,435
Beginning units	598		880		2,357		558		548
Units issued	41		18		119		35		41
Units redeemed	(15)		(112)		(52)		(13)		(13)
Ending units	624		786		2,424		580		576

The accompanying notes are an integral part of these financial statements.

A62

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Government Money Market		ProFund VP NASDAQ-100		ProFund VP Pharmaceuticals		ProFund VP Precious Metals		ProFund VP Real Estate
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(3,398)	$	(73)	$	(2)	$	—	$	35
Capital gains distributions received	—		2,092		—		—		74
Net realized gain (loss) on shares redeemed	—		939		(2)		(30)		(28)
Net change in unrealized appreciation (depreciation) on investments	—		8,321		138		189		(287)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(3,398)		11,279		134		159		(206)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	225		357		75		—		—
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	169,622		—		—		—		—
Miscellaneous transactions	(703)		—		—		—		—
Other charges	(3,800)		(1,964)		(26)		(62)		(206)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	165,344		(1,607)		49		(62)		(206)
TOTAL INCREASE (DECREASE) IN NET ASSETS	161,946		9,672		183		97		(412)
NET ASSETS
Beginning of period	855,095		26,004		1,056		684		2,978
End of period	$	1,017,041	$	35,676	$	1,239	$	781	$	2,566
Beginning units	800,343		3,765		465		526		841
Units issued	19,803,829		45		33		—		—
Units redeemed	(19,649,903)		(253)		(12)		(40)		(66)
Ending units	954,269		3,557		486		486		775

The accompanying notes are an integral part of these financial statements.

A63

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Short NASDAQ-100		ProFund VP Small-Cap		ProFund VP Small-Cap Growth		ProFund VP Technology		ProFund VP Telecommunications
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(34)	$	(14)	$	(43)	$	(5)	$	5
Capital gains distributions received	—		279		2,434		210		—
Net realized gain (loss) on shares redeemed	(5,681)		(33)		(30)		26		(3)
Net change in unrealized appreciation (depreciation) on investments	(8)		956		1,018		543		24
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(5,723)		1,188		3,379		774		26
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		—		882		75		75
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	(2,511)		—		—		—		—
Miscellaneous transactions	8,377		—		—		—		—
Other charges	—		(560)		(202)		(47)		(19)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	5,866		(560)		680		28		56
TOTAL INCREASE (DECREASE) IN NET ASSETS	143		628		4,059		802		82
NET ASSETS
Beginning of period	—		8,196		18,511		1,730		855
End of period	$	143	$	8,824	$	22,570	$	2,532	$	937
Beginning units	—		2,143		3,817		289		439
Units issued	56,874,407		—		203		11		40
Units redeemed	(56,869,950)		(167)		(45)		(7)		(12)
Ending units	4,457		1,976		3,975		293		467

The accompanying notes are an integral part of these financial statements.

A64

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP U.S. Government Plus		ProFund VP UltraMid-Cap		ProFund VP UltraNASDAQ-100		ProFund VP UltraSmall-Cap		ProFund VP Bull
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(35)	$	(21)	$	(219)	$	(67)	$	(224)
Capital gains distributions received	1,205		—		—		—		1,142
Net realized gain (loss) on shares redeemed	70		(23,006)		58,175		13,789		(4,383)
Net change in unrealized appreciation (depreciation) on investments	1,478		—		3		—		(4,612)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,718		(23,027)		57,959		13,722		(8,077)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	706		—		—		—		750
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	—		23,029		(42,444)		(17,102)		12,011
Miscellaneous transactions	—		(2)		(300)		3,380		25
Other charges	(197)		—		—		—		(1,343)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	509		23,027		(42,744)		(13,722)		11,443
TOTAL INCREASE (DECREASE) IN NET ASSETS	3,227		—		15,215		—		3,366
NET ASSETS
Beginning of period	13,424		—		764,527		—		23,300
End of period	$	16,651	$	—	$	779,742	$	—	$	26,666
Beginning units	5,398		—		33,398		—		6,657
Units issued	227		92,573		201,977		149,549		544,112
Units redeemed	(63)		(92,573)		(217,044)		(149,549)		(544,187)
Ending units	5,562		—		18,331		—		6,582

The accompanying notes are an integral part of these financial statements.

A65

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Utilities		AST T. Rowe Price Large-Cap Growth Portfolio		AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Tactical Preservation Portfolio		AST T. Rowe Price Large-Cap Value Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	15	$	(356,916)	$	(14,276)	$	(26,386)	$	(39,027)
Capital gains distributions received	256		—		—		—		—
Net realized gain (loss) on shares redeemed	1		4,514,946		281,791		235,759		180,879
Net change in unrealized appreciation (depreciation) on investments	(304)		55,516,688		(640,482)		1,481,471		1,697,751
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(32)		59,674,718		(372,967)		1,690,844		1,839,603
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	75		19,642,978		1,814,375		1,969,849		3,912,801
Policy loans	—		(1,437,829)		(200,337)		(480,358)		(154,955)
Policy loan repayments and interest	—		568,934		87,918		84,614		57,883
Surrenders, withdrawals and death benefits	—		(3,176,848)		(421,488)		(299,972)		(347,543)
Net transfers between other subaccounts
or fixed rate option	—		40,080,522		47,595		1,221,710		7,131,279
Miscellaneous transactions	—		22,322		(3,473)		(1,890)		(7,491)
Other charges	(27)		(9,972,845)		(653,626)		(929,012)		(1,547,108)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	48		45,727,234		670,964		1,564,941		9,044,866
TOTAL INCREASE (DECREASE) IN NET ASSETS	16		105,401,952		297,997		3,255,785		10,884,469
NET ASSETS
Beginning of period	1,194		128,762,837		14,942,259		14,071,008		20,408,694
End of period	$	1,210	$	234,164,789	$	15,240,256	$	17,326,793	$	31,293,163
Beginning units	254		4,598,668		485,328		677,236		1,273,054
Units issued	17		2,159,209		62,730		140,901		926,708
Units redeemed	(7)		(267,895)		(34,907)		(67,913)		(179,053)
Ending units	264		6,489,982		513,151		750,224		2,020,709

The accompanying notes are an integral part of these financial statements.

A66

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio		AST MFS Growth Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(9,914)	$	(90,705)	$	(97,750)	$	(79,494)	$	(130,436)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	115,890		950,982		715,825		1,697,959		1,216,775
Net change in unrealized appreciation (depreciation) on investments	246,712		15,433,280		1,096,793		9,469,231		17,206,402
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	352,688		16,293,557		1,714,868		11,087,696		18,292,741
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,514,858		7,033,977		5,330,007		3,070,999		10,408,859
Policy loans	(367,534)		(397,763)		(665,343)		(702,534)		(251,211)
Policy loan repayments and interest	97,096		165,308		443,940		303,352		213,567
Surrenders, withdrawals and death benefits	(255,143)		(858,355)		(1,338,707)		(1,080,095)		(1,249,445)
Net transfers between other subaccounts
or fixed rate option	268,724		10,041,894		4,637,602		3,568,428		24,487,055
Miscellaneous transactions	2,227		(11,632)		(1,057)		(7,250)		17,724
Other charges	(455,981)		(3,385,978)		(2,323,535)		(1,748,043)		(5,165,550)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	804,247		12,587,451		6,082,907		3,404,857		28,460,999
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,156,935		28,881,008		7,797,775		14,492,553		46,753,740
NET ASSETS
Beginning of period	11,603,667		38,396,059		53,196,704		33,907,058		44,193,020
End of period	$	12,760,602	$	67,277,067	$	60,994,479	$	48,399,611	$	90,946,760
Beginning units	403,660		1,944,797		2,751,693		1,173,224		1,880,794
Units issued	64,350		887,840		703,852		271,737		1,353,767
Units redeemed	(27,596)		(158,040)		(196,980)		(103,068)		(128,013)
Ending units	440,414		2,674,597		3,258,565		1,341,893		3,106,548

The accompanying notes are an integral part of these financial statements.

A67

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Small-Cap Growth Portfolio		AST BlackRock Low Duration Bond Portfolio		AST T. Rowe Price Natural Resources Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(81,381)	$	(43,859)	$	(15,242)	$	(94,071)	$	(64,142)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	2,042,935		404,991		(154,495)		474,427		384,646
Net change in unrealized appreciation (depreciation) on investments	15,668,274		209,024		(29,286)		7,926,222		5,789,353
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	17,629,828		570,156		(199,023)		8,306,578		6,109,857
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	3,038,664		7,406,214		2,282,344		8,070,391		5,790,915
Policy loans	(646,721)		(4,045,710)		(396,654)		(214,457)		(281,085)
Policy loan repayments and interest	289,697		33,562		168,615		167,085		98,095
Surrenders, withdrawals and death benefits	(1,398,617)		(258,510)		(545,679)		(994,997)		(517,414)
Net transfers between other subaccounts
or fixed rate option	260,067		8,967,078		1,683		10,319,531		11,434,913
Miscellaneous transactions	(43,337)		6,239		350		(191)		(16,001)
Other charges	(1,397,356)		(2,089,346)		(715,002)		(3,390,403)		(2,289,693)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	102,397		10,019,527		795,657		13,956,959		14,219,730
TOTAL INCREASE (DECREASE) IN NET ASSETS	17,732,225		10,589,683		596,634		22,263,537		20,329,587
NET ASSETS
Beginning of period	37,049,139		17,001,759		17,650,842		41,834,424		28,420,533
End of period	$	54,781,364	$	27,591,442	$	18,247,476	$	64,097,961	$	48,750,120
Beginning units	1,171,222		1,425,987		1,097,119		2,292,719		1,980,905
Units issued	202,350		2,370,678		146,926		1,012,587		1,404,576
Units redeemed	(204,688)		(1,417,745)		(82,967)		(116,517)		(230,469)
Ending units	1,168,884		2,378,920		1,161,078		3,188,789		3,155,012

The accompanying notes are an integral part of these financial statements.

A68

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		American Century VP Mid Cap Value Fund (Class I)		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		MFS® Utilities Series (Initial Class)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	6,377	$	173,693	$	15,506	$	23,136	$	552,271
Capital gains distributions received	143,617		—		26,604		—		616,128
Net realized gain (loss) on shares redeemed	41,063		(63,280)		40,251		(80,839)		96,323
Net change in unrealized appreciation (depreciation) on investments	676,018		82,938		666,446		1,259,420		587,835
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	867,075		193,351		748,807		1,201,717		1,852,557
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	490,605		1,459,805		528,123		1,389,532		3,819,678
Policy loans	(17,769)		(103,658)		(27,782)		(83,742)		(383,719)
Policy loan repayments and interest	8,864		33,934		28,055		39,790		130,246
Surrenders, withdrawals and death benefits	(245,531)		(221,520)		(53,349)		(117,641)		(499,812)
Net transfers between other subaccounts
or fixed rate option	1,426,968		180,706		2,314,937		183,243		3,832,410
Miscellaneous transactions	(2,184)		254		(1,192)		(42,843)		6,681
Other charges	(243,353)		(476,534)		(228,211)		(620,883)		(1,701,395)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,417,600		872,987		2,560,581		747,456		5,204,089
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,284,675		1,066,338		3,309,388		1,949,173		7,056,646
NET ASSETS
Beginning of period	3,045,170		10,542,891		2,024,796		10,522,294		21,135,922
End of period	$	5,329,845	$	11,609,229	$	5,334,184	$	12,471,467	$	28,192,568
Beginning units	176,760		335,248		97,119		692,139		1,226,955
Units issued	94,745		56,111		213,727		407,328		505,979
Units redeemed	(21,140)		(26,373)		(108,630)		(316,300)		(113,208)
Ending units	250,365		364,986		202,216		783,167		1,619,726

The accompanying notes are an integral part of these financial statements.

A69

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Wellington Management Hedged Equity Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(135,590)	$	(131,438)	$	(115,276)	$	(423,326)	$	(77,426)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	935,807		579,583		2,309,720		3,904,690		818,239
Net change in unrealized appreciation (depreciation) on investments	3,243,840		7,115,183		2,684,263		24,630,966		2,461,661
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,044,057		7,563,328		4,878,707		28,112,330		3,202,474
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	4,972,094		7,346,477		6,521,641		25,409,801		2,932,800
Policy loans	(750,378)		(340,998)		(2,665,787)		(2,754,112)		(454,350)
Policy loan repayments and interest	618,416		111,531		848,195		1,903,027		262,042
Surrenders, withdrawals and death benefits	(1,606,097)		(653,187)		(2,034,905)		(7,074,464)		(1,042,090)
Net transfers between other subaccounts
or fixed rate option	4,455,954		14,222,490		(90,474)		22,783,703		2,051,776
Miscellaneous transactions	(1,883)		(49,839)		54,734		(69,096)		(4,722)
Other charges	(2,742,288)		(4,024,163)		(3,000,695)		(13,785,475)		(1,973,108)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	4,945,818		16,612,311		(367,291)		26,413,384		1,772,348
TOTAL INCREASE (DECREASE) IN NET ASSETS	8,989,875		24,175,639		4,511,416		54,525,714		4,974,822
NET ASSETS
Beginning of period	56,846,262		46,369,071		78,541,144		212,748,573		35,123,643
End of period	$	65,836,137	$	70,544,710	$	83,052,560	$	267,274,287	$	40,098,465
Beginning units	4,208,070		1,688,399		3,721,007		9,821,018		1,938,345
Units issued	873,448		694,452		553,610		1,807,761		285,579
Units redeemed	(452,876)		(94,552)		(482,237)		(564,795)		(191,324)
Ending units	4,628,642		2,288,299		3,792,380		11,063,984		2,032,600

The accompanying notes are an integral part of these financial statements.

A70

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Fidelity Institutional AM® Quantitative Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST AllianzGI World Trends Portfolio		AST BlackRock Global Strategies Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(29,348)	$	(153,280)	$	(45,689)	$	(19,683)	$	(361,147)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	136,885		622,622		196,721		112,019		3,931,940
Net change in unrealized appreciation (depreciation) on investments	1,109,092		4,267,395		2,164,824		1,088,771		6,308,537
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,216,629		4,736,737		2,315,856		1,181,107		9,879,330
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,465,763		9,042,733		2,979,201		1,055,020		19,759,403
Policy loans	(98,139)		(365,366)		(213,079)		(84,488)		(2,984,164)
Policy loan repayments and interest	23,594		97,996		45,468		21,455		1,994,604
Surrenders, withdrawals and death benefits	(111,126)		(893,190)		(325,234)		(211,107)		(9,896,798)
Net transfers between other subaccounts
or fixed rate option	958,169		9,162,111		3,012,231		1,760,108		2,131,324
Miscellaneous transactions	(2,449)		10,521		1,917		(2,526)		38,344
Other charges	(1,045,567)		(4,952,510)		(1,530,641)		(600,161)		(9,648,260)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	2,190,245		12,102,295		3,969,863		1,938,301		1,394,453
TOTAL INCREASE (DECREASE) IN NET ASSETS	3,406,874		16,839,032		6,285,719		3,119,408		11,273,783
NET ASSETS
Beginning of period	11,052,947		58,428,302		16,520,154		6,494,713		214,370,559
End of period	$	14,459,821	$	75,267,334	$	22,805,873	$	9,614,121	$	225,644,342
Beginning units	453,915		2,141,750		577,477		288,519		13,873,508
Units issued	135,221		631,515		181,500		116,880		1,260,793
Units redeemed	(41,770)		(160,397)		(36,899)		(30,141)		(1,172,131)
Ending units	547,366		2,612,868		722,078		375,258		13,962,170

The accompanying notes are an integral part of these financial statements.

A71

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	TOPS® Aggressive Growth ETF Portfolio (Class 2)		TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	231,081	$	261,796	$	53,863	$	453,140	$	446,584
Capital gains distributions received	212,243		6,953		5,690		187,336		65,027
Net realized gain (loss) on shares redeemed	34,046		55,748		53,483		25,228		13,937
Net change in unrealized appreciation (depreciation) on investments	3,269,715		1,769,966		195,201		4,091,459		3,707,498
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	3,747,085		2,094,463		308,237		4,757,163		4,233,046
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	4,883,142		4,033,405		441,263		6,405,381		5,868,960
Policy loans	(217,886)		(46,389)		(42,886)		(120,055)		(428,382)
Policy loan repayments and interest	13,128		44,515		19,734		34,812		56,995
Surrenders, withdrawals and death benefits	(327,269)		(126,737)		(41,262)		(328,366)		(68,363)
Net transfers between other subaccounts
or fixed rate option	8,013,848		5,960,498		1,309,526		8,951,061		8,222,084
Miscellaneous transactions	14,155		1,924		3,091		9,109		(3,129)
Other charges	(1,854,566)		(1,859,484)		(407,540)		(2,703,220)		(2,410,123)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	10,524,552		8,007,732		1,281,926		12,248,722		11,238,042
TOTAL INCREASE (DECREASE) IN NET ASSETS	14,271,637		10,102,195		1,590,163		17,005,885		15,471,088
NET ASSETS
Beginning of period	14,296,409		15,861,720		2,548,511		23,852,624		27,432,465
End of period	$	28,568,046	$	25,963,915	$	4,138,674	$	40,858,509	$	42,903,553
Beginning units	843,377		1,219,855		209,732		1,479,331		1,860,719
Units issued	830,213		801,441		227,035		1,002,659		971,235
Units redeemed	(89,491)		(151,697)		(118,115)		(124,189)		(148,777)
Ending units	1,584,099		1,869,599		318,652		2,357,801		2,683,177

The accompanying notes are an integral part of these financial statements.

A72

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)		TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS Growth Fund (Class 2)		American Funds IS Growth-Income Fund (Class 2)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	122,117	$	291,480	$	243,346	$	107,680	$	1,398,982
Capital gains distributions received	83,466		—		102,263		2,465,880		2,676,241
Net realized gain (loss) on shares redeemed	(11,954)		(53,847)		(47,401)		604,218		340,413
Net change in unrealized appreciation (depreciation) on investments	183,566		723,499		596,870		48,388,922		13,137,148
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	377,195		961,132		895,078		51,566,700		17,552,784
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	831,219		1,911,831		3,696,013		15,642,620		14,528,048
Policy loans	(11,581)		(50,453)		(202,493)		(506,005)		(273,841)
Policy loan repayments and interest	3,856		13,868		145,730		168,351		233,338
Surrenders, withdrawals and death benefits	(29,654)		(135,561)		(402,980)		(903,280)		(6,210,792)
Net transfers between other subaccounts
or fixed rate option	907,632		5,173,832		1,536,382		32,568,259		35,423,183
Miscellaneous transactions	462		(1,768)		16,866		(12,840)		(12,455)
Other charges	(570,090)		(1,202,244)		(944,502)		(8,237,189)		(7,708,390)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,131,844		5,709,505		3,845,016		38,719,916		35,979,091
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,509,039		6,670,637		4,740,094		90,286,616		53,531,875
NET ASSETS
Beginning of period	5,795,744		10,734,684		10,569,163		79,616,168		92,316,152
End of period	$	7,304,783	$	17,405,321	$	15,309,257	$	169,902,784	$	145,848,027
Beginning units	406,974		714,221		702,976		4,202,468		4,932,045
Units issued	151,942		464,215		362,945		1,871,638		2,373,522
Units redeemed	(73,231)		(75,504)		(103,762)		(161,648)		(434,026)
Ending units	485,685		1,102,932		962,159		5,912,458		6,871,541

The accompanying notes are an integral part of these financial statements.

A73

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	American Funds IS International Fund (Class 2)		Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	300,833	$	(76,008)	$	72,231	$	904,893	$	101,243
Capital gains distributions received	—		227,132		—		13,348		153,148
Net realized gain (loss) on shares redeemed	128,642		248,369		96,206		(54,034)		(138,979)
Net change in unrealized appreciation (depreciation) on investments	11,130,433		13,366,349		8,141,578		(387,730)		(442,252)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	11,559,908		13,765,842		8,310,015		476,477		(326,840)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	8,429,955		7,664,654		6,097,483		2,580,474		(1,663)
Policy loans	(125,183)		(266,648)		(183,479)		(37,919)		(2,200)
Policy loan repayments and interest	96,035		158,528		100,393		18,267		—
Surrenders, withdrawals and death benefits	(433,321)		(601,545)		(360,290)		(117,344)		(90,282)
Net transfers between other subaccounts
or fixed rate option	16,024,014		10,711,774		8,796,767		3,423,500		(152,778)
Miscellaneous transactions	(4,184)		(17,518)		(30,254)		2,621		2,130
Other charges	(3,926,981)		(3,706,241)		(2,790,031)		(1,414,673)		(195,364)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	20,060,335		13,943,004		11,630,589		4,454,926		(440,157)
TOTAL INCREASE (DECREASE) IN NET ASSETS	31,620,243		27,708,846		19,940,604		4,931,403		(766,997)
NET ASSETS
Beginning of period	51,563,017		38,033,556		29,980,953		15,410,339		5,023,731
End of period	$	83,183,260	$	65,742,402	$	49,921,557	$	20,341,742	$	4,256,734
Beginning units	3,978,675		2,344,482		2,163,793		1,215,410		384,581
Units issued	1,942,406		904,286		1,065,726		446,122		—
Units redeemed	(266,528)		(108,022)		(155,415)		(60,619)		(40,997)
Ending units	5,654,553		3,140,746		3,074,104		1,600,913		343,584

The accompanying notes are an integral part of these financial statements.

A74

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)		MFS® Total Return Bond Series (Initial Class)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	184,918	$	15,784	$	16,761	$	130,525	$	1,612,272
Capital gains distributions received	—		186,914		165,247		417,818		—
Net realized gain (loss) on shares redeemed	(91,589)		(2,568)		24,564		(127,689)		95,236
Net change in unrealized appreciation (depreciation) on investments	554,028		321,655		1,170,072		248,118		2,034,295
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	647,357		521,785		1,376,644		668,772		3,741,803
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,170,415		437,201		542,631		1,521,948		6,901,517
Policy loans	(39,049)		(9,585)		(106,016)		(143,423)		(169,768)
Policy loan repayments and interest	18,935		609		5,430		32,241		60,489
Surrenders, withdrawals and death benefits	(202,589)		(27,376)		(163,250)		(605,133)		(1,105,477)
Net transfers between other subaccounts
or fixed rate option	1,378,350		3,058		7,190,586		409,325		17,075,238
Miscellaneous transactions	3,311		(158)		(1,983)		(25,231)		3,234
Other charges	(673,179)		(118,206)		(196,929)		(410,497)		(3,968,297)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,656,194		285,543		7,270,469		779,230		18,796,936
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,303,551		807,328		8,647,113		1,448,002		22,538,739
NET ASSETS
Beginning of period	6,685,420		2,125,279		2,175,891		7,448,994		36,135,259
End of period	$	8,988,971	$	2,932,607	$	10,823,004	$	8,896,996	$	58,673,998
Beginning units	590,290		116,723		96,206		376,162		3,102,684
Units issued	214,792		23,537		344,850		111,467		1,745,210
Units redeemed	(51,081)		(7,700)		(34,358)		(69,070)		(182,954)
Ending units	754,001		132,560		406,698		418,559		4,664,940

The accompanying notes are an integral part of these financial statements.

A75

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	MFS® Value Series (Initial Class)		Invesco V.I. Growth and Income Fund (Series I)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		American Funds IS Washington Mutual Investors Fund (Class 2)		AST Small-Cap Growth Opportunities Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	413,513	$	494,586	$	2,296,894	$	396,400	$	(11,644)
Capital gains distributions received	1,339,931		404,757		399,803		281,865		—
Net realized gain (loss) on shares redeemed	(30,443)		(285,444)		916,375		(68,077)		510,351
Net change in unrealized appreciation (depreciation) on investments	309,120		481,272		29,468,824		2,204,705		3,593,265
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,032,121		1,095,171		33,081,896		2,814,893		4,091,972
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	4,649,096		2,671,845		22,582,085		2,748,299		1,386,513
Policy loans	(40,097)		(36,650)		(241,364)		(110,195)		(170,297)
Policy loan repayments and interest	86,213		37,330		172,025		19,458		68,561
Surrenders, withdrawals and death benefits	(314,394)		(314,384)		(300,613)		(307,134)		(509,311)
Net transfers between other subaccounts
or fixed rate option	7,685,028		2,627,267		68,379,625		6,495,662		(183,093)
Miscellaneous transactions	4,746		(4,155)		(65,126)		1,261		(1,563)
Other charges	(2,338,833)		(1,703,904)		(11,210,210)		(1,806,114)		(520,157)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	9,731,759		3,277,349		79,316,422		7,041,237		70,653
TOTAL INCREASE (DECREASE) IN NET ASSETS	11,763,880		4,372,520		112,398,318		9,856,130		4,162,625
NET ASSETS
Beginning of period	26,311,051		23,786,502		113,396,149		20,991,914		11,314,855
End of period	$	38,074,931	$	28,159,022	$	225,794,467	$	30,848,044	$	15,477,480
Beginning units	1,666,735		1,555,673		6,084,702		1,282,745		321,990
Units issued	753,242		331,666		4,635,395		544,823		37,210
Units redeemed	(68,393)		(78,950)		(421,984)		(88,815)		(32,988)
Ending units	2,351,584		1,808,389		10,298,113		1,738,753		326,212

The accompanying notes are an integral part of these financial statements.

A76

FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST International Value Portfolio		Calvert VP EAFE International Index Portfolio (Class F)		Calvert VP NASDAQ 100 Index Portfolio (Class F)		Calvert VP S&P MidCap 400 Index Portfolio (Class F)		AST Global Bond Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		11/13/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(90,764)	$	75,264	$	24,599	$	58,427	$	(3,416)
Capital gains distributions received	—		—		318,475		202,529		—
Net realized gain (loss) on shares redeemed	(59,520)		6,070		87,656		(262)		319
Net change in unrealized appreciation (depreciation) on investments	1,073,256		287,075		2,623,954		1,084,310		118,119
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	922,972		368,409		3,054,684		1,345,004		115,022
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	5,243,059		421,092		1,492,740		932,862		262,872
Policy loans	(483,989)		—		(48,568)		(35,966)		(3,428)
Policy loan repayments and interest	538,006		98		7,091		23,343		1,890
Surrenders, withdrawals and death benefits	(1,047,041)		(26)		(1,622)		(36,396)		(27,155)
Net transfers between other subaccounts
or fixed rate option	8,106,875		1,786,396		9,734,587		4,381,243		13,338,325
Miscellaneous transactions	4,525		(1,258)		6,607		392		(47)
Other charges	(2,053,452)		(176,464)		(771,853)		(426,022)		(121,245)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	10,307,983		2,029,838		10,418,982		4,839,456		13,451,212
TOTAL INCREASE (DECREASE) IN NET ASSETS	11,230,955		2,398,247		13,473,666		6,184,460		13,566,234
NET ASSETS
Beginning of period	47,341,716		961,162		2,695,006		2,360,213		—
End of period	$	58,572,671	$	3,359,409	$	16,168,672	$	8,544,673	$	13,566,234
Beginning units	4,179,502		88,937		227,719		226,760		—
Units issued	1,373,512		223,710		739,150		527,506		1,351,349
Units redeemed	(343,284)		(22,894)		(39,236)		(26,859)		(6,474)
Ending units	5,209,730		289,753		927,633		727,407		1,344,875

* Date subaccount became available for investment.

The accompanying notes are an integral part of these financial statements.

A77

NOTES TO FINANCIAL STATEMENTS OF

PRUCO LIFE VARIABLE UNIVERSAL ACCOUNT

December 31, 2021

Note 1:    General

Pruco Life Variable Universal Account (the “Account”) was establishedunder the laws of the State of Arizona on April 17, 1989 as a separate investment account of Pruco Life Insurance Company (“Pruco Life”), which is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential”). Prudential is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of Pruco Life. Proceeds from purchases of the variable universal life insurance contracts listed below (individually, a “contract” or “product” and collectively, the “contracts” or “products”) are invested in the Account. The portion of the Account’s assets applicable to thecontractsis not chargeable with liabilities arising out of any other business Pruco Life may conduct.

MPremierSM VUL (“MPVUL”)	PruselectSM I ("CVUL1")
M PremierSM VUL Protector® (“MPVULP”)	PruselectSM II ("CVUL2")
PruLife® Advisor Select ("VULPAS")	PruselectSM III ("PS3")
PruLife® Custom Premier (“PCP”)	Survivorship Variable Universal Life (“SVUL2”)
PruLife® Custom Premier II ("PCP2") (Base, 2014, 2015, 2019)	VUL Protector® ("VULP") (Base, 2014, 2015, 2018, 2021)
PruLife® SVUL Protector® ("SVULP") (Base, 2020, 2021)

The Account is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is a funding vehicle forthe contracts. The contracts offer the option to invest in various subaccounts listed below, each of which invests in a corresponding portfolio of either The Prudential Series Fund, the Advanced Series Trust or one of the non-Prudential administered funds (collectively, the “Portfolios”). Investment options vary by contract.

The corresponding subaccount names are as follows:

PSF PGIM Government Money Market Portfolio (Class I)	PSF PGIM Government Income Portfolio (Class I)
(formerly Prudential Government Money Market Portfolio (Class I))	(formerly Prudential Government Income Portfolio)
PSF PGIM Total Return Bond Portfolio (Class I)	PSF PGIM Jennison Growth Portfolio (Class I)
(formerly Prudential Diversified Bond Portfolio))	(formerly Prudential Jennison Portfolio (Class I))
PSF PGIM Jennison Blend Portfolio (Class I)	PSF Small-Cap Stock Index Portfolio (Class I)
(formerly Prudential Equity Portfolio (Class I))	(formerly Prudential Small Capitalization Stock Portfolio)
PSF PGIM Flexible Managed Portfolio (Class I)	T. Rowe Price International Stock Portfolio
(formerly Prudential Flexible Managed Portfolio)	Janus Henderson VIT Research Portfolio (Institutional Shares)
PSF PGIM 50/50 Balanced Portfolio (Class I)	MFS® Growth Series (Initial Class)
(formerly Prudential Conservative Balanced Portfolio)	American Century VP Value Fund (Class I)
PSF PGIM Jennison Value Portfolio (Class I)	Franklin Small-Mid Cap Growth VIP Fund (Class 2)
(formerly Prudential Value Portfolio (Class I))	American Century VP Disciplined Core Value Fund (Class I)
PSF PGIM High Yield Bond Portfolio (Class I)	BNY Mellon Investment Portfolios, MidCap Stock Portfolio
(formerly Prudential High Yield Bond Portfolio)	(Initial Shares)
PSF Natural Resources Portfolio (Class I)	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)
(formerly Prudential Natural Resources Portfolio (Class I))	PSF Small-Cap Value Portfolio (Class I)
PSF Stock Index Portfolio (Class I)	(formerly Prudential SP Small Cap Value Portfolio (Class I))
(formerly Prudential Stock Index Portfolio)	PSF PGIM Jennison Focused Blend Portfolio (Class I)
PSF Global Portfolio (Class I)	(formerly Prudential Jennison 20/20 Focus Portfolio (Class I))
(formerly Prudential Global Portfolio)

A78

Note 1:    General (continued)

Goldman Sachs VIT Small Cap Equity Insights Fund	ProFund VP Utilities
(Institutional Shares)	AST T. Rowe Price Large-Cap Growth Portfolio
Invesco V.I. Managed Volatility Fund (Series I)***	AST Cohen & Steers Realty Portfolio
Invesco V.I. Technology Fund (Series I)	AST J.P. Morgan Tactical Preservation Portfolio
Janus Henderson VIT Enterprise Portfolio (Service Shares)	(formerly AST J.P. Morgan Strategic Opportunities Portfolio)
Janus Henderson VIT Balanced Portfolio (Service Shares)	AST T. Rowe Price Large-Cap Value Portfolio
Invesco V.I. Discovery Mid Cap Growth Fund (Series II)	AST Small-Cap Value Portfolio
(formerly Invesco Oppenheimer V.I. Discovery Mid Cap Growth	AST Mid-Cap Growth Portfolio
Fund (Series II))	AST Hotchkis & Wiley Large-Cap Value Portfolio
Janus Henderson VIT Research Portfolio (Service Shares)	AST Loomis Sayles Large-Cap Growth Portfolio
PSF Mid-Cap Growth Portfolio (Class I)	AST MFS Growth Portfolio
(formerly SP Prudential U.S. Emerging Growth Portfolio (Class I))	AST Small-Cap Growth Portfolio
Janus Henderson VIT Overseas Portfolio (Service Shares)	AST BlackRock Low Duration Bond Portfolio
PSF International Growth Portfolio (Class I)	AST T. Rowe Price Natural Resources Portfolio
(formerly Prudential SP International Growth Portfolio (Class I))	AST MFS Global Equity Portfolio
M Large Cap Growth Fund	AST J.P. Morgan International Equity Portfolio
M Capital Appreciation Fund	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
M International Equity Fund	American Century VP Mid Cap Value Fund (Class I)
M Large Cap Value Fund	BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
ProFund VP Asia 30	(Service Shares)
ProFund VP Basic Materials	BNY Mellon Investment Portfolios, MidCap Stock Portfolio
ProFund VP Bear*	(Service Shares)
ProFund VP Biotechnology	MFS® Utilities Series (Initial Class)
ProFund VP UltraBull	AST BlackRock/Loomis Sayles Bond Portfolio
ProFund VP Consumer Services	AST T. Rowe Price Asset Allocation Portfolio
ProFund VP Oil & Gas	AST Wellington Management Hedged Equity Portfolio
ProFund VP Europe 30	AST Balanced Asset Allocation Portfolio
ProFund VP Financials	AST Preservation Asset Allocation Portfolio
ProFund VP Health Care	AST Fidelity Institutional AM® Quantitative Portfolio***
ProFund VP Japan	AST Prudential Growth Allocation Portfolio
ProFund VP Mid-Cap Growth	AST Advanced Strategies Portfolio
ProFund VP Mid-Cap Value	AST AllianzGI World Trends Portfolio
ProFund VP Government Money Market	AST BlackRock Global Strategies Portfolio
ProFund VP NASDAQ-100	TOPS® Aggressive Growth ETF Portfolio (Class 2)
ProFund VP Pharmaceuticals	TOPS® Balanced ETF Portfolio (Class 2)
ProFund VP Precious Metals	TOPS® Conservative ETF Portfolio (Class 2)
ProFund VP Real Estate	TOPS® Growth ETF Portfolio (Class 2)
ProFund VP Short NASDAQ-100*	TOPS® Moderate Growth ETF Portfolio (Class 2)
ProFund VP Small-Cap	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
ProFund VP Small-Cap Growth	TOPS® Managed Risk Growth ETF Portfolio (Class 2)
ProFund VP Technology	TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)
ProFund VP Telecommunications	American Funds IS Growth Fund (Class 2)
ProFund VP U.S. Government Plus	American Funds IS Growth-Income Fund (Class 2)
ProFund VP UltraMid-Cap*	American Funds IS International Fund (Class 2)
ProFund VP UltraNASDAQ-100	Fidelity® VIP Contrafund® Portfolio (Service Class 2)
ProFund VP UltraSmall-Cap*	Fidelity® VIP Mid Cap Portfolio (Service Class 2)
ProFund VP Bull	Franklin Income VIP Fund (Class 2)

A79

Note 1:    General (continued)

Franklin Mutual Shares VIP Fund (Class 2)	Calvert VP EAFE International Index Portfolio (Class F)
Templeton Growth VIP Fund (Class 2)	Calvert VP NASDAQ 100 Index Portfolio (Class F)
Hartford Capital Appreciation HLS Fund (Class IB)	Calvert VP S&P MidCap 400 Index Portfolio (Class F)
Hartford Disciplined Equity HLS Fund (Class IB)	AST Global Bond Portfolio
Hartford Dividend and Growth HLS Fund (Class IB)	Invesco V.I. Equity and Income Fund (Series I)
MFS® Total Return Bond Series (Initial Class)	ProFund VP Banks**
MFS® Value Series (Initial Class)	ProFund VP Rising Rates Opportunity**
Invesco V.I. Growth and Income Fund (Series I)	ProFund VP Industrials**
Fidelity® VIP Index 500 Portfolio (Service Class 2)	ProFund VP Consumer Goods**
American Funds IS Washington Mutual Investors Fund (Class 2)	ProFund VP Internet**
(formerly American Funds IS Blue Chip Income and Growth Fund	ProFund VP Semiconductor**
(Class 2))	ProFund VP Small-Cap Value**
AST Small-Cap Growth Opportunities Portfolio	ProFund VP Short Small-Cap**
AST International Value Portfolio

*	Subaccount was available for investment but had no assets as of December 31, 2021.
**	Subaccount was available for investment but had no assets as of December 31, 2021, and had no activity during 2021.
***	Subaccount merged during the period ended December 31, 2021.

The following table sets forth the dates at which mergers took place in the Account. The transfers from the removed subaccounts to the surviving subaccounts for the period ended December 31, 2021 are reflected in the Statements of Changes in Net Assets as net transfers between subaccounts and purchases and sales in Note 5.

Merger Date	Removed Portfolio	Surviving Portfolio
April 30, 2021	Invesco V.I. Managed Volatility Fund (Series I)	Invesco V.I. Equity and Income Fund (Series I)
October 15, 2021	AST Fidelity Institutional AM® Quantitative Portfolio	AST T. Rowe Price Asset Allocation Portfolio

The Portfolios are open-end management investment companies, and each portfolio of The Prudential Series Fund and the Advanced Series Trust is managed by affiliates of Prudential. Each subaccount of the Account indirectly bears exposure to the market, credit and liquidity risks of the portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Portfolios. Additional information on these Portfolios is available upon request to the appropriate companies.

New sales ofcertain products which invest in the Account have been discontinued. However, premium payments made by contract owners will continue to be received by the Account, subject to the rules of the productsand any optional benefits, if elected.

COVID-19 - Since the first quarter of 2020, the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets. While the markets have rebounded, the pandemic has adversely impacted, and may continue to adversely impact, the financial performance of the portfolios in which the subaccounts invest. Due to the highly uncertain nature of these conditions, it is not possible to estimate the ultimate impacts at this time. Management will continue to monitor developments, and their impact on the fair value of the portfolios.

Note 2:    Significant Accounting Policies

The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services-Investment Companies, which is part of the generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial

A80

Note 2:    Significant Accounting Policies (continued)

statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to the valuation of investment in thePortfolios. Subsequent events have been evaluated through the date these financial statements were issued, and no adjustment or disclosure is required in the financial statements.

Investments - The investments in shares of the Portfolios are stated at the reported net asset value per share of the respective Portfolios, which is based on the fair value of the underlying securities in the respective Portfolios. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statements of Operations of the applicable subaccounts.

Security Transactions - Purchase and sale transactions are recorded as of the trade date of the security being purchased or sold. Realized gains and losses on security transactions are determined based upon the average cost method.

Dividend Income and Distributions Received - Dividend and capital gain distributions received are reinvested in additional shares of the Portfolios and are recorded on the ex-distribution date.

Note 3:    Fair Value Measurements

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Account can access.

Level 2 - Fair value is based on significant inputs, other than Level 1 inputs, that are observable for the investment, either directly or indirectly, for substantially the full term of the investment through corroboration with observable market data. Level 2 inputs include the reported net asset value per share of the underlying portfolio, quoted market prices in active markets for similar investments, quoted market prices in markets that are not active for identical or similar investments, and other market observable inputs.

Level 3 - Fair value is based on at least one significant unobservable input for the investment, which may require significant judgment or estimation in determining the fair value.

As of December 31, 2021, management determined that the fair value inputs for all of the Account’s investments, which consist solely of investments in open-end mutual funds registered with the SEC, were considered Level 2.

Note 4:    Taxes

Pruco Life is taxed as a “life insurance company” as defined by the Internal Revenue Code. The results of operations of the Account form a part of Prudential Financial’s consolidated federal tax return. No federal, state or local income taxes are payable by the Account. As such, no provision for tax liability has been recorded in these financial statements. Prudential management will review periodically the status of the policy in the event of changes in the tax law.

Note 5:    Purchases and Sales of Investments

The aggregate costs of purchases and proceeds from sales, excluding distributions received and reinvested, of investments in the Portfolios for the period ended December 31,2021 were as follows:

A81

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
PSF PGIM Government Money Market Portfolio (Class I)	$	600,681,093	$	661,243,980
PSF PGIM Total Return Bond Portfolio (Class I)	61,732,035		26,816,597
PSF PGIM Jennison Blend Portfolio (Class I)	14,724,843		13,001,579
PSF PGIM Flexible Managed Portfolio (Class I)	29,098,288		5,193,702
PSF PGIM 50/50 Balanced Portfolio (Class I)	27,601,814		4,678,749
PSF PGIM Jennison Value Portfolio (Class I)	17,855,326		7,266,436
PSF PGIM High Yield Bond Portfolio (Class I)	23,673,632		5,006,484
PSF Natural Resources Portfolio (Class I)	1,522,375		1,005,834
PSF Stock Index Portfolio (Class I)	297,314,501		58,971,665
PSF Global Portfolio (Class I)	20,643,723		4,286,992
PSF PGIM Government Income Portfolio (Class I)	196,253		2,500,421
PSF PGIM Jennison Growth Portfolio (Class I)	69,687,266		28,372,877
PSF Small-Cap Stock Index Portfolio (Class I)	8,482,460		7,602,924
T. Rowe Price International Stock Portfolio	1,412,465		3,022,199
Janus Henderson VIT Research Portfolio (Institutional Shares)	140,581		274,435
MFS® Growth Series (Initial Class)	451,650		1,061,411
American Century VP Value Fund (Class I)	333,214		290,650
Franklin Small-Mid Cap Growth VIP Fund (Class 2)	68,901		181,052
American Century VP Disciplined Core Value Fund (Class I)	137,173		228,953
BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)	1,042,991		1,108,067
BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)	86,311		203,008
PSF Small-Cap Value Portfolio (Class I)	41,809,170		16,886,999
PSF PGIM Jennison Focused Blend Portfolio (Class I)	5,185,282		1,864,129
Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)	245,264		6,253
Invesco V.I. Managed Volatility Fund (Series I)	969		56,062
Invesco V.I. Technology Fund (Series I)	11,240		29,035
Janus Henderson VIT Enterprise Portfolio (Service Shares)	360,903		715,872
Janus Henderson VIT Balanced Portfolio (Service Shares)	2,471		734,780
Invesco V.I. Discovery Mid Cap Growth Fund (Series II)	25		17,546
Janus Henderson VIT Research Portfolio (Service Shares)	163,989		412,867
PSF Mid-Cap Growth Portfolio (Class I)	41,300,748		15,809,837
Janus Henderson VIT Overseas Portfolio (Service Shares)	4,029,642		1,680,903
PSF International Growth Portfolio (Class I)	3,903,833		4,502,063
M Large Cap Growth Fund	354,830		239,648
M Capital Appreciation Fund	3,769,358		3,609,431
M International Equity Fund	482,370		153,515
M Large Cap Value Fund	248,500		245,994
ProFund VP Asia 30	214		68
ProFund VP Basic Materials	73		25
ProFund VP Bear	42,759		42,861

A82

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
ProFund VP Biotechnology	$	56	$	391
ProFund VP UltraBull	19,061,608		18,806,950
ProFund VP Consumer Services	—		552
ProFund VP Oil & Gas	—		17
ProFund VP Europe 30	706		254
ProFund VP Financials	73		29
ProFund VP Health Care	56		493
ProFund VP Japan	281		130
ProFund VP Mid-Cap Growth	145		63
ProFund VP Mid-Cap Value	146		57
ProFund VP Government Money Market	28,703,333		29,453,672
ProFund VP NASDAQ-100	1,804,612		1,829,479
ProFund VP Pharmaceuticals	73		26
ProFund VP Precious Metals	—		42
ProFund VP Real Estate	—		170
ProFund VP Short NASDAQ-100	42,680		42,863
ProFund VP Small-Cap	—		567
ProFund VP Small-Cap Growth	882		306
ProFund VP Technology	71		56
ProFund VP Telecommunications	74		21
ProFund VP U.S. Government Plus	706		178
ProFund VP UltraMid-Cap	4,848,604		4,880,290
ProFund VP UltraNASDAQ-100	9,825,162		9,022,047
ProFund VP UltraSmall-Cap	2,900,898		2,915,805
ProFund VP Bull	20,244,713		20,444,725
ProFund VP Utilities	73		25
AST T. Rowe Price Large-Cap Growth Portfolio	60,054,325		13,735,521
AST Cohen & Steers Realty Portfolio	2,136,126		1,146,175
AST J.P. Morgan Tactical Preservation Portfolio	4,827,491		1,339,040
AST T. Rowe Price Large-Cap Value Portfolio	19,790,466		2,386,730
AST Small-Cap Value Portfolio	2,033,505		1,266,170
AST Mid-Cap Growth Portfolio	21,067,146		5,301,857
AST Hotchkis & Wiley Large-Cap Value Portfolio	20,058,999		4,974,449
AST Loomis Sayles Large-Cap Growth Portfolio	7,753,348		3,311,517
AST MFS Growth Portfolio	33,059,558		3,432,889
AST Small-Cap Growth Portfolio	7,289,907		8,225,539
AST BlackRock Low Duration Bond Portfolio	22,874,130		5,930,964
AST T. Rowe Price Natural Resources Portfolio	1,468,163		1,346,514
AST MFS Global Equity Portfolio	21,688,155		3,547,105
AST J.P. Morgan International Equity Portfolio	29,339,841		2,349,789

A83

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
Neuberger Berman AMT Sustainable Equity Portfolio (Class S)	$	4,515,639	$	832,403
American Century VP Mid Cap Value Fund (Class I)	1,294,535		1,435,318
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)	7,213,291		674,744
BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)	4,687,745		4,766,442
MFS® Utilities Series (Initial Class)	8,645,206		2,561,489
AST BlackRock/Loomis Sayles Bond Portfolio	13,076,758		5,130,879
AST T. Rowe Price Asset Allocation Portfolio	43,709,707		3,224,108
AST Wellington Management Hedged Equity Portfolio	6,021,076		6,809,548
AST Balanced Asset Allocation Portfolio	40,008,865		15,976,455
AST Preservation Asset Allocation Portfolio	5,645,598		4,154,318
AST Fidelity Institutional AM® Quantitative Portfolio	2,321,298		18,190,564
AST Prudential Growth Allocation Portfolio	19,104,931		6,700,042
AST Advanced Strategies Portfolio	5,968,325		1,034,408
AST AllianzGI World Trends Portfolio	1,765,193		475,736
AST BlackRock Global Strategies Portfolio	20,480,578		14,384,809
TOPS® Aggressive Growth ETF Portfolio (Class 2)	31,809,046		2,782,608
TOPS® Balanced ETF Portfolio (Class 2)	19,455,057		2,209,536
TOPS® Conservative ETF Portfolio (Class 2)	1,747,283		895,475
TOPS® Growth ETF Portfolio (Class 2)	23,005,372		3,345,527
TOPS® Moderate Growth ETF Portfolio (Class 2)	17,929,112		5,495,786
TOPS® Managed Risk Balanced ETF Portfolio (Class 2)	2,679,202		896,761
TOPS® Managed Risk Growth ETF Portfolio (Class 2)	6,561,316		1,840,216
TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)	3,198,967		941,735
American Funds IS Growth Fund (Class 2)	80,721,366		7,018,133
American Funds IS Growth-Income Fund (Class 2)	46,349,281		5,174,306
American Funds IS International Fund (Class 2)	31,274,742		2,179,052
Fidelity® VIP Contrafund® Portfolio (Service Class 2)	20,070,892		3,268,702
Fidelity® VIP Mid Cap Portfolio (Service Class 2)	16,110,133		1,991,146
Franklin Income VIP Fund (Class 2)	5,019,014		1,083,219
Franklin Mutual Shares VIP Fund (Class 2)	—		365,621
Templeton Growth VIP Fund (Class 2)	2,017,750		560,615
Hartford Capital Appreciation HLS Fund (Class IB)	450,307		138,353
Hartford Disciplined Equity HLS Fund (Class IB)	1,117,199		1,058,382
Hartford Dividend and Growth HLS Fund (Class IB)	1,473,479		734,961
MFS® Total Return Bond Series (Initial Class)	19,491,462		1,377,087
MFS® Value Series (Initial Class)	10,858,637		2,288,975
Invesco V.I. Growth and Income Fund (Series I)	4,695,672		2,433,636
Fidelity® VIP Index 500 Portfolio (Service Class 2)	84,371,668		21,202,694
American Funds IS Washington Mutual Investors Fund (Class 2)	11,031,490		1,379,605
AST Small-Cap Growth Opportunities Portfolio	1,936,592		1,257,575

A84

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
AST International Value Portfolio	$	17,317,853	$	3,973,640
Calvert VP EAFE International Index Portfolio (Class F)	7,243,279		864,527
Calvert VP NASDAQ 100 Index Portfolio (Class F)	19,165,807		1,551,713
Calvert VP S&P MidCap 400 Index Portfolio (Class F)	9,634,843		389,207
AST Global Bond Portfolio	5,616,729		1,980,423
Invesco V.I. Equity and Income Fund (Series I)	49,138		325

Note 6:    Related Party Transactions

The Account has extensive transactions and relationships with Prudential and other affiliates. Due to these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. Prudential Financial and its affiliates perform various services on behalf of the portfolios of The Prudential Series Fund and the Advanced Series Trustin which the Account invests and may receive fees for the services performed. These services include, among other things, investment management, subadvisory, shareholder communications, postage, transfer agency and various other record keeping, administrative and customer service functions.

The Prudential Series Fund has entered into a management agreement with PGIM Investments LLC ("PGIM Investments"), and the Advanced Series Trust has entered into a management agreement with PGIM Investments and AST Investment Services, Inc., both indirect, wholly-owned subsidiaries of Prudential Financial (together, the “Investment Managers”). Pursuant to these agreements, the Investment Managers have responsibility for all investment advisory services and supervise the subadvisers’ performance of such services with respect to each portfolio of The Prudential Series Fund and the Advanced Series Trust. The Investment Managers have entered into subadvisory agreements with several subadvisers, including PGIM, Inc., PGIM Limited, Jennison Associates LLC, and PGIM Quantitative Solutions LLC (formerly QMA LLC), each of which are indirect, wholly-owned subsidiaries of Prudential Financial.

The Prudential Series Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), an indirect, wholly-owned subsidiary of Prudential Financial, which acts as the distributor of the Class I and Class II shares of the portfolios of The Prudential Series Fund. No distribution or service (12b-1) fees are paid to PIMS as distributor of the Class I shares of the portfolios of The Prudential Series Fund, which is the class of shares owned by the Account.

The Advanced Series Trust has a distribution agreement with Prudential Annuities Distributors, Inc. (“PAD”), an indirect, wholly-owned subsidiary of Prudential Financial, which acts as the distributor of the shares of each portfolio of the Advanced Series Trust. Distribution and service fees are paid to PAD by most portfolios of the Advanced Series Trust.

Prudential Mutual Fund Services LLC, an affiliate ofthe Investment Managersand an indirect, wholly-owned subsidiary of Prudential Financial, serves as the transfer agent of each portfolio of The Prudential Series Fundand the Advanced Series Trust.

Certain charges and fees of the portfolios of The Prudential Series Fundand the Advanced Series Trust may be waived and/or reimbursed by Prudential and its affiliates. Prudential and its affiliates reserve the right to discontinue these waivers/reimbursements at its discretion, subject to the contractual obligations of Prudential and its affiliates.

See The Prudential Series Fundand the Advanced Series Trust financial statements for further discussion of such expense and waiver/reimbursement arrangements. The Account indirectly bears the expenses of the underlying portfolios of The Prudential Series Fund and the Advanced Series Trustin which it invests, including the related party expenses disclosed above.

A85

Note 7:    Financial Highlights

Pruco Life sells a number of variable life insurance products that are funded through the Account. These products have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns.

In the table below, the units, the net assets, the investment income ratio, and the ranges of lowest to highest unit values, expense ratios, and total returns are presented for the products offered by Pruco Life and funded through the Account. Only product designs within each subaccount that had units outstanding during the respective periods were considered when determining the ranges. The summary may not reflect the minimum and maximum contract charges as contract owners may not have selected all available contract options offered by Pruco Life.

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	PSF PGIM Government Money Market Portfolio (Class I)
December 31, 2021	98,106	$	1.13	to	$	12.34	$	288,932	0.04	%	0.00	%	to	0.90	%	-0.87	%	to	0.04	%
December 31, 2020	111,728	$	1.14	to	$	12.33	$	349,363	0.24	%	0.00	%	to	0.90	%	-0.62	%	to	0.30	%
December 31, 2019	93,850	$	1.14	to	$	12.29	$	208,171	1.89	%	0.00	%	to	0.90	%	0.25	%	to	1.92	%
December 31, 2018	81,635	$	1.13	to	$	12.06	$	161,028	1.52	%	0.00	%	to	0.90	%	0.58	%	to	1.53	%
December 31, 2017	97,242	$	1.12	to	$	11.88	$	181,537	0.57	%	0.00	%	to	0.90	%	-0.32	%	to	0.56	%
	PSF PGIM Total Return Bond Portfolio (Class I)
December 31, 2021	59,896	$	2.64	to	$	26.55	$	330,873	0.00	%	0.00	%	to	0.90	%	-1.64	%	to	2.11	%
December 31, 2020	57,023	$	2.66	to	$	26.76	$	298,258	0.00	%	0.00	%	to	0.90	%	4.85	%	to	8.45	%
December 31, 2019	45,749	$	2.45	to	$	24.67	$	210,514	0.00	%	0.00	%	to	0.90	%	0.43	%	to	10.90	%
December 31, 2018	44,192	$	2.22	to	$	22.25	$	178,093	0.00	%	0.00	%	to	0.90	%	-1.05	%	to	0.45	%
December 31, 2017	41,154	$	2.22	to	$	22.28	$	151,534	0.00	%	0.00	%	to	0.90	%	3.95	%	to	7.00	%
	PSF PGIM Jennison Blend Portfolio (Class I)
December 31, 2021	28,946	$	4.63	to	$	59.91	$	197,204	0.00	%	0.00	%	to	0.90	%	4.05	%	to	20.36	%
December 31, 2020	29,185	$	3.88	to	$	49.77	$	162,375	0.00	%	0.00	%	to	0.90	%	27.85	%	to	29.85	%
December 31, 2019	29,364	$	3.03	to	$	38.59	$	119,101	0.00	%	0.00	%	to	0.90	%	9.52	%	to	28.89	%
December 31, 2018	29,983	$	2.37	to	$	29.94	$	91,958	0.00	%	0.00	%	to	0.90	%	-13.03	%	to	-4.85	%
December 31, 2017	30,912	$	2.52	to	$	31.46	$	98,864	0.00	%	0.00	%	to	0.90	%	24.66	%	to	25.78	%
	PSF PGIM Flexible Managed Portfolio (Class I)
December 31, 2021	4,216	$	3.42	to	$	39.14	$	127,334	0.00	%	0.20	%	to	0.90	%	3.15	%	to	17.13	%
December 31, 2020	3,570	$	2.94	to	$	33.44	$	86,513	0.00	%	0.20	%	to	0.90	%	8.61	%	to	12.99	%
December 31, 2019	3,032	$	2.71	to	$	30.59	$	61,370	0.00	%	0.20	%	to	0.90	%	6.03	%	to	19.63	%
December 31, 2018	2,598	$	2.28	to	$	25.58	$	39,311	0.00	%	0.20	%	to	0.90	%	-8.20	%	to	-4.37	%
December 31, 2017	2,374	$	2.40	to	$	26.76	$	30,419	0.00	%	0.20	%	to	0.90	%	9.55	%	to	14.75	%
	PSF PGIM 50/50 Balanced Portfolio (Class I)
December 31, 2021	3,896	$	3.14	to	$	34.01	$	95,392	0.00	%	0.10	%	to	0.90	%	3.05	%	to	13.26	%
December 31, 2020	3,071	$	2.79	to	$	30.08	$	62,477	0.00	%	0.10	%	to	0.90	%	10.44	%	to	12.36	%
December 31, 2019	2,420	$	2.53	to	$	27.06	$	38,402	0.00	%	0.10	%	to	0.90	%	8.57	%	to	18.25	%
December 31, 2018	6,712	$	2.15	to	$	22.89	$	52,228	0.00	%	0.20	%	to	0.90	%	-5.91	%	to	-2.66	%
December 31, 2017	7,399	$	2.23	to	$	23.53	$	52,591	0.00	%	0.20	%	to	0.90	%	7.43	%	to	12.15	%
	PSF PGIM Jennison Value Portfolio (Class I)
December 31, 2021	7,232	$	4.31	to	$	29.82	$	144,825	0.00	%	0.00	%	to	0.90	%	4.77	%	to	27.79	%
December 31, 2020	6,725	$	3.41	to	$	23.34	$	104,186	0.00	%	0.00	%	to	0.90	%	2.66	%	to	20.80	%
December 31, 2019	6,248	$	3.32	to	$	22.53	$	91,589	0.00	%	0.00	%	to	0.90	%	8.25	%	to	26.06	%
December 31, 2018	6,372	$	2.66	to	$	17.87	$	71,489	0.00	%	0.00	%	to	0.90	%	-12.66	%	to	-9.88	%
December 31, 2017	7,199	$	2.97	to	$	19.83	$	81,999	0.00	%	0.00	%	to	0.90	%	15.95	%	to	16.99	%
	PSF PGIM High Yield Bond Portfolio (Class I)
December 31, 2021	19,448	$	3.53	to	$	36.54	$	120,644	0.00	%	0.00	%	to	0.90	%	1.89	%	to	7.93	%
December 31, 2020	17,414	$	3.30	to	$	33.86	$	94,004	0.00	%	0.00	%	to	0.90	%	6.14	%	to	10.80	%
December 31, 2019	16,284	$	3.11	to	$	31.61	$	75,939	0.00	%	0.00	%	to	0.90	%	3.54	%	to	16.33	%
December 31, 2018	15,646	$	2.70	to	$	27.17	$	59,035	2.60	%	0.00	%	to	0.90	%	-3.59	%	to	-1.26	%
December 31, 2017	14,713	$	2.75	to	$	27.52	$	50,184	6.15	%	0.00	%	to	0.90	%	3.30	%	to	7.80	%

A86

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	PSF Natural Resources Portfolio (Class I)
December 31, 2021	2,582	$	7.88	to	$	14.21	$	20,534	0.00	%	0.00	%	to	0.60	%	24.76	%	to	25.50	%
December 31, 2020	2,511	$	6.28	to	$	11.35	$	15,934	0.00	%	0.00	%	to	0.60	%	11.61	%	to	12.28	%
December 31, 2019	2,238	$	5.60	to	$	10.13	$	12,686	0.00	%	0.00	%	to	0.60	%	-4.77	%	to	10.69	%
December 31, 2018	2,103	$	5.07	to	$	9.18	$	10,866	0.00	%	0.00	%	to	0.60	%	-18.56	%	to	-18.07	%
December 31, 2017	2,040	$	6.19	to	$	11.23	$	12,946	0.00	%	0.00	%	to	0.60	%	-0.78	%	to	-0.19	%
	PSF Stock Index Portfolio (Class I)
December 31, 2021	145,474	$	3.93	to	$	60.68	$	1,570,960	0.00	%	0.00	%	to	0.90	%	6.73	%	to	28.28	%
December 31, 2020	133,625	$	3.09	to	$	47.30	$	1,016,539	0.00	%	0.00	%	to	0.90	%	17.02	%	to	23.19	%
December 31, 2019	136,306	$	2.64	to	$	40.06	$	778,614	0.00	%	0.00	%	to	0.90	%	9.26	%	to	31.07	%
December 31, 2018	134,383	$	2.04	to	$	30.56	$	561,309	0.00	%	0.00	%	to	0.90	%	-11.79	%	to	-4.61	%
December 31, 2017	135,770	$	2.15	to	$	32.04	$	577,731	1.57	%	0.00	%	to	0.90	%	13.08	%	to	21.46	%
	PSF Global Portfolio (Class I)
December 31, 2021	14,927	$	2.57	to	$	47.05	$	96,776	0.00	%	0.00	%	to	0.90	%	0.83	%	to	18.23	%
December 31, 2020	13,918	$	2.20	to	$	39.80	$	67,125	0.00	%	0.00	%	to	0.90	%	14.80	%	to	24.28	%
December 31, 2019	12,735	$	1.91	to	$	34.36	$	47,096	0.00	%	0.00	%	to	0.90	%	8.90	%	to	30.39	%
December 31, 2018	12,527	$	1.48	to	$	26.35	$	32,748	0.00	%	0.00	%	to	0.90	%	-12.16	%	to	-7.31	%
December 31, 2017	12,342	$	1.61	to	$	28.43	$	31,952	0.00	%	0.00	%	to	0.90	%	23.72	%	to	24.84	%
	PSF PGIM Government Income Portfolio (Class I)
December 31, 2021	17,032	$	4.49	to	$	4.49	$	76,513	0.00	%	0.60	%	to	0.60	%	-3.75	%	to	-3.75	%
December 31, 2020	17,434	$	4.67	to	$	4.67	$	81,370	0.00	%	0.60	%	to	0.60	%	6.52	%	to	6.52	%
December 31, 2019	18,312	$	4.38	to	$	4.38	$	80,236	0.00	%	0.60	%	to	0.60	%	5.98	%	to	5.98	%
December 31, 2018	14,778	$	4.13	to	$	4.13	$	61,100	0.00	%	0.60	%	to	0.60	%	0.03	%	to	0.03	%
December 31, 2017	17,642	$	4.13	to	$	4.13	$	72,918	0.00	%	0.60	%	to	0.60	%	2.32	%	to	2.32	%
	PSF PGIM Jennison Growth Portfolio (Class I)
December 31, 2021	41,064	$	4.47	to	$	94.92	$	416,598	0.00	%	0.00	%	to	0.90	%	1.84	%	to	16.01	%
December 31, 2020	39,930	$	3.89	to	$	81.82	$	321,969	0.00	%	0.00	%	to	0.90	%	36.86	%	to	56.20	%
December 31, 2019	39,457	$	2.51	to	$	52.38	$	191,099	0.00	%	0.00	%	to	0.90	%	10.77	%	to	33.34	%
December 31, 2018	40,408	$	1.90	to	$	39.28	$	138,583	0.00	%	0.00	%	to	0.90	%	-12.85	%	to	-0.78	%
December 31, 2017	40,830	$	1.93	to	$	39.59	$	133,330	0.00	%	0.00	%	to	0.90	%	18.64	%	to	36.69	%
	PSF Small-Cap Stock Index Portfolio (Class I)
December 31, 2021	3,336	$	14.79	to	$	42.83	$	65,889	0.00	%	0.00	%	to	0.60	%	25.59	%	to	26.34	%
December 31, 2020	3,403	$	11.78	to	$	33.90	$	51,426	0.00	%	0.00	%	to	0.60	%	10.33	%	to	10.99	%
December 31, 2019	3,680	$	10.67	to	$	30.54	$	48,064	0.00	%	0.00	%	to	0.60	%	6.62	%	to	22.42	%
December 31, 2018	3,929	$	8.77	to	$	24.95	$	40,780	0.00	%	0.00	%	to	0.60	%	-9.27	%	to	-8.72	%
December 31, 2017	3,902	$	9.67	to	$	27.33	$	44,031	0.00	%	0.00	%	to	0.60	%	12.33	%	to	13.00	%
	T. Rowe Price International Stock Portfolio
December 31, 2021	16,495	$	1.82	to	$	2.37	$	38,506	0.58	%	0.20	%	to	0.90	%	0.42	%	to	1.12	%
December 31, 2020	17,037	$	1.81	to	$	2.36	$	39,549	0.58	%	0.20	%	to	0.90	%	13.43	%	to	14.22	%
December 31, 2019	19,186	$	1.60	to	$	2.07	$	39,232	2.37	%	0.20	%	to	0.90	%	26.63	%	to	27.52	%
December 31, 2018	22,353	$	1.26	to	$	1.63	$	36,033	1.35	%	0.20	%	to	0.90	%	-14.98	%	to	-14.37	%
December 31, 2017	22,877	$	1.48	to	$	1.91	$	43,157	1.09	%	0.20	%	to	0.90	%	26.74	%	to	27.63	%
	Janus Henderson VIT Research Portfolio (Institutional Shares)
December 31, 2021	1,359	$	3.14	to	$	4.37	$	4,418	0.10	%	0.20	%	to	0.90	%	19.26	%	to	20.10	%
December 31, 2020	1,394	$	2.64	to	$	3.65	$	3,797	0.54	%	0.20	%	to	0.90	%	31.77	%	to	32.69	%
December 31, 2019	1,561	$	2.00	to	$	2.76	$	3,262	0.46	%	0.20	%	to	0.90	%	34.31	%	to	35.25	%
December 31, 2018	1,566	$	1.49	to	$	2.05	$	2,437	0.55	%	0.20	%	to	0.90	%	-3.45	%	to	-2.77	%
December 31, 2017	1,748	$	1.54	to	$	2.12	$	2,811	0.39	%	0.20	%	to	0.90	%	26.74	%	to	27.63	%

A87

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	MFS® Growth Series (Initial Class)
December 31, 2021	1,992	$	3.68	to	$	6.22	$	10,049	0.00	%	0.20	%	to	0.90	%	22.43	%	to	23.29	%
December 31, 2020	2,148	$	3.00	to	$	5.07	$	8,689	0.00	%	0.20	%	to	0.90	%	30.69	%	to	31.59	%
December 31, 2019	2,071	$	2.30	to	$	3.87	$	6,383	0.00	%	0.20	%	to	0.90	%	36.92	%	to	37.87	%
December 31, 2018	2,119	$	1.68	to	$	2.82	$	4,839	0.09	%	0.20	%	to	0.90	%	1.75	%	to	2.46	%
December 31, 2017	2,065	$	1.65	to	$	2.76	$	4,561	0.11	%	0.20	%	to	0.90	%	30.23	%	to	31.14	%
	American Century VP Value Fund (Class I)
December 31, 2021	1,271	$	4.93	to	$	5.91	$	6,741	1.76	%	0.20	%	to	0.90	%	23.40	%	to	24.26	%
December 31, 2020	1,261	$	3.98	to	$	4.76	$	5,385	2.33	%	0.20	%	to	0.90	%	0.08	%	to	0.78	%
December 31, 2019	1,505	$	3.96	to	$	4.72	$	6,412	2.12	%	0.20	%	to	0.90	%	25.90	%	to	26.78	%
December 31, 2018	1,590	$	3.14	to	$	3.72	$	5,379	1.66	%	0.20	%	to	0.90	%	-9.97	%	to	-9.33	%
December 31, 2017	1,603	$	3.48	to	$	4.11	$	6,024	1.66	%	0.20	%	to	0.90	%	7.78	%	to	8.53	%
	Franklin Small-Mid Cap Growth VIP Fund (Class 2)
December 31, 2021	964	$	3.56	to	$	4.03	$	3,450	0.00	%	0.20	%	to	0.90	%	9.03	%	to	9.79	%
December 31, 2020	988	$	3.27	to	$	3.67	$	3,242	0.00	%	0.20	%	to	0.90	%	53.71	%	to	54.78	%
December 31, 2019	994	$	2.13	to	$	2.37	$	2,137	0.00	%	0.20	%	to	0.90	%	30.27	%	to	31.18	%
December 31, 2018	1,190	$	1.63	to	$	1.81	$	1,988	0.00	%	0.20	%	to	0.90	%	-6.22	%	to	-5.56	%
December 31, 2017	1,262	$	1.74	to	$	1.91	$	2,244	0.00	%	0.20	%	to	0.90	%	20.31	%	to	21.16	%
	American Century VP Disciplined Core Value Fund (Class I)
December 31, 2021	107	$	3.99	to	$	3.99	$	426	1.08	%	0.20	%	to	0.20	%	23.40	%	to	23.40	%
December 31, 2020	131	$	3.24	to	$	3.24	$	425	2.38	%	0.20	%	to	0.20	%	11.59	%	to	11.59	%
December 31, 2019	344	$	2.90	to	$	2.90	$	997	2.09	%	0.20	%	to	0.20	%	23.70	%	to	23.70	%
December 31, 2018	344	$	2.34	to	$	2.34	$	806	1.92	%	0.20	%	to	0.20	%	-7.05	%	to	-7.05	%
December 31, 2017	349	$	2.52	to	$	2.52	$	880	2.32	%	0.20	%	to	0.20	%	20.25	%	to	20.25	%
	BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)
December 31, 2021	1,280	$	4.80	to	$	4.80	$	6,147	0.61	%	0.20	%	to	0.20	%	25.63	%	to	25.63	%
December 31, 2020	1,285	$	3.82	to	$	3.82	$	4,909	0.79	%	0.20	%	to	0.20	%	7.89	%	to	7.89	%
December 31, 2019	1,123	$	3.54	to	$	3.54	$	3,977	0.63	%	0.20	%	to	0.20	%	19.94	%	to	19.94	%
December 31, 2018	1,103	$	2.95	to	$	2.95	$	3,258	0.57	%	0.20	%	to	0.20	%	-15.66	%	to	-15.66	%
December 31, 2017	1,034	$	3.50	to	$	3.50	$	3,621	1.26	%	0.20	%	to	0.20	%	15.15	%	to	15.15	%
	BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)
December 31, 2021	928	$	1.81	to	$	1.81	$	1,676	0.11	%	0.20	%	to	0.20	%	16.23	%	to	16.23	%
December 31, 2020	989	$	1.55	to	$	1.55	$	1,536	0.39	%	0.20	%	to	0.20	%	19.65	%	to	19.65	%
December 31, 2019	505	$	1.30	to	$	1.30	$	656	0.00	%	0.20	%	to	0.20	%	21.54	%	to	21.54	%
December 31, 2018	507	$	1.07	to	$	1.07	$	542	0.00	%	0.20	%	to	0.20	%	-19.23	%	to	-19.23	%
December 31, 2017	532	$	1.32	to	$	1.32	$	704	0.00	%	0.20	%	to	0.20	%	24.42	%	to	24.42	%
	PSF Small-Cap Value Portfolio (Class I)
December 31, 2021	24,831	$	4.38	to	$	47.08	$	202,291	0.00	%	0.00	%	to	0.90	%	5.50	%	to	26.45	%
December 31, 2020	23,602	$	3.49	to	$	37.23	$	138,800	0.00	%	0.00	%	to	0.90	%	0.99	%	to	34.94	%
December 31, 2019	21,311	$	3.46	to	$	36.54	$	109,038	0.00	%	0.00	%	to	0.90	%	5.61	%	to	22.79	%
December 31, 2018	20,845	$	2.84	to	$	29.76	$	81,039	0.00	%	0.00	%	to	0.90	%	-18.54	%	to	-13.79	%
December 31, 2017	20,759	$	3.32	to	$	34.52	$	87,405	0.00	%	0.00	%	to	0.90	%	9.76	%	to	12.19	%
	PSF PGIM Jennison Focused Blend Portfolio (Class I)
December 31, 2021	1,197	$	24.80	to	$	40.63	$	38,994	0.00	%	0.00	%	to	0.25	%	2.58	%	to	16.84	%
December 31, 2020	1,058	$	21.28	to	$	34.78	$	30,376	0.00	%	0.00	%	to	0.25	%	30.60	%	to	30.92	%
December 31, 2019	898	$	16.29	to	$	26.56	$	20,683	0.00	%	0.00	%	to	0.25	%	10.14	%	to	28.93	%
December 31, 2018	781	$	12.67	to	$	20.60	$	14,419	0.00	%	0.00	%	to	0.25	%	-13.00	%	to	-5.35	%
December 31, 2017	685	$	13.42	to	$	21.77	$	13,981	0.00	%	0.00	%	to	0.25	%	29.96	%	to	30.28	%
	Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)
December 31, 2021	116	$	5.24	to	$	5.24	$	609	0.62	%	0.20	%	to	0.20	%	23.54	%	to	23.54	%
December 31, 2020	68	$	4.24	to	$	4.24	$	288	0.24	%	0.20	%	to	0.20	%	8.36	%	to	8.36	%
December 31, 2019	67	$	3.92	to	$	3.92	$	263	0.34	%	0.20	%	to	0.20	%	24.59	%	to	24.59	%
December 31, 2018	110	$	3.14	to	$	3.14	$	347	0.46	%	0.20	%	to	0.20	%	-8.80	%	to	-8.80	%
December 31, 2017	112	$	3.45	to	$	3.45	$	386	0.56	%	0.20	%	to	0.20	%	11.34	%	to	11.34	%

A88

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	Invesco V.I. Managed Volatility Fund (Series I) (merged April 30, 2021)
December 31, 2021	—	$	2.29	to	$	2.29	$	—	1.94	%	0.20	%	to	0.20	%	7.73	%	to	7.73	%
December 31, 2020	24	$	2.12	to	$	2.12	$	51	2.20	%	0.20	%	to	0.20	%	-1.69	%	to	-1.69	%
December 31, 2019	23	$	2.16	to	$	2.16	$	50	1.16	%	0.20	%	to	0.20	%	18.35	%	to	18.35	%
December 31, 2018	29	$	1.82	to	$	1.82	$	53	1.45	%	0.20	%	to	0.20	%	-11.18	%	to	-11.18	%
December 31, 2017	51	$	2.05	to	$	2.05	$	105	1.35	%	0.20	%	to	0.20	%	10.34	%	to	10.34	%
	Invesco V.I. Technology Fund (Series I)
December 31, 2021	359	$	1.64	to	$	1.64	$	588	0.00	%	0.20	%	to	0.20	%	14.18	%	to	14.18	%
December 31, 2020	370	$	1.44	to	$	1.44	$	531	0.00	%	0.20	%	to	0.20	%	45.82	%	to	45.82	%
December 31, 2019	366	$	0.98	to	$	0.98	$	360	0.00	%	0.20	%	to	0.20	%	35.61	%	to	35.61	%
December 31, 2018	1,391	$	0.73	to	$	0.73	$	1,010	0.00	%	0.20	%	to	0.20	%	-0.66	%	to	-0.66	%
December 31, 2017	1,480	$	0.73	to	$	0.73	$	1,081	0.00	%	0.20	%	to	0.20	%	34.85	%	to	34.85	%
	Janus Henderson VIT Enterprise Portfolio (Service Shares)
December 31, 2021	263	$	3.82	to	$	3.82	$	1,004	0.15	%	0.20	%	to	0.20	%	16.31	%	to	16.31	%
December 31, 2020	366	$	3.28	to	$	3.28	$	1,203	0.04	%	0.20	%	to	0.20	%	18.95	%	to	18.95	%
December 31, 2019	449	$	2.76	to	$	2.76	$	1,239	0.05	%	0.20	%	to	0.20	%	34.89	%	to	34.89	%
December 31, 2018	417	$	2.05	to	$	2.05	$	853	0.14	%	0.20	%	to	0.20	%	-0.86	%	to	-0.86	%
December 31, 2017	377	$	2.06	to	$	2.06	$	779	0.62	%	0.20	%	to	0.20	%	26.83	%	to	26.83	%
	Janus Henderson VIT Balanced Portfolio (Service Shares)
December 31, 2021	7	$	4.67	to	$	4.67	$	31	0.31	%	0.20	%	to	0.20	%	16.68	%	to	16.68	%
December 31, 2020	192	$	4.00	to	$	4.00	$	770	1.81	%	0.20	%	to	0.20	%	13.80	%	to	13.80	%
December 31, 2019	357	$	3.52	to	$	3.52	$	1,256	1.47	%	0.20	%	to	0.20	%	22.03	%	to	22.03	%
December 31, 2018	436	$	2.88	to	$	2.88	$	1,257	1.61	%	0.20	%	to	0.20	%	0.23	%	to	0.23	%
December 31, 2017	565	$	2.87	to	$	2.87	$	1,625	1.40	%	0.20	%	to	0.20	%	17.90	%	to	17.90	%
	Invesco V.I. Discovery Mid Cap Growth Fund (Series II)
December 31, 2021	15	$	2.98	to	$	2.98	$	45	0.00	%	0.20	%	to	0.20	%	18.56	%	to	18.56	%
December 31, 2020	21	$	2.51	to	$	2.51	$	53	0.00	%	0.20	%	to	0.20	%	39.96	%	to	39.96	%
December 31, 2019	24	$	1.80	to	$	1.80	$	43	0.00	%	0.20	%	to	0.20	%	38.73	%	to	38.73	%
December 31, 2018	29	$	1.29	to	$	1.29	$	37	0.00	%	0.20	%	to	0.20	%	-6.49	%	to	-6.49	%
December 31, 2017	32	$	1.38	to	$	1.38	$	44	0.00	%	0.20	%	to	0.20	%	28.19	%	to	28.19	%
	Janus Henderson VIT Research Portfolio (Service Shares)
December 31, 2021	1,804	$	4.84	to	$	4.84	$	8,735	0.02	%	0.25	%	to	0.25	%	19.75	%	to	19.75	%
December 31, 2020	1,856	$	4.04	to	$	4.04	$	7,506	0.35	%	0.25	%	to	0.25	%	32.24	%	to	32.24	%
December 31, 2019	1,954	$	3.06	to	$	3.06	$	5,974	0.31	%	0.25	%	to	0.25	%	34.89	%	to	34.89	%
December 31, 2018	2,039	$	2.27	to	$	2.27	$	4,622	0.35	%	0.25	%	to	0.25	%	-3.08	%	to	-3.08	%
December 31, 2017	2,294	$	2.34	to	$	2.34	$	5,366	0.24	%	0.25	%	to	0.25	%	27.24	%	to	27.24	%
	PSF Mid-Cap Growth Portfolio (Class I)
December 31, 2021	24,993	$	6.47	to	$	88.32	$	247,490	0.00	%	0.00	%	to	0.90	%	2.00	%	to	10.69	%
December 31, 2020	24,451	$	5.90	to	$	79.79	$	200,436	0.00	%	0.00	%	to	0.90	%	35.44	%	to	47.47	%
December 31, 2019	25,000	$	4.04	to	$	54.11	$	133,656	0.00	%	0.00	%	to	0.90	%	10.22	%	to	37.71	%
December 31, 2018	25,487	$	2.96	to	$	39.29	$	95,018	0.00	%	0.00	%	to	0.90	%	-13.48	%	to	-7.84	%
December 31, 2017	25,778	$	3.24	to	$	42.63	$	100,433	0.00	%	0.00	%	to	0.90	%	21.35	%	to	22.43	%
	Janus Henderson VIT Overseas Portfolio (Service Shares)
December 31, 2021	1,645	$	2.50	to	$	17.49	$	13,305	1.10	%	0.00	%	to	0.25	%	13.00	%	to	13.29	%
December 31, 2020	1,440	$	2.21	to	$	15.47	$	9,688	1.24	%	0.00	%	to	0.25	%	15.73	%	to	16.02	%
December 31, 2019	1,455	$	1.91	to	$	13.37	$	8,489	1.87	%	0.00	%	to	0.25	%	10.91	%	to	26.71	%
December 31, 2018	1,455	$	1.51	to	$	10.58	$	6,368	1.63	%	0.00	%	to	0.25	%	-15.35	%	to	-15.14	%
December 31, 2017	1,456	$	1.78	to	$	12.50	$	8,013	1.59	%	0.00	%	to	0.25	%	30.48	%	to	30.80	%
	PSF International Growth Portfolio (Class I)
December 31, 2021	11,307	$	3.35	to	$	43.17	$	50,594	0.00	%	0.00	%	to	0.90	%	11.48	%	to	12.48	%
December 31, 2020	11,212	$	3.01	to	$	38.38	$	45,521	0.00	%	0.00	%	to	0.90	%	30.94	%	to	32.11	%
December 31, 2019	11,167	$	2.30	to	$	29.05	$	34,209	0.00	%	0.00	%	to	0.90	%	12.13	%	to	32.38	%
December 31, 2018	11,257	$	1.75	to	$	21.94	$	26,463	0.00	%	0.00	%	to	0.90	%	-13.59	%	to	-12.81	%
December 31, 2017	11,071	$	2.03	to	$	25.17	$	29,635	0.00	%	0.00	%	to	0.90	%	34.60	%	to	35.81	%

A89

Note 7:    Financial Highlights (continued)

	At the year ended									For the year ended
	Units (000s)		Unit Value Lowest — Highest					Net Assets (000s)			Investment Income Ratio*		Expense Ratio** Lowest — Highest						Total Return*** Lowest — Highest
	M Large Cap Growth Fund
December 31, 2021	95		$	28.29	to	$	79.04	$	5,553		0.00	%		0.00	%	to	0.25	%	21.19	%	to	21.49	%
December 31, 2020	92		$	23.34	to	$	65.05	$	4,458		0.00	%		0.00	%	to	0.25	%	28.57	%	to	28.89	%
December 31, 2019	122		$	18.15	to	$	50.47	$	4,566		0.00	%		0.00	%	to	0.25	%	35.75	%	to	36.09	%
December 31, 2018	126		$	13.37	to	$	37.09	$	3,787		0.00	%		0.00	%	to	0.25	%	-5.19	%	to	-4.95	%
December 31, 2017	110		$	14.10	to	$	39.02	$	4,027		0.00	%		0.00	%	to	0.25	%	38.63	%	to	38.97	%
	M Capital Appreciation Fund
December 31, 2021	70		$	21.54	to	$	65.22	$	2,798		0.00	%		0.00	%	to	0.25	%	17.44	%	to	17.74	%
December 31, 2020	67		$	18.34	to	$	55.39	$	2,351		0.00	%		0.00	%	to	0.25	%	17.43	%	to	17.73	%
December 31, 2019	58		$	15.62	to	$	47.05	$	1,781		0.35	%		0.00	%	to	0.25	%	28.53	%	to	28.85	%
December 31, 2018	49		$	12.15	to	$	36.51	$	1,299		0.32	%		0.00	%	to	0.25	%	-14.36	%	to	-14.15	%
December 31, 2017	39		$	14.19	to	$	42.53	$	1,386		0.00	%		0.00	%	to	0.25	%	18.72	%	to	19.02	%
	M International Equity Fund
December 31, 2021	164		$	13.96	to	$	24.10	$	3,348		2.47	%		0.00	%	to	0.25	%	10.77	%	to	11.05	%
December 31, 2020	146		$	12.60	to	$	21.70	$	2,705		1.69	%		0.00	%	to	0.25	%	8.63	%	to	8.90	%
December 31, 2019	142		$	11.60	to	$	19.93	$	2,488		3.26	%		0.00	%	to	0.25	%	20.03	%	to	20.32	%
December 31, 2018	102		$	9.66	to	$	16.56	$	1,521		1.48	%		0.00	%	to	0.25	%	-20.77	%	to	-20.57	%
December 31, 2017	103		$	12.20	to	$	20.85	$	2,053		1.69	%		0.00	%	to	0.25	%	23.74	%	to	24.05	%
	M Large Cap Value Fund
December 31, 2021	117		$	17.07	to	$	41.16	$	3,596		1.62	%		0.00	%	to	0.25	%	29.68	%	to	30.01	%
December 31, 2020	114		$	13.16	to	$	31.66	$	2,761		2.11	%		0.00	%	to	0.25	%	-3.40	%	to	-3.16	%
December 31, 2019	143		$	13.62	to	$	32.69	$	3,570		1.87	%		0.00	%	to	0.25	%	21.21	%	to	21.52	%
December 31, 2018	125		$	11.24	to	$	26.90	$	2,708		1.56	%		0.00	%	to	0.25	%	-12.29	%	to	-12.07	%
December 31, 2017	95		$	12.81	to	$	30.60	$	2,727		1.55	%		0.00	%	to	0.25	%	14.71	%	to	14.99	%
	ProFund VP Asia 30
December 31, 2021	1		$	4.47	to	$	4.47	$	4		0.00	%		0.25	%	to	0.25	%	-18.72	%	to	-18.72	%
December 31, 2020	1		$	5.50	to	$	5.50	$	5		1.12	%		0.25	%	to	0.25	%	35.21	%	to	35.21	%
December 31, 2019	1		$	4.07	to	$	4.07	$	3		0.25	%		0.25	%	to	0.25	%	25.99	%	to	25.99	%
December 31, 2018	1		$	3.23	to	$	3.23	$	2		0.47	%		0.25	%	to	0.25	%	-18.80	%	to	-18.80	%
December 31, 2017	1		$	3.98	to	$	3.98	$	3		0.00	%		0.25	%	to	0.25	%	32.54	%	to	32.54	%
	ProFund VP Basic Materials
December 31, 2021	—	(1)	$	4.40	to	$	4.40	$	1		0.29	%		0.25	%	to	0.25	%	25.32	%	to	25.32	%
December 31, 2020	—	(1)	$	3.51	to	$	3.51	$	1		0.70	%		0.25	%	to	0.25	%	16.20	%	to	16.20	%
December 31, 2019	—	(1)	$	3.02	to	$	3.02	$	1		0.35	%		0.25	%	to	0.25	%	17.43	%	to	17.43	%
December 31, 2018	—	(1)	$	2.58	to	$	2.58	$	1		0.38	%		0.25	%	to	0.25	%	-17.86	%	to	-17.86	%
December 31, 2017	—	(1)	$	3.14	to	$	3.14	$	1		0.42	%		0.25	%	to	0.25	%	22.65	%	to	22.65	%
	ProFund VP Bear
December 31, 2021	—		$	0.07	to	$	0.07	$	—		0.00	%		0.25	%	to	0.25	%	-24.70	%	to	-24.70	%
December 31, 2020	1		$	0.10	to	$	0.10	$	—	(1)	0.00	%		0.25	%	to	0.25	%	-25.80	%	to	-25.80	%
December 31, 2019	—		$	0.13	to	$	0.13	$	—		0.00	%		0.25	%	to	0.25	%	-23.10	%	to	-23.10	%
December 31, 2018	—		$	0.17	to	$	0.17	$	—		0.00	%		0.25	%	to	0.25	%	3.78	%	to	3.78	%
December 31, 2017	—		$	0.16	to	$	0.16	$	—		0.00	%		0.25	%	to	0.25	%	-18.18	%	to	-18.18	%
	ProFund VP Biotechnology
December 31, 2021	—	(1)	$	9.10	to	$	9.10	$	3		0.00	%		0.25	%	to	0.25	%	15.45	%	to	15.45	%
December 31, 2020	—	(1)	$	7.89	to	$	7.89	$	3		0.02	%		0.25	%	to	0.25	%	15.09	%	to	15.09	%
December 31, 2019	—	(1)	$	6.85	to	$	6.85	$	3		0.00	%		0.25	%	to	0.25	%	16.17	%	to	16.17	%
December 31, 2018	1		$	5.90	to	$	5.90	$	3		0.00	%		0.25	%	to	0.25	%	-6.98	%	to	-6.98	%
December 31, 2017	1		$	6.34	to	$	6.34	$	3		0.00	%		0.25	%	to	0.25	%	22.24	%	to	22.24	%
	ProFund VP UltraBull
December 31, 2021	62		$	12.75	to	$	12.75	$	784		0.00	%		0.25	%	to	0.25	%	57.75	%	to	57.75	%
December 31, 2020	39		$	8.08	to	$	8.08	$	316		0.00	%		0.25	%	to	0.25	%	19.53	%	to	19.53	%
December 31, 2019	75		$	6.76	to	$	6.76	$	510		0.30	%		0.25	%	to	0.25	%	59.77	%	to	59.77	%
December 31, 2018	50		$	4.23	to	$	4.23	$	211		0.00	%		0.25	%	to	0.25	%	-15.72	%	to	-15.72	%
December 31, 2017	60		$	5.02	to	$	5.02	$	303		0.00	%		0.25	%	to	0.25	%	40.67	%	to	40.67	%

A90

Note 7:    Financial Highlights (continued)

	At the year ended										For the year ended
	Units (000s)		Unit Value Lowest — Highest					Net Assets (000s)			Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	ProFund VP Consumer Services
December 31, 2021	—	(1)	$	6.05	to	$	6.05	$	2		0.00	%	0.25	%	to	0.25	%	9.96	%	to	9.96	%
December 31, 2020	—	(1)	$	5.50	to	$	5.50	$	3		0.00	%	0.25	%	to	0.25	%	28.03	%	to	28.03	%
December 31, 2019	1		$	4.30	to	$	4.30	$	2		0.00	%	0.25	%	to	0.25	%	24.33	%	to	24.33	%
December 31, 2018	1		$	3.46	to	$	3.46	$	2		0.00	%	0.25	%	to	0.25	%	0.36	%	to	0.36	%
December 31, 2017	1		$	3.44	to	$	3.44	$	3		0.00	%	0.25	%	to	0.25	%	18.07	%	to	18.07	%
	ProFund VP Oil & Gas
December 31, 2021	—	(1)	$	2.53	to	$	2.53	$	—	(1)	1.77	%	0.25	%	to	0.25	%	51.55	%	to	51.55	%
December 31, 2020	—	(1)	$	1.67	to	$	1.67	$	—	(1)	2.52	%	0.25	%	to	0.25	%	-34.62	%	to	-34.62	%
December 31, 2019	—	(1)	$	2.55	to	$	2.55	$	—	(1)	1.38	%	0.25	%	to	0.25	%	8.24	%	to	8.24	%
December 31, 2018	—	(1)	$	2.36	to	$	2.36	$	—	(1)	1.68	%	0.25	%	to	0.25	%	-20.42	%	to	-20.42	%
December 31, 2017	—	(1)	$	2.96	to	$	2.96	$	1		1.22	%	0.25	%	to	0.25	%	-3.42	%	to	-3.42	%
	ProFund VP Europe 30
December 31, 2021	6		$	2.58	to	$	2.58	$	15		0.89	%	0.25	%	to	0.25	%	24.22	%	to	24.22	%
December 31, 2020	6		$	2.08	to	$	2.08	$	12		2.69	%	0.25	%	to	0.25	%	-9.46	%	to	-9.46	%
December 31, 2019	6		$	2.29	to	$	2.29	$	13		2.83	%	0.25	%	to	0.25	%	17.49	%	to	17.49	%
December 31, 2018	5		$	1.95	to	$	1.95	$	10		2.47	%	0.25	%	to	0.25	%	-14.34	%	to	-14.34	%
December 31, 2017	5		$	2.28	to	$	2.28	$	12		1.77	%	0.25	%	to	0.25	%	19.41	%	to	19.41	%
	ProFund VP Financials
December 31, 2021	1		$	2.63	to	$	2.63	$	2		0.35	%	0.25	%	to	0.25	%	29.78	%	to	29.78	%
December 31, 2020	1		$	2.03	to	$	2.03	$	1		0.70	%	0.25	%	to	0.25	%	-2.02	%	to	-2.02	%
December 31, 2019	1		$	2.07	to	$	2.07	$	1		0.52	%	0.25	%	to	0.25	%	29.95	%	to	29.95	%
December 31, 2018	1		$	1.59	to	$	1.59	$	1		0.60	%	0.25	%	to	0.25	%	-10.66	%	to	-10.66	%
December 31, 2017	7		$	1.78	to	$	1.78	$	12		0.34	%	0.25	%	to	0.25	%	17.89	%	to	17.89	%
	ProFund VP Health Care
December 31, 2021	1		$	5.86	to	$	5.86	$	4		0.04	%	0.25	%	to	0.25	%	21.24	%	to	21.24	%
December 31, 2020	1		$	4.83	to	$	4.83	$	4		0.00	%	0.25	%	to	0.25	%	14.15	%	to	14.15	%
December 31, 2019	1		$	4.24	to	$	4.24	$	4		0.00	%	0.25	%	to	0.25	%	19.07	%	to	19.07	%
December 31, 2018	1		$	3.56	to	$	3.56	$	3		0.00	%	0.25	%	to	0.25	%	4.17	%	to	4.17	%
December 31, 2017	1		$	3.41	to	$	3.41	$	4		0.00	%	0.25	%	to	0.25	%	20.62	%	to	20.62	%
	ProFund VP Japan
December 31, 2021	2		$	3.03	to	$	3.03	$	8		0.00	%	0.25	%	to	0.25	%	3.63	%	to	3.63	%
December 31, 2020	2		$	2.92	to	$	2.92	$	7		0.30	%	0.25	%	to	0.25	%	15.64	%	to	15.64	%
December 31, 2019	2		$	2.53	to	$	2.53	$	6		0.14	%	0.25	%	to	0.25	%	19.70	%	to	19.70	%
December 31, 2018	2		$	2.11	to	$	2.11	$	5		0.00	%	0.25	%	to	0.25	%	-11.86	%	to	-11.86	%
December 31, 2017	2		$	2.40	to	$	2.40	$	5		0.00	%	0.25	%	to	0.25	%	18.16	%	to	18.16	%
	ProFund VP Mid-Cap Growth
December 31, 2021	1		$	5.96	to	$	5.96	$	4		0.00	%	0.25	%	to	0.25	%	16.68	%	to	16.68	%
December 31, 2020	1		$	5.11	to	$	5.11	$	3		0.00	%	0.25	%	to	0.25	%	20.59	%	to	20.59	%
December 31, 2019	1		$	4.24	to	$	4.24	$	2		0.00	%	0.25	%	to	0.25	%	23.94	%	to	23.94	%
December 31, 2018	1		$	3.42	to	$	3.42	$	2		0.00	%	0.25	%	to	0.25	%	-12.20	%	to	-12.20	%
December 31, 2017	1		$	3.89	to	$	3.89	$	2		0.00	%	0.25	%	to	0.25	%	18.01	%	to	18.01	%
	ProFund VP Mid-Cap Value
December 31, 2021	1		$	5.42	to	$	5.42	$	3		0.26	%	0.25	%	to	0.25	%	28.21	%	to	28.21	%
December 31, 2020	1		$	4.23	to	$	4.23	$	2		0.43	%	0.25	%	to	0.25	%	2.04	%	to	2.04	%
December 31, 2019	1		$	4.14	to	$	4.14	$	2		0.20	%	0.25	%	to	0.25	%	23.77	%	to	23.77	%
December 31, 2018	1		$	3.35	to	$	3.35	$	2		0.10	%	0.25	%	to	0.25	%	-13.51	%	to	-13.51	%
December 31, 2017	—	(1)	$	3.87	to	$	3.87	$	2		0.32	%	0.25	%	to	0.25	%	10.33	%	to	10.33	%
	ProFund VP Government Money Market
December 31, 2021	251		$	1.06	to	$	1.06	$	267		0.01	%	0.25	%	to	0.25	%	-0.29	%	to	-0.29	%
December 31, 2020	954		$	1.07	to	$	1.07	$	1,017		0.04	%	0.25	%	to	0.25	%	-0.25	%	to	-0.25	%
December 31, 2019	800		$	1.07	to	$	1.07	$	855		0.75	%	0.25	%	to	0.25	%	0.51	%	to	0.51	%
December 31, 2018	1,413		$	1.06	to	$	1.06	$	1,502		0.43	%	0.25	%	to	0.25	%	0.16	%	to	0.16	%
December 31, 2017	1,678		$	1.06	to	$	1.06	$	1,781		0.02	%	0.25	%	to	0.25	%	-0.28	%	to	-0.28	%

A91

Note 7:    Financial Highlights (continued)

	At the year ended										For the year ended
	Units (000s)		Unit Value Lowest — Highest					Net Assets (000s)			Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	ProFund VP NASDAQ-100
December 31, 2021	3		$	12.49	to	$	12.49	$	43		0.00	%	0.25	%	to	0.25	%	24.49	%	to	24.49	%
December 31, 2020	4		$	10.03	to	$	10.03	$	36		0.00	%	0.25	%	to	0.25	%	45.21	%	to	45.21	%
December 31, 2019	4		$	6.91	to	$	6.91	$	26		0.00	%	0.25	%	to	0.25	%	36.36	%	to	36.36	%
December 31, 2018	4		$	5.07	to	$	5.07	$	21		0.00	%	0.25	%	to	0.25	%	-2.12	%	to	-2.12	%
December 31, 2017	5		$	5.18	to	$	5.18	$	23		0.00	%	0.25	%	to	0.25	%	30.04	%	to	30.04	%
	ProFund VP Pharmaceuticals
December 31, 2021	1		$	2.83	to	$	2.83	$	1		0.27	%	0.25	%	to	0.25	%	10.92	%	to	10.92	%
December 31, 2020	—	(1)	$	2.55	to	$	2.55	$	1		0.11	%	0.25	%	to	0.25	%	12.24	%	to	12.24	%
December 31, 2019	—	(1)	$	2.27	to	$	2.27	$	1		0.85	%	0.25	%	to	0.25	%	13.76	%	to	13.76	%
December 31, 2018	—	(1)	$	2.00	to	$	2.00	$	1		1.09	%	0.25	%	to	0.25	%	-6.44	%	to	-6.44	%
December 31, 2017	—	(1)	$	2.14	to	$	2.14	$	1		1.02	%	0.25	%	to	0.25	%	10.08	%	to	10.08	%
	ProFund VP Precious Metals
December 31, 2021	—	(1)	$	1.46	to	$	1.46	$	1		0.00	%	0.25	%	to	0.25	%	-9.16	%	to	-9.16	%
December 31, 2020	—	(1)	$	1.61	to	$	1.61	$	1		0.24	%	0.25	%	to	0.25	%	23.80	%	to	23.80	%
December 31, 2019	1		$	1.30	to	$	1.30	$	1		0.03	%	0.25	%	to	0.25	%	45.61	%	to	45.61	%
December 31, 2018	1		$	0.89	to	$	0.89	$	1		0.00	%	0.25	%	to	0.25	%	-13.69	%	to	-13.69	%
December 31, 2017	1		$	1.03	to	$	1.03	$	1		0.00	%	0.25	%	to	0.25	%	5.02	%	to	5.02	%
	ProFund VP Real Estate
December 31, 2021	1		$	4.53	to	$	4.53	$	3		0.03	%	0.25	%	to	0.25	%	36.73	%	to	36.73	%
December 31, 2020	1		$	3.31	to	$	3.31	$	3		1.67	%	0.25	%	to	0.25	%	-6.53	%	to	-6.53	%
December 31, 2019	1		$	3.54	to	$	3.54	$	3		1.67	%	0.25	%	to	0.25	%	26.44	%	to	26.44	%
December 31, 2018	1		$	2.80	to	$	2.80	$	3		2.72	%	0.25	%	to	0.25	%	-5.93	%	to	-5.93	%
December 31, 2017	4		$	2.98	to	$	2.98	$	13		0.98	%	0.25	%	to	0.25	%	7.78	%	to	7.78	%
	ProFund VP Short NASDAQ-100
December 31, 2021	—		$	0.02	to	$	0.02	$	—		0.00	%	0.25	%	to	0.25	%	-25.55	%	to	-25.55	%
December 31, 2020	4		$	0.03	to	$	0.03	$	—	(1)	0.00	%	0.25	%	to	0.25	%	-42.89	%	to	-42.89	%
December 31, 2019	—		$	0.06	to	$	0.06	$	—		0.00	%	0.25	%	to	0.25	%	-28.09	%	to	-28.09	%
December 31, 2018	—		$	0.08	to	$	0.08	$	—		0.00	%	0.25	%	to	0.25	%	-2.99	%	to	-2.99	%
December 31, 2017	—		$	0.08	to	$	0.08	$	—		0.00	%	0.00	%	to	0.00	%	-25.23	%	to	-25.23	%
	ProFund VP Small-Cap
December 31, 2021	2		$	5.03	to	$	5.03	$	9		0.00	%	0.25	%	to	0.25	%	12.60	%	to	12.60	%
December 31, 2020	2		$	4.47	to	$	4.47	$	9		0.06	%	0.25	%	to	0.25	%	16.77	%	to	16.77	%
December 31, 2019	2		$	3.82	to	$	3.82	$	8		0.00	%	0.25	%	to	0.25	%	23.30	%	to	23.30	%
December 31, 2018	2		$	3.10	to	$	3.10	$	7		0.00	%	0.25	%	to	0.25	%	-13.11	%	to	-13.11	%
December 31, 2017	3		$	3.57	to	$	3.57	$	10		0.00	%	0.25	%	to	0.25	%	12.15	%	to	12.15	%
	ProFund VP Small-Cap Growth
December 31, 2021	4		$	6.83	to	$	6.83	$	28		0.00	%	0.25	%	to	0.25	%	20.34	%	to	20.34	%
December 31, 2020	4		$	5.68	to	$	5.68	$	23		0.00	%	0.25	%	to	0.25	%	17.10	%	to	17.10	%
December 31, 2019	4		$	4.85	to	$	4.85	$	19		0.00	%	0.25	%	to	0.25	%	18.82	%	to	18.82	%
December 31, 2018	4		$	4.08	to	$	4.08	$	15		0.00	%	0.25	%	to	0.25	%	-5.99	%	to	-5.99	%
December 31, 2017	4		$	4.34	to	$	4.34	$	15		0.00	%	0.25	%	to	0.25	%	12.69	%	to	12.69	%
	ProFund VP Technology
December 31, 2021	—	(1)	$	11.65	to	$	11.65	$	3		0.00	%	0.25	%	to	0.25	%	34.62	%	to	34.62	%
December 31, 2020	—	(1)	$	8.65	to	$	8.65	$	3		0.00	%	0.25	%	to	0.25	%	44.44	%	to	44.44	%
December 31, 2019	—	(1)	$	5.99	to	$	5.99	$	2		0.00	%	0.25	%	to	0.25	%	44.82	%	to	44.82	%
December 31, 2018	—	(1)	$	4.14	to	$	4.14	$	1		0.00	%	0.25	%	to	0.25	%	-2.54	%	to	-2.54	%
December 31, 2017	—	(1)	$	4.24	to	$	4.24	$	1		0.06	%	0.25	%	to	0.25	%	34.85	%	to	34.85	%
	ProFund VP Telecommunications
December 31, 2021	—	(1)	$	2.37	to	$	2.37	$	1		1.08	%	0.25	%	to	0.25	%	18.11	%	to	18.11	%
December 31, 2020	—	(1)	$	2.01	to	$	2.01	$	1		0.89	%	0.25	%	to	0.25	%	2.89	%	to	2.89	%
December 31, 2019	—	(1)	$	1.95	to	$	1.95	$	1		3.26	%	0.25	%	to	0.25	%	14.48	%	to	14.48	%
December 31, 2018	—	(1)	$	1.70	to	$	1.70	$	1		8.92	%	0.25	%	to	0.25	%	-15.32	%	to	-15.32	%
December 31, 2017	5		$	2.01	to	$	2.01	$	10		5.01	%	0.25	%	to	0.25	%	-2.37	%	to	-2.37	%

A92

Note 7:    Financial Highlights (continued)

	At the year ended									For the year ended
	Units (000s)		Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	ProFund VP U.S. Government Plus
December 31, 2021	6		$	2.77	to	$	2.77	$	16	0.00	%	0.25	%	to	0.25	%	-7.32	%	to	-7.32	%
December 31, 2020	6		$	2.99	to	$	2.99	$	17	0.04	%	0.25	%	to	0.25	%	20.39	%	to	20.39	%
December 31, 2019	5		$	2.49	to	$	2.49	$	13	0.83	%	0.25	%	to	0.25	%	17.93	%	to	17.93	%
December 31, 2018	5		$	2.11	to	$	2.11	$	11	0.92	%	0.25	%	to	0.25	%	-5.66	%	to	-5.66	%
December 31, 2017	5		$	2.24	to	$	2.24	$	11	0.44	%	0.25	%	to	0.25	%	9.21	%	to	9.21	%
	ProFund VP UltraMid-Cap
December 31, 2021	—		$	13.58	to	$	13.58	$	—	0.00	%	0.25	%	to	0.25	%	46.30	%	to	46.30	%
December 31, 2020	—		$	9.29	to	$	9.29	$	—	0.00	%	0.25	%	to	0.25	%	4.96	%	to	4.96	%
December 31, 2019	—		$	8.85	to	$	8.85	$	—	0.00	%	0.25	%	to	0.25	%	47.42	%	to	47.42	%
December 31, 2018	10		$	6.00	to	$	6.00	$	58	0.00	%	0.25	%	to	0.25	%	-26.95	%	to	-26.95	%
December 31, 2017	8		$	8.22	to	$	8.22	$	66	0.00	%	0.25	%	to	0.25	%	28.54	%	to	28.54	%
	ProFund VP UltraNASDAQ-100
December 31, 2021	24		$	64.71	to	$	64.71	$	1,568	0.00	%	0.25	%	to	0.25	%	52.13	%	to	52.13	%
December 31, 2020	18		$	42.54	to	$	42.54	$	780	0.00	%	0.25	%	to	0.25	%	85.82	%	to	85.82	%
December 31, 2019	33		$	22.89	to	$	22.89	$	765	0.00	%	0.25	%	to	0.25	%	79.22	%	to	79.22	%
December 31, 2018	11		$	12.77	to	$	12.77	$	134	0.00	%	0.25	%	to	0.25	%	-9.86	%	to	-9.86	%
December 31, 2017	12		$	14.17	to	$	14.17	$	176	0.00	%	0.25	%	to	0.25	%	67.91	%	to	67.91	%
	ProFund VP UltraSmall-Cap
December 31, 2021	—		$	9.18	to	$	9.18	$	—	0.00	%	0.25	%	to	0.25	%	23.00	%	to	23.00	%
December 31, 2020	—		$	7.46	to	$	7.46	$	—	0.00	%	0.25	%	to	0.25	%	16.10	%	to	16.10	%
December 31, 2019	—		$	6.43	to	$	6.43	$	—	0.00	%	0.25	%	to	0.25	%	46.96	%	to	46.96	%
December 31, 2018	4		$	4.37	to	$	4.37	$	19	0.00	%	0.25	%	to	0.25	%	-27.13	%	to	-27.13	%
December 31, 2017	7		$	6.00	to	$	6.00	$	44	0.00	%	0.25	%	to	0.25	%	24.89	%	to	24.89	%
	ProFund VP Bull
December 31, 2021	7		$	5.11	to	$	5.11	$	33	0.00	%	0.25	%	to	0.25	%	26.02	%	to	26.02	%
December 31, 2020	7		$	4.05	to	$	4.05	$	27	0.02	%	0.25	%	to	0.25	%	15.74	%	to	15.74	%
December 31, 2019	7		$	3.50	to	$	3.50	$	23	0.27	%	0.25	%	to	0.25	%	28.56	%	to	28.56	%
December 31, 2018	7		$	2.72	to	$	2.72	$	18	0.00	%	0.25	%	to	0.25	%	-6.38	%	to	-6.38	%
December 31, 2017	7		$	2.91	to	$	2.91	$	20	0.00	%	0.25	%	to	0.25	%	19.04	%	to	19.04	%
	ProFund VP Utilities
December 31, 2021	—	(1)	$	5.27	to	$	5.27	$	1	1.49	%	0.25	%	to	0.25	%	15.12	%	to	15.12	%
December 31, 2020	—	(1)	$	4.58	to	$	4.58	$	1	1.61	%	0.25	%	to	0.25	%	-2.64	%	to	-2.64	%
December 31, 2019	—	(1)	$	4.71	to	$	4.71	$	1	1.56	%	0.25	%	to	0.25	%	22.57	%	to	22.57	%
December 31, 2018	—	(1)	$	3.84	to	$	3.84	$	1	2.20	%	0.25	%	to	0.25	%	2.63	%	to	2.63	%
December 31, 2017	—	(1)	$	3.74	to	$	3.74	$	1	2.15	%	0.25	%	to	0.25	%	10.36	%	to	10.36	%
	AST T. Rowe Price Large-Cap Growth Portfolio
December 31, 2021	8,005		$	31.52	to	$	68.21	$	323,899	0.00	%	0.00	%	to	0.90	%	1.46	%	to	17.11	%
December 31, 2020	6,490		$	26.98	to	$	58.24	$	234,165	0.00	%	0.00	%	to	0.90	%	29.18	%	to	39.80	%
December 31, 2019	4,599		$	19.34	to	$	41.66	$	128,763	0.00	%	0.00	%	to	0.90	%	9.44	%	to	28.23	%
December 31, 2018	3,422		$	15.12	to	$	32.49	$	82,095	0.00	%	0.00	%	to	0.90	%	-10.51	%	to	3.87	%
December 31, 2017	2,611		$	14.60	to	$	31.28	$	66,789	0.00	%	0.00	%	to	0.90	%	18.83	%	to	37.88	%
	AST Cohen & Steers Realty Portfolio
December 31, 2021	545		$	21.13	to	$	43.48	$	22,918	0.00	%	0.10	%	to	0.25	%	42.49	%	to	42.70	%
December 31, 2020	513		$	14.83	to	$	30.47	$	15,240	0.00	%	0.10	%	to	0.25	%	-3.08	%	to	-2.93	%
December 31, 2019	485		$	15.30	to	$	31.39	$	14,942	0.00	%	0.10	%	to	0.25	%	10.98	%	to	31.08	%
December 31, 2018	461		$	11.69	to	$	23.94	$	10,830	0.00	%	0.10	%	to	0.25	%	-4.99	%	to	-4.85	%
December 31, 2017	430		$	12.30	to	$	25.17	$	10,808	0.00	%	0.10	%	to	0.25	%	5.98	%	to	6.14	%
	AST J.P. Morgan Tactical Preservation Portfolio
December 31, 2021	897		$	24.88	to	$	24.89	$	22,311	0.00	%	0.10	%	to	0.25	%	0.88	%	to	7.84	%
December 31, 2020	750		$	23.08	to	$	23.11	$	17,327	0.00	%	0.10	%	to	0.25	%	11.07	%	to	15.88	%
December 31, 2019	677		$	20.75	to	$	20.80	$	14,071	0.00	%	0.10	%	to	0.25	%	6.27	%	to	14.49	%
December 31, 2018	606		$	18.12	to	$	18.20	$	11,004	0.00	%	0.10	%	to	0.25	%	-5.75	%	to	-5.22	%
December 31, 2017	541		$	19.12	to	$	19.23	$	10,365	0.00	%	0.10	%	to	0.25	%	11.86	%	to	12.03	%

A93

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest						Total Return*** Lowest — Highest
	AST T. Rowe Price Large-Cap Value Portfolio
December 31, 2021	3,135	$	15.98	to	$	28.31	$	58,292	0.00	%		0.10	%	to	0.25	%		3.91	%	to	25.42	%
December 31, 2020	2,021	$	12.76	to	$	22.57	$	31,293	0.00	%		0.10	%	to	0.25	%		1.84	%	to	24.96	%
December 31, 2019	1,273	$	12.53	to	$	22.13	$	20,409	0.00	%		0.10	%	to	0.25	%		10.59	%	to	25.84	%
December 31, 2018	737	$	9.97	to	$	17.58	$	10,482	0.00	%		0.10	%	to	0.25	%		-12.28	%	to	-9.80	%
December 31, 2017	467	$	11.07	to	$	19.50	$	8,486	0.00	%		0.10	%	to	0.25	%		16.26	%	to	16.43	%
	AST Small-Cap Value Portfolio
December 31, 2021	466	$	18.53	to	$	38.11	$	17,594	0.00	%		0.10	%	to	0.25	%		31.19	%	to	31.39	%
December 31, 2020	440	$	14.12	to	$	29.01	$	12,761	0.00	%		0.10	%	to	0.25	%		0.61	%	to	0.76	%
December 31, 2019	404	$	14.04	to	$	28.79	$	11,604	0.00	%		0.10	%	to	0.25	%		5.12	%	to	21.86	%
December 31, 2018	378	$	11.54	to	$	23.62	$	8,927	0.00	%		0.10	%	to	0.25	%		-17.28	%	to	-17.16	%
December 31, 2017	373	$	13.95	to	$	28.52	$	10,643	0.00	%		0.10	%	to	0.25	%		7.08	%	to	7.24	%
	AST Mid-Cap Growth Portfolio
December 31, 2021	3,352	$	21.69	to	$	56.98	$	90,738	0.00	%		0.10	%	to	0.25	%		1.77	%	to	10.38	%
December 31, 2020	2,675	$	19.68	to	$	51.63	$	67,277	0.00	%		0.10	%	to	0.25	%		31.19	%	to	34.70	%
December 31, 2019	1,945	$	14.63	to	$	38.33	$	38,396	0.00	%		0.10	%	to	0.25	%		5.42	%	to	30.03	%
December 31, 2018	1,282	$	11.27	to	$	29.48	$	21,264	0.00	%		0.10	%	to	0.25	%		-11.91	%	to	-4.44	%
December 31, 2017	686	$	11.81	to	$	30.85	$	14,463	0.00	%		0.10	%	to	0.25	%		13.29	%	to	26.96	%
	AST Hotchkis & Wiley Large-Cap Value Portfolio
December 31, 2021	4,088	$	18.40	to	$	28.21	$	94,567	0.00	%		0.00	%	to	0.90	%		3.45	%	to	29.21	%
December 31, 2020	3,259	$	14.27	to	$	21.83	$	60,994	0.00	%		0.00	%	to	0.90	%		-0.62	%	to	28.59	%
December 31, 2019	2,752	$	14.27	to	$	21.77	$	53,197	0.00	%		0.00	%	to	0.90	%		8.95	%	to	29.52	%
December 31, 2018	2,435	$	11.05	to	$	16.81	$	37,509	0.00	%		0.00	%	to	0.90	%		-17.07	%	to	-14.15	%
December 31, 2017	2,269	$	12.90	to	$	19.58	$	41,716	0.00	%		0.00	%	to	0.90	%		18.13	%	to	19.19	%
	AST Loomis Sayles Large-Cap Growth Portfolio
December 31, 2021	1,521	$	28.97	to	$	59.11	$	62,158	0.00	%		0.00	%	to	0.90	%		0.43	%	to	18.36	%
December 31, 2020	1,342	$	24.53	to	$	50.00	$	48,400	0.00	%		0.00	%	to	0.90	%		22.32	%	to	31.59	%
December 31, 2019	1,173	$	18.69	to	$	38.03	$	33,907	0.00	%		0.00	%	to	0.90	%		9.38	%	to	31.63	%
December 31, 2018	1,036	$	14.24	to	$	28.92	$	23,847	0.00	%		0.00	%	to	0.90	%		-10.11	%	to	-2.69	%
December 31, 2017	943	$	14.67	to	$	29.75	$	23,507	0.00	%		0.00	%	to	0.90	%		31.80	%	to	32.99	%
	AST MFS Growth Portfolio
December 31, 2021	4,069	$	30.99	to	$	65.76	$	145,288	0.00	%		0.10	%	to	0.25	%		4.31	%	to	23.26	%
December 31, 2020	3,107	$	25.18	to	$	53.35	$	90,947	0.00	%		0.10	%	to	0.25	%		23.60	%	to	30.35	%
December 31, 2019	1,881	$	19.35	to	$	40.93	$	44,193	0.00	%		0.10	%	to	0.25	%		8.29	%	to	37.64	%
December 31, 2018	1,116	$	14.08	to	$	29.74	$	20,170	0.00	%		0.10	%	to	0.25	%		-11.85	%	to	2.05	%
December 31, 2017	622	$	13.81	to	$	29.14	$	12,249	0.00	%		0.10	%	to	0.25	%		14.80	%	to	30.58	%
	AST Small-Cap Growth Portfolio
December 31, 2021	1,147	$	44.49	to	$	50.29	$	56,160	0.00	%		0.00	%	to	0.90	%		3.60	%	to	4.54	%
December 31, 2020	1,169	$	42.95	to	$	48.11	$	54,781	0.00	%		0.00	%	to	0.90	%		47.07	%	to	48.39	%
December 31, 2019	1,171	$	29.20	to	$	32.42	$	37,049	0.00	%		0.00	%	to	0.90	%		5.56	%	to	30.12	%
December 31, 2018	1,102	$	22.64	to	$	24.92	$	26,825	0.00	%		0.00	%	to	0.90	%		-9.23	%	to	-8.40	%
December 31, 2017	1,148	$	24.95	to	$	27.20	$	30,600	0.00	%		0.00	%	to	0.90	%		22.81	%	to	23.91	%
	AST BlackRock Low Duration Bond Portfolio
December 31, 2021	3,889	$	10.86	to	$	14.86	$	44,250	0.00	%		0.10	%	to	0.25	%		-0.94	%	to	-0.70	%
December 31, 2020	2,379	$	10.95	to	$	14.96	$	27,591	0.00	%		0.10	%	to	0.25	%		2.25	%	to	2.46	%
December 31, 2019	1,426	$	10.71	to	$	14.60	$	17,002	0.00	%		0.10	%	to	0.25	%		2.74	%	to	4.52	%
December 31, 2018	910	$	10.26	to	$	13.97	$	10,816	0.00	%		0.10	%	to	0.25	%		0.28	%	to	0.64	%
December 31, 2017	633	$	10.21	to	$	13.88	$	7,805	0.00	%		0.10	%	to	0.25	%		0.68	%	to	1.60	%
	AST T. Rowe Price Natural Resources Portfolio
December 31, 2021	1,170	$	15.57	to	$	19.44	$	22,733	0.00	%		0.10	%	to	0.25	%		23.49	%	to	23.67	%
December 31, 2020	1,161	$	12.60	to	$	15.72	$	18,247	0.00	%		0.10	%	to	0.25	%		-2.46	%	to	-2.32	%
December 31, 2019	1,097	$	12.92	to	$	16.09	$	17,651	0.00	%		0.10	%	to	0.25	%		0.92	%	to	16.75	%
December 31, 2018	1,042	$	11.09	to	$	13.78	$	14,360	0.00	%		0.10	%	to	0.25	%		-16.86	%	to	-16.74	%
December 31, 2017	1,024	$	16.55	to	$	16.55	$	16,957	0.00	%		0.10	%	to	0.10	%		10.20	%	to	10.20	%

A94

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	AST MFS Global Equity Portfolio
December 31, 2021	4,091	$	19.33	to	$	44.21	$	94,428	0.00	%	0.10	%	to	0.25	%		0.72	%	to	16.73	%
December 31, 2020	3,189	$	16.59	to	$	37.87	$	64,098	0.00	%	0.10	%	to	0.25	%		13.89	%	to	24.96	%
December 31, 2019	2,293	$	14.56	to	$	33.20	$	41,834	0.00	%	0.10	%	to	0.25	%		8.30	%	to	29.83	%
December 31, 2018	1,628	$	11.23	to	$	25.57	$	23,948	0.00	%	0.10	%	to	0.25	%		-10.46	%	to	-9.64	%
December 31, 2017	1,053	$	12.45	to	$	28.30	$	18,328	0.00	%	0.10	%	to	0.25	%		11.40	%	to	23.72	%
	AST J.P. Morgan International Equity Portfolio
December 31, 2021	4,963	$	15.12	to	$	24.26	$	82,353	0.00	%	0.10	%	to	0.25	%		0.48	%	to	10.96	%
December 31, 2020	3,155	$	13.64	to	$	21.87	$	48,750	0.00	%	0.10	%	to	0.25	%		12.80	%	to	25.50	%
December 31, 2019	1,981	$	12.09	to	$	19.36	$	28,421	0.00	%	0.10	%	to	0.25	%		8.54	%	to	27.10	%
December 31, 2018	1,488	$	9.53	to	$	15.23	$	17,341	0.00	%	0.10	%	to	0.25	%		-17.67	%	to	-11.48	%
December 31, 2017	938	$	11.58	to	$	18.47	$	14,293	0.00	%	0.10	%	to	0.25	%		15.77	%	to	29.50	%
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
December 31, 2021	431	$	21.63	to	$	36.90	$	10,577	0.19	%	0.00	%	to	0.25	%		5.00	%	to	23.16	%
December 31, 2020	250	$	17.61	to	$	29.96	$	5,330	0.38	%	0.00	%	to	0.25	%		18.98	%	to	28.14	%
December 31, 2019	177	$	14.80	to	$	25.12	$	3,045	0.31	%	0.00	%	to	0.25	%		8.80	%	to	25.58	%
December 31, 2018	136	$	11.82	to	$	20.00	$	1,916	0.29	%	0.00	%	to	0.25	%		-12.78	%	to	-5.94	%
December 31, 2017	41	$	12.59	to	$	21.27	$	747	0.37	%	0.00	%	to	0.25	%		17.81	%	to	18.11	%
	American Century VP Mid Cap Value Fund (Class I)
December 31, 2021	361	$	39.08	to	$	39.62	$	14,134	1.17	%	0.00	%	to	0.10	%		23.08	%	to	23.20	%
December 31, 2020	365	$	31.75	to	$	32.16	$	11,609	1.84	%	0.00	%	to	0.10	%		1.11	%	to	1.21	%
December 31, 2019	335	$	31.40	to	$	31.77	$	10,543	2.06	%	0.00	%	to	0.10	%		29.02	%	to	29.15	%
December 31, 2018	329	$	24.34	to	$	24.60	$	8,009	1.43	%	0.00	%	to	0.10	%		-12.92	%	to	-12.84	%
December 31, 2017	299	$	27.95	to	$	28.22	$	8,360	1.55	%	0.00	%	to	0.10	%		11.58	%	to	11.69	%
	BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
December 31, 2021	486	$	23.69	to	$	44.37	$	14,011	0.49	%	0.00	%	to	0.25	%		5.17	%	to	26.68	%
December 31, 2020	202	$	18.75	to	$	35.02	$	5,334	0.73	%	0.00	%	to	0.25	%		23.55	%	to	24.20	%
December 31, 2019	97	$	15.18	to	$	28.28	$	2,025	1.16	%	0.00	%	to	0.25	%		15.92	%	to	34.01	%
December 31, 2018	75	$	11.35	to	$	21.10	$	1,207	1.44	%	0.00	%	to	0.25	%		-10.17	%	to	-4.64	%
December 31, 2017	63	$	11.94	to	$	22.13	$	1,089	0.88	%	0.00	%	to	0.25	%		14.75	%	to	15.04	%
	BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)
December 31, 2021	782	$	16.93	to	$	33.30	$	15,540	0.39	%	0.00	%	to	0.25	%		6.85	%	to	25.56	%
December 31, 2020	783	$	13.52	to	$	26.52	$	12,471	0.45	%	0.00	%	to	0.25	%		7.58	%	to	7.85	%
December 31, 2019	692	$	12.57	to	$	24.59	$	10,522	0.36	%	0.00	%	to	0.25	%		3.39	%	to	19.86	%
December 31, 2018	442	$	10.51	to	$	20.52	$	5,697	0.29	%	0.00	%	to	0.25	%		-17.35	%	to	-15.68	%
December 31, 2017	263	$	12.50	to	$	24.33	$	4,320	0.56	%	0.00	%	to	0.25	%		14.75	%	to	15.04	%
	MFS® Utilities Series (Initial Class)
December 31, 2021	2,002	$	15.95	to	$	26.69	$	38,827	1.79	%	0.00	%	to	0.25	%		4.30	%	to	14.09	%
December 31, 2020	1,620	$	14.02	to	$	23.40	$	28,193	2.59	%	0.00	%	to	0.25	%		5.64	%	to	15.30	%
December 31, 2019	1,227	$	13.27	to	$	22.09	$	21,136	4.17	%	0.00	%	to	0.25	%		2.69	%	to	25.07	%
December 31, 2018	899	$	10.63	to	$	17.67	$	13,107	1.15	%	0.00	%	to	0.25	%		-4.56	%	to	1.06	%
December 31, 2017	711	$	10.55	to	$	17.48	$	10,705	4.49	%	0.00	%	to	0.25	%		14.55	%	to	14.83	%
	AST BlackRock/Loomis Sayles Bond Portfolio
December 31, 2021	5,285	$	11.92	to	$	15.16	$	73,028	0.00	%	0.00	%	to	0.90	%		-2.01	%	to	0.92	%
December 31, 2020	4,629	$	12.09	to	$	15.33	$	65,836	0.00	%	0.00	%	to	0.90	%		3.72	%	to	7.36	%
December 31, 2019	4,208	$	11.29	to	$	14.28	$	56,846	0.00	%	0.00	%	to	0.90	%		0.35	%	to	9.22	%
December 31, 2018	3,997	$	10.36	to	$	13.07	$	50,072	0.00	%	0.00	%	to	0.90	%		-1.55	%	to	-0.16	%
December 31, 2017	4,311	$	10.45	to	$	13.16	$	55,270	0.00	%	0.00	%	to	0.90	%		3.43	%	to	4.36	%
	AST T. Rowe Price Asset Allocation Portfolio
December 31, 2021	3,527	$	34.57	to	$	34.57	$	121,923	0.00	%	0.25	%	to	0.25	%		2.07	%	to	12.13	%
December 31, 2020	2,288	$	30.83	to	$	30.83	$	70,545	0.00	%	0.25	%	to	0.25	%		12.25	%	to	17.24	%
December 31, 2019	1,688	$	27.46	to	$	27.46	$	46,369	0.00	%	0.25	%	to	0.25	%		20.54	%	to	20.54	%
December 31, 2018	1,216	$	22.78	to	$	22.78	$	27,705	0.00	%	0.25	%	to	0.25	%		-7.62	%	to	-5.56	%
December 31, 2017	1,000	$	24.13	to	$	24.13	$	24,124	0.00	%	0.25	%	to	0.25	%		15.12	%	to	15.12	%

A95

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	AST Wellington Management Hedged Equity Portfolio
December 31, 2021	3,813	$	15.91	to	$	26.29	$	92,272	0.00	%	0.00	%	to	0.90	%	1.71	%	to	12.06	%
December 31, 2020	3,792	$	14.23	to	$	23.46	$	83,053	0.00	%	0.00	%	to	0.90	%	5.71	%	to	13.90	%
December 31, 2019	3,721	$	13.38	to	$	21.99	$	78,541	0.00	%	0.00	%	to	0.90	%	9.00	%	to	20.55	%
December 31, 2018	3,680	$	11.13	to	$	18.24	$	65,309	0.00	%	0.00	%	to	0.90	%	-8.10	%	to	-5.00	%
December 31, 2017	3,720	$	11.74	to	$	19.20	$	69,884	0.00	%	0.00	%	to	0.90	%	12.58	%	to	13.59	%
	AST Balanced Asset Allocation Portfolio
December 31, 2021	12,031	$	24.97	to	$	27.84	$	327,236	0.00	%	0.00	%	to	0.90	%	2.20	%	to	12.84	%
December 31, 2020	11,064	$	22.33	to	$	24.67	$	267,274	0.00	%	0.00	%	to	0.90	%	10.77	%	to	15.74	%
December 31, 2019	9,821	$	20.16	to	$	22.08	$	212,749	0.00	%	0.00	%	to	0.90	%	5.40	%	to	19.42	%
December 31, 2018	8,850	$	17.03	to	$	18.49	$	160,882	0.00	%	0.00	%	to	0.90	%	-7.83	%	to	-4.93	%
December 31, 2017	8,244	$	18.08	to	$	19.45	$	157,924	0.00	%	0.00	%	to	0.90	%	8.89	%	to	14.90	%
	AST Preservation Asset Allocation Portfolio
December 31, 2021	2,111	$	19.26	to	$	21.47	$	44,127	0.00	%	0.00	%	to	0.90	%	0.72	%	to	6.24	%
December 31, 2020	2,033	$	18.29	to	$	20.21	$	40,098	0.00	%	0.00	%	to	0.90	%	8.11	%	to	10.46	%
December 31, 2019	1,938	$	16.92	to	$	18.52	$	35,124	0.00	%	0.00	%	to	0.90	%	6.66	%	to	14.74	%
December 31, 2018	1,889	$	14.88	to	$	16.14	$	29,902	0.00	%	0.00	%	to	0.90	%	-4.34	%	to	-2.84	%
December 31, 2017	1,768	$	15.45	to	$	16.62	$	28,853	0.00	%	0.00	%	to	0.90	%	5.98	%	to	10.13	%
	AST Fidelity Institutional AM® Quantitative Portfolio (merged October 15, 2021)
December 31, 2021	—	$	28.85	to	$	28.85	$	—	0.00	%	0.25	%	to	0.25	%	3.44	%	to	9.20	%
December 31, 2020	547	$	26.42	to	$	26.42	$	14,460	0.00	%	0.25	%	to	0.25	%	8.49	%	to	8.49	%
December 31, 2019	454	$	24.35	to	$	24.35	$	11,053	0.00	%	0.25	%	to	0.25	%	6.01	%	to	19.70	%
December 31, 2018	352	$	20.34	to	$	20.34	$	7,168	0.00	%	0.25	%	to	0.25	%	-8.63	%	to	-7.98	%
December 31, 2017	318	$	22.11	to	$	22.11	$	7,021	0.00	%	0.25	%	to	0.25	%	8.93	%	to	16.18	%
	AST Prudential Growth Allocation Portfolio
December 31, 2021	3,018	$	33.53	to	$	33.53	$	101,221	0.00	%	0.25	%	to	0.25	%	2.68	%	to	16.41	%
December 31, 2020	2,613	$	28.81	to	$	28.81	$	75,267	0.00	%	0.25	%	to	0.25	%	5.59	%	to	5.59	%
December 31, 2019	2,142	$	27.28	to	$	27.28	$	58,428	0.00	%	0.25	%	to	0.25	%	18.88	%	to	18.88	%
December 31, 2018	1,664	$	22.95	to	$	22.95	$	38,174	0.00	%	0.25	%	to	0.25	%	-10.12	%	to	-7.83	%
December 31, 2017	1,354	$	24.90	to	$	24.90	$	33,715	0.00	%	0.25	%	to	0.25	%	15.81	%	to	15.81	%
	AST Advanced Strategies Portfolio
December 31, 2021	868	$	35.86	to	$	35.86	$	31,126	0.00	%	0.25	%	to	0.25	%	1.24	%	to	13.54	%
December 31, 2020	722	$	31.58	to	$	31.58	$	22,806	0.00	%	0.25	%	to	0.25	%	10.40	%	to	10.40	%
December 31, 2019	577	$	28.61	to	$	28.61	$	16,520	0.00	%	0.25	%	to	0.25	%	5.82	%	to	21.56	%
December 31, 2018	437	$	23.53	to	$	23.53	$	10,296	0.00	%	0.25	%	to	0.25	%	-8.21	%	to	-6.12	%
December 31, 2017	372	$	25.07	to	$	25.07	$	9,332	0.00	%	0.25	%	to	0.25	%	9.92	%	to	16.63	%
	AST AllianzGI World Trends Portfolio
December 31, 2021	424	$	28.41	to	$	28.41	$	12,043	0.00	%	0.25	%	to	0.25	%	0.70	%	to	10.87	%
December 31, 2020	375	$	25.62	to	$	25.62	$	9,614	0.00	%	0.25	%	to	0.25	%	13.81	%	to	16.87	%
December 31, 2019	289	$	22.51	to	$	22.51	$	6,495	0.00	%	0.25	%	to	0.25	%	17.75	%	to	17.75	%
December 31, 2018	241	$	19.12	to	$	19.12	$	4,603	0.00	%	0.25	%	to	0.25	%	-8.24	%	to	-8.13	%
December 31, 2017	206	$	20.81	to	$	20.81	$	4,283	0.00	%	0.25	%	to	0.25	%	15.94	%	to	15.94	%
	AST BlackRock Global Strategies Portfolio
December 31, 2021	14,345	$	16.69	to	$	18.36	$	258,424	0.00	%	0.00	%	to	0.90	%	1.91	%	to	11.67	%
December 31, 2020	13,962	$	15.08	to	$	16.44	$	225,644	0.00	%	0.00	%	to	0.90	%	3.80	%	to	14.65	%
December 31, 2019	13,874	$	14.53	to	$	15.70	$	214,371	0.00	%	0.00	%	to	0.90	%	6.33	%	to	17.62	%
December 31, 2018	13,714	$	12.46	to	$	13.35	$	180,505	0.00	%	0.00	%	to	0.90	%	-6.76	%	to	-5.28	%
December 31, 2017	13,698	$	13.27	to	$	14.09	$	190,644	0.00	%	0.00	%	to	0.90	%	11.61	%	to	12.61	%
	TOPS® Aggressive Growth ETF Portfolio (Class 2)
December 31, 2021	3,141	$	18.64	to	$	31.22	$	65,192	0.63	%	0.10	%	to	0.25	%	3.26	%	to	19.19	%
December 31, 2020	1,584	$	15.66	to	$	26.19	$	28,568	1.46	%	0.10	%	to	0.25	%	12.40	%	to	25.21	%
December 31, 2019	843	$	13.94	to	$	23.27	$	14,296	1.51	%	0.10	%	to	0.25	%	7.87	%	to	24.24	%
December 31, 2018	597	$	11.23	to	$	18.73	$	8,635	1.02	%	0.10	%	to	0.25	%	-12.73	%	to	-9.97	%
December 31, 2017	400	$	12.50	to	$	20.80	$	6,800	1.38	%	0.10	%	to	0.25	%	20.09	%	to	20.27	%

A96

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	TOPS® Balanced ETF Portfolio (Class 2)
December 31, 2021	3,089	$	14.52	to	$	19.58	$	46,495	0.95	%	0.10	%	to	0.25	%	3.88	%	to	9.51	%
December 31, 2020	1,870	$	13.27	to	$	17.88	$	25,964	1.55	%	0.10	%	to	0.25	%	8.13	%	to	12.69	%
December 31, 2019	1,220	$	12.28	to	$	16.51	$	15,862	1.78	%	0.10	%	to	0.25	%	6.30	%	to	15.81	%
December 31, 2018	844	$	10.62	to	$	14.26	$	9,603	1.37	%	0.10	%	to	0.25	%	-6.40	%	to	-5.72	%
December 31, 2017	473	$	11.28	to	$	15.12	$	5,918	1.49	%	0.10	%	to	0.25	%	6.59	%	to	10.84	%
	TOPS® Conservative ETF Portfolio (Class 2)
December 31, 2021	385	$	13.26	to	$	16.29	$	5,280	0.78	%	0.10	%	to	0.25	%	0.91	%	to	6.34	%
December 31, 2020	319	$	12.49	to	$	15.32	$	4,139	1.72	%	0.10	%	to	0.25	%	6.78	%	to	7.96	%
December 31, 2019	210	$	11.69	to	$	14.33	$	2,549	1.87	%	0.10	%	to	0.25	%	5.15	%	to	11.59	%
December 31, 2018	125	$	10.49	to	$	12.84	$	1,376	1.44	%	0.10	%	to	0.25	%	-3.74	%	to	-2.78	%
December 31, 2017	82	$	10.81	to	$	13.20	$	946	0.75	%	0.10	%	to	0.25	%	6.56	%	to	6.72	%
	TOPS® Growth ETF Portfolio (Class 2)
December 31, 2021	3,475	$	17.36	to	$	29.55	$	68,478	0.86	%	0.10	%	to	0.25	%	2.67	%	to	16.40	%
December 31, 2020	2,358	$	14.94	to	$	25.39	$	40,859	1.79	%	0.10	%	to	0.25	%	11.39	%	to	21.64	%
December 31, 2019	1,479	$	13.41	to	$	22.76	$	23,853	1.75	%	0.10	%	to	0.25	%	7.42	%	to	21.95	%
December 31, 2018	935	$	11.01	to	$	18.66	$	12,855	1.35	%	0.10	%	to	0.25	%	-10.86	%	to	-8.87	%
December 31, 2017	583	$	12.10	to	$	20.48	$	9,360	1.44	%	0.10	%	to	0.25	%	17.65	%	to	17.82	%
	TOPS® Moderate Growth ETF Portfolio (Class 2)
December 31, 2021	3,440	$	16.02	to	$	23.13	$	61,343	1.13	%	0.10	%	to	0.25	%	2.14	%	to	12.70	%
December 31, 2020	2,683	$	14.24	to	$	20.52	$	42,904	1.57	%	0.10	%	to	0.25	%	10.32	%	to	16.73	%
December 31, 2019	1,861	$	12.91	to	$	18.58	$	27,432	1.81	%	0.10	%	to	0.25	%	5.82	%	to	18.79	%
December 31, 2018	1,196	$	10.88	to	$	15.64	$	15,251	1.45	%	0.10	%	to	0.25	%	-8.50	%	to	-6.98	%
December 31, 2017	710	$	11.72	to	$	16.81	$	10,369	1.24	%	0.10	%	to	0.25	%	13.83	%	to	14.00	%
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
December 31, 2021	600	$	15.78	to	$	16.36	$	9,788	1.19	%	0.10	%	to	0.25	%	3.47	%	to	8.46	%
December 31, 2020	486	$	14.55	to	$	15.11	$	7,305	2.28	%	0.10	%	to	0.25	%	5.63	%	to	5.79	%
December 31, 2019	407	$	13.75	to	$	14.30	$	5,796	2.29	%	0.10	%	to	0.25	%	6.19	%	to	14.44	%
December 31, 2018	319	$	12.02	to	$	12.52	$	3,969	1.79	%	0.10	%	to	0.25	%	-6.27	%	to	-6.12	%
December 31, 2017	287	$	12.80	to	$	13.35	$	3,816	1.53	%	0.10	%	to	0.25	%	10.31	%	to	10.47	%
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)
December 31, 2021	1,383	$	17.08	to	$	17.77	$	24,465	1.11	%	0.10	%	to	0.25	%	4.32	%	to	12.48	%
December 31, 2020	1,103	$	15.19	to	$	15.82	$	17,405	2.25	%	0.10	%	to	0.25	%	4.93	%	to	14.02	%
December 31, 2019	714	$	14.45	to	$	15.08	$	10,735	2.03	%	0.10	%	to	0.25	%	6.60	%	to	16.96	%
December 31, 2018	585	$	12.36	to	$	12.91	$	7,531	1.57	%	0.10	%	to	0.25	%	-8.95	%	to	-8.52	%
December 31, 2017	492	$	13.55	to	$	14.18	$	6,963	1.64	%	0.10	%	to	0.25	%	17.37	%	to	17.54	%
	TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)
December 31, 2021	1,097	$	16.99	to	$	17.67	$	19,342	1.19	%	0.10	%	to	0.25	%	4.15	%	to	10.95	%
December 31, 2020	962	$	15.31	to	$	15.95	$	15,309	2.29	%	0.10	%	to	0.25	%	5.65	%	to	12.65	%
December 31, 2019	703	$	14.47	to	$	15.10	$	10,569	2.19	%	0.10	%	to	0.25	%	5.79	%	to	16.18	%
December 31, 2018	511	$	12.46	to	$	13.02	$	6,614	1.70	%	0.10	%	to	0.25	%	-7.59	%	to	-7.31	%
December 31, 2017	359	$	13.44	to	$	14.06	$	4,999	1.67	%	0.10	%	to	0.25	%	13.56	%	to	13.73	%
	American Funds IS Growth Fund (Class 2)
December 31, 2021	8,237	$	33.76	to	$	41.97	$	288,300	0.23	%	0.10	%	to	0.25	%	6.31	%	to	21.87	%
December 31, 2020	5,912	$	27.74	to	$	34.44	$	169,903	0.32	%	0.10	%	to	0.25	%	39.57	%	to	51.93	%
December 31, 2019	4,202	$	18.29	to	$	22.67	$	79,616	0.88	%	0.10	%	to	0.25	%	11.86	%	to	30.64	%
December 31, 2018	2,487	$	14.02	to	$	17.35	$	36,244	0.56	%	0.10	%	to	0.25	%	-11.23	%	to	-0.35	%
December 31, 2017	1,114	$	14.09	to	$	17.41	$	16,527	0.64	%	0.10	%	to	0.25	%	13.86	%	to	28.16	%
	American Funds IS Growth-Income Fund (Class 2)
December 31, 2021	8,610	$	25.84	to	$	29.09	$	226,598	1.20	%	0.10	%	to	0.25	%	5.24	%	to	23.97	%
December 31, 2020	6,872	$	20.87	to	$	23.46	$	145,848	1.54	%	0.10	%	to	0.25	%	13.26	%	to	19.20	%
December 31, 2019	4,932	$	18.43	to	$	20.69	$	92,316	1.91	%	0.10	%	to	0.25	%	9.27	%	to	26.01	%
December 31, 2018	3,377	$	14.65	to	$	16.42	$	50,175	1.80	%	0.10	%	to	0.25	%	-10.03	%	to	-1.89	%
December 31, 2017	1,886	$	14.95	to	$	16.73	$	28,531	1.62	%	0.10	%	to	0.25	%	13.18	%	to	22.26	%

A97

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	American Funds IS International Fund (Class 2)
December 31, 2021	7,611	$	14.21	to	$	16.09	$	109,924	2.76	%	0.10	%	to	0.25	%	-4.57	%	to	-1.59	%
December 31, 2020	5,655	$	14.46	to	$	16.35	$	83,183	0.73	%	0.10	%	to	0.25	%	13.69	%	to	29.85	%
December 31, 2019	3,979	$	12.72	to	$	14.36	$	51,563	1.62	%	0.10	%	to	0.25	%	7.10	%	to	22.76	%
December 31, 2018	3,038	$	10.37	to	$	11.70	$	32,039	2.22	%	0.10	%	to	0.25	%	-13.35	%	to	-11.18	%
December 31, 2017	1,694	$	11.97	to	$	13.48	$	20,650	1.59	%	0.10	%	to	0.25	%	16.07	%	to	32.01	%
	Fidelity® VIP Contrafund® Portfolio (Service Class 2)
December 31, 2021	3,894	$	25.62	to	$	32.34	$	103,144	0.02	%	0.10	%	to	0.25	%	17.45	%	to	27.38	%
December 31, 2020	3,141	$	20.14	to	$	25.39	$	65,742	0.07	%	0.10	%	to	0.25	%	29.91	%	to	30.10	%
December 31, 2019	2,344	$	15.50	to	$	19.51	$	38,034	0.24	%	0.10	%	to	0.25	%	30.95	%	to	31.14	%
December 31, 2018	1,544	$	11.84	to	$	14.88	$	19,265	0.50	%	0.10	%	to	0.25	%	-13.08	%	to	-6.73	%
December 31, 2017	937	$	12.71	to	$	15.95	$	12,706	0.90	%	0.10	%	to	0.25	%	21.28	%	to	21.47	%
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)
December 31, 2021	3,833	$	19.55	to	$	23.56	$	77,835	0.40	%	0.10	%	to	0.25	%	9.19	%	to	25.18	%
December 31, 2020	3,074	$	15.64	to	$	18.82	$	49,922	0.42	%	0.10	%	to	0.25	%	17.57	%	to	17.75	%
December 31, 2019	2,164	$	13.30	to	$	15.98	$	29,981	0.76	%	0.10	%	to	0.25	%	4.45	%	to	23.05	%
December 31, 2018	1,460	$	10.83	to	$	12.99	$	16,500	0.47	%	0.10	%	to	0.25	%	-19.33	%	to	-14.86	%
December 31, 2017	829	$	12.73	to	$	15.26	$	11,116	0.57	%	0.10	%	to	0.25	%	20.24	%	to	20.42	%
	Franklin Income VIP Fund (Class 2)
December 31, 2021	1,890	$	14.57	to	$	16.56	$	27,963	4.61	%	0.10	%	to	0.25	%	7.47	%	to	16.64	%
December 31, 2020	1,601	$	12.51	to	$	14.20	$	20,342	5.75	%	0.10	%	to	0.25	%	0.44	%	to	0.59	%
December 31, 2019	1,215	$	12.46	to	$	14.11	$	15,410	5.26	%	0.10	%	to	0.25	%	15.77	%	to	15.94	%
December 31, 2018	858	$	10.76	to	$	12.17	$	9,425	4.49	%	0.10	%	to	0.25	%	-6.73	%	to	-4.40	%
December 31, 2017	480	$	11.27	to	$	12.73	$	5,583	3.98	%	0.10	%	to	0.25	%	9.40	%	to	9.56	%
	Franklin Mutual Shares VIP Fund (Class 2)
December 31, 2021	317	$	14.25	to	$	17.13	$	4,675	2.88	%	0.10	%	to	0.25	%	18.87	%	to	19.05	%
December 31, 2020	344	$	11.99	to	$	14.39	$	4,257	2.74	%	0.10	%	to	0.25	%	-5.28	%	to	-5.14	%
December 31, 2019	385	$	12.66	to	$	15.17	$	5,024	1.82	%	0.10	%	to	0.25	%	22.27	%	to	22.45	%
December 31, 2018	420	$	10.35	to	$	12.39	$	4,489	2.59	%	0.10	%	to	0.25	%	-9.29	%	to	-9.16	%
December 31, 2017	346	$	11.41	to	$	13.63	$	4,081	2.43	%	0.10	%	to	0.25	%	8.08	%	to	8.24	%
	Templeton Growth VIP Fund (Class 2)
December 31, 2021	873	$	12.31	to	$	13.65	$	10,884	1.10	%	0.10	%	to	0.25	%	-2.72	%	to	4.77	%
December 31, 2020	754	$	11.76	to	$	13.03	$	8,989	2.89	%	0.10	%	to	0.25	%	5.54	%	to	5.69	%
December 31, 2019	590	$	11.15	to	$	12.33	$	6,685	2.67	%	0.10	%	to	0.25	%	14.87	%	to	15.04	%
December 31, 2018	400	$	9.70	to	$	10.72	$	3,952	1.88	%	0.10	%	to	0.25	%	-15.06	%	to	-13.48	%
December 31, 2017	225	$	11.43	to	$	12.60	$	2,632	1.40	%	0.10	%	to	0.25	%	18.20	%	to	18.38	%
	Hartford Capital Appreciation HLS Fund (Class IB)
December 31, 2021	146	$	25.29	to	$	25.29	$	3,684	0.24	%	0.10	%	to	0.10	%	14.34	%	to	14.34	%
December 31, 2020	133	$	22.12	to	$	22.12	$	2,933	0.78	%	0.10	%	to	0.10	%	21.50	%	to	21.50	%
December 31, 2019	117	$	18.21	to	$	18.21	$	2,125	1.05	%	0.10	%	to	0.10	%	30.83	%	to	30.83	%
December 31, 2018	98	$	13.92	to	$	13.92	$	1,358	0.75	%	0.10	%	to	0.10	%	-7.27	%	to	-7.27	%
December 31, 2017	78	$	15.01	to	$	15.01	$	1,172	0.99	%	0.10	%	to	0.10	%	21.69	%	to	21.69	%
	Hartford Disciplined Equity HLS Fund (Class IB)
December 31, 2021	408	$	33.29	to	$	33.29	$	13,574	0.34	%	0.10	%	to	0.10	%	25.08	%	to	25.08	%
December 31, 2020	407	$	26.61	to	$	26.61	$	10,823	0.49	%	0.10	%	to	0.10	%	17.66	%	to	17.66	%
December 31, 2019	96	$	22.62	to	$	22.62	$	2,176	0.74	%	0.10	%	to	0.10	%	33.62	%	to	33.62	%
December 31, 2018	84	$	16.93	to	$	16.93	$	1,415	0.52	%	0.10	%	to	0.10	%	-2.33	%	to	-2.33	%
December 31, 2017	79	$	17.33	to	$	17.33	$	1,361	0.81	%	0.10	%	to	0.10	%	21.51	%	to	21.51	%
	Hartford Dividend and Growth HLS Fund (Class IB)
December 31, 2021	449	$	27.96	to	$	27.96	$	12,561	1.12	%	0.10	%	to	0.10	%	31.54	%	to	31.54	%
December 31, 2020	419	$	21.26	to	$	21.26	$	8,897	1.82	%	0.10	%	to	0.10	%	7.34	%	to	7.34	%
December 31, 2019	376	$	19.80	to	$	19.80	$	7,449	1.93	%	0.10	%	to	0.10	%	28.17	%	to	28.17	%
December 31, 2018	288	$	15.45	to	$	15.45	$	4,453	1.89	%	0.10	%	to	0.10	%	-5.66	%	to	-5.66	%
December 31, 2017	235	$	16.38	to	$	16.38	$	3,854	1.56	%	0.10	%	to	0.10	%	17.99	%	to	17.99	%

A98

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	MFS® Total Return Bond Series (Initial Class)
December 31, 2021	6,140	$	12.34	to	$	13.44	$	76,355	2.82	%	0.10	%	to	0.25	%	-1.06	%	to	1.24	%
December 31, 2020	4,665	$	12.47	to	$	13.56	$	58,674	3.66	%	0.10	%	to	0.25	%	8.20	%	to	8.36	%
December 31, 2019	3,103	$	11.53	to	$	12.51	$	36,135	3.65	%	0.10	%	to	0.25	%	9.93	%	to	10.10	%
December 31, 2018	1,913	$	10.48	to	$	11.37	$	20,286	3.56	%	0.10	%	to	0.25	%	-1.33	%	to	-0.12	%
December 31, 2017	899	$	10.63	to	$	11.50	$	9,662	3.77	%	0.10	%	to	0.25	%	4.20	%	to	4.35	%
	MFS® Value Series (Initial Class)
December 31, 2021	2,838	$	19.62	to	$	24.43	$	57,369	1.37	%	0.10	%	to	0.25	%	11.46	%	to	25.33	%
December 31, 2020	2,352	$	15.68	to	$	19.49	$	38,075	1.65	%	0.10	%	to	0.25	%	3.22	%	to	3.37	%
December 31, 2019	1,667	$	15.19	to	$	18.86	$	26,311	2.26	%	0.10	%	to	0.25	%	29.48	%	to	29.67	%
December 31, 2018	1,211	$	11.73	to	$	14.54	$	14,787	1.65	%	0.10	%	to	0.25	%	-11.10	%	to	-10.18	%
December 31, 2017	684	$	13.08	to	$	16.19	$	9,379	2.07	%	0.10	%	to	0.25	%	17.36	%	to	17.53	%
	Invesco V.I. Growth and Income Fund (Series I)
December 31, 2021	1,938	$	19.96	to	$	19.96	$	38,686	1.59	%	0.25	%	to	0.25	%	9.55	%	to	28.19	%
December 31, 2020	1,808	$	15.57	to	$	15.57	$	28,159	2.49	%	0.25	%	to	0.25	%	1.84	%	to	1.84	%
December 31, 2019	1,556	$	15.29	to	$	15.29	$	23,787	1.97	%	0.25	%	to	0.25	%	24.88	%	to	24.88	%
December 31, 2018	1,237	$	12.24	to	$	12.24	$	15,145	2.17	%	0.25	%	to	0.25	%	-15.07	%	to	-13.60	%
December 31, 2017	928	$	14.17	to	$	14.17	$	13,154	1.66	%	0.25	%	to	0.25	%	14.03	%	to	14.03	%
	Fidelity® VIP Index 500 Portfolio (Service Class 2)
December 31, 2021	12,945	$	28.05	to	$	28.05	$	363,135	1.07	%	0.25	%	to	0.25	%	15.11	%	to	27.94	%
December 31, 2020	10,298	$	21.93	to	$	21.93	$	225,794	1.76	%	0.25	%	to	0.25	%	17.65	%	to	17.65	%
December 31, 2019	6,085	$	18.64	to	$	18.64	$	113,396	1.97	%	0.25	%	to	0.25	%	9.23	%	to	30.69	%
December 31, 2018	3,696	$	14.26	to	$	14.26	$	52,697	1.90	%	0.25	%	to	0.25	%	-11.81	%	to	-4.97	%
December 31, 2017	1,560	$	15.01	to	$	15.01	$	23,407	1.79	%	0.25	%	to	0.25	%	13.05	%	to	21.10	%
	American Funds IS Washington Mutual Investors Fund (Class 2)
December 31, 2021	2,219	$	22.61	to	$	22.61	$	50,182	1.58	%	0.25	%	to	0.25	%	7.41	%	to	27.46	%
December 31, 2020	1,739	$	17.74	to	$	17.74	$	30,848	1.93	%	0.25	%	to	0.25	%	8.41	%	to	18.40	%
December 31, 2019	1,283	$	16.36	to	$	16.36	$	20,992	2.28	%	0.25	%	to	0.25	%	21.08	%	to	21.08	%
December 31, 2018	971	$	13.52	to	$	13.52	$	13,127	2.19	%	0.25	%	to	0.25	%	-12.16	%	to	-8.89	%
December 31, 2017	702	$	14.83	to	$	14.83	$	10,412	2.18	%	0.25	%	to	0.25	%	16.75	%	to	16.75	%
	AST Small-Cap Growth Opportunities Portfolio
December 31, 2021	342	$	21.08	to	$	46.82	$	15,925	0.00	%	0.10	%	to	0.25	%	-1.59	%	to	-1.45	%
December 31, 2020	326	$	21.42	to	$	47.51	$	15,477	0.00	%	0.10	%	to	0.25	%	34.85	%	to	35.05	%
December 31, 2019	322	$	15.88	to	$	35.18	$	11,315	0.00	%	0.10	%	to	0.25	%	9.95	%	to	36.35	%
December 31, 2018	303	$	11.67	to	$	25.80	$	7,813	0.00	%	0.10	%	to	0.25	%	-11.07	%	to	-10.93	%
December 31, 2017	287	$	13.12	to	$	28.97	$	8,307	0.00	%	0.10	%	to	0.25	%	27.37	%	to	27.56	%
	AST International Value Portfolio
December 31, 2021	6,331	$	11.51	to	$	12.23	$	76,479	0.00	%	0.00	%	to	0.90	%	-2.60	%	to	7.64	%
December 31, 2020	5,210	$	10.79	to	$	11.36	$	58,573	0.00	%	0.00	%	to	0.90	%	-1.49	%	to	20.82	%
December 31, 2019	4,180	$	10.96	to	$	11.43	$	47,342	0.00	%	0.00	%	to	0.90	%	6.85	%	to	20.02	%
December 31, 2018	3,927	$	9.21	to	$	9.52	$	37,131	0.00	%	0.00	%	to	0.90	%	-16.89	%	to	-11.48	%
December 31, 2017	3,841	$	11.08	to	$	11.35	$	43,363	0.00	%	0.00	%	to	0.90	%	12.20	%	to	22.81	%
	Calvert VP EAFE International Index Portfolio (Class F) (available August 20, 2018)
December 31, 2021	807	$	12.79	to	$	12.80	$	10,326	2.03	%	0.10	%	to	0.25	%	2.56	%	to	10.55	%
December 31, 2020	290	$	11.57	to	$	11.60	$	3,359	4.29	%	0.10	%	to	0.25	%	7.29	%	to	7.45	%
December 31, 2019	89	$	10.76	to	$	10.81	$	961	3.72	%	0.10	%	to	0.25	%	7.42	%	to	20.70	%
December 31, 2018	3	$	8.95	to	$	8.95	$	30	0.00	%	0.25	%	to	0.25	%	-10.99	%	to	-10.99	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Calvert VP NASDAQ 100 Index Portfolio (Class F) (available August 20, 2018)
December 31, 2021	1,846	$	21.41	to	$	22.06	$	40,599	0.32	%	0.10	%	to	0.25	%	17.12	%	to	26.43	%
December 31, 2020	928	$	16.94	to	$	17.47	$	16,169	0.59	%	0.10	%	to	0.25	%	47.49	%	to	47.71	%
December 31, 2019	228	$	11.47	to	$	11.85	$	2,695	0.72	%	0.10	%	to	0.25	%	14.66	%	to	38.09	%
December 31, 2018	3	$	8.58	to	$	8.58	$	22	0.00	%	0.25	%	to	0.25	%	-14.14	%	to	-14.14	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A99

Note 7:    Financial Highlights (continued)

	At the year ended								For the year ended
	Units (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	Calvert VP S&P MidCap 400 Index Portfolio (Class F) (available August 20, 2018)
December 31, 2021	1,406	$	14.53	to	$	14.83	$	20,470	0.96	%	0.10	%	to	0.25	%	5.51	%	to	24.05	%
December 31, 2020	727	$	11.73	to	$	11.96	$	8,545	1.57	%	0.10	%	to	0.25	%	12.81	%	to	12.98	%
December 31, 2019	227	$	10.40	to	$	10.58	$	2,360	1.73	%	0.10	%	to	0.25	%	6.02	%	to	25.25	%
December 31, 2018	10	$	8.30	to	$	8.30	$	80	0.00	%	0.25	%	to	0.25	%	-17.31	%	to	-17.31	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST Global Bond Portfolio (available November 13, 2020)
December 31, 2021	1,716	$	9.91	to	$	9.93	$	17,018	0.00	%	0.10	%	to	0.25	%	-1.71	%	to	0.82	%
December 31, 2020	1,345	$	10.09	to	$	10.09	$	13,566	0.00	%	0.10	%	to	0.25	%	0.87	%	to	0.89	%
December 31, 2019	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2018	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Invesco V.I. Equity and Income Fund (Series I) (available April 30, 2021)
December 31, 2021	5	$	10.49	to	$	10.49	$	52	1.85	%	0.20	%	to	0.20	%	5.60	%	to	5.60	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2019	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2018	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

*	These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying Portfolios, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying Portfolios in which the subaccount invests.
**	These amounts represent the annualized contract expenses of the Account, consisting primarily of mortality and expense riskcharges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Portfolios are excluded. Expense ratio is net of expense reimbursements. In the absence of expense reimbursements, the expense ratio would be higher.
***	These amounts represent the total returns for the periods indicated, including changes in the value of the underlying Portfolios, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Product designs within a subaccount which were offered less than one year are included in the range of total returns for that period, and their respective total returns may not correspond to the total returns of a product offering with a comparable expense ratio that was presented for the full period. Contract owners may experience different total returns based on their investment options. Subaccounts with a date notation indicate the effective date of that subaccount in the Account. Total returns for periods less than one year are not annualized. The total return is calculated for each of the five years in the period ended December 31, 2021 or from the effective date of the subaccount through the end of the reporting period.Total return may reflect expense reimbursements. In the absence of expense reimbursements, the total return would be lower.
(1)	Amount is less than 1,000 units and/or $1,000 in net assets.

Note 8:    Charges and Expenses

The following represents the various charges and expenses of the Account which are paid to Pruco Life.

The expense ratio represents the annualized contract expenses of the Account for the period indicated and includes those expenses that are charged through a reduction of the unit value, which consists solely of the mortality and expense risk charges. These fees, which vary by contract, range from a maximum effective annual rate of up to 0.45% to 0.90%, and are applied daily against the net assets of each

A100

Note 8:    Charges and Expenses (continued)

subaccount. Expenses of the underlying Portfolios and charges made directly to contract owner accounts through either the redemption of units or from premium payments are excluded.

Charges deducted from premium payments range from 0% to 22.5%, except for VULP (2021) and SVULP (2021), where charges deducted from premium payments range from 0% to 37.5%. In addition, CVUL1 and CVUL2 contracts also deduct a $2 premium processing charge for each premium paid.

The percentage of the premium payment deducted consists of taxes attributable to premiums, any applicable sales charge, and any premium based administrative charge.

The charges made directly to the contract owner through the redemption of units depend on the product and the options or transactions selected by the contract owner. The following charges are made through the redemption of units.

•The Account charges from $0.00001 to $83.34 per $1,000 of basic insurance amount for the cost of insurance plus additional mortality for extra ratings of up to $2.08 per $1,000 of basic insurance amount.

•The Account charges surrender fees that range from 0% to 100% of the sales load target premium, except for VULP(1), SVULP(2), and MPVULP, where the fees range from $0 to $54.56 per $1,000 of Basic Insurance Amount.

•The charge for withdrawals ranges from the lesser of $15 and 2% to the lesser of $25 and 2% of the withdrawal amount.

•The Account charges monthly administrative fees that range from $3 to $30 per contract plus $0 to $10.50 per $1,000 of basic insurance amount, although it may be less for subsequent increases.

•The Account also charges up to $25 per change to the basic insurance amount, except for CVUL1 and CVUL2 where the charge is up to $15.

(1)    Includes the Base, 2014, 2015, 2018, and 2021 versions of the product.

(2)    Includes the Base, 2020, and 2021 versions of the product.

Expense Reimbursement

The Account is reimbursed for certain products by Pruco Life, on a non-guaranteed basis, for expenses incurred by The Prudential Series Fund in excess of the effective rate of 0.40% for the PSF Stock Index Portfolio (Class I), 0.50% for the PSF PGIM Jennison Value Portfolio (Class I), 0.55% for the PSF Natural Resources Portfolio (Class I), and 0.65% for the PSF PGIM High Yield Bond Portfolio (Class I) of the average daily net assets of these portfolios. During the period ended December 31, 2021, there was no expense reimbursement.

Note 9: Other

Accumulation units are the basic valuation units used to calculate a contract owner's interest allocated to the variable account.

Contract owner net payments represent contract owner contributions, net of applicable deductions, charges, and state premium taxes.

Policy loans represent amounts borrowed by contract owners using the contract as the security for the loan.

Policy loan repayments and interest represent payments made by contract owners to reduce the total outstanding policy loan principal plus accrued interest.

Surrenders, withdrawals and death benefits are payments to contract owners and beneficiaries made under the terms of the contract, including amounts that contract owners have requested to be withdrawn or paid to them.

A101

Note 9: Other (continued)

Net transfers between other subaccounts or fixed rate option are amounts that contract owners have directed to be moved among subaccounts, including permitted transfers to and from the fixed rate option.

Miscellaneous transactions primarily represent timing related adjustments on contract owner transactions, such as premiums, surrenders, transfers, etc. which are funded by the general account in order to maintain appropriate contract owner account balances.

Other charges are contract level charges assessed through the redemption of units as described in Note 8, Charges and Expenses.

Report of Independent Registered Public Accounting Firm

TotheBoard of Directors ofPruco Life Insurance Company and

theContract Ownersof Pruco Life Variable Universal Account

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of Pruco Life Variable Universal Account indicated in the table below as of the dates indicated in the table below, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below,including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Pruco Life Variable Universal Account as of the dates indicated in the table below, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PSF PGIM Government Money Market Portfolio (Class I) (1)	ProFund VP UltraSmall-Cap (1)
PSF PGIM Total Return Bond Portfolio (Class I) (1)	ProFund VP Bull (1)
PSF PGIM Jennison Blend Portfolio (Class I) (1)	ProFund VP Utilities (1)
PSF PGIM Flexible Managed Portfolio (Class I) (1)	AST T. Rowe Price Large-Cap Growth Portfolio (1)
PSF PGIM 50/50 Balanced Portfolio (Class I) (1)	AST Cohen & Steers Realty Portfolio (1)
PSF PGIM Jennison Value Portfolio (Class I) (1)	AST J.P. Morgan Tactical Preservation Portfolio (1)
PSF PGIM High Yield Bond Portfolio (Class I) (1)	AST T. Rowe Price Large-Cap Value Portfolio (1)
PSF Natural Resources Portfolio (Class I) (1)	AST Small-Cap Value Portfolio (1)
PSF Stock Index Portfolio (Class I) (1)	AST Mid-Cap Growth Portfolio (1)
PSF Global Portfolio (Class I) (1)	AST Hotchkis & Wiley Large-Cap Value Portfolio (1)
PSF PGIM Government Income Portfolio (Class I) (1)	AST Loomis Sayles Large-Cap Growth Portfolio (1)
PSF PGIM Jennison Growth Portfolio (Class I) (1)	AST MFS Growth Portfolio (1)
PSF Small-Cap Stock Index Portfolio (Class I) (1)	AST Small-Cap Growth Portfolio (1)
T. Rowe Price International Stock Portfolio (1)	AST BlackRock Low Duration Bond Portfolio (1)
Janus Henderson VIT Research Portfolio (Institutional Shares) (1)	AST T. Rowe Price Natural Resources Portfolio (1)
MFS® Growth Series (Initial Class) (1)	AST MFS Global Equity Portfolio (1)
American Century VP Value Fund (Class I) (1)	AST J.P. Morgan International Equity Portfolio (1)
Franklin Small-Mid Cap Growth VIP Fund (Class 2) (1)	Neuberger Berman AMT Sustainable Equity Portfolio (Class S) (1)
American Century VP Disciplined Core Value Fund (Class I) (1)	American Century VP Mid Cap Value Fund (Class I) (1)
BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares) (1)	BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares) (1)
BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares) (1)	BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares) (1)
PSF Small-Cap Value Portfolio (Class I) (1)	MFS® Utilities Series (Initial Class) (1)
PSF PGIM Jennison Focused Blend Portfolio (Class I) (1)	AST BlackRock/Loomis Sayles Bond Portfolio (1)
Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares) (1)	AST T. Rowe Price Asset Allocation Portfolio (1)
Invesco V.I. Managed Volatility Fund (Series I) (3)	AST Wellington Management Hedged Equity Portfolio (1)
Invesco V.I. Technology Fund (Series I) (1)	AST Balanced Asset Allocation Portfolio (1)
Janus Henderson VIT Enterprise Portfolio (Service Shares) (1)	AST Preservation Asset Allocation Portfolio (1)
Janus Henderson VIT Balanced Portfolio (Service Shares) (1)	AST Fidelity Institutional AM® Quantitative Portfolio (4)
Invesco V.I. Discovery Mid Cap Growth Fund (Series II) (1)	AST Prudential Growth Allocation Portfolio (1)
Janus Henderson VIT Research Portfolio (Service Shares) (1)	AST Advanced Strategies Portfolio (1)
PSF Mid-Cap Growth Portfolio (Class I) (1)	AST AllianzGI World Trends Portfolio (1)
Janus Henderson VIT Overseas Portfolio (Service Shares) (1)	AST BlackRock Global Strategies Portfolio (1)
PSF International Growth Portfolio (Class I) (1)	TOPS® Aggressive Growth ETF Portfolio (Class 2) (1)
M Large Cap Growth Fund (1)	TOPS® Balanced ETF Portfolio (Class 2) (1)
M Capital Appreciation Fund (1)	TOPS® Conservative ETF Portfolio (Class 2) (1)

M International Equity Fund (1)	TOPS® Growth ETF Portfolio (Class 2) (1)
M Large Cap Value Fund (1)	TOPS® Moderate Growth ETF Portfolio (Class 2) (1)
ProFund VP Asia 30 (1)	TOPS® Managed Risk Balanced ETF Portfolio (Class 2) (1)
ProFund VP Basic Materials (1)	TOPS® Managed Risk Growth ETF Portfolio (Class 2) (1)
ProFund VP Bear (1)	TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2) (1)
ProFund VP Biotechnology (1)	American Funds IS Growth Fund (Class 2) (1)
ProFund VP UltraBull (1)	American Funds IS Growth-Income Fund (Class 2) (1)
ProFund VP Consumer Services (1)	American Funds IS International Fund (Class 2) (1)
ProFund VP Oil & Gas (1)	Fidelity® VIP Contrafund® Portfolio (Service Class 2) (1)
ProFund VP Europe 30 (1)	Fidelity® VIP Mid Cap Portfolio (Service Class 2) (1)
ProFund VP Financials (1)	Franklin Income VIP Fund (Class 2) (1)
ProFund VP Health Care (1)	Franklin Mutual Shares VIP Fund (Class 2) (1)
ProFund VP Japan (1)	Templeton Growth VIP Fund (Class 2) (1)
ProFund VP Mid-Cap Growth (1)	Hartford Capital Appreciation HLS Fund (Class IB) (1)
ProFund VP Mid-Cap Value (1)	Hartford Disciplined Equity HLS Fund (Class IB) (1)
ProFund VP Government Money Market (1)	Hartford Dividend and Growth HLS Fund (Class IB) (1)
ProFund VP NASDAQ-100 (1)	MFS® Total Return Bond Series (Initial Class) (1)
ProFund VP Pharmaceuticals (1)	MFS® Value Series (Initial Class) (1)
ProFund VP Precious Metals (1)	Invesco V.I. Growth and Income Fund (Series I) (1)
ProFund VP Real Estate (1)	Fidelity® VIP Index 500 Portfolio (Service Class 2) (1)
ProFund VP Short NASDAQ-100 (1)	American Funds IS Washington Mutual Investors Fund (Class 2) (1)
ProFund VP Small-Cap (1)	AST Small-Cap Growth Opportunities Portfolio (1)
ProFund VP Small-Cap Growth (1)	AST International Value Portfolio (1)
ProFund VP Technology (1)	Calvert VP EAFE International Index Portfolio (Class F) (1)
ProFund VP Telecommunications (1)	Calvert VP NASDAQ 100 Index Portfolio (Class F) (1)
ProFund VP U.S. Government Plus (1)	Calvert VP S&P MidCap 400 Index Portfolio (Class F) (1)
ProFund VP UltraMid-Cap (1)	AST Global Bond Portfolio (1)
ProFund VP UltraNASDAQ-100 (1)	Invesco V.I. Equity and Income Fund (Series I) (2)
(1) Statement of net assets as of December 31, 2021, statement of operations for the year ended December 31, 2021 and statement of changes in net assets for the years ended December 31, 2021 and 2020.
(2) Statement of net assets as of December 31, 2021, statement of operations and statement of changes in net assets for the period April 30, 2021 (commencement of operations) to December 31, 2021.
(3) Statement of net assets as of April 30, 2021 (date of merger), statement of operations for the period January 1, 2021 to April 30, 2021 and statement of changes in net assets for the period January 1, 2021 to April 30, 2021 and for the year ended December 31, 2020.
(4) Statement of net assets as of October 15, 2021 (date of merger), statement of operations for the period January 1, 2021 to October 15, 2021 and statement of changes in net assets for the period January 1, 2021 to October 15, 2021 and for the year ended December 31, 2020.

Basis for Opinions

These financial statements are the responsibility of Pruco Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Pruco Life Variable Universal Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Pruco Life Variable Universal Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as ofDecember 31, 2021 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 5, 2022

We have served as the auditor of one or more of the subaccounts of Pruco Life Variable Universal Account since 1996.

PRUCO LIFE INSURANCE COMPANY

CONSOLIDATED FINANCIAL STATEMENTS INDEX

	Page
Management’s Annual Report on Internal Control Over Financial Reporting	B-2
Consolidated Statements of Financial Position as of December 31, 2021 and 2020	B-3
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2021, 2020 and 2019	B-4
Consolidated Statements of Equity for the years ended December 31, 2021, 2020 and 2019	B-5
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019	B-6
Notes to Consolidated Financial Statements:	B-8
1      Business and Basis of Presentation	B-8
2      Significant Accounting Policies and Pronouncements	B-12
3      Investments	B-26
4     Derivatives and Hedging	B-37
5      Fair Value of Assets and Liabilities	B-44
6      Deferred Policy Acquisition Costs	B-59
7      Policyholders’ Liabilities	B-60
8      Certain Long-duration Contracts with Guarantees	B-61
9     Reinsurance	B-65
10    Income Taxes	B-71
11    Equity	B-73
12    Statutory Net Income and Surplus and Dividend Restriction	B-76
13    Related Party Transactions	B-76
14    Commitments and Guarantees, Contingent Liabilities and Litigation and Regulatory Matters	B-81
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)	B-84

B-1

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Pruco Life Insurance Company (together with its consolidated subsidiary, the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Management conducted an assessment of the effectiveness, as of December 31, 2021, of the Company’s internal control over financial reporting, based on the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on our assessment under that framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2021.

Our internal control over financial reporting is a process designed by or under the supervision of our principal executive and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm, PricewaterhouseCoopers LLP, regarding the internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

March 16, 2022

B-2

PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Financial Position

December 31, 2021 and 2020 (in thousands, except share amounts)

	December 31, 2021		December 31, 2020
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2021 – $4,149; 2020 – $2,339) (amortized cost: 2021 – $12,737,749; 2020 – $6,157,371)	$	13,278,166	$	7,012,631
Fixed maturities, trading, at fair value (amortized cost: 2021 – $3,319,660; 2020 – $73,413)	3,302,392		82,482
Equity securities, at fair value (cost: 2021 – $106,174; 2020 – $105,508)	111,267		108,457
Policy loans	1,327,485		1,323,681
Short-term investments	182,437		49,997
Commercial mortgage and other loans (net of $5,951 and $4,552 allowance for credit losses at December 31, 2021 and December 31, 2020, respectively)	2,832,560		1,288,846
Other invested assets (includes $348,004 and $94,939 measured at fair value at December 31, 2021 and 2020, respectively)	1,209,925		520,955
Total investments	22,244,232		10,387,049
Cash and cash equivalents	918,931		426,979
Deferred policy acquisition costs	6,830,972		2,433,936
Accrued investment income	160,027		93,613
Reinsurance recoverables	38,598,767		48,367,096
Receivables from parent and affiliates	278,131		266,473
Deferred sales inducements	374,649		0
Income taxes receivable	1,316,879		175,024
Other assets	1,140,948		417,508
Separate account assets	149,797,828		145,740,422
TOTAL ASSETS	$	221,661,364	$	208,308,100
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits	$	27,927,029	$	32,889,181
Policyholders’ account balances	35,361,795		23,857,574
Cash collateral for loaned securities	3,004		2,725
Long-term debt to affiliates	320,362		0
Payables to parent and affiliates	31,775		75,990
Other liabilities	2,264,477		1,694,492
Separate account liabilities	149,797,828		145,740,422
Total liabilities	215,706,270		204,260,384
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 14)
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding)	2,500		2,500
Additional paid-in capital	6,042,491		1,726,690
Retained earnings	(437,332)		1,772,398
Accumulated other comprehensive income (loss)	347,435		546,128
Total equity	5,955,094		4,047,716
TOTAL LIABILITIES AND EQUITY	$	221,661,364	$	208,308,100

See Notes to Consolidated Financial Statements

B-3

PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Operations and Comprehensive Income

Years Ended December 31, 2021, 2020, and 2019 (in thousands)

	2021		2020		2019
REVENUES
Premiums	$	203,676	$	92,176	$	28,544
Policy charges and fee income	1,529,757		624,320		544,156
Net investment income	550,235		367,350		393,797
Asset administration fees	202,177		19,138		16,056
Other income	267,208		83,256		83,560
Realized investment gains (losses), net	(5,295,406)		(62,976)		(116,749)
TOTAL REVENUES	(2,542,353)		1,123,264		949,364
BENEFITS AND EXPENSES
Policyholders’ benefits	655,910		298,149		153,074
Interest credited to policyholders’ account balances	(114,585)		233,375		187,229
Amortization of deferred policy acquisition costs	342,118		140,562		113,318
General, administrative and other expenses	(523,925)		383,043		336,959
TOTAL BENEFITS AND EXPENSES	359,518		1,055,129		790,580
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	(2,901,871)		68,135		158,784
Income tax expense (benefit)	(691,439)		(130,248)		(59,132)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	(2,210,432)		198,383		217,916
Equity in earnings of operating joint venture, net of taxes	702		(1,686)		(917)
NET INCOME (LOSS)	$	(2,209,730)	$	196,697	$	216,999
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(3,891)		599		9,572
Net unrealized investment gains (losses)	(247,176)		334,893		381,447
Total	(251,067)		335,492		391,019
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(52,374)		70,806		81,281
Other comprehensive income (loss), net of taxes	(198,693)		264,686		309,738
Comprehensive income (loss)	$	(2,408,423)	$	461,383	$	526,737

See Notes to Consolidated Financial Statements

B-4

PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Equity

Years Ended December 31, 2021, 2020 and 2019 (in thousands)

	Common  Stock		Additional  Paid-in Capital		Retained Earnings		Accumulated Other   Comprehensive  Income		Total Equity
Balance, December 31, 2018	$	2,500	$	1,146,592	$	1,612,435	$	(28,296)	$	2,733,231
Cumulative effect of adoption of accounting changes(1)					(1,981)				(1,981)
Contributed capital			5,900						5,900
Dividend to parent					(250,000)				(250,000)
Contributed (distributed) capital-parent/child asset transfers			1,140						1,140
Comprehensive income:
Net income (loss)					216,999				216,999
Other comprehensive income (loss), net of tax							309,738		309,738
Total comprehensive income (loss)									526,737
Balance, December 31, 2019	2,500		1,153,632		1,577,453		281,442		3,015,027
Cumulative effect of adoption of accounting changes(2)					(1,752)				(1,752)
Contributed capital			575,000						575,000
Dividend to parent					0				0
Contributed (distributed) capital-parent/child asset transfers			(1,942)						(1,942)
Comprehensive income:
Net income (loss)					196,697				196,697
Other comprehensive income (loss), net of tax							264,686		264,686
Total comprehensive income (loss)									461,383
Balance, December 31, 2020	2,500		1,726,690		1,772,398		546,128		4,047,716
Contributed capital			4,342,215						4,342,215
Dividend to parent					0				0
Contributed (distributed) capital-parent/child asset transfers			(26,414)						(26,414)
Comprehensive income:
Net income (loss)					(2,209,730)				(2,209,730)
Other comprehensive income (loss), net of tax							(198,693)		(198,693)
Total comprehensive income (loss)									(2,408,423)
Balance, December 31, 2021	$	2,500	$	6,042,491	$	(437,332)	$	347,435	$	5,955,094

(1) Includes the impact from the adoption of ASU 2017-08 and 2017-12.

(2) Includes the impact from the adoption of ASU 2016-13. See Note 2.

See Notes to Consolidated Financial Statements

B-5

PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Cash Flows

Years Ended December 31, 2021, 2020 and 2019 (in thousands)

	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(2,209,730)	$	196,697	$	216,999
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Policy charges and fee income	(21,763)		(81,850)		(53,158)
Interest credited to policyholders’ account balances	(114,585)		233,375		187,229
Realized investment (gains) losses, net	5,295,406		62,976		116,749
Amortization and other non-cash items	1,488,904		(102,443)		(81,847)
Change in:
Future policy benefits	2,080,967		2,658,195		2,538,263
Reinsurance recoverables	(1,304,306)		(2,440,532)		(2,739,573)
Accrued investment income	(66,414)		(4,165)		(1,170)
Net payables to/receivables from parent and affiliates	(16,904)		(145,743)		(7,175)
Deferred policy acquisition costs	(3,926,121)		(617,907)		(338,455)
Income taxes	(1,082,459)		(142,196)		(138,706)
Derivatives, net	(1,193,004)		10,969		143,004
Other, net	186,068		(6,498)		(22,573)
Cash flows from (used in) operating activities	(883,941)		(379,122)		(180,413)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	1,251,269		385,245		948,693
Fixed maturities, trading	914,662		0		0
Equity securities	100,151		5,043		29,532
Policy loans	172,932		174,208		162,744
Ceded policy loans	(13,387)		(12,863)		(11,953)
Short-term investments	221,645		371,508		51,117
Commercial mortgage and other loans	280,103		123,124		144,512
Other invested assets	302,692		16,280		18,599
Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(2,504,582)		(1,269,808)		(940,605)
Fixed maturities, trading	(117,247)		(13,418)		(15,235)
Equity securities	(98,122)		(99,871)		(110)
Policy loans	(122,297)		(137,133)		(196,508)
Ceded policy loans	12,161		20,053		19,790
Short-term investments	(317,593)		(421,495)		(51,113)
Commercial mortgage and other loans	(565,222)		(165,398)		(171,762)
Other invested assets	(148,842)		(74,231)		(84,762)
Notes receivable from parent and affiliates, net	(54,026)		905		15,980
Derivatives, net	(3,234)		(4,048)		(4,056)
Other, net	(10,392)		2,290		(6,342)
Cash flows from (used in) investing activities	(699,329)		(1,099,609)		(91,479)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	5,690,619		4,775,163		5,407,620
Ceded policyholders’ account deposits	(1,149,254)		(3,479,973)		(3,537,492)
Policyholders’ account withdrawals	(3,927,948)		(3,291,806)		(3,568,340)
Ceded policyholders’ account withdrawals	326,680		2,709,182		2,431,701
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities	287		(4,804)		(3,534)
Dividend to parent	0		0		(250,000)
Contributed Capital	776,657		575,000		0
Contributed (distributed) capital - parent/child asset transfers	(6,148)		(2,458)		1,443

B-6

Net change in financing arrangements (maturities 90 days or less)	0		(2,845)		2,845
Proceeds from the issuance of debt (maturities longer than 90 days)	323,839		0		0
Drafts outstanding	43,741		40,514		7,150
Other, net	(3,251)		24,538		(73,142)
Cash flows from (used in) financing activities	2,075,222		1,342,511		418,251
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	491,952		(136,220)		146,359
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	426,979		563,199		416,840
CASH AND CASH EQUIVALENTS, END OF YEAR	$	918,931	$	426,979	$	563,199
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refund)	$	391,015	$	11,948	$	79,574
Interest paid	$	6,341	$	2,783	$	3,204

Significant Non-Cash Transactions

Cash Flows from Investing and Financing Activities for the twelve months ended December 31, 2021 excludes certain non-cash activities related to the following transactions:

Effective July 1, 2021, Pruco Life Insurance Company recaptured the risks related to its business that had previously been reinsured to Prudential Annuities Life Assurance Corporation from April 1, 2016 through June 30, 2021. See Note 1 for additional information.

Effective December 1, 2021, the Pruco Life Insurance Company assumed certain variable and fixed annuities from Prudential Annuities Life Assurance Corporation, which resulted in $2.6 billion of investment transfers and $0.2 billion of dividend payment in securities. See Note 1 for additional information.

There were no significant non-cash transactions for the years ended December 31, 2020 and 2019.

See Notes to Consolidated Financial Statements

B-7

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey, (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

2021 Variable Annuities Recapture

Effective July 1, 2021, the Company recaptured the risks related to its variable annuity base contracts, along with the living benefit guarantees, that had previously been reinsured to Prudential Annuities Life Assurance Corporation (“PALAC”) from April 1, 2016 through June 30, 2021. The recapture does not impact PLNJ, which will continue to reinsure its new and in force business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders are being managed within the Company. This transaction is referred to as the "2021 Variable Annuities Recapture".

B-8

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The financial statement impacts of this transaction are as follows:

Interim Consolidated Statement of Financial Position

Day 1 Impact of 2021 Variable Annuities Recapture	Impacts of Recapture
	(in millions)
ASSETS
Total investments(1)(2)	$	8,324
Cash and cash equivalents	414
Deferred policy acquisition costs	3,286
Accrued investment income	42
Reinsurance recoverables	(12,307)
Deferred sales inducements	388
Receivable from parent and affiliates	0
Income taxes receivable	765
Other assets	(84)
Separate account assets	0
TOTAL ASSETS	$	828
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits	$	0
Policyholders’ account balances	0
Cash collateral for loaned securities	0
Payables to parent and affiliates	(106)
Other liabilities	0
Separate account liabilities	0
Total liabilities	(106)
EQUITY
Common stock	0
Additional paid-in capital(3)	3,786
Retained earnings	(2,797)
Accumulated other comprehensive income	(55)
Total equity	934
TOTAL LIABILITIES AND EQUITY	$	828

Significant non-cash transactions

(1) The increase in total investments includes non-cash activities of $8.3 billion related to the recapture transaction.

(2) The Company incurred a loss related to ceding commissions of $2 billion.

(3) The increase in Additional paid-in capital includes non-cash activities of $3.4 billion in invested assets related to capital contributions from Prudential Insurance.

B-9

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Interim Consolidated Statement of Operations and Comprehensive Income (Loss)

Day 1 Impact of 2021 Variable Annuities Recapture	Impacts of Recapture
	(in millions)
REVENUES
Other income (loss)	$	(1)
Realized investment gains (losses), net	(4,953)
TOTAL REVENUES	(4,954)
BENEFITS AND EXPENSES
Policyholders’ benefits	257
Interest credited to policyholders’ account balances	(399)
General, administrative and other expenses	(1,272)
TOTAL BENEFITS AND EXPENSES	(1,414)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(3,540)
Income tax expense (benefit)	(743)
NET INCOME (LOSS)	$	(2,797)

Affiliated Asset Transfers

Affiliate	Period	Transaction	Security Type	Fair Value		Book Value		APIC/ Retained Earnings Increase/(Decrease)		Realized Investment Gain/(Loss), Net		Derivative Gain/(Loss)
				(in millions)
PALAC	July 1, 2021	Purchase	Derivatives, Fixed Maturities, Equity Securities, Commercial Mortgages and JV/LP Investments	$	4,908	$	4,908	$	0	$	0	$	0
Prudential Insurance	July 1, 2021	Contributed Capital	Fixed Maturities	$	3,420	$	3,420	$	3,420	$	0	$	0

As part of the recapture transaction, the Company received invested assets of $6.8 billion, net of $2 billion ceding commissions as consideration from PALAC, which is equivalent to the amount of statutory reserve credit taken as of June 30, 2021. The Company released a reinsurance recoverable of $12.3 billion.

The Company derecognized its ceded Deferred Acquisition Costs ("DAC") and Deferred Sales Inducements ("DSI") balances as of June 30, 2021. The company also recognized a net deferred reinsurance loss from the original transaction of $0.1 billion. As a result of the recapture transaction, the Company recognized a pre-tax loss of $3.5 billion immediately.

There was a $3.8 billion capital contribution from Prudential Insurance, which includes $3.4 billion in invested assets and $0.4 billion in cash.

Affiliated Reinsurance Agreement

Effective December 1, 2021, the Company entered into a reinsurance agreement with PALAC under which the Company assumed all of its variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature from PALAC. As a result, the Company recognized a deferred reinsurance loss of $238 million. As of December 31, 2021, the reinsurance recoverable from the reinsurance of variable indexed annuities was $7.2 billion, and the Policyholder Account Balance resulting from the reinsurance of variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income benefit was $9.8 billion.

B-10

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; future policy benefits including guarantees; reinsurance recoverables; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

COVID-19

Since the first quarter of 2020, the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets. While markets have rebounded, the pandemic has adversely impacted, and may continue to adversely impact, the Company's results of operations, financial condition and cash flows. Due to the highly uncertain nature of these conditions, it is not possible to estimate the ultimate impacts at this time. The risks may have manifested, and may continue to manifest, in the Company's financial statements in the areas of, among others, i) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value; and ii) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, etc.). The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

B-11

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. However, the credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net."

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income.”

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired) the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.

For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings.The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

B-12

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The associated unrealized gains and losses, net of tax, and the effect on DAC, deferred sales inducements ("DSI"), future policy benefits and policyholders’ account balances that would result from the realization of unrealized gains and losses, are included in “Accumulated other comprehensive income (loss)” (“AOCI”). Each of these balances is discussed in greater detail below.

Fixed maturities, trading, at fair value consists of fixed maturities carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income,” and interest and dividend income from these investments is reported in “Net investment income”.

Equity securities, at fairvalue is comprised of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income,” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consists of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of the current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 14 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income.”

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs, using a modified retrospective method for certain financial assets carried at amortized cost and certain off-balance sheet exposures. Adoption of these ASUs requires an entity to estimate lifetime credit losses for certain financial assets carried at amortized cost and certain off-balance sheet exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that may affect the collectability of reported amounts. The most significant impact is that modifications made to the Company’s process for measuring credit losses for its commercial mortgage and other loans class classified as held for investment. The impact of the standard resulted in a cumulative effect adjustment to opening retained earnings in the amount of $1.8 million, primarily related to commercial mortgage and other loans. The impact of adoption was not material to the following financial statement line items: deferred policy acquisition costs; reinsurance recoverables; income taxes receivable; future policy benefits; policyholders' account balances; and other liabilities. The prospective adoption of the portions of the standard related to fixed maturities, available-for-sale resulted in no impact to opening retained earnings.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. Prior to the adoption of ASU 2016-13, the allowance was based upon credit losses that were probable of occurring for recognized loans, not an estimate of credit losses that may occur over the remaining life of the asset.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans, other collateralized and uncollateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

B-13

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region.The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized and uncollateralized loans (e.g., corporate loans) carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

B-14

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Commercial mortgage and other loans are occasionally restructured in a troubled debt restructuring (“TDR”). These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt as part of a TDR. When restructurings occur, they are evaluated individually to determine whether the restructuring or modification constitutes a TDR as defined by authoritative accounting guidance. If the borrower is experiencing financial difficulty and the Company has granted a concession, the restructuring, including those that involve a partial payoff or the receipt of assets in full satisfaction of the debt is deemed to be a TDR. When there is a reasonable expectation that the Company will execute a TDR, all effects of the potential restructuring are considered for the estimation of the CECL allowance.

When a loan is modified in a TDR, the CECL allowance of the loan is remeasured using the modified terms and the loan’s original effective yield, and the allowance is adjusted accordingly. The loan will be evaluated to determine whether the loan no longer has similar credit risk characteristics of the commercial or agricultural mortgage loan pools and need to be evaluated for an allowance on an individual basis.Subsequent to the modification, income is recognized prospectively based on the modified terms of the loan.

In a TDR where the Company receives assets in full satisfaction of the debt, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the assets received and the recorded investment in the loan. When assets are received in partial settlement, the same process is followed, and the remaining loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income”.

Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to purchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs represent costs directly related to the successful acquisition of new and renewal insurance and annuity business that have been deferred to the extent such costs are deemed recoverable from future profits. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, capitalized DAC is amortized to “Amortization of DAC," net of the accrual of imputed interest on DAC balances. DAC is subject to periodic recoverability testing. DAC, for applicable products, is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI.

B-15

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

DAC related to universal and variable life products and fixed and variable deferred annuity products are generally deferred and amortized over the expected life of the contracts in proportion to gross profits arising principally from investment margins, mortality and expense margins, and surrender charges, based on historical and anticipated future experience, which is updated periodically. The Company uses a reversion to the mean approach for equities to derive future equity return assumptions; however, if the projected equity return calculated using this approach is greater than the maximum equity return assumption, the maximum equity return is utilized and if the projected equity return is negative, the return is floored at 0%. Gross profits also include impacts from the embedded derivatives associated with certain of the optional living benefit features of variable annuity contracts, and index-linked crediting features of certain universal life and annuity contracts and related hedging activities. In calculating gross profits, profits and losses related to contracts issued by the Company that are reported in affiliated legal entities other than the Company as a result of, for example, reinsurance agreements with those affiliated entities are also included. The Company is an indirect subsidiary of Prudential Financial, a United States Securities and Exchange Commission (the "SEC") registrant, and has extensive transactions and relationships with other subsidiaries of Prudential Financial, including reinsurance agreements, as described in Note 9. Incorporating all product-related profits and losses in gross profits, including those that are reported in affiliated legal entities, produces a DAC amortization pattern representative of the total economics of the products. Total gross profits include both actual gross profits and estimates of gross profits for future periods. The Company regularly evaluates and adjusts DAC balances with a corresponding charge or credit to current period earnings, representing a cumulative adjustment to all prior periods’ amortization, for the impact of actual gross profits and changes in the Company's projections of estimated future gross profits. Adjustments to DAC balances result from: (i) the annual review of assumptions that reflect the comprehensive review of the assumptions used in estimating gross profits for future periods; (ii) quarterly adjustments for current period experience (also referred to as “experience true-up” adjustments) that reflect the impact of differences between actual gross profits for a given period and the previously estimated expected gross profits for that period; and (iii) quarterly adjustments for market performance (also referred to as “experience unlocking”) that reflect the impact of changes to the Company's estimate of total gross profits to reflect actual fund performance and market conditions.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a nonintegrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, andare reported on the Consolidated Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. For additional information about these arrangements see Note 9.

Income taxes receivable primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

B-16

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Consolidated Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 10 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company’s liability for income taxes includes a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 10 for additional information regarding income taxes.

Deferred sales inducements represents various types of sales inducements to contractholders related to fixed and variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology and assumptions used to amortize DAC. Sales inducement balances are subject to periodic recoverability testing. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” DSI for applicable products is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI. See Note 9 for additional information regarding sales inducements.

Other assets consists primarily of deposit assets related to a reinsurance agreement entered into with a third-party reinsurer during 2021 using deposit accounting under U.S. GAAP, which as of December 31, 2021 was $497.0 million. Included in these deposit assets are amounts representing fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5. Also included are premiums due, deferred loss on reinsurance with affiliates, receivables resulting from sales of securities that had not yet settled at the balance sheet date, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.

B-17

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Separate account assets represents segregated funds that are invested for certain contractholders and other customers. The assets consist primarily of equity securities, fixed maturities, and real estate-related investments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the contractholders, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the contractholders and are not included in the Company’s consolidated results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits represents liabilities related to certain long-duration life and annuity contracts, which are discussed more fully in Note 7. These liabilities represent reserves for the guaranteed minimum death and optional living benefit features on our variable annuity products and no-lapse guarantees for our variable and universal life products. The optional living benefits are primarily accounted for as embedded derivatives, with fair values calculated as the present value of future expected benefit payments to customers less the present value of assessed rider fees attributable to the embedded derivative feature. For additional information regarding the valuation of these optional living benefit features, see Note 5.

The Company’s liability for future policy benefits also includes reserves based on the present value of estimated future payments to or on behalf of policyholders related to contracts that have fixed and guaranteed terms, where the timing and amount of payment depends on policyholder mortality and maintenance expenses less the present value of future net premiums. Expected mortality is generally based on Company experience, industry data, and/or other factors. Interest rate assumptions are based on factors such as market conditions and expected investment returns. Although mortality and interest rate assumptions are “locked-in” upon the issuance of new insurance or annuity business with fixed and guaranteed terms, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by recognizing a premium deficiency. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and expenses. If a premium deficiency is recognized, the assumptions without a provision for the risk of adverse deviation as of the premium deficiency test date are locked-in and used in subsequent valuations. The net reserves continue to be subject to premium deficiency testing. Any adjustments to future policy benefit reserves related to net unrealized gains on securities classified as available-for-sale are included in AOCI. See Note 7 for additional information regarding future policy benefits.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities. See Note 7 for additional information regarding policyholders’ account balances. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income or to facilitate trading activity. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".

B-18

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”

Other liabilities consists primarily of reinsurance payables associated with reinsurance arrangements with affiliates that correspond to reinsurance receivables included above in “Reinsurance recoverables”. For additional information about these arrangements see Note 9. Also included is a funds withheld liability for assets retained under a reinsurance agreement that corresponds to the deposit assets above in "Other assets". The funds withheld liability as of December 31, 2021 was $419.2 million. Additionally other liabilities includes accrued expenses, technical overdrafts, deferred gain on reinsurance, and payables resulting from purchases of securities that had not yet settled at the balance sheet date. Other liabilities may also include derivative instruments for which fair values are determined as described below under “Derivative Financial Instruments”.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issue costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 13 for additional information regarding short-term and long-term debt.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

REVENUES AND BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

B-19

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium methodology.

Revenues for variable deferred annuity contracts consist of charges against contractholder account values or separate accounts for mortality and expense risks, administration fees, surrender charges and an annual maintenance fee per contract. Revenues for mortality and expense risk charges and administration fees are recognized as assessed against the contractholder. Surrender charge revenue is recognized when the surrender charge is assessed against the contractholder at the time of surrender. Liabilities for the variable investment options on annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable immediate annuity and supplementary contracts with life contingencies consist of certain charges against

contractholder account values including mortality and expense risks and administration fees. These charges and fees are recognized as revenue when assessed against the contractholder. Liabilities for variable immediate annuity contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Revenues for variable life insurance contracts consist of charges against contractholder account values or separate accounts for expense charges, administration fees, cost of insurance charges and surrender charges. Certain contracts also include charges against premium to pay state premium taxes. All of these charges are recognized as revenue when assessed against the contractholder. Liabilities for variable life insurance contracts represent the account value of the contracts and are included in “Separate account liabilities”.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are accounted for as insurance contracts. The Company also provides contracts with certain living benefits which are considered embedded derivatives. See Note 5 for information regarding the valuation of these embedded derivatives and Note 8 for additional information regarding these contracts.

Amounts received as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts in proportion to estimated gross profits. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity and universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 13). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value,” and “Other invested assets” that are measured at fair value.

B-20

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, releases of Other Comprehensive Income and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments.

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk ("NPR") used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to interest rate, credit, foreign currency and equity risks associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

B-21

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets", or as liabilities, within “Payables to parent and affiliates” or "Other liabilities".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. Effective April 1, 2016, the Company reinsured the variable annuity base contracts, along with the living benefit guarantees, to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance, in each case under a coinsurance and modified coinsurance agreement. Effective July 1, 2021, the Company recaptured the risks related to its variable annuity base contracts, along with the living benefit guarantees, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. See Note 9 for additional information. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net".

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2021, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASU issued but not yet adopted as of December 31, 2021 — ASU 2018-12

ASU2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018, and was amended by ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, issued in October 2019, and ASU 2020-11, Financial Services-Insurance (Topic 944): Effective Date and Early Application, issued in November 2020. The Company will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted, and apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements.

ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. The Company expects the standard to have a significant financial impact on the Consolidated Financial Statements and will significantly enhance disclosures. In addition to the significant impacts to the balance sheet upon adoption, the Company also expects an impact to the pattern of earnings emergence following the transition date.

B-22

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Outlined below are four key areas of change, although there are other less significant policy changes not noted below.

B-23

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

ASU 2018-12 Amended Topic	Description	Method of adoption	Effect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products	Requires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations.	An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) ("AOCI") or (2) a full retrospective transition method.	The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. The impacts of electing such method are currently under assessment.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products	Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.	As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI.	As noted above, the Company will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. Upon adoption, there will be an adjustment to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed.
Amortization of DAC and other balances	Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.	An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances.	The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI.
Market Risk Benefits ("MRB")	Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk ("NPR"), which is recognized in OCI.	An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative-effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.	The Company will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed.

B-24

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Modifications related to COVID-19

We assess modifications to certain fixed income instruments on a case-by-case basis to evaluate whether a TDR has occurred. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides a temporary suspension of TDR accounting for certain COVID-19 related modifications where the investment was not more than 30 days past due as of December 31, 2019 (“TDR Relief”). The TDR Relief was set to expire on December 31, 2020, but was extended through December 31, 2021 by the Consolidated Appropriations Act of 2021. The Company elected to apply the TDR Relief beginning in the first quarter of 2021. The TDR Relief does not apply to modifications completed 60 days after the national emergency related to COVID-19 ends, or December 31, 2021, whichever comes earlier. As of December 31, 2021, any such modifications did not have a material impact on the Company's results of operations.

B-25

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

3. INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	303,040	$	31,011	$	111	$	0	$	333,940
Obligations of U.S. states and their political subdivisions	584,244		46,978		701		0		630,521
Foreign government bonds	324,454		29,299		3,271		11		350,471
U.S. public corporate securities	4,794,878		366,764		29,770		0		5,131,872
U.S. private corporate securities	1,964,767		59,037		16,880		2,049		2,004,875
Foreign public corporate securities	906,031		34,234		10,363		0		929,902
Foreign private corporate securities	2,741,449		62,932		48,381		2,089		2,753,911
Asset-backed securities(1)	547,549		860		1,099		0		547,310
Commercial mortgage-backed securities	552,653		25,928		3,397		0		575,184
Residential mortgage-backed securities(2)	18,684		1,501		5		0		20,180
Total fixed maturities, available-for-sale	$	12,737,749	$	658,544	$	113,978	$	4,149	$	13,278,166

(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and other asset types.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	74,946	$	2,931	$	22	$	0	$	77,855
Obligations of U.S. states and their political subdivisions	460,003		57,948		0		0		517,951
Foreign government bonds	206,633		44,254		32		0		250,855
U.S. public corporate securities	2,473,440		456,581		587		0		2,929,434
U.S. private corporate securities	919,316		95,793		2,198		855		1,012,056
Foreign public corporate securities	278,717		42,899		886		0		320,730
Foreign private corporate securities	977,539		123,006		7,131		1,484		1,091,930
Asset-backed securities(1)	236,909		1,115		386		0		237,638
Commercial mortgage-backed securities	480,412		40,660		125		0		520,947
Residential mortgage-backed securities(2)	49,456		3,779		0		0		53,235
Total fixed maturities, available-for-sale	$	6,157,371	$	868,966	$	11,367	$	2,339	$	7,012,631

(1)Includes credit-tranched securities collateralized by loan obligations, credit cards, auto loans, education loans and sub-prime mortgages.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

.

B-26

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

	December 31, 2021
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	0	$	2,119	$	111	$	2,119	$	111
Obligations of U.S. states and their political subdivisions	104,621		701		0		0		104,621		701
Foreign government bonds	59,550		2,826		6,473		371		66,023		3,197
U.S. public corporate securities	1,681,201		23,160		180,249		6,610		1,861,450		29,770
U.S. private corporate securities	972,796		14,036		16,409		2,844		989,205		16,880
Foreign public corporate securities	532,445		8,255		29,718		2,108		562,163		10,363
Foreign private corporate securities	1,253,739		42,392		57,637		5,616		1,311,376		48,008
Asset-backed securities	288,971		1,099		0		0		288,971		1,099
Commercial mortgage-backed securities	157,355		1,622		40,689		1,775		198,044		3,397
Residential mortgage-backed securities	1,393		5		0		0		1,393		5
Total fixed maturities, available-for-sale	$	5,052,071	$	94,096	$	333,294	$	19,435	$	5,385,365	$	113,531

	December 31, 2020
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	2,255	$	22	$	0	$	0	$	2,255	$	22
Foreign government bonds	2,270		32		0		0		2,270		32
U.S. public corporate securities	33,295		341		2,754		246		36,049		587
U.S. private corporate securities	33,806		771		6,659		1,427		40,465		2,198
Foreign public corporate securities	6,432		97		6,464		789		12,896		886
Foreign private corporate securities	2,931		131		85,340		6,657		88,271		6,788
Asset-backed securities	51,914		183		70,503		203		122,417		386
Commercial mortgage-backed securities	17,443		125		0		0		17,443		125
Residential mortgage-backed securities	0		0		0		0		0		0
Total fixed maturities, available-for-sale	$	150,346	$	1,702	$	171,720	$	9,322	$	322,066	$	11,024

B-27

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

As of December 31, 2021 and 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $95.1 million and $5.0 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $18.4 million and $6.0 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2021, the $19.4 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, finance and consumer non-cyclical sectors. As of December 31, 2020, the $9.3 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, energy and utility sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2021. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of December 31, 2021, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:

	December 31, 2021
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	101,546	$	101,320
Due after one year through five years	2,063,502		2,075,819
Due after five years through ten years	3,639,243		3,652,143
Due after ten years	5,814,572		6,306,210
Asset-backed securities	547,549		547,310
Commercial mortgage-backed securities	552,653		575,184
Residential mortgage-backed securities	18,684		20,180
Total fixed maturities, available-for-sale	$	12,737,749	$	13,278,166

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs, impairments and the allowance for credit losses of fixed maturities, for the periods indicated:

	Years Ended December 31,
	2021		2020		2019
			(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	790,331	$	81,766	$	633,787
Proceeds from maturities/prepayments	465,347		305,859		314,906
Gross investment gains from sales and maturities	14,972		1,293		59,557
Gross investment losses from sales and maturities	(16,674)		(1,878)		(3,785)
OTTI recognized in earnings(2)	N/A		N/A		(9,034)
Write-downs recognized in earnings(3)	(2)		(4,312)		N/A
(Addition to) release of allowance for credit losses(4)	(1,810)		(2,339)		N/A

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(4.4) million, $(2.4) million and $0.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

B-28

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(2)For the year ended December 31, 2019, amount excludes the portion of OTTI amounts remaining in OCI, representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment.

(3)Amounts represent write-downs of credit adverse securities and securities activity marketed for sale. In addition, for the year ended December 31, 2020, amount also include write-downs on securities approaching maturities related to foreign exchange movements.

(4)Effective January 1, 2020, credit losses on available-for-sale fixed maturity securities are recorded within the “allowance for credit losses.”

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:

	Year Ended December 31, 2021
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of year	$	0	$	0	$	2,339	$	0	$	0	$	0	$	2,339
Additions to allowance for credit losses not previously recorded	0		11		2,664		0		0		0		2,675
Reductions for securities sold during the period	0		0		(28)		0		0		0		(28)
Addition (reductions) on securities with previous allowance	0		0		(837)		0		0		0		(837)
Balance, end of period	$	0	$	11	$	4,138	$	0	$	0	$	0	$	4,149

	Year Ended December 31, 2020
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of year	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Additions to allowance for credit losses not previously recorded	0		0		5,672		0		0		0		5,672
Reductions for securities sold during the period	0		0		(3,147)		0		0		0		(3,147)
Addition (reductions) on securities with previous allowance	0		0		(186)		0		0		0		(186)
Balance, end of period	$	0	$	0	$	2,339	$	0	$	0	$	0	$	2,339

See Note 2 for additional information about the Company’s methodology for developing our allowance and expected losses.

For the year ended December 31, 2021, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows on securities in the transportation and communications sectors within private corporate securities.

For the year ended December 31, 2020, the increase in the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows on private corporate securities.

B-29

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company did not have any fixed maturity securities purchased with credit deterioration, as of both December 31, 2021 and 2020.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $156.1 million, $9.1 million and $3.1 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income,” was $2.1 million, $(1.2) million and $(1.0) million during the years ended December 31, 2021, 2020 and 2019, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:

	December 31, 2021				December 31, 2020
	Amount (in thousands)		% of Total		Amount (in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	748,414	26.4	%	$	364,549	28.2	%
Hospitality	48,141		1.7		34,069		2.6
Industrial	916,398		32.2		399,017		30.9
Office	445,055		15.7		195,443		15.1
Other	252,590		8.9		138,477		10.7
Retail	255,577		9.0		142,266		11.0
Total commercial mortgage loans	2,666,175		93.9		1,273,821		98.5
Agricultural property loans	172,336		6.1		19,577		1.5
Total commercial mortgage and agricultural property loans	2,838,511		100.0	%	1,293,398		100.0	%
Allowance for credit losses	(5,951)				(4,552)
Total net commercial mortgage and agricultural property loans	$	2,832,560			$	1,288,846

As of December 31, 2021, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (25%), Texas (10%) and New York (7%)) and included loans secured by properties in Europe (13%), Australia (3%), and Mexico (3%).

The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:

	Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Balance at December 31, 2018	$	2,026	$	39	$	2,065
Addition to (release of) allowance for credit losses	(283)		(14)		(297)
Balance at December 31, 2019	$	1,743	$	25	$	1,768
Cumulative effect of adoption of ASU 2016-13	2,495		(8)		2,487
Addition to (release of) allowance for expected losses	308		(11)		297
Balance at December 31, 2020	$	4,546	$	6	$	4,552
Addition to (release of) allowance for expected losses	1,301		98		1,399
Balance at December 31, 2021	$	5,847	$	104	$	5,951

B-30

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

See Note 2 for additional information about the Company's methodology for developing our allowance and expected losses.

For the year ended December 31, 2021, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to portfolio growth, partially offset by the improving credit environment.

For the year ended December 31, 2020, the increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

	December 31, 2021
	Amortized Cost by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	47,161	$	0	$	179,682	$	76,656	$	126,934	$	553,022	$	983,455
60%-69.99%	307,999		225,330		289,322		170,444		126,159		116,654		1,235,908
70%-79.99%	163,451		86,083		75,185		13,728		55,032		51,203		444,682
80% or greater	0		0		0		0		958		1,172		2,130
Total	$	518,611	$	311,413	$	544,189	$	260,828	$	309,083	$	722,051	$	2,666,175
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	501,456	$	195,164	$	481,289	$	253,938	$	289,443	$	638,092	$	2,359,382
1.0 - 1.2x	17,155		109,862		39,577		6,890		7,100		39,213		219,797
Less than 1.0x	0		6,387		23,323		0		12,540		44,746		86,996
Total	$	518,611	$	311,413	$	544,189	$	260,828	$	309,083	$	722,051	$	2,666,175
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	98,579	$	26,581	$	16,226	$	6,463	$	8,372	$	16,115	$	172,336
60%-69.99%	0		0		0		0		0		0		0
70%-79.99%	0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		0		0
Total	$	98,579	$	26,581	$	16,226	$	6,463	$	8,372	$	16,115	$	172,336
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	98,579	$	26,581	$	16,226	$	6,463	$	8,372	$	15,300	$	171,521
1.0 - 1.2x	0		0		0		0		0		0		0
Less than 1.0x	0		0		0		0		0		815		815
Total	$	98,579	$	26,581	$	16,226	$	6,463	$	8,372	$	16,115	$	172,336

B-31

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31, 2020
	Amortized Cost by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	10,645	$	47,284	$	33,443	$	92,410	$	162,030	$	251,903	$	597,715
60%-69.99%	69,819		95,331		141,260		52,710		80,875		43,823		483,818
70%-79.99%	63,783		36,099		22,431		32,476		21,178		15,342		191,309
80% or greater	0		0		0		979		0		0		979
Total	$	144,247	$	178,714	$	197,134	$	178,575	$	264,083	$	311,068	$	1,273,821
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	128,839	$	159,476	$	177,098	$	171,255	$	238,010	$	290,741	$	1,165,419
1.0 - 1.2x	15,408		10,334		7,134		7,320		26,073		16,418		82,687
Less than 1.0x	0		8,904		12,902		0		0		3,909		25,715
Total	$	144,247	$	178,714	$	197,134	$	178,575	$	264,083	$	311,068	$	1,273,821
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	0	$	6,486	$	0	$	13,091	$	19,577
60%-69.99%	0		0		0		0		0		0		0
70%-79.99%	0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		0		0
Total	$	0	$	0	$	0	$	6,486	$	0	$	13,091	$	19,577
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	0	$	0	$	0	$	6,486	$	0	$	12,276	$	18,762
1.0 - 1.2x	0		0		0		0		0		0		0
Less than 1.0x	0		0		0		0		0		815		815
Total	$	0	$	0	$	0	$	6,486	$	0	$	13,091	$	19,577

See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:

	December 31, 2021
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	2,666,175	$	0	$	0	$	0	$	2,666,175	$	0
Agricultural property loans	172,336		0		0		0		172,336		0
Total	$	2,838,511	$	0	$	0	$	0	$	2,838,511	$	0

(1)As of December 31, 2021, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

B-32

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31, 2020
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	1,273,821	$	0	$	0	$	0	$	1,273,821	$	0
Agricultural property loans	19,577		0		0		0		19,577		0
Total	$	1,293,398	$	0	$	0	$	0	$	1,293,398	$	0

(1)As of December 31, 2020, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

For the years ended December 31, 2021 and 2020, there were $1,344 million and $0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For the years ended December 31, 2021 and 2020, there were $69 million and $0 million of commercial mortgage and other loans sold, respectively.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration, as of both December 31, 2021 and 2020.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

	December 31,
	2021		2020
	(in thousands)
Company's investment in separate accounts	$	53,694	$	44,018
LPs/LLCs:
Equity method:
Private equity	286,141		241,493
Hedge funds	432,749		77,311
Real estate-related	89,337		63,194
Subtotal equity method	808,227		381,998
Fair value:
Private equity	69,137		65,436
Hedge funds	481		499
Real estate-related	9,861		10,857
Subtotal fair value	79,479		76,792
Total LPs/LLCs	887,706		458,790
Derivative instruments	268,525		18,147
Total other invested assets	$	1,209,925	$	520,955

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities.

B-33

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31,
	2021		2020
	(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	72,416,906	$	12,952,942
Total liabilities(2)	$	12,120,390	$	90,444
Partners’ capital	60,296,516		12,862,498
Total liabilities and partners’ capital	$	72,416,906	$	12,952,942
Total liabilities and partners’ capital included above	$	746,870	$	348,267
Equity in LP/LLC interests not included above	201,541		175,024
Carrying value	$	948,411	$	523,291

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.

(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	11,031,051	$	565,409	$	819,904
Total expenses(2)	(2,044,942)		(201,644)		(200,666)
Net earnings (losses)	$	8,986,109	$	363,765	$	619,238
Equity in net earnings (losses) included above	$	62,173	$	8,644	$	24,971
Equity in net earnings (losses) of LP/LLC interests not included above	28,765		25,859		5,077
Total equity in net earnings (losses)	$	90,938	$	34,503	$	30,048

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.

(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

	December 31, 2021		December 31, 2020
	(in thousands)
Fixed maturities	$	117,216	$	54,565
Equity securities	2		1
Commercial mortgage and other loans	7,025		3,610
Policy loans	35,153		35,374
Other invested assets	254		0
Short-term investments and cash equivalents	377		63
Total accrued investment income	$	160,027	$	93,613

There were $0.1 million and $0.0 million of write-downs on accrued investment income for the years ended December 31, 2021 and 2020.

B-34

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturities, available-for-sale	$	299,607	$	224,262	$	235,456
Fixed maturities, trading	38,778		1,768		1,374
Equity securities	530		410		856
Commercial mortgage and other loans	63,548		50,534		57,886
Policy loans	69,602		70,363		68,485
Other invested assets	104,375		36,684		38,577
Short-term investments and cash equivalents	712		3,219		9,266
Gross investment income	577,152		387,240		411,900
Less: investment expenses	(26,917)		(19,890)		(18,103)
Net investment income	$	550,235	$	367,350	$	393,797

The carrying value of non-income producing assets included $24.8 million in available-for-sale fixed maturities as of December 31, 2021. Non-income producing assets represent investments that had not produced income for the twelve months preceding for December 31, 2021.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturities(1)	$	(3,514)	$	(7,236)	$	46,738
Commercial mortgage and other loans	1,535		(226)		297
Other invested assets	(2,737)		(287)		(3,400)
Derivatives(2)	(5,291,043)		(55,003)		(160,368)
Short-term investments and cash equivalents	353		(224)		(16)
Realized investment gains (losses), net	$	(5,295,406)	$	(62,976)	$	(116,749)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

(2)Includes the impact of the 2021 Variable Annuities Recapture. See Note 1 for additional information.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

	December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities, available-for-sale — with OTTI(1)	$ N/A		$ N/A		$	1,568
Fixed maturity securities, available-for-sale — all other(1)	N/A		N/A		397,136
Fixed maturity securities, available-for-sale with an allowance	3,685		0		N/A
Fixed maturity securities, available-for-sale without an allowance	540,881		857,599		N/A
Derivatives designated as cash flow hedges(2)	39,896		(8,112)		26,126
Affiliated notes	73		4,024		4,715
Other investments(3)	1,854		(4,162)		(4,365)
Net unrealized gains (losses) on investments	$	586,389	$	849,349	$	425,180

B-35

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(1)Effective January 1, 2020, per ASU 2016-13, fixed maturity securities, available-for-sale are no longer required to be disclosed “with OTTI” and “all other.”

(2)For more information on cash flow hedges, see Note 4.

(3)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2021 and 2020, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

	December 31, 2021						December 31, 2020
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in thousands)
U.S. public corporate securities	$	3,004	$	0	$	3,004	$	0	$	0	$	0
Foreign public corporate securities	0		0		0		2,725		0		2,725
Total cash collateral for loaned securities(1)	$	3,004	$	0	$	3,004	$	2,725	$	0	$	2,725

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:

	December 31,
	2021		2020
	(in thousands)
Pledged collateral:
Fixed maturity securities, available-for-sale	$	2,871	$	2,525
Total securities pledged	$	2,871	$	2,525
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities	$	3,004	$	2,725
Total liabilities supported by the pledged collateral	$	3,004	$	2,725

In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of both December 31, 2021 and 2020, there was no collateral that could be sold or repledged.

As of December 31, 2021 and 2020, there were available-for-sale fixed maturities of $4.1 million and $4.3 million, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.

B-36

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

4. DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

Interest Rate Contracts

Interest rate swaps, options, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in their values it owns or anticipates acquiring or selling.

Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount.

The Company also uses interest rate swaptions, caps and floors to manage interest rate risk. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In an interest rate cap, the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. Similarly, in an interest rate floor, the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. Swaptions, caps and floors are included in interest rate options.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Equity Contracts

Equity options, total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.

Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.

Total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) andLondon Inter-Bank Offered Rate ("LIBOR") plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Foreign Exchange Contracts

Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.

Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.

Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.

B-37

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Credit Contracts

The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.

In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.

Embedded Derivatives

The Company offers certain products (for example, variable annuities, indexed annuities, and index-linked universal life) which may include features that are accounted for as embedded derivatives; related to certain of these derivatives, the Company has entered into reinsurance agreements with both affiliated and unaffiliated parties. Effective April 1, 2016, the Company entered into reinsurance agreements with affiliates, PALAC and Prudential Insurance. The reinsurance agreement with PALAC was recaptured on July 1, 2021. Additionally, the Company has entered into a reinsurance agreement with an external counterparty, Union Hamilton Reinsurance, Ltd. ("Union Hamilton") effective April 1, 2015. See Note 9 for additional information on the reinsurance agreements.

Effective December 1, 2021, the Company entered into a reinsurance arrangement with PALAC, which includes features that are accounted for as embedded derivatives. See Note 1 for additional information on the reinsurance arrangement.

These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 5.

B-38

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.

	December 31, 2021						December 31, 2020
Primary Underlying Risk/Instrument Type	Gross Notional		Fair Value				Gross Notional		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps	$	3,344	$	55	$	0	$	3,486	$	203	$	0
Foreign Currency Swaps	886,552		37,259		(6,900)		861,074		27,336		(49,316)
Total Derivatives Designated as Hedge Accounting Instruments	$	889,896	$	37,314	$	(6,900)	$	864,560	$	27,539	$	(49,316)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	130,358,860	$	5,698,740	$	(10,348,130)	$	663,050	$	57,024	$	(11,117)
Interest Rate Futures	4,109,300		2,876		(2,709)		57,700		198		0
Interest Rate Swaptions	9,883,000		280,323		(173,863)		0		0		0
Interest Rate Forwards	195,000		3,760		(991)		0		0		0
Foreign Currency
Foreign Currency Forwards	119,653		842		(1,063)		55,292		5		(1,322)
Credit
Credit Default Swaps	306,900		24,789		0		2,313		0		(18)
Currency/Interest Rate
Foreign Currency Swaps	2,139,523		68,477		(23,251)		143,011		6,584		(7,286)
Equity
Total Return Swaps	15,129,666		66,627		(475,209)		0		0		0
Equity Options	19,461,881		902,050		(1,535,272)		3,244,900		306,196		(196,767)
Futures	5,015,002		736		(6,595)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	186,718,785	$	7,049,220	$	(12,567,083)	$	4,166,266	$	370,007	$	(216,510)
Total Derivatives(1)(2)	$	187,608,681	$	7,086,534	$	(12,573,983)	$	5,030,826	$	397,546	$	(265,826)

(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,048 million and $13,228 million as of December 31, 2021 and 2020, respectively included in "Future policy benefits" and $3,246 million and $1,155 million as of December 31, 2021 and 2020, respectively included in "Policyholders' account balances". Other assets included $73 million and $0 million as of December 31, 2021 and 2020, respectively. Other liabilities included $13 million and $0 million as of December 31, 2021 and 2020, respectively. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $931 million and $13,240 million as of December 31, 2021 and 2020, respectively.

(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.

B-39

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	December 31, 2021
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	7,086,534	$	(6,818,009)	$	268,525	$	0	$	268,525
Securities purchased under agreements to resell	185,000		0		185,000		(185,000)		0
Total Assets	$	7,271,534	$	(6,818,009)	$	453,525	$	(185,000)	$	268,525
Offsetting of Financial Liabilities:
Derivatives	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0

	December 31, 2020
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Offsetting of Financial Liabilities:
Derivatives	$	265,826	$	(265,826)	$	0	$	0	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	265,826	$	(265,826)	$	0	$	0	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 13. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements.

Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.

B-40

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

	Year Ended December 31, 2021
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	2	$	47	$	0	$	(161)
Currency/Interest Rate	1,357		15,983		11,119		48,169
Total cash flow hedges	1,359		16,030		11,119		48,008
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(20,596)		0		0		0
Currency	2,006		0		0		0
Currency/Interest Rate	44,350		0		79		0
Credit	2,892		0		0		0
Equity	(944,765)		0		0		0
Embedded Derivatives(1)	(4,376,289)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(5,292,402)		0		79		0
Total	$	(5,291,043)	$	16,030	$	11,198	$	48,008

	Year Ended December 31, 2020
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	(44)	$	21	$	0	$	284
Currency/Interest Rate	(314)		10,660		(10,161)		(34,522)
Total cash flow hedges	(358)		10,681		(10,161)		(34,238)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	17,000		0		0		0
Currency	(2,560)		0		0		0
Currency/Interest Rate	(4,130)		0		(109)		0
Credit	(284)		0		0		0
Equity	37,480		0		0		0
Embedded Derivatives	(102,151)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(54,645)		0		(109)		0
Total	$	(55,003)	$	10,681	$	(10,270)	$	(34,238)

B-41

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	Year Ended December 31, 2019
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	0	$	0	$	0	$	(50)
Currency/Interest Rate	425		9,007		(1,698)		4,081
Total cash flow hedges	425		9,007		(1,698)		4,031
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	18,609		0		0		0
Currency	20		0		0		0
Currency/Interest Rate	3,485		0		(5)		0
Credit	(1)		0		0		0
Equity	74,068		0		0		0
Embedded Derivatives	(256,974)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(160,793)		0		(5)		0
Total	$	(160,368)	$	9,007	$	(1,703)	$	4,031

(1)Includes the impact from 2021 Variable Annuities Recapture, see Note 1 for further details.

B-42

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

	(in thousands)
Balance, December 31, 2018	$	22,122
Cumulative-effect adjustment from the adoption of ASU 2017-12	(27)
Amount recorded in AOCI
Interest Rate	(50)
Currency/Interest Rate	11,815
Total amount recorded in AOCI	11,765
Amount reclassified from AOCI to income
Currency/Interest Rate	(7,734)
Total amount reclassified from AOCI to income	(7,734)
Balance, December 31, 2019	$	26,126
Amount recorded in AOCI
Interest Rate	261
Currency/Interest Rate	(34,337)
Total amount recorded in AOCI	(34,076)
Amount reclassified from AOCI to income
Interest Rate	23
Currency/Interest Rate	(185)
Total amount reclassified from AOCI to income	(162)
Balance, December 31, 2020	$	(8,112)
Amount recorded in AOCI
Interest Rate	(112)
Currency/Interest Rate	76,628
Total amount recorded in AOCI	76,516
Amount reclassified from AOCI to income
Interest Rate	(49)
Currency/Interest Rate	(28,459)
Total amount reclassified from AOCI to income	(28,508)
Balance, December 31, 2021	$	39,896

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Consolidated Statementsof Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2021 values, it is estimated that a pre-tax gain of $11 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2022.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

B-43

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Credit Derivatives

Credit Derivatives, where the Company has written credit protection on certain index references, has outstanding notional amounts of $157 million and $0 million as of December 31, 2021 and December 31, 2020, respectively. These credit derivatives are reported at fair value as an asset of $11 million and $0 million as of December 31, 2021 and December 31, 2020, respectively. As of December 31, 2021 the notional amount of these credit derivatives had the following NAIC Rating: $57 million in NAIC 3 and $100 million in NAIC 6.

The Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. The Company has outstanding notional amounts of $150 million and $2 million as of December 31, 2021 and 2020, respectively. These credit derivatives are reported at fair value as an asset of $14 million and $0 million as of December 31, 2021 and 2020.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with its affiliate, Prudential Global Funding LLC (“PGF”), related to its OTC derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreement, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.

5. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include certain cash equivalents and short-term investments, equity securities, derivative contracts that trade on an active exchange market, separate account assets and other liabilities.

Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents, certain OTC derivatives and embedded derivatives resulting from reinsurance.

Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain private fixed maturities and equity securities, certain manually priced public fixed maturities, certain highly structured OTC derivative contracts, and embedded derivatives resulting from reinsurance or certain products with guaranteed benefits.

B-44

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Assets and Liabilities by Hierarchy Level - The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

	December 31, 2021
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	333,940	$	0	$		$	333,940
Obligations of U.S. states and their political subdivisions	0		630,521		0				630,521
Foreign government bonds	0		350,321		150				350,471
U.S. corporate public securities	0		5,131,872		0				5,131,872
U.S. corporate private securities	0		1,873,370		131,505				2,004,875
Foreign corporate public securities	0		921,008		8,894				929,902
Foreign corporate private securities	0		2,508,676		245,235				2,753,911
Asset-backed securities(2)	0		484,861		62,449				547,310
Commercial mortgage-backed securities	0		463,689		111,495				575,184
Residential mortgage-backed securities	0		20,180		0				20,180
Subtotal	0		12,718,438		559,728				13,278,166
Fixed maturities, trading	0		3,302,392		0				3,302,392
Equity securities	58,160		40,635		12,472				111,267
Short-term investments	9,997		135,440		0				145,437
Cash equivalents	13,999		422,633		0				436,632
Other invested assets(3)	246,097		6,840,437		0		(6,818,009)		268,525
Other assets	0		0		72,937				72,937
Reinsurance recoverables	0		0		931,207				931,207
Receivables from parent and affiliates	0		162,045		0				162,045
Subtotal excluding separate account assets	328,253		23,622,020		1,576,344		(6,818,009)		18,708,608
Separate account assets(4)(5)	52,100		144,059,558		0				144,111,658
Total assets	$	380,353	$	167,681,578	$	1,576,344	$	(6,818,009)	$	162,820,266
Future policy benefits(6)	$	0	$	0	$	9,047,956	$		$	9,047,956
Policyholders' account balances	0		0		3,245,773				3,245,773
Payables to parent and affiliates	0		12,563,253		0		(12,563,253)		0
Other liabilities	10,730		12,624		0		(4,829)		18,525
Total liabilities	$	10,730	$	12,575,877	$	12,293,729	$	(12,568,082)	$	12,312,254

B-45

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31, 2020
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	22,855	$	55,000	$		$	77,855
Obligations of U.S. states and their political subdivisions	0		517,951		0				517,951
Foreign government bonds	0		250,692		163				250,855
U.S. corporate public securities	0		2,929,431		3				2,929,434
U.S. corporate private securities	0		977,423		34,633				1,012,056
Foreign corporate public securities	0		311,407		9,323				320,730
Foreign corporate private securities	0		961,113		130,817				1,091,930
Asset-backed securities(2)	0		235,573		2,065				237,638
Commercial mortgage-backed securities	0		520,947		0				520,947
Residential mortgage-backed securities	0		53,235		0				53,235
Subtotal	0		6,780,627		232,004				7,012,631
Fixed maturities, trading	0		81,727		755				82,482
Equity securities	100,268		300		7,889				108,457
Short-term investments	49,997		0		0				49,997
Cash equivalents	49,996		347,330		0				397,326
Other invested assets(3)	198		397,348		0		(379,399)		18,147
Other assets	0		0		0				0
Reinsurance recoverables	0		0		13,239,539				13,239,539
Receivables from parent and affiliates	0		111,970		0				111,970
Subtotal excluding separate account assets	200,459		7,719,302		13,480,187		(379,399)		21,020,549
Separate account assets(4)(5)	0		140,583,009		0				140,583,009
Total assets	$	200,459	$	148,302,311	$	13,480,187	$	(379,399)	$	161,603,558
Future policy benefits(6)	$	0	$	0	$	13,227,814	$		$	13,227,814
Policyholders' account balances	0		0		1,155,274				1,155,274
Payables to parent and affiliates	0		265,826		0		(265,826)		0
Other liabilities	0		0		0				0
Total liabilities	$	0	$	265,826	$	14,383,088	$	(265,826)	$	14,383,088

(1)“Netting” amounts represent cash collateral of $(5,750.1) million and $113.6 million as of December 31, 2021 and 2020, respectively.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2021 and 2020, the fair values of such investments were $79 million and $77 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Consolidated Statements of Financial Position.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At December 31, 2021 and 2020, the fair value of such investments was $5,686 million and $5,157 million, respectively.

(6)As of December 31, 2021, the net embedded derivative liability position of $9,048 million includes $610 million of embedded derivatives in an asset position and $9,658 million of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $13,228 million includes $483 million of embedded derivatives in an asset position and $13,711 million of embedded derivatives in a liability position.

B-46

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.

Fixed Maturity Securities - The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.

Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2020 and 2019, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.

The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends, and back testing.

The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.

Equity Securities - Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted market prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.

Derivative Instruments - Derivatives are recorded at fair value either as assets, within “Other invested assets”, or as liabilities within “Payables to parent and affiliates” or "Other liabilities", except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.

The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.

B-47

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market input from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.

The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including the secured overnight financing rate ("SOFR"), obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.

Cash Equivalents and Short-Term Investments - Cash equivalents and short-term investments include money market instruments and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs and these investments have primarily been classified within Level 2.

Separate Account Assets - Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under “Fixed Maturity Securities” and “Equity Securities”.

Receivables from Parent and Affiliates - Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under “Fixed Maturity Securities” managed by affiliated asset managers.

Other assets consists primarily of deposit assets related to reinsurance agreements using deposit accounting under U.S. GAAP, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. The methods and assumptions used to estimate the fair value are consistent with those described below in “Policyholders' account balances”.

Reinsurance Recoverables - Reinsurance recoverables carried at fair value include the reinsurance of the Company’s living benefit guarantees on certain variable annuity contracts. These guarantees are accounted for as embedded derivatives and are recorded in “Reinsurance recoverables” or “Other liabilities” when fair value is in an asset or liability position, respectively. The methods and assumptions used to estimate the fair value are consistent with those described below in “Future policy benefits”. The reinsurance agreements covering these guarantees are derivatives with fair value determined in the same manner as the living benefit guarantee.

Future Policy Benefits - The liability for future policy benefits is related to guarantees primarily associated with the living benefit features of certain variable annuity contracts, including guaranteed minimum accumulation benefits ("GMAB"), guaranteed withdrawal benefits ("GMWB") and guaranteed minimum income and withdrawal benefits ("GMIWB"), accounted for as embedded derivatives. The fair values of these liabilities are calculated as the present value of future expected benefit payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management's judgment.

The significant inputs to the valuation models for these embedded derivatives include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the liability valuation, the liability included in future policy benefits has been reflected within Level 3 in the fair value hierarchy.

B-48

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the London Inter Bank Offered Rate ("LIBOR") swap curve adjusted for an additional spread relative to LIBOR to reflect NPR.

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon emerging experience, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.

Policyholders' Account Balances -The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and certain annuity products that provide the policyholders with the index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.

As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option budget for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities require the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.

Capital market inputs, including interest rates and equity markets volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.

B-49

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities - The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.

	December 31, 2021
	Fair Value		Valuation   Techniques	Unobservable  Inputs	Minimum		Maximum		Weighted Average		Impact of  Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	312,139	Discounted cash flow	Discount rate	1.65	%	20	%	4.57	%	Decrease
			Market Comparables	EBITDA multiples(3)	4.9	X	19.2	X	9.0	X	Increase
			Liquidation	Liquidation value	62.58	%	62.58	%	62.58	%	Increase
Reinsurance recoverables	$	931,207	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	9,047,956	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(5)	$	3,245,773	Discounted cash flow	Lapse rate(6)	1	%	42	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Equity volatility curve	6	%	31	%			Increase

B-50

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31, 2020
	Fair Value		Valuation  Techniques	Unobservable  Inputs	Minimum		Maximum		Weighted Average		Impact of  Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	151,554	Discounted cash flow	Discount rate	0.99	%	11.38	%	3.44	%	Decrease
Reinsurance recoverables	$	13,239,539	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	13,227,814	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.06	%	1.17	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(5)	$	1,155,274	Discounted cash flow	Lapse rate(6)	1	%	6	%			Decrease
				Spread over LIBOR(7)	0.06	%	1.17	%			Decrease
				Mortality rate(10)	0	%	24	%			Decrease
				Equity volatility curve	15	%	30	%			Increase

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading.

(3)Represents multiples of earnings before interest, taxes, depreciation and amortization "EBITDA", and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(4)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.

(7)The spread over the LIBOR swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both December 31, 2021 and 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

B-51

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

B-52

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Changes in Level 3 Assets and Liabilities– The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Year Ended December 31, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	55,000	$	0	$	0	$	(55,000)	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	163		(13)		0		0		0		0		0		0		0		150		(15)
Corporate securities(4)	174,776		(10,914)		95,294		(5,085)		0		(28,690)		156,667		9,313		(5,727)		385,634		(11,298)
Structured securities(5)	2,065		4,165		74,800		(29)		0		(1,761)		32,859		107,038		(45,193)		173,944		4,189
Other assets:
Fixed maturities, trading	755		46		0		0		0		0		0		0		(801)		0		46
Equity securities	7,889		709		0		0		0		0		3,874		0		0		12,472		709
Other invested assets	0		0		0		0		0		0		0		0		0		0		0
Short-term investments	0		181		0		0		0		(1,871)		1,690		0		0		0		0
Cash equivalents	0		147		0		0		0		(1,377)		1,230		0		0		0		0
Other assets	0		1,258		1,170		0		0		(899)		71,408		0		0		72,937		359
Reinsurance recoverables	13,239,539		(12,937,591)		629,259		0		0		0		0		0		0		931,207		(545,001)
Receivables from parent and affiliates	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(13,227,814)		5,281,553		0		0		(1,101,695)		0		0		0		0		(9,047,956)		4,647,753
Policyholders' account balances(6)	(1,155,274)		(78,321)		0		0		(265,807)		0		(1,746,371)		0		0		(3,245,773)		5,476

B-53

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	Year Ended December 31, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(832)	$	0	$	(6,318)	$	388	$	(1,778)	$	0	$	(5,346)
Other assets:
Fixed maturities, trading	0		46		0		0		0		46		0
Equity securities	0		709		0		0		0		709		0
Other invested assets	0		0		0		0		0		0		0
Short-term investments	181		0		0		0		0		0		0
Cash equivalents	147		0		0		0		0		0		0
Other assets	1,258		0		0		0		359		0		0
Reinsurance recoverables	(12,937,591)		0		0		0		(545,001)		0		0
Receivables from parent and affiliates	0		0		0		0		0		0		0
Liabilities:
Future policy benefits	5,281,553		0		0		0		4,647,753		0		0
Policyholders' account balances	(78,321)		0		0		0		5,476		0		0

B-54

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	Year Ended December 31, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	38,671	$	0	$	16,329	$	0	$	0	$	0	$	0	$	0	$	0	$	55,000	$	0
Foreign government	163		0		0		0		0		0		0		0		0		163		(1)
Corporate securities(4)	50,083		14,715		11,121		(3,680)		0		(7,850)		(1,914)		114,695		(2,394)		174,776		14,679
Structured securities(5)	2,001		(483)		7,444		(6)		0		(1,255)		0		0		(5,636)		2,065		(489)
Other assets:
Fixed maturities, trading	668		87		0		0		0		0		0		0		0		755		87
Equity securities	9,898		2,821		0		(4,830)		0		0		0		0		0		7,889		1,211
Other invested assets	4		(4)		0		0		0		0		0		0		0		0		(4)
Short-term investments	0		0		0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Other assets	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables	8,539,671		3,604,075		1,095,793		0		0		0		0		0		0		13,239,539		3,889,923
Receivables from parent and affiliates	3,135		23		0		0		0		(3,158)		0		0		0		0		0
Liabilities:
Future policy benefits	(8,529,566)		(3,610,281)		0		0		(1,087,967)		0		0		0		0		(13,227,814)		(3,896,128)
Policyholders' account balances(6)	(962,351)		(30,199)		0		0		(162,724)		0		0		0		0		(1,155,274)		3,853

B-55

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	Year Ended December 31, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(5,019)	$	0	$	19,106	$	145	$	(4,773)	$	0	$	18,962
Other assets:
Fixed maturities, trading	0		87		0		0		0		87		0
Equity securities	0		2,821		0		0		0		1,211		0
Other invested assets	(4)		0		0		0		(4)		0		0
Short-term investments	0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0
Other assets	0		0		0		0		0		0		0
Reinsurance recoverables	3,604,075		0		0		0		3,889,923		0		0
Receivables from parent and affiliates	0		0		0		23		0		0		0
Liabilities:
Future policy benefits	(3,610,281)		0		0		0		(3,896,128)		0		0
Policyholders' account balances	(30,199)		0		0		0		3,853		0		0

The following tables summarize the portion of changes in fair values of Level 3 assets and liabilities included in earnings and OCI for the year ended December 31, 2019, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held as of December 31, 2019.

	Year Ended December 31, 2019
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(8,198)	$	0	$	3,615	$	680	$	(8,467)	$	0
Other assets:
Fixed maturities, trading	0		(83)		0		0		0		(83)
Equity securities	0		1,668		0		0		0		1,534
Other invested assets	0		0		0		0		0		0
Short-term investments	0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0
Other assets	0		0		0		0		0		0
Reinsurance recoverables	1,936,363		0		0		0		2,142,421		0
Receivables from parent and affiliates	0		0		0		190		0		0
Liabilities:
Future policy benefits	(1,945,323)		0		0		0		(2,151,380)		0
Policyholders' account balances	(765,917)		0		0		0		(759,661)		0

(1)Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement.

(2)For current year "Other" represents noncash transfers related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement. Refer to Note 1 for additional information.

(3)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(4)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(5)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(6)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

B-56

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Fair Value of Financial Instruments

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

	December 31, 2021
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	2,883,710	$	2,883,710	$	2,832,560
Policy loans	0		0		1,327,485		1,327,485		1,327,485
Short-term investments	37,000		0		0		37,000		37,000
Cash and cash equivalents	297,299		185,000		0		482,299		482,299
Accrued investment income	0		160,027		0		160,027		160,027
Reinsurance recoverables	0		0		29,931		29,931		28,883
Receivables from parent and affiliates	0		116,086		0		116,086		116,086
Other assets	0		134,598		434,383		568,981		568,981
Total assets	$	334,299	$	595,711	$	4,675,509	$	5,605,519	$	5,553,321
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,356,850	$	2,590,487	$	3,947,337	$	3,941,822
Cash collateral for loaned securities	0		3,004		0		3,004		3,004
Long-term debt to affiliates	0		319,225		0		319,225		320,362
Payables to parent and affiliates	0		31,775		0		31,775		31,775
Other liabilities	0		864,788		34,091		898,879		898,879
Total liabilities	$	0	$	2,575,642	$	2,624,578	$	5,200,220	$	5,195,842

B-57

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	December 31, 2020
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,359,422	$	1,359,422	$	1,288,846
Policy loans	0		0		1,323,681		1,323,681		1,323,681
Short Term investments	0		0		0		0		0
Cash and cash equivalents	29,653		0		0		29,653		29,653
Accrued investment income	0		93,613		0		93,613		93,613
Reinsurance recoverables	0		0		227,993		227,993		217,637
Receivables from parent and affiliates	0		154,503		0		154,503		154,503
Other assets	0		27,120		0		27,120		27,120
Total assets	$	29,653	$	275,236	$	2,911,096	$	3,215,985	$	3,135,053
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,428,043	$	286,533	$	1,714,576	$	1,704,220
Cash collateral for loaned securities	0		2,725		0		2,725		2,725
Long-term Debt	0		0		0		0		0
Payables to parent and affiliates	0		75,990		0		75,990		75,990
Other liabilities	0		415,889		0		415,889		415,889
Total liabilities	$	0	$	1,922,647	$	286,533	$	2,209,180	$	2,198,824

(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.

Commercial Mortgage and Other Loans

The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the principal exit strategies for the loans, prevailing interest rates and credit risk.

Policy Loans

The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.

Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates

The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments which are not securities, are recorded at amortized cost; cash and cash equivalent instruments, accrued investment income.

Reinsurance Recoverables

Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements between the Company and related parties. See Note 9 for additional information about the Company's reinsurance arrangements.

B-58

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Other Assets

Other assets primarily consists of deposit assets related to the reinsurance agreements with Pruco Life and a third party reinsurer, which uses deposit accounting under U.S. GAAP. Also included are other assets that meet the definition of financial instruments, including receivables such as unsettled trades and accounts receivable.

Policyholders’ Account Balances - Investment Contracts

Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s own NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.

Cash Collateral for Loaned Securities

Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities. Due to the short-term nature of these transactions, the carrying value approximates fair value.

Debt

The fair value of short-term and long-term debt is generally determined by either prices obtained from independent pricing services, which are validated by the Company, or discounted cash flow models. These fair values consider the Company’s own NPR. Discounted cash flow models predominately use market observable inputs such as the borrowing rates currently available to the Company for debt and financial instruments with similar terms and remaining maturities. For debt with a maturity of less than 90 days, the carrying value approximates fair value.

Other Liabilities and Payables to Parent and Affiliates

Other liabilities includes the funds withheld liability for assets retained under the reinsurance agreement that corresponds to the deposit assets above in "Other Assets". Also included are unsettled trades, drafts, and escrow deposits. Payables to parent and affiliates is primarily related to accrued expense payables. Due to the short term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.

6. DEFERRED POLICY ACQUISITION COSTS

The balances of and changes in DAC as of and for the years ended December 31, are as follows: 

	2021		2020		2019
	(in thousands)
Balance, beginning of year	$	2,433,936	$	1,855,698	$	1,613,922
Capitalization of commissions, sales and issue expenses	1,057,030		758,469		451,773
Amortization-Impact of assumption and experience unlocking and true-ups	40,482		(27,844)		(34,619)
Amortization-All other	(382,600)		(112,718)		(78,699)
Change due to unrealized investment gains and losses	(81,031)		(39,861)		(37,337)
Other (1)(2)(3)	3,763,155		192		(59,342)
Balance, end of year	$	6,830,972	$	2,433,936	$	1,855,698

(1) 2021 includes the impact of the 2021 Variable Annuities Recapture as well as the assuming ofDAC upon Affiliated Reinsurance Agreement with PALAC. See Note 1 and Note 9 for additional information.

(2) 2020 represents the impact of the January 1, 2020 adoption of ASU 2016-13.

(3) 2019 represents ceded DAC upon reinsurance agreement with Prudential Arizona Reinsurance Term Company and Prudential Arizona Reinsurance Captive Company in 2019. See Note 9 for additional information.

B-59

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

7. POLICYHOLDERS’ LIABILITIES

Future Policy Benefits

Future policy benefits at December 31 for the years indicated are as follows:

	2021		2020
	(in thousands)
Life insurance – domestic	$	18,095,368	$	17,167,209
Life insurance – Taiwan	0		1,642,747
Individual annuities and supplementary contracts	740,941		810,989
Other contract liabilities	9,090,720		13,268,236
Total future policy benefits	$	27,927,029	$	32,889,181

Life insurance liabilities include reserves for death benefits. Individual annuities and supplementary contract liabilities include reserves for life contingent immediate annuities and guaranteed minimum death benefits. Other contract liabilities include liabilities for variable annuity living benefit guarantees and certain other reserves for annuities and individual life products.

Future policy benefits for individual non-participating traditional life insurance policies are generally equal to the present value of future benefit payments and related expenses, less the present value of future net premiums. Assumptions as to mortality and persistency are based on the Company’s experience, industry data, and/or other factors, when the basis of the reserve is established. Interest rates used in the determination of the present values range from 1.7% to 7.8%.

Future policy benefits for individual annuities and supplementary contracts with life contingencies are generally equal to the present value of expected future payments. Assumptions as to mortality are based on the Company’s experience, industry data, and/or other factors, when the basis of the reserve is established. The interest rates used in the determination of the present values range from 1.7% to 14.8%; less than 0.3% of the reserves based on an interest rate in excess of 8%.

The Company’s liability for future policy benefits are primarily liabilities for guaranteed benefits related to certain long-duration life and annuity contracts. Liabilities for guaranteed benefits with embedded derivative features are primarily in "Other contract liabilities" in the table above. The interest rates used in the determination of the present values range from 0.6% to 2.9%. The remaining liabilities for guaranteed benefits are primarily reflected with the underlying contract. See Note 8 for additional information regarding liabilities for guaranteed benefits related to certain long-duration life and annuity contracts.

Policyholders’ Account Balances

Policyholders’ account balances at December 31 for the years indicated are as follows: 

	2021		2020
	(in thousands)
Interest-sensitive life contracts	$	19,729,444	$	18,638,033
Individual annuities(1)	14,150,233		3,637,196
Guaranteed interest accounts	125,249		154,284
Other	1,356,869		1,428,061
Total policyholders’ account balances	$	35,361,795	$	23,857,574

(1) 2021 amount includes assumed business from PALAC.

Policyholders’ account balances represent an accumulation of account deposits plus credited interest less withdrawals, expenses and mortality charges, if applicable. These policyholders’ account balances also include provisions for benefits under non-life contingent payout annuities and certain unearned revenues. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. See Note 5 for additional information on the fair value of these embedded derivative instruments. Interest crediting rates for interest-sensitive life contracts range from 0.8% to 4.6%. Interest crediting rates for individual annuities range from 0.0% to 6.3%. Interest crediting rates for guaranteed interest accounts range from 1.0% to 10.0%. Interest crediting rates for other range from 0.5% to 5.4%.

B-60

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

8. CERTAIN LONG-DURATION CONTRACTS WITH GUARANTEES

The Company issues variable annuity contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. The Company also issued variable annuity contracts with general and separate account options where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals (“return of net deposits”). In certain of these variable annuity contracts, the Company also contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return (“minimum return”), and/or (2) the highest contract value on a specified date adjusted for any withdrawals (“contract value”). These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issued annuity contracts with market value adjusted investment options (“MVAs”), which provide for a return of principal plus a fixed rate of return if held to maturity, or, alternatively, a “market adjusted value” if surrendered prior to maturity or if funds are reallocated to other investment options. The market value adjustment may result in a gain or loss to the Company, depending on crediting rates or an indexed rate at surrender, as applicable. The Company also issues fixed deferred and fixed indexed annuity contracts without MVA that have a guaranteed credited rate, annuity benefit and withdrawal benefit. The Company also issues indexed variable annuity contracts for which the return, when the account value is allocated to the index strategies, is tied to the return of specific indices subject to applicable contractual minimums and maximums and also varying levels of downside protection. The contract also guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

In addition, the Company issues certain variable life, variable universal life and universal life contracts where the Company contractually guarantees to the contractholder a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no-lapse guarantee”). Variable life and variable universal life contracts are offered with general and separate account options.

The assets supporting the variable portion of all variable annuities are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.”

For those guarantees of benefits that are payable in the event of death, the 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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

B-61

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company’s contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed may not be mutually exclusive. The liabilities related to the net amount at risk are reflected within “Future policy benefits”. As of December 31, 2021 and 2020, the Company had the following guarantees associated with these contracts, by product and guarantee type:

	December 31, 2021				December 31, 2020
	In the Event of Death(1)		At Annuitization/ Accumulation(1)(2)		In the Event of Death(1)		At Annuitization/ Accumulation(1)(2)
	(in thousands)
Annuity Contracts
Return of net deposits
Account value	$	103,862,788	N/A		$	104,700,706	N/A
Net amount at risk	$	27,872	N/A		$	18,336	N/A
Average attained age of contractholders	69 years		N/A		68 years		N/A
Minimum return or contract value
Account value	$	19,634,387	$	113,689,139	$	19,949,435	$	114,832,594
Net amount at risk	$	1,124,519	$	1,653,394	$	1,272,073	$	2,042,199
Average attained age of contractholders	72 years		69 years		71 years		68 years
Average period remaining until earliest expected annuitization	N/A		0 years		N/A		0 years

(1)Balances are gross of reinsurance.

(2)Includes income and withdrawal benefits.

	December 31, 2021		December 31, 2020
	In the Event of Death(1)(2)
	(in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
Separate account value	$	4,473,502	$	4,087,733
General account value	$	10,558,009	$	9,920,732
Net amount at risk	$	149,872,088	$	146,158,176
Average attained age of contractholders	58 years		56 years

(1)Balances are gross of reinsurance.

(2)Excludes assumed reinsurance of GUL business from Prudential Insurance in connection with the acquisition of The Hartford Life Business that is retroceded 100% to PAR U.

Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:

	December 31, 2021(1)		December 31, 2020(1)
	(in thousands)
Equity funds	$	69,299,203	$	68,436,773
Bond funds	47,895,089		51,126,536
Money market funds	3,016,761		1,578,516
Total	$	120,211,053	$	121,141,825

(1)Balances are gross of reinsurance.

In addition to the amounts invested in separate account investment options above, $3.3 billion at December 31, 2021 and $3.5 billion at December 31, 2020 of account balances of variable annuity contracts with guarantees, inclusive of contracts with MVA features, were invested in general account investment options. For the years ended December 31, 2021, 2020 and 2019 there were no transfers of assets, other than cash, from the general account to any separate account, and accordingly no gains or losses recorded.

B-62

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Liabilities for Guarantee Benefits

The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders' benefits”. GMAB, GMWB and GMIWB are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits”. Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative, are recorded in “Realized investment gains (losses), net.” See Note 5 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in "Realized investment gains (losses), net." This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 9 for further information regarding the external reinsurance arrangement.

	GMDB				GMIB		GMWB/GMIWB/ GMAB		Total
	Variable Annuity		Variable Life, Variable Universal Life & Universal Life		Variable Annuity
	(in thousands)
Balance at December 31, 2018	$	411,568	$	5,231,854	$	16,810	$	5,588,839	$	11,249,071
Incurred guarantee benefits(1)	52,717		1,473,762		2,266		2,940,727		4,469,472
Paid guarantee benefits	(25,992)		(110,642)		(2,209)		0		(138,843)
Change in unrealized investment gains and losses	22,208		805,259		240		0		827,707
Balance at December 31, 2019	460,501		7,400,233		17,107		8,529,566		16,407,407
Incurred guarantee benefits(1)	114,878		1,368,759		3,490		4,698,248		6,185,375
Paid guarantee benefits	(37,804)		(126,148)		(1,667)		0		(165,619)
Change in unrealized investment gains and losses	31,488		720,741		318		0		752,547
Balance at December 31, 2020	569,063		9,363,585		19,248		13,227,814		23,179,710
Incurred guarantee benefits(1)	(10,596)		1,089,139		(3,650)		(4,179,858)		(3,104,965)
Paid guarantee benefits	(24,394)		(189,453)		0		0		(213,847)
Change in unrealized investment gains and losses	(46,542)		(326,128)		(484)		0		(373,154)
Balance at December 31, 2021	$	487,531	$	9,937,143	$	15,114	$	9,047,956	$	19,487,744

(1)Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.

The GMDB, which includes the liability for no-lapse guarantees, and GMIB liability are established when associated assessments (which include all policy charges including charges for administration, mortality, expense, surrender, and other, regardless of how characterized) are recognized. This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (e.g., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. Similar to as described above for DAC, the reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings.

The GMAB features provide the contractholder with a guaranteed return of initial account value or an enhanced value if applicable. The most significant of the Company’s GMAB features are the guaranteed return option features, which includes an automatic rebalancing element that reduces the Company’s exposure to these guarantees. The GMAB liability is calculated as the present value of future expected payments in excess of the account balance less the present value of future expected rider fees attributable to the embedded derivative feature.

B-63

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The GMWB features provide the contractholder with access to a guaranteed remaining balance if the account value is reduced to zero through a combination of market declines and withdrawals. The guaranteed remaining balance is generally equal to the protected value under the contract, which is initially established as the greater of the account value or cumulative deposits when withdrawals commence, less cumulative withdrawals. The contractholder also has the option, after a specified time period, to reset the guaranteed remaining balance to the then-current account value, if greater. The contractholder accesses the guaranteed remaining balance through payments over time, subject to maximum annual limits. The GMWB liability is calculated as the present value of future expected payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature.

The GMIWB features, taken collectively, provide a contractholder two optional methods to receive guaranteed minimum payments over time, a “withdrawal” option or an “income” option. The withdrawal option (which was available under only one of the GMIWBs and is no longer offered) guarantees that a contractholder can withdraw an amount each year until the cumulative withdrawals reach a total guaranteed balance. The income option (which varies among the Company’s GMIWBs), in general, guarantees the contractholder the ability to withdraw an amount each year for life (or for joint lives, in the case of any spousal version of the benefit) where such amount is equal to a percentage of a protected value under the benefit. The contractholder also has the potential to increase this annual amount, based on certain subsequent increases in account value that may occur. The GMIWB can be elected by the contractholder upon issuance of an appropriate deferred variable annuity contract or at any time following contract issue prior to annuitization. Certain GMIWB features include an automatic rebalancing element that reduces the Company’s exposure to these guarantees. The GMIWB liability is calculated as the present value of future expected payments to customers less the present value of future expected rider fees attributable to the embedded derivative feature.

Sales Inducements

The Company defers sales inducements and amortizes them over the anticipated life of the policy using the same methodology and assumptions used to amortize DAC. DSI is included in “Deferred sales inducements”. The Company has offered various types of sales inducements, including: (1) a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s initial deposit and (2) additional credits after a certain number of years a contract is held. Changes in DSI, reported as “Interest credited to policyholders’ account balances”, are as follows:

	Sales Inducements
	(in thousands)
Balance at December 31, 2020	$	0
Capitalization	167
Amortization - Impact of assumption and experience unlocking and true-ups	16,286
Amortization - All other	(37,737)
Change in unrealized investment gains and losses	7,669
Other (1)	388,264
Balance at December 31, 2021	$	374,649

(1) Represents the impact of the 2021 Variable Annuities Recapture.

There were no deferred sales inducements balances at December 31, 2020 because they were fully ceded.

B-64

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

9. REINSURANCE

The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Arizona Reinsurance Universal Company (“PAR U”), Prudential Universal Reinsurance Company ("PURC"), Prudential Term Reinsurance Company (“Term Re”), PALAC, Gibraltar Universal Life Reinsurance Company ("GUL Re"), Dryden Arizona Reinsurance Term Company (“DART”), Lotus Reinsurance Company Ltd. ("Lotus Re") and Prudential Life Insurance Company of Taiwan Inc. ("Prudential of Taiwan"), a subsidiary of Prudential Financial that was sold to a third-party on June 30, 2021, as discussed below. As of July 1, 2021, the Company recaptured the risks related to its business that had been previously reinsured to PALAC as a result of the 2021 Variable Annuities Recapture, which is discussed below and in Note 1. The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

Realized investment gains and losses include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities to PALAC which was recaptured as part of the 2021 Variable Annuities Recapture, and the PLNJ business which was reinsured to Prudential Insurance. These reinsurance agreements are derivatives and have been accounted for in the same manner as embedded derivatives and the changes in the fair value of these derivatives are recognized through “Realized investment gains (losses), net”. See Note 4 for additional information related to the accounting for embedded derivatives.

Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:

	2021		2020
	(in thousands)
Reinsurance recoverables	$	38,598,767	$	48,367,096
Policy loans	(156,749)		(153,869)
Deferred policy acquisition costs	(2,575,232)		(6,574,020)
Deferred sales inducements	(37,905)		(445,493)
Other assets(1)	353,669		233,364
Policyholders’ account balances	12,005,839		4,773,439
Future policy benefits(2)	5,286,252		5,069,353
Other liabilities(3)	1,224,399		1,099,318

(1)Includes $0.0 million of unaffiliated activity as of both December 31, 2021 and 2020.

(2)Includes $0.0 million of unaffiliated activity as of both December 31, 2021 and 2020.

(3)Includes $49.2 million and $42.6 million of unaffiliated activity as of December 31, 2021 and 2020, respectively.

B-65

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reinsurance recoverables by counterparty are broken out below:

	December 31, 2021		December 31, 2020
	(in thousands)
PAR U	$	13,523,832	$	13,352,845
PALAC	7,198,504		15,941,123
PURC	5,830,441		5,368,831
PARCC	2,371,491		2,572,428
GUL Re	2,710,926		2,573,609
PAR Term	1,972,339		1,913,265
Prudential Insurance	2,082,551		2,421,226
Prudential of Taiwan	0		1,649,998
Term Re	1,953,063		1,766,978
DART	644,101		502,770
Lotus Re	32,039		0
Unaffiliated	279,480		304,023
Total reinsurance recoverables	$	38,598,767	$	48,367,096

B-66

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

	2021		2020		2019
	(in thousands)
Premiums:
Direct	$	1,909,878	$	1,923,708	$	1,882,584
Assumed(1)	162		184		206
Ceded(2)	(1,706,364)		(1,831,716)		(1,854,246)
Net premiums	203,676		92,176		28,544
Policy charges and fee income:
Direct	3,647,883		3,491,735		3,725,113
Assumed	582,003		587,466		519,265
Ceded(3)	(2,700,129)		(3,454,881)		(3,700,222)
Net policy charges and fee income	1,529,757		624,320		544,156
Net investment income:
Direct	555,404		372,822		398,762
Assumed	1,049		1,579		1,631
Ceded	(6,218)		(7,051)		(6,596)
Net investment income	550,235		367,350		393,797
Asset administration fees:
Direct	403,359		360,438		355,118
Assumed	0		0		0
Ceded	(201,182)		(341,300)		(339,062)
Net asset administration fees	202,177		19,138		16,056
Other income:
Direct	227,035		78,445		83,891
Assumed(4)	(66)		(1)		(293)
Ceded	35,790		165		(59)
Amortization of reinsurance income	4,449		4,647		21
Net other income	267,208		83,256		83,560
Realized investment gains (losses), net:
Direct	7,656,388		(3,593,799)		(1,912,241)
Assumed	18,171		0		0
Ceded(5)	(12,969,965)		3,530,823		1,795,492
Realized investment gains (losses), net	(5,295,406)		(62,976)		(116,749)
Policyholders’ benefits (including change in reserves):
Direct	3,611,402		3,584,011		3,352,159
Assumed(6)	849,599		1,055,277		885,542
Ceded(7)	(3,805,091)		(4,341,139)		(4,084,627)
Net policyholders’ benefits (including change in reserves)	655,910		298,149		153,074
Interest credited to policyholders’ account balances:
Direct	563,821		536,886		470,551
Assumed	138,202		136,153		135,355
Ceded	(816,608)		(439,664)		(418,677)
Net interest credited to policyholders’ account balances	(114,585)		233,375		187,229
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization	(2,265,350)		(1,589,113)		(1,772,111)

(1)Includes $0.2 million of unaffiliated activity for the year ended December 31, 2021 and $0.2 million for both years ended December 31, 2020 and 2019.

B-67

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(2)Includes $(19.8) million, $(10.5) million and $(0.6) million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

(3)Includes $(65) million, $(54) million and $(34) million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

(4)Includes $0.0 million, $0.0 million and $(0.3) million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

(5)Includes $(48) million, $73 million and $44 million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

(6)Includes $0.4 million, $0.9 million and $1.9 million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

(7)Includes $(201) million, $(70) million and $(30) million of unaffiliated activity for the years ended December 31, 2021, 2020 and 2019, respectively.

The gross and net amounts of life insurance face amount in force as of December 31, were as follows:

	2021		2020		2019
	(in thousands)
Direct gross life insurance face amount in force	$	1,079,382,740	$	1,045,775,819	$	993,850,732
Assumed gross life insurance face amount in force	37,822,851		38,818,752		39,877,183
Reinsurance ceded	(992,635,327)		(986,701,914)		(963,444,461)
Net life insurance face amount in force	$	124,570,264	$	97,892,657	$	70,283,454

Information regarding significant affiliated reinsurance agreements is described below.

PAR U

Pruco Life reinsures an amount equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates prior to January 1, 2011.

Effective July 1, 2012, PLNJ reinsures an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On January 2, 2013, Pruco Life began to assume Guaranteed Universal Life ("GUL") business from Prudential Insurance in connection with the acquisition of The Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.

PALAC

Effective April 1, 2016, the Company entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance. This reinsurance agreement covers new and in-force business and excludes business reinsured externally. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation had no impact on the reinsurance agreement between PALAC, Prudential Insurance, and the Company.

Effective July 1, 2021, the Company recaptured the risks related to its business, as discussed above, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. The recapture does not impact PLNJ, which will continue to reinsure its new and in force business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders are being managed within the Company. See Note 1 for additional information.

Effective December 1, 2021, the Company entered into a reinsurance agreement with PALAC under which the Company assumed all of its variable indexed annuities. The reinsurance of the variable indexed annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts. As a result of the agreement, Reinsurance recoverables includes the assumed modified coinsurance arrangement, which reflects the value of the invested assets retained by PALAC and the associated asset returns.

PURC

Pruco Life reinsures an amount equal to 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates from January 1, 2011 through December 31, 2013 with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates from January 1, 2014 through December 31, 2016.

B-68

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

PARCC

Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured, which resulted in an initial transfer of $476 million in premiums and $409 million in expenses ceded with the difference being deferred and subsequently amortized through income.

GUL Re

Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain of its universal policies with effective dates prior to January 1, 2014.

PAR Term

Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured, which resulted in an initial transfer of $150 million in premiums and $115 million in expenses ceded with the difference being deferred and subsequently amortized through income.

Prudential of Taiwan

On January 31, 2001, Pruco Life transferred all of its assets and liabilities associated with its Taiwanese branch, including its Taiwanese insurance book of business, to Prudential of Taiwan. The mechanism used to transfer this block of business in Taiwan is referred to as a “full acquisition and assumption” transaction. Under this mechanism, Pruco Life is jointly liable with Prudential of Taiwan for two years from the giving of notice to all obligees for all matured obligations and for two years after the maturity date of not-yet-matured obligations. Prudential of Taiwan is also contractually liable, under indemnification provisions of the transaction, for any liabilities that may be asserted against Pruco Life.

The transfer of the insurance related assets and liabilities was accounted for as a long-duration coinsurance transaction under U.S. GAAP. Under this accounting treatment, the insurance related liabilities remain on the books of Pruco Life and an offsetting reinsurance recoverable is established. These assets and liabilities are denominated in U.S. dollars.

On August 11, 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, entered into a Share Purchase Agreement with Taishin Financial Holding Co., Ltd. (the “Buyer”) pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of Prudential of Taiwan. The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. On June 30, 2021, PIIH completed the sale of Prudential of Taiwan to the Buyer. This resulted in the removal of the insurance related liabilities and offsetting reinsurance recoverables previously on the books of Pruco Life. The Buyer provided Pruco Life a backstop indemnification and Pruco Life provided a guarantee to stand ready to perform in the event of default by both Prudential of Taiwan and the Buyer. Refer to Note 14 for details on the guarantee.

Term Re

The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014, through December 31, 2017, through an automatic coinsurance agreement with Term Re.

Prudential Insurance

The Company has a yearly renewable term reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement has been terminated for certain new business, primarily Universal Life insurance policies. As of January 1, 2020, the remaining portions of new business (specifically Term policies) ceased being reinsured by the Company to Prudential Insurance. Effective July 1, 2017, the Company reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, this agreement has been recaptured for certain term life insurance policies which are now reinsured to PARCC and PAR Term as noted above.

B-69

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above. We anticipate there will be no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.

The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract.

Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in-force business.

DART

Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure an amount equal to 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Lotus Re

Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure the risks associated with a portion of its Variable Life policies in the extended term policy status.

During the first quarter of 2022, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions, the Company will enter into a reinsurance agreement to cede a closed block of Variable Life business to Lotus Re.

Information regarding significant third-party reinsurance arrangements is described below.

Union Hamilton

Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of December 31, 2021, $3.3 billion of HDI v.3.0 account values are reinsured to Union Hamilton.

B-70

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

10. INCOME TAXES

The following schedule discloses significant components of income tax expense (benefit) for each year presented:

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Current tax expense (benefit):
U.S. federal	$	440,649	$	(358,548)	$	56,371
State and local	5,002		0		0
Total	445,651		(358,548)		56,371
Deferred tax expense (benefit):
U.S. federal	(1,137,090)		228,300		(115,503)
Total	(1,137,090)		228,300		(115,503)
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures	(691,439)		(130,248)		(59,132)
Income tax expense (benefit) on equity in earnings of operating joint ventures	(147)		(518)		(1,773)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	(52,374)		70,806		81,281
Total income tax expense (benefit)	$	(743,960)	$	(59,960)	$	20,376

Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2021, 2020 and 2019, and the reported income tax expense (benefit) are summarized as follows:

	Year Ended December 31,
	2021			2020			2019
	(in thousands)
Expected federal income tax expense (benefit)	$	(609,393)		$	14,308		$	33,345
Non-taxable investment income	(48,662)			(46,836)			(52,291)
Tax credits	(36,806)			(27,980)			(40,602)
Changes in tax law	(3,644)			(70,121)			0
Other	7,066			381			416
Reported income tax expense (benefit)	$	(691,439)		$	(130,248)		$	(59,132)
Effective tax rate	23.8		%	(191.2)		%	(37.2)		%

The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes and equity in earnings of operating joint venture.” The Company’s effective tax rate for fiscal years 2021, 2020 and 2019 was 23.8%, (191.2)% and (37.2)%, respectively. The following is a description of items that had the most significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2021, 2020 and 2019, and the Company’s effective tax rate during the periods presented:

Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and accounts for most of the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $46 million of the total $49 million of 2021 non-taxable investment income, $45 million of the total $47 million of 2020 non-taxable investment income, and $50 million of the total $52 million of 2019 non-taxable investment income. The DRD for the current period was estimated using information from 2020, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.

Tax credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.

B-71

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Changes in Tax Law. The following is a notable change in tax law that impacted the Company’s effective tax rate for the periods presented:

The CARES Act. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. One provision of the CARES Act amends the Tax Act of 2017 and allows companies with net operating losses (“NOLs”) originating in 2020, 2019 or 2018 to carry back those losses for up to five years. For 2020, the Company recorded an income tax benefit of $70 million from carrying the estimated 2020 NOL back to tax years that have a 35% tax rate.

Other. This line item represents insignificant reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

	As of December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Insurance reserves	$	2,391,739	$	296,635
Other	2,894		0
Deferred tax assets	2,394,633		296,635
Deferred tax liabilities:
Deferred policy acquisition cost	1,003,301		142,147
Deferred sales inducements	78,676		0
Net unrealized gain on securities	114,705		180,067
Investments	155,891		124,821
Other	0		4,032
Deferred tax liabilities	1,352,573		451,067
Net deferred tax asset (liability)	$	1,042,060	$	(154,432)

The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.

The Company had no valuation allowance as of December 31, 2021 and 2020. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.

The Company’s “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” includes income from domestic operations of $(2,902) million, $68 million and $159 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Tax Audit and Unrecognized Tax Benefits

The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.

The Company had no unrecognized tax benefits as of December 31, 2021, 2020, and 2019. The Company does not anticipate any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.

B-72

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The company did not recognize tax related interest and penalties.

At December 31, 2021, the Company remains subject to examination in the U.S. for tax years 2014 through 2021.

The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolution programs are available to resolve the disagreements in a timely manner.

11. EQUITY

Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Comprehensive Income. Net unrealized investment gains (losses) are described in further detail in Note 2. The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:

	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2018	$	(17,448)	$	(10,848)	$	(28,296)
Change in OCI before reclassifications	9,572		435,919		445,491
Amounts reclassified from AOCI	0		(54,472)		(54,472)
Income tax benefit (expense)	(41)		(81,240)		(81,281)
Balance, December 31, 2019	(7,917)		289,359		281,442
Change in OCI before reclassifications	599		327,819		328,418
Amounts reclassified from AOCI	0		7,074		7,074
Income tax benefit (expense)	(479)		(70,327)		(70,806)
Balance, December 31, 2020	(7,797)		553,925		546,128
Change in OCI before reclassifications	(3,891)		(222,182)		(226,073)
Amounts reclassified from AOCI	0		(24,994)		(24,994)
Income tax benefit (expense)	414		51,960		52,374
Balance, December 31, 2021	$	(11,274)	$	358,709	$	347,435

(1)Includes cash flow hedges of $40 million, $(8) million, and $26 million as of December 31, 2021, 2020 and 2019, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)	$	28,508	$	162	$	7,734
Net unrealized investment gains (losses) on available-for-sale securities(4)	(3,514)		(7,236)		46,738
Total net unrealized investment gains (losses)	24,994		(7,074)		54,472
Total reclassifications for the period	$	24,994	$	(7,074)	$	54,472

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 4 for additional information on cash flow hedges.

B-73

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income” (loss) for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an OTTI had been previously recognized, an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:

B-74

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

	Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been Recognized		Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded(1)		Net Unrealized Gains (Losses) on All Other Investments(3)		DAC and Other Costs(4)		Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(5)		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2018	$	(689)	$	0	$	(16,632)	$	(65,895)	$	68,042	$	4,326	$	(10,848)
Net unrealized investment gains (losses) on investments arising during the period	2,112		0		494,861		0		0		(105,845)		391,128
Reclassification adjustment for (gains) losses included in net income	210		0		(54,682)		0		0		11,601		(42,871)
Reclassification adjustment for OTTI losses excluded from net income(2)	(65)		0		65		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		0		489,122		(550,176)		13,004		(48,050)
Balance, December 31, 2019	1,568		0		423,612		423,227		(482,134)		(76,914)		289,359
Reclassification due to implementation of ASU 2016-13 (6)	(1,568)		0		1,568		0		0		0		0
Net unrealized investment gains (losses) on investments arising during the period	0		616		416,479		0		0		(87,588)		329,507
Reclassification adjustment for (gains) losses included in net income	0		0		7,074		0		0		(1,486)		5,588
Reclassification due to allowance for credit losses recorded during the period	0		(616)		616		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		0		776,821		(866,097)		18,747		(70,529)
Balance, December 31, 2020	0		0		849,349		1,200,048		(1,348,231)		(147,241)		553,925
Net unrealized investment gains (losses) on investments arising during the period	0		2,951		(240,917)		0		0		50,016		(187,950)
Reclassification adjustment for (gains) losses included in net income	0		(8)		(24,986)		0		0		5,277		(19,717)
Reclassification due to allowance for credit losses recorded during the period	0		742		(742)		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		0		(216,963)		232,747		(3,333)		12,451
Balance, December 31, 2021	$	0	$	3,685	$	582,704	$	983,085	$	(1,115,484)	$	(95,281)	$	358,709

(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.

B-75

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(2)Represents "transfers out" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.

(3)Includes cash flow hedges. See Note 4 for information on cash flow hedges.

(4)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.

(5)"Other liabilities" primarily includes reinsurance payables.

(6)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.

12. STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance ("AZDOI"). It's subsidiary PLNJ is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions and valuing investments, deferred taxes, and certain assets on a different basis.

Statutory net income (loss) for the Company, including its subsidiary PLNJ, amounted to $833 million, $(671) million and $262 million for the years ended December 31, 2021, 2020 and 2019, respectively. Statutory surplus of the Company, including its subsidiary PLNJ, amounted to $5,955 million and $1,461 million at December 31, 2021 and 2020, respectively. Prior year amounts have been updated to conform to finalized statutory filings where applicable.

The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.

The Company is subject to Arizona law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the AZDOI. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the lesser of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. The Company must obtain approval from AZDOI prior to paying a dividend if the dividend, together with other dividend distributions made within the preceding twelve months, would exceed the lesser of 10% of statutory surplus or net gain from operations. Based on these limitations, there is a capacity to pay a dividend of $595 million in 2022 without prior approval. In December 2019, the Company paid a dividend of $250 million to its sole shareholder, Prudential Insurance, of which $146 million was an ordinary dividend and $104 million was recorded as a return of capital. The dividend was approved by the State of Arizona. The Company did not pay dividends to Prudential Insurance in 2021 and 2020.

13. RELATED PARTY TRANSACTIONS

The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.

Expense Charges and Allocations

The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.

The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $1 million for each of the years ended December 31, 2021, 2020 and 2019. The expense charged to the Company for the deferred compensation program was $4 million, $5 million and $6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

B-76

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $14 million, $17 million and $20 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $13 million, $18 million and $24 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $5 million, $7 million and $9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company is charged distribution expenses from Prudential Insurance’s agency network for both its domestic life and annuity products through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $379 million, $529 million and $747 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $86 million, $76 million and $116 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Corporate-Owned Life Insurance

The Company has sold five Corporate Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $5,248 million at December 31, 2021 and $4,757 million at December 31, 2020. Fees related to these COLI policies were $56 million, $50 million and $48 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company retains the majority of the mortality risk associated with these COLI policies up to $3.5 million per individual policy.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $20 million, $15 million and $14 million for the years ended December 31, 2021, 2020 and 2019, respectively. These expenses are recorded as “Net investment income” in the Consolidated Statements of Operations and Comprehensive Income.

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $466 million and $111 million as of December 31, 2021 and 2020, respectively. "Net investment income" related to these ventures include gains of $39 million, $12 million and $9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $374 million, $344 million and $341 million for the years ended December 31, 2021, 2020 and 2019, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income.

B-77

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $21 million, $11 million and $10 million for the years ended December 31, 2021, 2020 and 2019, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income.

Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:

	Maturity Dates			Interest Rates				2021		2020
								(in thousands)
U.S. dollar fixed rate notes	2024	-	2032	0.00%	-	14.85	%	$	162,045	$	111,970
Total long-term notes receivable - affiliated(1)								$	162,045	$	111,970

(1)All long-term notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $1 million at both December 31, 2021 and 2020, and is included in “Other assets.” Revenues related to these loans was $4 million for each of the years ended December 31, 2021, 2020 and 2019, and are included in “Other income.”

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:

	Maturity Date	Interest Rate	2021
			(in thousands)
Affiliated Commercial Mortgage Loan	2025	4.60%	$	73,412

This affiliated commercial mortgage loan was transferred from PALAC as part of the 2021 Variable Annuities Recapture. See Note 1 for details. The Company did not have any affiliated commercial mortgage loans outstanding at December 31, 2020.

The commercial mortgage loan shown above is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage on an on-going basis.

Accrued interest receivable related to the loan was $0.3 million at December 31, 2021 and is included in "Accrued investment income". Revenue was $1.7 million for the year ended December 31, 2021 and is included in "Net investment income."

Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net," respectively. The table below shows affiliated asset trades for the years ended December 31, 2021 and 2020, excluding those related to the 2021 Variable Annuities Recapture effective July 1, 2021, as described in Note 1.

Affiliate	Date	Transaction	Security Type	Fair Value		Book Value		APIC, Net of Tax Increase/ (Decrease)		Realized Investment Gain/ (Loss)
				(in thousands)
Prudential Insurance	March 2020	Purchase	Other Invested Assets	$	1,390	$	1,390	$	0	$	0
Prudential Insurance	April 2020	Purchase	Fixed Maturities	$	61,953	$	59,659	$	(1,812)	$	0
Prudential Insurance	April 2020	Purchase	Fixed Maturities	$	3,485	$	3,320	$	(130)	$	0
GA BV LLC	July 2020	Transfer Out	Fixed Maturities	$	1,914	$	1,914	$	0	$	0

B-78

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

PALAC	June 2021	Purchase	Equities	$	40,284	$	40,284	$	0	$	0
Prudential Insurance	September 2021	Purchase	Fixed Maturities	$	64,374	$	59,642	$	(3,739)	$	0
Prudential Insurance	September 2021	Sale	Fixed Maturities	$	37,887	$	35,264	$	2,073	$	0
Hirakata LLC	September 2021	Purchase	Fixed Maturities	$	13,944	$	13,944	$	0	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Purchase	Fixed Maturities	$	120,256	$	120,256	$	0	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Sale	Fixed Maturities	$	173,590	$	166,427	$	0	$	7,163
Prudential Insurance	September 2021	Purchase	Commercial Mortgage and Other Loans	$	45,358	$	42,127	$	(2,553)	$	0
Prudential Insurance	September 2021	Sale	Commercial Mortgage and Other Loans	$	22,796	$	21,780	$	802	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Purchase	Commercial Mortgage and Other Loans	$	29,483	$	29,483	$	0	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Sale	Commercial Mortgage and Other Loans	$	51,005	$	47,020	$	0	$	3,985
Prudential Insurance	September 2021	Purchase	Derivatives	$	600	$	494	$	(84)	$	0
Prudential Insurance	September 2021	Sale	Derivatives	$	335	$	175	$	127	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Purchase	Derivatives	$	(1,243)	$	(1,243)	$	0	$	0
Prudential Retirement Insurance & Annuity Co	September 2021	Sale	Derivatives	$	2,846	$	770	$	0	$	2,076
Prudential Arizona Reinsurance Universal Co.	November 2021	Purchase	Fixed Maturities	$	41,021	$	41,021	$	0	$	0
PALAC	November 2021	Purchase	Derivatives	$	1,112	$	1,112	$	0	$	0
PALAC	December 2021	Transfer in	Fixed Maturities	$	2,037,320	$	2,037,320	$	0	$	0
Prudential Universal Reinsurance Co.	December 2021	Purchase	Fixed Maturities	$	48,041	$	48,041	$	0	$	0
PALAC	December 2021	Purchase	Fixed Maturities	$	57,087	$	57,087	$	0	$	0
PALAC	December 2021	Transfer in	Commercial Mortgage and Other Loans	$	517,309	$	517,309	$	0	$	0

B-79

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Prudential Insurance	December 2021	Contributed Capital	Fixed Maturities	$	166,676	$	166,676	$	0	$	0
Prudential Retirement Insurance & Annuity Co	December 2021	Sale	Derivatives	$	31,567	$	0	$	0	$	31,567
Prudential Retirement Insurance & Annuity Co	December 2021	Purchase	Derivatives	$	73,572	$	73,572	$	0	$	0
PALAC	December 2021	Purchase	Derivatives	$	8,455	$	8,455	$	0	$	0

Debt Agreements

The Company is authorized to borrow funds up to $2.2 billion from affiliates to meet its capital and other funding needs. The following table provides the breakout of the Company's short and long-term debt to affiliates as of December 31, 2021:

Affiliate	Date Issued	Amount of Notes - December 31, 2021		Amount of Notes - December 31, 2020		Interest  Rate			Date of Maturity
		(in thousands)
Prudential Insurance	8/13/2021	$	99,770	$	0		4.39	%	12/15/2023
Prudential Insurance	8/13/2021	29,931		0			4.39	%	12/15/2023
Prudential Insurance	8/13/2021	100,348		0			3.95	%	6/20/2024
Prudential Insurance	8/13/2021	40,139		0			3.95	%	6/20/2024
Prudential Insurance	8/13/2021	50,174		0			3.95	%	6/20/2024
Total Loans Payable to Affiliates		$	320,362	$	0

Effective August 2021, the affiliated long-term debt was transferred to the Company from PALAC based on the market value of $324 million. The Company recorded a premium of $24 million which will be amortized into earnings over the life of the loans.

The total interest expense to the Company related to loans payable to affiliates was $0.4 million, $0.7 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Contributed Capital and Dividends

In January, July and December of 2021, the Company received capital contributions in the amount of $106 million and $3,813 million and $457 million, respectively, from Prudential Insurance. The December 2021 capital contribution includes $167 million of invested assets related to the Affiliated Reinsurance Agreement with PALAC. In June, September, and December of 2020, the Company received capital contributions in the amounts of $325 million, $75 million and $175 million, respectively, from Prudential Insurance. In December of 2019, the Company received a capital contribution in the amount of $6 million from Prudential Insurance.

In June 2021, there was a $34 million return of capital to Prudential Insurance associated with the financial guarantee related to the sale of Prudential of Taiwan. In 2020 the Company did not return capital.

In 2021 and 2020, the Company did not pay any dividends to Prudential Insurance. In 2019, the Company paid a dividend in the amount of $250 million to Prudential Insurance.

Reinsurance with Affiliates

As discussed in Note 9, the Company participates in reinsurance transactions with certain affiliates.

B-80

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

14. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Company has made commitments to fund commercial mortgage loans. As of December 31, 2021 and 2020, the outstanding balances on these commitments were $121 million and $30 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.0 million as of both December 31, 2021, and 2020, which is a change of $0.0 million for both the years ended December 31, 2021 and 2020. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of December 31, 2021 and 2020, $753 million and $354 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2021 and 2020.

Guarantees

In July 2017, the Company formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. The Company owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates the Company and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. The Company does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.

Since 2001, the Company entered into an arrangement with Prudential of Taiwan as discussed in Note 9. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, the Company has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. The Company has a liability of $34 million as of December 31, 2021, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Contingent Liabilities

On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.

The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.

It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.

B-81

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2021, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

Behfarin v. Pruco Life

In July 2017, a putative class action complaint entitled Richard Behfarin v. Pruco Life Insurance Company was filed in the United States District Court for the Central District of California, alleging that the Company imposes charges on owners of universal life policies to cure defaults and/or reinstate lapses, that are inconsistent with the applicable universal life policy. The complaint includes claims for breach of contract, breach of implied covenant of good faith and fair dealing, and violation of California law, and seeks unspecified damages along with declaratory and injunctive relief. In September 2017, the Company filed its answer to the complaint. In September 2018, plaintiff filed a motion for class certification. In October 2019, plaintiff filed: (1) the First Amended Complaint adding Prudential Insurance Company of America and Pruco Life Insurance Company of New Jersey as defendants; and (2) a motion seeking preliminary certification of a settlement class, appointment of a class representative and class counsel, and preliminary approval of the proposed class action settlement. In November 2019, the court issued an order granting the motion for preliminary approval of the settlement. In June 2020, the court issued an order: (i) granting plaintiffs’ motion for certification of the settlement class; (ii) approving the proposed nationwide class settlement agreement; (iii) approving the class notice; (iv) awarding attorneys’ fees and costs to plaintiffs and a reduced incentive award to Behfarin; and (v) dismissing the action with prejudice, but maintaining jurisdiction over the settlement. This matter is now closed.

Moreland, Socorro v. PICA, et al.

In June 2020, a putative class action complaint entitled Socorro Moreland v. The Prudential Insurance Company of America; Pruco Life Insurance Company, was filed in the United States District Court for the Northern District of California, alleging that the Company failed to comply with California laws requiring that life insurance policies issued and delivered in California: (i) provide for a 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide a 30-day written notice of pending lapse; and (iii) notify policyowners of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California law, breach of contract, unfair competition, and bad faith violation of the implied covenant of good faith and fair dealing, and seeks unspecified damages, declaratory and injunctive relief. In August 2020, defendants filed an answer to the complaint and a motion to stay the action pending the California Supreme Court’s decision, in McHugh v. Protective Life Insurance, on the question of whether the California lapse statutes apply to policies that were in force when the statutes went into effect on January 1, 2013, or solely to policies issued after that date. The Moreland court granted defendants’ motion to stay in October 2020. Subsequently, in August 2021, the California Supreme Court in McHugh determined that the California lapse statutes apply to policies that were in force as of January 1, 2013. In October 2021, the Moreland court lifted the stay order.

B-82

PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Doyle C. Stone v. PFI, et al.

In February 2021, a putative class action complaint entitled Doyle C. Stone v. Prudential Financial, Inc., Pruco Life Insurance Company, was filed in the United States District Court for the District of New Jersey.The complaint asserts claims against Prudential Financial, Inc. and Pruco Life Insurance Company for violation of the New Jersey Consumer Fraud Act, breach of contract, breach of fiduciary duty, breach of implied duty of good faith and fair dealing, misrepresentation and unjust enrichment, based on: (i) the Company’s alleged deficient identification, notification and payment practices for retirement plan participants in transferred group retirement, annuity and insurance plans (“Plan Participants”); and (ii) improper transfer of Plan Participant funds to its own accounts.The putative class includes all Plan Participants from January 2015 to the present. In April 2021, defendants filed a motion to dismiss the complaint. In June 2021, plaintiff filed a notice of voluntary dismissal of the complaint, without prejudice. In August 2021, plaintiff filed a new putative class action complaint in the United States District Court for the District of New Jersey (the “Second Complaint”), asserting claims against Prudential Financial, Inc. and Pruco Life Insurance Company for violation of the New Jersey Consumer Fraud Act, breach of fiduciary duty, unjust enrichment and common law fraud. The putative class includes all Plan Participants from January 2015 until the present. In September 2021, defendants filed a motion to dismiss the Second Complaint.In November 2021, the court issued an order granting defendants’ motion and dismissed plaintiff’s: (i) fraud claims without prejudice; and (ii) breach of fiduciary duty and unjust enrichment claims with prejudice. In January 2022, plaintiff filed a Notice of Voluntary Dismissal With Prejudice that was approved by the Court.This matter is now closed.

Regulatory

Variable Products

The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission, concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.

B-83

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Pruco Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Pruco Life Insurance Company and its subsidiary (the "Company") as of December 31, 2021 and 2020, and the related consolidated statements of operations and comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2021, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidatedfinancial statements”). In our opinion, the consolidatedfinancial statements present fairly, in all material respects, the financial position of the Companyas of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for credit losses on certain financial assets reported at amortized cost in 2020.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidatedfinancial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidatedfinancial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidatedfinancial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidatedfinancial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

B-84

Valuation of Guaranteed Benefit Features Associated with Certain Life and Annuity Products Included in the Liability for Future Policy Benefits

As described in Notes 2, 5, 7 and 8 to the consolidated financial statements, the Company issues certain life and annuity contracts which contain guaranteed benefit features. Certain of the guarantees associated with variable annuity contracts are accounted for as embedded derivatives and recorded at fair value, with changes in fair value recognized currently in earnings. As of December 31, 2021, the fair value of the obligations associated with these guarantees accounted for as embedded derivatives was $9.0 billion. As there is no observable active market for the transfer of these obligations, the valuations are calculated by management using internally developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The significant inputs to the valuation models for these embedded derivatives include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived non-performance risk under the contract, as well as actuarially determined assumptions, including mortality rates, lapse rates, benefit utilization rates and withdrawal rates. For certain life insurance and annuity products that include certain other contract features, including guaranteed minimum death benefits (“GMDB”) and no-lapse guarantees, additional policyholder liabilities are established when associated assessments are recognized. The liability for no-lapse guarantee features is grouped with GMDB features in Note 8. As of December 31, 2021, the additional liability for these contract features included in the liability for future policy benefits was $10.4 billion. As disclosed by management, this liability is established using current best estimate assumptions, including mortality rates, lapse rates, benefit utilization rates, withdrawal rates, and premium pattern rates, as well as interest rate and equity market return assumptions, and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date.

The principal considerations for our determination that performing procedures relating to the valuation of guaranteed benefit features associated with certain life and annuity products included in the liability for future policy benefits is a critical audit matter are (i) the significant judgment by management to determine the valuation model for the benefit features accounted for as embedded derivatives in light of the valuation objective (fair value) given the lack of an observable market for these guarantees and to determine the aforementioned assumptions for the guaranteed benefit features accounted for as embedded derivatives and additional policyholder liabilities, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the model for embedded derivatives recorded at fair value and the aforementioned assumptions used in the valuation of the liabilities for the guaranteed benefit features accounted for as embedded derivatives and additional policyholder liabilities, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of guaranteed benefit features associated with certain life and annuity products included in the liability for future policy benefits, including controls over the model for the benefit features accounted for as embedded derivatives and development of the assumptions used in the valuation of the liabilities for the guaranteed benefit features accounted for as embedded derivatives and additional policyholder liabilities. These procedures also included, among others, testing management’s process for determining the valuation of guaranteed benefit features associated with certain life and annuity products included in the liability for future policy benefits, which included the involvement of professionals with specialized skill and knowledge to assist in evaluating (i) the appropriateness of management’s models and (ii) the reasonableness of the aforementioned assumptions used in the valuation based on industry knowledge and data as well as historical Company data and experience. The procedures also included testing the completeness and accuracy of data used to develop the aforementioned assumptions and testing that the aforementioned assumptions are accurately reflected in the models.

Valuation of the Deferred Acquisition Costs Related to Universal Life and Variable Life Products and Fixed and Variable Deferred Annuity Products

As described in Notes 2 and 6 to the consolidated financial statements, the Company defers acquisition costs that relate directly to the successful acquisition of new and renewal insurance and annuity business to the extent such costs are deemed recoverable from future profits. As of December 31, 2021, a significant portion of the $6.8 billion of deferred policy acquisition costs ("DAC") are associated with certain universal and variable life products and fixed and variable deferred annuity products. DAC related to universal and variable life products and fixed and variable deferred annuity products is generally amortized over the expected life of the contracts in proportion to gross profits arising principally from investment margins, mortality and expense margins, and surrender charges. These margins are updated periodically based on historical and anticipated future experience. Gross profits also include impacts from the embedded derivatives associated with certain of the optional living benefit features of variable annuity contracts. The DAC balance is regularly adjusted with a corresponding charge or credit to current period earnings for the impact of actual gross profits and changes in management’s projections of estimated future gross profits. DAC is subject to periodic recoverability testing.

B-85

The principal considerations for our determination that performing procedures relating to the valuation of DAC related to universal life and variable life products and fixed and variable deferred annuity products is a critical audit matter are (i) the significant judgment by management to determine the assumptions used in the projection of gross profits used to amortize DAC related to mortality rates, lapse rates, benefit utilization rates, withdrawal rates, and premium pattern rates, as well as interest rate and equity market return assumptions (collectively, the “significant assumptions”), (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the significant assumptions, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of DAC related to universal life and variable life products and fixed and variable deferred annuity products, including controls over the development of the significant assumptions. These procedures also included, among others, testing management’s process for determining the valuation of DAC related to universal life and variable life products and fixed and variable deferred annuity products, which included the involvement of professionals with specialized skill and knowledge to assist in evaluating (i) the appropriateness of management’s models and (ii) the reasonableness of the significant assumptions used in the valuation based on industry knowledge and data as well as historical Company data and experience. The procedures also included testing the completeness and accuracy of data used to develop the assumptions and testing that the assumptions are accurately reflected in the models.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 16, 2022

We have served as the Company's auditor since 1996.

B-86