485BPOS

Filed with the Securities and Exchange Commission on April 7, 2021

REGISTRATION NO. 333-184542

INVESTMENT COMPANY ACT NO. 811-07975

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM N-4

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REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 17

and

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 178

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PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

(Exact Name of Registrant)

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

(Name of Depositor)

213 WASHINGTON STREET

NEWARK, NEW JERSEY 07102-2992

(973) 802-7333

(Address and telephone number of Depositor's principal executive offices)

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WILLIAM J. EVERS, ESQ.

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

213 WASHINGTON STREET

NEWARK, NEW JERSEY 07102-2992

(973) 802-6000

(Name, address and telephone number of agent for service)

COPIES TO:

ELIZABETH L. GIOIA

VICE PRESIDENT

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

ONE CORPORATE DRIVE

SHELTON, CONNECTICUT 06484

(203) 402-1624

Approximate Date of Proposed Sale to the Public: Continuous

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It is proposed that this filing become effective: (check appropriate space)

[ ] immediately upon filing pursuant to paragraph (b) of Rule 485

[ X ] on April 30, 2021 pursuant to paragraph (b) of Rule 485

[ ] 60 days after filing pursuant to paragraph (a)(i) of Rule 485

[ ] on __________ pursuant to paragraph (a)(i) of Rule 485

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

TITLE OF SECURITIES BEING REGISTERED:

Units of interest in Separate Accounts under variable annuity contracts.

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

A Prudential Financial Company

751 Broad Street, Newark, NJ 07102-3777

PRUDENTIAL DEFINED INCOME (PDI) VARIABLE ANNUITY

Flexible Premium Deferred Annuity

PROSPECTUS: April 30, 2021

This prospectus describes a flexible premium deferred annuity offered by Pruco Life Insurance Company of New Jersey (“Pruco Life of New Jersey”, “we”, “our”, or “us”), which we refer to as the Prudential Defined Income Variable Annuity (“Annuity”). This prospectus is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. The Annuity will be offered as an individual annuity contract. Financial professionals may be compensated for the sale of the Annuity. Selling broker-dealer firms through which the Annuity is sold may impose restrictions (e.g., maximum issue age). Please speak to your financial professional for further details. The guarantees provided by the variable annuity contract described in this prospectus are the obligations of and subject to the claims paying ability of Pruco Life of New Jersey. Certain terms are capitalized in this prospectus. Those terms are either defined in the Glossary of Terms or in the context of the particular section.

IMPORTANT INFORMATION

This Annuity was only offered for sale in the State of New York.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the annual and semi-annual shareholder reports for portfolios available under your contract will no longer be sent by mail, unless you specifically request paper copies of the reports from us. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from us electronically anytime at our website www.prudential.com. You may elect to receive all future shareholder reports in paper free of charge by calling 1-888-778-2888. Your election to receive reports in paper will apply to all portfolios available under your contract.

THE SUB-ACCOUNT

The Pruco Life of New Jersey Flexible Premium Variable Annuity Account is a Separate Account of Pruco Life of New Jersey, and is the investment vehicle in which your Purchase Payments invested in the Sub-account are held. Currently only one Sub-account is available under the Annuity. The Sub-account offered in connection with the Annuity of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account invests in the AST Multi-Sector Fixed Income Portfolio, a series of the Advanced Series Trust mutual fund. (Prior to November 4, 2013, the AST Multi-Sector Fixed Income Portfolio was named AST Long Duration Bond Portfolio.)

PLEASE READ THIS PROSPECTUS

This prospectus sets forth information about the Annuity that you ought to know before investing. Please read this prospectus and the current prospectus for the underlying mutual fund. Keep them for future reference. If you purchased the Annuity as a replacement for an existing variable annuity or variable life policy, or a fixed insurance policy, you should consider any surrender or penalty charges you may incur and any benefits you may also be forfeiting when replacing your existing coverage and that this Annuity may be subject to a Contingent Deferred Sales Charge if you elect to surrender the Annuity or take a partial withdrawal. You should consider your need to access the Annuity’s Account Value and whether the Annuity’s liquidity features will satisfy that need. Please note that if you purchase this Annuity within a tax advantaged retirement plan, such as an IRA, SEP-IRA, Roth IRA, 401(a) plan, or non-ERISA 403(b) plan, you will get no additional tax advantage through the Annuity itself. Because there is no additional tax advantage when a variable annuity is purchased through one of these plans, the reasons for purchasing the Annuity inside a qualified plan are limited to the Defined Income Benefit and the opportunity to annuitize the contract, which might make the Annuity an appropriate investment for you. You should consult your tax and financial adviser regarding such features and benefits prior to purchasing this Annuity for use with a tax-qualified plan. When delivered in connection with the potential purchase of a new Annuity, this prospectus must be accompanied by the applicable Rate Sheet Prospectus Supplement setting forth the then current Income Growth Rate and Income Percentage Rates. Also, the Defined Income Benefit is neither optional nor revocable.

OTHER CONTRACTS

We offer a variety of fixed and variable annuity contracts. They may offer features, including investment options, and have fees and charges, that are different from the annuity contracts offered by this prospectus. Not every annuity contract we issue is offered through every selling broker-dealer firm. Upon request, your financial professional can show you information regarding other Pruco Life of New Jersey annuity contracts that he or she sells. You can also contact us to find out more about the availability of any of the Pruco Life of New Jersey annuity contracts. You should work with your financial professional to decide whether this annuity contract is appropriate for you based on a thorough analysis of your particular needs, financial objectives, investment goals, time horizons and risk tolerance.

PDINYPROS

AVAILABLE INFORMATION

We have also filed a Statement of Additional Information dated the same date as this prospectus that is available from us, without charge, upon your request. The contents of the Statement of Additional Information are described at the end of this prospectus – see Table of Contents. The Statement of Additional Information is incorporated by reference into this prospectus. This prospectus is part of the registration statement we filed with the SEC regarding this offering. Additional information on us and this offering is available in the registration statement and the exhibits thereto. You may review and obtain copies of these materials at no cost to you by contacting us. These documents, as well as documents incorporated by reference, may also be obtained through the SEC’s website (www.sec.gov) for this registration statement as well as for other registrants that file electronically with the SEC. Please see “How to Contact Us” later in this prospectus for our Service Office address.

In compliance with U.S. law, Pruco Life of New Jersey delivers this prospectus to current contract owners that reside outside of the United States. In addition, we may not market or offer benefits, features or enhancements to prospective or current contract owners while outside of the United States.

This Annuity is NOT a deposit or obligation of, or issued, guaranteed or endorsed by, any bank, and is NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency. An investment in an annuity involves investment risks, including possible loss of value.

THIS SECURITY HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

PRUDENTIAL, PRUDENTIAL FINANCIAL, PRUDENTIAL ANNUITIES AND THE ROCK LOGO ARE SERVICEMARKS OF THE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND ITS AFFILIATES. OTHER PROPRIETARY PRUDENTIAL MARKS MAY BE DESIGNATED AS SUCH THROUGH USE OF THE SM OR ® SYMBOLS.

FOR FURTHER INFORMATION CALL: 1-888-PRU-2888 OR GO TO OUR WEBSITE AT

www.prudential.com

Prospectus Dated: April 30, 2021    Statement of Additional Information Dated: April 30, 2021

CONTENTS

GLOSSARY OF TERMS	1
SUMMARY OF CONTRACT FEES AND CHARGES	3
EXPENSE EXAMPLES	5
SUMMARY	6
INVESTMENT OPTION	8
VARIABLE INVESTMENT OPTION	8
DEFINED INCOME BENEFIT	9
PURCHASING YOUR ANNUITY	15
REQUIREMENTS FOR PURCHASING THE ANNUITY	15
SETTING UP YOUR ANNUITY	16
RIGHT TO CANCEL	17
MANAGING YOUR ANNUITY	18
CHANGE OF OWNER, ANNUITANT AND BENEFICIARY DESIGNATIONS	18
ACCESS TO YOUR ACCOUNT VALUE	20
TYPES OF DISTRIBUTIONS AVAILABLE TO YOU	20
SYSTEMATIC WITHDRAWALS FROM YOUR ANNUITY DURING THE ACCUMULATION PERIOD	20
SYSTEMATIC WITHDRAWALS UNDER SECTIONS 72(t)/72(q) OF THE INTERNAL REVENUE CODE	20
REQUIRED MINIMUM DISTRIBUTIONS	21
SURRENDERS	23
SURRENDER VALUE	23
MEDICALLY-RELATED SURRENDERS	23
ANNUITY OPTIONS	24
TRADITIONAL ANNUITY PAYMENT OPTIONS	24
DEATH BENEFIT	26
DEATH BENEFIT UNDER THE DEFINED INCOME BENEFIT	26
DEATH BENEFIT UPON TERMINATION OF THE DEFINED INCOME BENEFIT	26
GENERAL DEATH BENEFIT PROVISIONS	26
SPOUSAL CONTINUATION OF YOUR ANNUITY	27
PAYMENT OF DEATH BENEFITS	28
FEES, CHARGES AND DEDUCTIONS	30
TRADITIONAL ANNUITY PAYMENT OPTION CHARGES	31
EXCEPTIONS/REDUCTIONS TO FEES AND CHARGES	31
VALUING YOUR INVESTMENT	33
VALUING THE SUB-ACCOUNT	33
PROCESSING AND VALUING TRANSACTIONS	33
TAX CONSIDERATIONS	35
NONQUALIFIED ANNUITIES	35
QUALIFIED ANNUITIES	38
ADDITIONAL CONSIDERATIONS	44
OTHER INFORMATION	45
PRUCO LIFE OF NEW JERSEY AND THE SEPARATE ACCOUNT	45
LEGAL STRUCTURE OF THE UNDERLYING FUND	47
DISTRIBUTION OF ANNUITIES OFFERED BY PRUCO LIFE OF NEW JERSEY	48
FINANCIAL STATEMENTS	50
INDEMNIFICATION	50
LEGAL PROCEEDINGS	50
CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION	50
HOW TO CONTACT US	51

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APPENDIX A - ACCUMULATION UNIT VALUES	A-1
APPENDIX B - DEFINED INCOME BENEFIT SAMPLE CALCULATIONS	B-1

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GLOSSARY OF TERMS

We set forth here definitions of some of the key terms used throughout this prospectus. In addition to the definitions here, we also define certain terms in the section of the prospectus that uses such terms.

Account Value: The total value of all allocations to the Sub-account on any Valuation Day.

Accumulation Period: The period of time from the Issue Date through the last Valuation Day immediately preceding the Annuity Date.

Annuitant: The natural person upon whose life annuity payments are based.

Annuitization: The process by which you direct us to apply the Account Value to one of the available annuity options to begin making periodic payments.

AnnuityDate: The date on which we apply your Account Value to the applicable annuity option and begin the payout period. As discussed in the Annuity Options section, there is an age by which you must begin receiving annuity payments, which we call the “Latest Annuity Date.”

AnnuityYear: The first Annuity Year begins on the Issue Date and continues through and includes the day immediately preceding the first anniversary of the Issue Date. Subsequent Annuity Years begin on the anniversary of the Issue Date and continue through and include the day immediately preceding the next anniversary of the Issue Date.

Beneficiary(ies): The natural person(s) or entity(ies) designated as the recipient(s) of the Death Benefit or to whom any remaining period certain payments may be paid in accordance with the annuity payout options section of this Annuity.

Code: The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

Contingent Annuitant: The natural person named to become the Annuitant upon the death of Annuitant prior to the Annuity Date. A Contingent Annuitant may be named only in limited circumstances involving an Annuity issued to a Custodial Account or to a tax-qualified retirement plan.

ContingentDeferredSalesCharge (“CDSC”): This is a sales charge that may be deducted when you make a surrender or take a partial withdrawal from your Annuity. We refer to this as a “contingent” charge because it is imposed only if you surrender or take a withdrawal from your Annuity. The charge is a percentage of each applicable Purchase Payment that is being surrendered or withdrawn.

Custodial Account: A trust or custodial account that qualifies as an individual retirement account as defined in Section 408(a) of the Code, including a Roth IRA that satisfies the definitions in Sections 408(a) and 408A of the Code.

DueProofofDeath: Due Proof of Death is satisfied when we receive all of the following in Good Order: (a) a death certificate or similar documentation acceptable to us; (b) all representations we require or which are mandated by applicable law or regulation in relation to the death claim and the payment of death proceeds (representations may include, but are not limited to, trust or estate paperwork (if needed); consent forms (if applicable); and claims forms from at least one beneficiary); and (c) any applicable election of the method of payment of the death benefit, if not previously elected by the Owner, by at least one Beneficiary.

ExcessIncome: All or any portion of a Lifetime Withdrawal that causes cumulative withdrawals in that Annuity Year to exceed the Guaranteed Income Amount for that Annuity Year. Each withdrawal of Excess Income proportionally reduces the Guaranteed Income Amount available for future Annuity Years.

FirstDeath: The first of the Spousal Designated Lives to die.

FreeLook: The right to examine your Annuity, during a limited period of time, to decide if you want to keep it or cancel it. The length of this time period, and the amount of refund, depends on applicable law and thus may vary by state. In addition, there is a different Free Look period that applies if your Annuity is held within an IRA or if your Annuity was sold to you as a replacement of a life insurance policy or another annuity contract. In your Annuity contract, your Free Look right is referred to as your “Right to Cancel.”

GoodOrder: Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it is received at our Service Office: (a) in a manner that is satisfactory to us such that it is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction and complies with all relevant laws and regulations; (b) on specific forms, or by other means we then permit (such as via telephone or electronic submission); and/or (c) with any signatures and dates as we may require. We will notify you if an instruction is not in Good Order.

GuaranteedIncomeAmount(“GIA”): This is the annual amount of income you are eligible to receive for life under the “Defined Income Benefit.” The initial Guaranteed Income Amount is determined by multiplying the applicable Income Percentage by the Account Value on the Issue Date.

IncomeGrowthRate: The Income Growth Rate is the guaranteed compounded effective rate of return credited to your Guaranteed Income Amount up until your first Lifetime Withdrawal. The Income Growth Rate is set at Annuity issue, and will not change for the life of your Annuity.The rate is an annual effective rate and compounds daily.

IncomePercentage: The Income Percentage is used to determine the Guaranteed Income Amount associated with each Purchase Payment when it is allocated to the Annuity. The percentage is based on the attained age of the Single Designated Life, or the younger of the Spousal

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Designated Lives on the date each Purchase Payment is allocated to the annuity. The Income Percentages are set at Annuity issue and will not change for the life of your Annuity.

InvestmentOption: The Sub-account as of any given time to which Account Value may be allocated.

IssueDate: The effective date of your Annuity.

LifetimeWithdrawal: Any withdrawal of assets from your Annuity that you do not designate as a Non-Lifetime Withdrawal under the Guaranteed Income Amount. Once you have taken your first Lifetime Withdrawal from the Annuity, all further withdrawals will be deemed to be Lifetime Withdrawals.

Non-Lifetime Withdrawal: A withdrawal of assets from your Annuity that you elect and designate as such by you.

Owner: With an Annuity issued as an individual annuity contract, the Owner is either an eligible entity or individual named as having ownership rights in relation to the Annuity.

PurchasePayment: A cash consideration in currency of the United States of America given to us in exchange for the rights, privileges, and benefits of the Annuity.

Portfolio: An underlying mutual fund in which a Sub-account of the Separate Account invests.

RemainingDesignatedLife: A natural person who must have been listed as one of the Spousal Designated Lives on the Issue Date. A Spousal Designated Life will become the Remaining Designated Life upon the earlier of the First Death or divorce from the other Spousal Designated Life while the Defined Income Benefit is in effect.

SeparateAccount: Referred to as the “Variable Separate Account” in your Annuity, this is the variable Separate Account(s) shown in the Annuity.

ServiceOffice: The place to which all requests and payments regarding the Annuity are to be sent. We may change the address of the Service Office at any time, and will notify you in advance of any such change of address. Please see “How to Contact Us” later in this prospectus for the Service Office address.

SingleDesignatedLife: The natural person who is the measuring life for the Defined Income Benefit that is designated at purchase of the annuity and cannot be changed for the life of the contract.

SpousalDesignatedLives: The natural persons who are the measuring lives for the Defined Income Benefit that are designated at purchase of the annuity and cannot be changed for the life of the contract.

Sub-account: A division of the Separate account.

SurrenderValue: The Account Value, less any applicable CDSC, any applicable tax charges, and any Annual Maintenance Fee.

Traditional Annuity Payment: A payment under an Annuity Payout Option other than the Guaranteed Income Amount option.

Unit: A share of participation in the Sub-account used to calculate your Account Value prior to the Annuity Date.

Unit Value: Each Variable Sub-account has a separate value for its Units (this is analogous to, but not the same as, the share price of a mutual fund).

ValuationDay: Every day the New York Stock Exchange is open for trading or any other day the Securities and Exchange Commission requires mutual funds or unit investment trusts to be valued, not including any day: (1) trading on the NYSE is restricted; (2) an emergency, as determined by the SEC, exists making redemption or valuation of securities held in the Separate Account impractical; or (3) the SEC, by order, permits the suspension or postponement for the protection of security holders.

we, us, our: Pruco Life Insurance Company of New Jersey.

you, your: The Owner(s) shown in the Annuity.

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SUMMARY OF CONTRACT FEES AND CHARGES

The following tables describe the fees and expenses that you will pay when owning, and surrendering the Annuity. The first table describes the fees and expenses that you will pay at the time you surrender the Annuity, or take a partial withdrawal. Important additional information about these fees and expenses is contained in “Fees, Charges and Deductions” later in this Prospectus.

ANNUITY OWNER TRANSACTION EXPENSES
Contingent Deferred Sales Charge (CDSC) 1
Age of Purchase Payment Being Withdrawn	Percentage Applied Against Purchase Payment being Withdrawn
Less than 1 year old	7.0%
1 year old or older, but not yet 2 years old	7.0%
2 year old or older, but not yet 3 years old	6.0%
3 year old or older, but not yet 4 years old	6.0%
4 year old or older, but not yet 5 years old	5.0%
5 year old or older, but not yet 6 years old	5.0%
6 year old or older, but not yet 7 years old	5.0%
7 years old or older	0.0%

1    The years referenced in the above CDSC tables refer to the length of time since a Purchase Payment was made (i.e., the age of the Purchase Payment). Contingent Deferred Sales Charges are applied against the Purchase Payment(s) being withdrawn. Thus, the appropriate percentage is multiplied by the Purchase Payment(s) being withdrawn to determine the amount of the CDSC. Purchase Payments are withdrawn on a "first-in, first-out" basis.

The following table describes the fees and charges that you will pay periodically during the time that you own your Annuity, not including the underlying portfolio annual fees and expenses.

PERIODIC FEES AND CHARGES (assessed annually as a percentage of Account Value)
Annual Maintenance Fee2	Lesser of $50 or 2% of Account Value

ANNUALIZED INSURANCE FEES/CHARGES (assessed daily as a percentage of the Sub-account)
	MAXIMUM	CURRENT
Mortality & Expense Risk Charge	0.95%	0.95%
Administration Charge	0.15%	0.15%
Defined Income Benefit Charge3,4	1.50%	0.80%
Total Insurance Charge	2.60%	1.90%

2    Only applicable if the sum of the Purchase Payments at the time the fee is due is less than $100,000

3    The charge for the Defined Income Benefit covers the Guaranteed Income Amount and will continue to apply until the Annuity is fully surrendered, a death benefit is payable, or Traditional Annuity Payments begin.

4    The Defined Income Benefit Charge may be increased one or more times on or after the 7th anniversary of the Issue Date up to the maximum annual rate of 1.50%. We will notify you in advance of any change to the charge and you will be given the opportunity to “opt out” of any charge increase subject to certain conditions.

TOTAL ANNUAL UNDERLYING PORTFOLIO OPERATING EXPENSES

The next item shows the total annual operating expenses charged by the Portfolio for the year ended December 31, 2020 and does not necessarily reflect the fees you may incur. There is only one Portfolio offered in the Annuity. The “Total Annual Portfolio Operating Expenses” reflect the combination of the Portfolio’s investment management fee, other expenses, 12b-1 fees, and certain other expenses. Each figure is stated as a percentage of the Portfolio’s average daily net assets. See the prospectus or statement of additional information of the Portfolio for further details. The current prospectus and statement of additional information for the Portfolio can be obtained by calling 1-888-PRU-2888, or at www.prudential.com.

Total Annual Underlying Portfolio Operating Expenses 0.72%*

*This expense does not include the impact of any applicable contractual waivers or fee reimbursements.

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UNDERLYING PORTFOLIO ANNUAL EXPENSES
(as a percentage of the average daily net assets of the underlying Portfolios)
For the year ended December 31, 2020
FUNDS	Management Fees	Other Expenses	Distribution (12b-1) Fees	Dividend Expense on Short Sales	Broker Fees and Expenses on Short Sales	Acquired Portfolio Fees & Expenses	Total Annual Portfolio Operating Expenses	Fee Waiver or Expense Reimbursement	Net Annual Fund Operating Expenses
AST Multi-Sector Fixed Income Portfolio	0.46%	0.01%	0.25%	0.00%	0.00%	0.00%	0.72%	0.00%	0.72%

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EXPENSE EXAMPLES

These examples are intended to help you compare the cost of investing in this Annuity with the cost of investing in other variable annuity contracts. Below are examples showing what you would pay cumulatively in expenses at the end of the stated time periods had you invested $10,000 in the Annuity and your investment has a 5% return each year. The examples reflect the following fees and charges as described in “Summary of Contract Fees and Charges.”

•Maximum Total Insurance Charge

•Contingent Deferred Sales Charge (if applicable)

•Annual Maintenance Fee

The examples also assume the following for the period shown:

•Investment of Account Value in the Sub-account, with the total annual portfolio operating expenses (before any fee waiver or expense reimbursement) remaining the same each year.

•You make no withdrawals of your Account Value.

•No tax charge applies.

Amounts shown in the examples are rounded to the nearest dollar.

THE EXAMPLES ARE ILLUSTRATIVE ONLY. THEY SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES OF THE UNDERLYING PORTFOLIO.

	Assuming Total Annual Portfolio Operating Expenses of the Available Portfolio
	1 Year	3 Years	5 Years	10 Years
If you surrender your annuity at the end of the applicable time period:	$1,074	$1,733	$2,409	$3,920
If you annuitize your annuity at the end of the applicable time period: 1	$374	$1,133	$1,909	$3,920
If you do not surrender your annuity:	$374	$1,133	$1,909	$3,920

1 Your ability to annuitize in the first Annuity Year may be limited.

ACCUMULATION UNIT VALUES

Please see Appendix A for a table of Accumulation Unit Values.

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SUMMARY

Effective December 31, 2020, the product referenced in this prospectus and applicable riders will not be available for new sales or re-elections.

This Summary describes key features of the Annuity offered in this prospectus. It is intended to give you an overview, and to point you to sections of the prospectus that provide greater detail. You should not rely on the Summary alone for all the information you need to know before purchasing the Annuity. You should read the entire prospectus for a complete description of the Annuity. Your financial professional can also help you if you have questions.

The Annuity: The variable annuity contract issued by Pruco Life of New Jersey is a contract between you, the Owner, and Pruco Life of New Jersey, an insurance company. It is designed for retirement purposes, or other long-term investing, to help you save money for retirement, on a tax deferred basis, and provide income during your retirement. Although this prospectus describes key features of the variable annuity contract, the prospectus is a distinct document, and is not part of the Annuity.

Investing in a variable annuity involves risk and you can lose your money. On the other hand, investing in a variable annuity can provide you with the opportunity to grow your money through participation in an underlying Portfolio.

Generally speaking, variable annuities are investments designed to be held for the long term. Working with your financial professional, you should carefully consider whether a variable annuity is appropriate for you, given your life expectancy, need for income, and other pertinent factors.

InvestmentOption: The AST Multi-Sector Fixed Income Portfolio is the only Investment Option available under the Annuity. The Sub-account invests in the AST Multi-Sector Fixed Income Portfolio, an underlying mutual fund of Advanced Series Trust. The underlying mutual fund is described in its own prospectus, which you should read before investing. There is no assurance that the Investment Option will meet its investment objective.

Please note that the Annuity has only the one Investment Option; the AST Multi-Sector Fixed Income Portfolio, which seeks to maximize total return consistent with the preservation of capital. Unlike many other annuity contracts, the Annuity does not provide a diverse set of investment choices that would provide the option to allocate money among a variety of investment choices with different investment styles, objectives, strategies and risks.

Please see “Investment Option” for information.

LivingBenefit: The Defined Income Benefit is a guaranteed lifetime withdrawal benefit, under which, subject to the terms of the benefit, we guarantee you the ability to take an annual withdrawal amount until the death of a certain designated life (or lives) regardless of the impact of Sub-account performance on the Account Value, subject to our rules regarding the timing and amount of withdrawals. The Defined Income Benefit also provides for a death benefit equal to the greater of the Account Value and the Return of Purchase Payments Amount, subject to its terms.

While the Defined Income Benefit is in effect, a change in the Owner/Annuitant designations may cause the Defined Income Benefit to terminate, and you would lose all associated benefits. You should carefully consider whether to purchase the Annuity if you anticipate changing the Owner/Annuitant designations. Please see “Change of Owner, Annuitant and Beneficiary Designations” and “Termination of Benefits” for more information. The Defined Income Benefit is neither optional nor revocable. Please speak to your financial professional for further details.

Purchase: Your eligibility to purchase is based on your age and the amount of your initial Purchase Payment. See your financial professional to complete an application.

Minimum Age for Initial Purchase	Maximum Age for Initial Purchase	Minimum Initial Purchase Payment
45	85	$25,000

We limit additional Purchase Payments to the first 90 days. If we exercise this right, your ability to invest in your Annuity, increase your Account Value and, consequently, increase your Guaranteed Income Amount or death benefit will be limited. This would also impact your ability to make annual contributions to certain qualified plans.

The “Minimum Age for Initial Purchase” applies to the age of the Designated Life or youngest age of the Spousal Designated Lives, and the “Maximum Age for Initial Purchase” applies to the age of the Designated Life or oldest of the Spousal Designated Lives as of the day we would issue the Annuity. If the Annuity is to be owned by an entity, the maximum age applies to the Annuitant as of the day we would issue the Annuity. After you purchase your Annuity, you will have a limited period of time during which you may cancel (or “Free Look”) the purchase of your Annuity. Your request for a Free Look must be received in Good Order within the applicable time period.

Please see “Requirements for Purchasing The Annuity” for more detail.

Access To Your Money: You can receive income by taking withdrawals or electing Traditional Annuity Payments. Withdrawals may be subject to tax, and may be subject to a Contingent Deferred Sales Charge (discussed below).

If you elect to receive Traditional Annuity Payments, you convert your Account Value into a stream of future payments. This means you no longer have an Account Value and therefore cannot make withdrawals. We offer different types of annuity options to meet your needs as described in “Annuity Options” later in this prospectus.

Death Benefit: During the Accumulation Period, you may name a Beneficiary(ies) to receive the proceeds of your Annuity upon your death provided you still have an Account Value. Your Death Benefit must be distributed within the time period required by the tax laws.

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Please see “Death Benefit” for more information.

Fees and Charges: The Annuity, including the living benefit, is subject to certain fees and charges, as discussed in the “Summary of Contract Fees and Charges” table earlier in this prospectus. In addition, there are fees and expenses of the underlying Portfolio.

What does it mean that your Annuity is “tax deferred”? Variable annuities are “tax deferred”, meaning you pay no taxes on any earnings or interest from your Annuity until distributions are made from your Annuity. When you take your money out of the Annuity, however, you will be taxed on the earnings at ordinary income tax rates. If you withdraw money before you reach age 591/2, you also may be subject to a 10% additional federal tax.

Please note that if you purchase this Annuity within a tax advantaged retirement plan, such as an IRA, SEP-IRA, Roth IRA, 401(a) plan, or non-ERISA 403(b) plan, you will get no additional tax advantage through the Annuity itself. Because there is no additional tax advantage when a variable annuity is purchased through one of these plans, the reasons for purchasing the Annuity inside a qualified plan are limited to the Defined Income Benefit and the opportunity to annuitize the contract as well as the Death Benefit which might make the Annuity an appropriate investment for you. You should consult your tax and financial adviser regarding such features and benefits prior to purchasing this Annuity for use with a tax-qualified plan.

Other Information: Please see the section entitled “Other Information” for more information about the Annuity, including legal information about Pruco Life of New Jersey, the Separate Account, and underlying fund.

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INVESTMENT OPTION

The AST Multi-Sector Fixed Income Portfolio is the only Investment Option available under the Annuity. The Sub-account invests in the underlying Portfolio whose share price generally fluctuates each Valuation Day. You bear the investment risk for amounts allocated to the Sub-account. If in the future we make two or more Investment Options available under the Annuity, we may allow transfer privileges and we may impose transfer restrictions and transfer fees. In addition, if we make more than one Investment Option available with the Annuity, we may impose investment restrictions and/or conditions on Purchase Payments or allocations to one or more Investment Options.

Because one Investment Option is currently available under the Annuity, an investment in the Annuity involves certain additional limitations and risks. For example, the Annuity does not provide a diverse set of investment choices providing the option to allocate your Purchase Payments or Account Value among a variety of investment choices with different investment styles, objectives, strategies and risks. The performance of your Account Value will depend entirely on the performance of the one underlying Portfolio. The Annuity currently does not offer certain standard investment product features such as portfolio rebalancing, dollar-cost-averaging or transfer privileges. An investment in the Annuity, by itself, generally does not provide a complete investment program but rather is intended to serve as part of an investor's overall portfolio of investments. The Annuity may not be suitable for all investors. You may want to consult with your financial professional to determine if this Annuity is suitable for you.

Variable Investment Option:The Investment Option is a Sub-account of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account (see “Pruco Life of New Jersey and the Separate Account” for more detailed information). The Sub-account invests exclusively in the AST Multi-Sector Fixed Income Portfolio. You should carefully read the prospectus for the AST Multi-Sector Fixed Income Portfolio.

The Portfolio is not a publicly traded mutual fund. The Portfolio is only available as an Investment Option in variable annuity contracts and variable life insurance policies issued by insurance companies, or in some cases, to participants in certain qualified retirement plans or other limited classes of investors permitted by the Code. Details about the investment objective, policies, risks, costs and management of the Portfolio are found in the prospectus for the Portfolio. There is no guarantee that the Portfolio will meet its investment objective. The current prospectus and statement of additional information for the underlying Portfolio can be obtained by calling 1-888-PRU-2888. Please read the prospectus carefully before investing.

The investment objective and name of the advisor/sub-advisor for the Portfolio appears in the table below.

PORTFOLIO NAME	INVESTMENT OBJECTIVE(S)	PORTFOLIO ADVISER/SUBADVISER(S)
AST Multi-Sector Fixed Income Portfolio	Seeks to maximize total return, consistent with the preservation of capital. Total return is comprised of current income and capital appreciation.	PGIM Fixed Income PGIM Limited

PGIM Fixed Income is a business unit of PGIM, Inc.

PGIM Investments LLC manages each of the portfolios of the Advanced Series Trust (AST).  AST Investment Services, Inc. serves as co-manager, along with PGIM Investments LLC, to many of the portfolios of AST.

The Portfolio is a series of the Advanced Series Trust. PGIM Investments LLC is the investment adviser for the Portfolio and PGIM Fixed Income, a business unit of PGIM Inc. is the subadviser for the Portfolio. Both are affiliates of Pruco Life of New Jersey. Pruco Life of New Jersey and companies with which it is affiliated (the “Affiliated Companies”) receive fees and payments from the Portfolio, which may be greater than the fees and payments Pruco Life would receive if we offered Portfolios provided by companies not affiliated with Pruco Life of New Jersey (the “Unaffiliated Companies”). Because of the potential for greater revenue earned by Pruco Life of New Jersey and its Affiliated Companies with respect to the Portfolio, we have an incentive to offer the Portfolio over other Portfolios sponsored and advised by Unaffiliated Companies. We have an incentive to offer Portfolios with certain subadvisers, either because the subadviser is an Affiliated Company or because the subadviser provides payments or support, including distribution and marketing support, to Pruco Life of New Jersey or an Affiliated Company. We may consider those subadviser financial incentive factors in determining which Portfolios to offer under the Annuity. Also, in some cases, we offer Portfolios based on the recommendations made by selling broker-dealer firms. These firms may receive payments from the Portfolios they recommend and may benefit accordingly from allocations of Account Value to the Sub-Accounts that invest in these Portfolios. Allocations made to the Portfolio benefit us financially. Pruco Life of New Jersey has selected the Portfolio for inclusion as an investment option under this Annuity in Pruco Life of New Jersey’s role as the issuer of this Annuity, and Pruco Life of New Jersey does not provide investment advice or recommend any particular Portfolio. See "Other Information" under the heading concerning "Fees and Payments Received by Pruco Life of New Jersey" for more information about fees and payments we may receive from underlying Portfolios and/or their affiliates.

In addition, we may consider whether the Portfolio’s objectives and investment strategy create additional risk to us in light of any guaranteed benefits provided by the Annuity.

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DEFINED INCOME BENEFIT

Effective December 31, 2020, the Annuity referenced in this prospectus and any applicable riders will not be available for new sales.

The Defined Income Benefit is a guaranteed lifetime withdrawal benefit, under which, subject to the terms of the benefit, we guarantee your ability to receive periodic income payments over your lifetime (“Single Designated Life”), or over your and your spouse’s lives (“Spousal Designated Lives”). Generally, if your Account Value is reduced to zero and you meet certain requirements, we pay a remaining value based on the “Guaranteed Income Amount.” This benefit also provides for a death benefit equal to the greater of the Account Value and the Return of Purchase Payments Amount (described below), subject to the terms of the benefit.The Defined Income Benefit is part of your Annuity and is not an optional benefit and may not be revoked.You may not terminate the Defined Income Benefit. The Defined Income Benefit will terminate only upon specified events (see “Termination of the Benefit,” below).

When you purchase the Annuity, you must make a permanent decision whether you wish to own the Single or Spousal version of the Defined Income Benefit. Based upon your decision, the Defined Income Benefit guarantees the ability to withdraw the Guaranteed Income Amount. Each Annuity Year, you may withdraw this amount until the death of the Single Designated Life or Remaining Designated Life regardless of the impact of Sub-account performance on the Account Value. The Defined Income Benefit is subject to our rules regarding the timing and amount of withdrawals. Please see below under “Impact of Non-Lifetime Withdrawals on the Guaranteed Income Amount,” and “Impact of Lifetime Withdrawals on the Guaranteed Income Amount.”

The Defined Income Benefit’s Rate Sheet Prospectus Supplement

The current Income Growth Rate and Income Percentages that are used to determine the Guaranteed Income Amount are disclosed in the Rate Sheet Prospectus Supplement. The applicable Rate Sheet Prospectus Supplement is attached to the prospectus you receive at the time you purchase your Annuity.Rates and effective dates reflected in the Rate Sheet Prospectus Supplement each month replace and supersede those reflected in any prior month’s Rate Sheet Prospectus Supplement. Please refer to the dates on the Rate Sheet Prospectus Supplement at the time you purchase the annuity. If the dates on the Rate Sheet Prospectus Supplement have expired, we will deliver the current Rate Sheet Prospectus Supplement to you.

Please note, in order to receive the applicable Income Growth Rate and Income Percentages stated in a Rate Sheet Prospectus Supplement, your application must be signed and received by us in Good Order within the stated time period during which such rates will be applicable. The rates applicable to your Annuity will not change for the life of your Annuity. This means that the Income Growth Rate and Income Percentages for your Annuity will not change once established. Rates reflected in any Rate Sheet Prospectus Supplement with an effective period that does not include the date you signed your Annuity application and the date we receive it in Good Order will not apply to your Annuity. You should not purchase the Annuity without first obtaining the applicable Rate Sheet Prospectus Supplement, containing the available Income Growth Rate and Income Percentages applicable at the time.

Please see Appendix B to this Prospectus for examples demonstrating how the Guaranteed Income Amount is calculated using various assumed Income Growth Rates and Income Percentages. The examples are purely hypothetical and are intended to illustrate how we would determine the Guaranteed Income Amount for an Annuity. Your Guaranteed Income Amount would be different than the examples in the Appendix depending on the Income Growth Rate and Income Percentages effective at the time you signed your application, your age at the time the initial Purchase Payment is applied, the amount of your initial Purchase Payment, and whether you have elected the single or the spousal version of the Defined Income Benefit. For more information about currently available Income Percentages and Income Growth Rates, please see the current Rate Sheet Prospectus Supplement.

The Guaranteed Income Amount Option

This option is available for both nonqualified and qualified annuities.

You are guaranteed to be able to withdraw the Guaranteed Income Amount for the lifetime of the designated life (or lives) provided that you do not take withdrawals of Excess Income that result in your Account Value being reduced to zero. (See “Living Benefit – Owner, Annuitant and Beneficiary Designations” below for details regarding the designated life (or lives).) Withdrawals are taken first from your own Account Value. We are only required to begin making lifetime income payments to you under our guarantee when and if your Account Value is reduced to zero for any reason other than a withdrawal of Excess Income (“Guarantee Payments”). The Defined Income Benefit may be appropriate if you intend to make periodic withdrawals from your Annuity, and wish to ensure that Sub-account performance will not affect your ability to receive annual payments, and also wish to provide a death benefit to your beneficiaries. You are not required to take withdrawals as part of the benefit – the guarantees are not lost if you withdraw less than the maximum allowable amount each year under the rules of the benefit.

Although you are guaranteed the ability to withdraw your Guaranteed Income Amount for life even if your Account Value falls to zero, if any withdrawal is a withdrawal of Excess Income (as described below) and brings your Account Value to zero, your Guaranteed Income Amount also would fall to zero, and the benefit and the Annuity then would terminate. In that scenario, no further amount would be payable under the Defined Income Benefit (and the Death Benefit would not be payable upon death). In marketing and other materials, we may refer to Excess Income as “Excess Withdrawals”.

Please note that your Account Value is not guaranteed, can fluctuate and may lose value.

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Guaranteed Income Amount

The initial Guaranteed Income Amount is determined on the Issue Date. It is determined by applying the applicable Income Percentage to the Account Value on the Issue Date. The applicable Income Percentage is based on the age of the Single Designated Life, or the younger of the Spousal Designated Lives, on the Issue Date.

On each Valuation Day thereafter, until the date of the first Lifetime Withdrawal, the Guaranteed Income Amount is equal to:

•the Guaranteed Income Amount on the immediately preceding Valuation Day (the “Prior Valuation Day”), appreciated at the daily equivalent of the Income Growth Rate for each calendar day between the Prior Valuation Day and the Current Valuation Day,

•reduced for any Non-Lifetime Withdrawals and increased for any Purchase Payments, if any, made on the Current Valuation Day, as described in the “Impact of Non-Lifetime Withdrawals on the Guaranteed Income Amount” and “Additional Purchase Payments(s)” sections below.

Once you have taken the first Lifetime Withdrawal, in any Annuity Year, the remaining Guaranteed Income Amount for that Annuity Year is reduced for Lifetime Withdrawals and increased for Purchase Payments as described in the “Impact of Lifetime Withdrawals on the Guaranteed Income Amount” and “Additional Purchase Payment(s)” sections below. However, once you have made the first Lifetime Withdrawal, the Guaranteed Income Amount will no longer increase based on the Income Growth Rate and will not increase due to fluctuations in your Account Value. On each anniversary of the Issue Date, your remaining Guaranteed Income Amount is increased to equal your then current Guarantee Income Amount. Lifetime Withdrawals that exceed the Guaranteed Income Amount in an Annuity Year will be considered Excess Income and will proportionally reduce the Guaranteed Income Amount available for future Annuity Years.

The applicable guaranteed Income Percentage is based on the attained age of the Designated Life (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, as specified in the applicable Rate Sheet Prospectus Supplement.

If you are receiving this prospectus as a current Owner of the Annuity, for the Income Growth Rate and Income Percentages that apply to your Annuity, please refer to your Annuity contract. Also, we maintain a record of historical Income Growth Rates and Income Percentages in the Statement of Additional Information which is available upon request.

Additional Purchase Payment(s):

You may make additional Purchase Payments to your Annuity at any time within the first 90 days. Additional Purchase Payments increase the Guaranteed Income Amount by an amount obtained by multiplying the Purchase Payment we accept by the applicable Income Percentage. The applicable Income Percentage is based on the attained age of the Single Designated Life, or the younger of the Spousal Designated Lives, on the date the Purchase Payment is allocated to the Annuity. If this Defined Income Benefit has been issued on a Spousal Designated Lives basis, and one of the Spousal Designated Lives becomes the Remaining Designated Life, we will continue to use the date of birth of the younger of the Spousal Designated Lives for purposes of determining the applicable Income Percentage.

Please see “Purchasing Your Annuity – Purchase Payment Limitation” below.

Impact of Non-Lifetime Withdrawals on the Guaranteed Income Amount:You may designate one or more withdrawals as a Non-Lifetime Withdrawal before you take your first Lifetime Withdrawal. Non-Lifetime Withdrawals, including any Required Minimum Distribution amount you designate as a Non-Lifetime Withdrawal, proportionally reduce the Guaranteed Income Amount by the ratio of the Non-Lifetime Withdrawal amount to the Account Value immediately prior to the Non-Lifetime Withdrawal. Non-Lifetime Withdrawals that are not Required Minimum Distribution amounts are subject to any applicable Contingent Deferred Sales Charge. There is no limit on the number of Non-Lifetime Withdrawals that you can take. However, Non-Lifetime Withdrawals are subject to the minimum Surrender Value.

Impact of Lifetime Withdrawals on the Guaranteed Income Amount:If you have elected the Guaranteed Income Amount option, any Lifetime Withdrawal you take will reduce the remaining Guaranteed Income Amount available during an Annuity Year by the amount of the withdrawal on a dollar-for-dollar basis in that Annuity Year. If your cumulative Lifetime Withdrawals in an Annuity Year are less than or equal to the Guaranteed Income Amount, they will not reduce your Guaranteed Income Amount in subsequent Annuity Years and you cannot carry over the unused portion of the Guaranteed Income Amount to subsequent Annuity Years. Such withdrawals are not subject to Contingent Deferred Sales Charges, are not treated as withdrawals of Purchase Payments and are not subject to the minimum Surrender Value.

All or any portion of a Lifetime Withdrawal that causes cumulative withdrawals in that Annuity Year to exceed the Guaranteed Income Amount for that Annuity Year, called “Excess Income,” will impact the value of the benefit, including a permanent reduction in future guaranteed amounts. Each withdrawal of Excess Income proportionally reduces the Guaranteed Income Amount available for future Annuity Years. Each proportional reduction is calculated by multiplying the Guaranteed Income Amount by the ratio of the Excess Income to the Account Value immediately subsequent to the withdrawal of any Guaranteed Income Amount and prior to the withdrawal of the Excess Income (even if both withdrawals occurred in the same day or as one withdrawal request). Each withdrawal of Excess Income is subject to any applicable Contingent Deferred Sales Charge.

In general, withdrawals made from the Annuity during an Annuity Year to meet the Required Minimum Distributions will not be treated as Excess Income if you meet the requirements outlined in the Required Minimum Distributions section.

For examples of the impact of Lifetime and Non-Lifetime Withdrawals on the Guaranteed Income Amount, please see the section below entitled “Examples of Withdrawals Under the Guaranteed Income Amount Option.”

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Withdrawal Flexibility:Lifetime Withdrawals are not required. However, once you take the first Lifetime Withdrawal, the Guaranteed Income Amount is not increased in subsequent Annuity Years if you decide not to take a Lifetime Withdrawal in an Annuity Year or take Lifetime Withdrawals in an Annuity Year that, in total, are less than the Guaranteed Income Amount.

You may use the systematic withdrawal program to make withdrawals of the Guaranteed Income Amount (any systematic withdrawal, will be deemed a Lifetime Withdrawal under this benefit).

The Guaranteed Income Amount Option does not affect your ability to take partial withdrawals under your Annuity, or limit your ability to take partial withdrawals that exceed the Guaranteed Income Amount, subject to the minimum Surrender Value (see “Surrender Value” below for more detail). Because the Guaranteed Income Amount is determined in a way that is not related to Account Value, it is possible for the Account Value to fall to zero, even though the Guaranteed Income Amount remains.

Please note that there is a possibility you may pass away before receiving lifetime payments from the Defined Income Benefit, or may not receive enough lifetime income to exceed the amount of fees you have paid us for the benefit. However when you pass away, your beneficiaries may receive a death benefit as described in this prospectus. Please see “Death Benefit” in the prospectus. If you purchased the spousal version of this Annuity, then your spousal designated life will have the option to continue the Annuity provided he/she is the sole primary beneficiary and opts to receive the Guaranteed Income Amount.

Account Value is Reduced to Zero under the Guaranteed Income Amount Option

To the extent that your Account Value was reduced to zero as a result of withdrawals in an Annuity Year that are less than or equal to the Guaranteed Income Amount, and Guarantee Payments are still payable under the Defined Income Benefit, we will make an additional payment, if any, for that Annuity Year equal to the remaining Guaranteed Income Amount for the Annuity Year. Thus, in that scenario, the remaining Guaranteed Income Amount would be payable even though your Account Value was reduced to zero. In subsequent Annuity Years we make annuity payments that equal the Guaranteed Income Amount as described in this section. We will make payments until the death of the Single Designated Life, the simultaneous deaths of both Spousal Designated Lives, or the death of the Remaining Designated Life, as applicable. After the Account Value is reduced to zero, you will not be permitted to make additional Purchase Payments to your Annuity.If you take a withdrawal of Excess Income (i.e., a Lifetime Withdrawal that exceeds the Guaranteed Income Amount) that reduces your Account Value to zero or if you take a Non-Lifetime Withdrawal that reduces your Account Value to zero, the Annuity terminates and we will pay no additional amounts to you.

Unless you request an alternate mode of payment we make available, we make such Guarantee Payments once each Annuity Year.

We will commute any Guarantee Payments due and pay you a lump sum if the total Guarantee Payment due each Annuity Year is less than $100. We commute the Guarantee Payments in a manner equivalent to commuting payments for:

•a joint life and last survivor fixed annuity if both Spousal Designated Lives are living and each other’s spouse when Guarantee Payments would begin, or

•a single life fixed annuity if there is a Remaining Designated Life under this Rider, or if the Defined Income Benefit was issued with a Single Designated Life.

We use the same basis that is used to calculate the guaranteed annuity rates in the Annuity.

Please note that if your Account Value is reduced to zero, all subsequent payments will be treated as Guarantee Payments. Further, the Guarantee Payments in each Annuity Year subsequent to the Annuity Year your Account Value is reduced to zero will be treated as annuity payments. If your Account Value is reduced to zero due to withdrawals of Excess Income or annuitization, any Death Benefit value, including the Return of Purchase Payments Amount, will terminate and no Death Benefit amount is payable. This means that any Death Benefit is terminated and no Death Benefit is payable if your Account Value is reduced to zero as the result of either a withdrawal in excess of your Guaranteed Income Amount or less than or equal to, your Guaranteed Income Amount. (See “Death Benefits” for more information.)

In addition to the guaranteed lifetime income feature, the Defined Income Benefit also provides for annuity payments and a Death Benefit. Please see the “Annuity Options – Annuity Payments under the Defined Income Benefit” section below for a description of annuity options that apply under the Defined Income Benefit. Please see the “Death Benefit – Return of Purchase Payments Death Benefit” section below for a description of the Return of Purchase Payments Death Benefit that applies under the Defined Income Benefit.

Example of Withdrawals Under the Guaranteed Income Amount Option

Examples of dollar-for-dollar and proportional reductions are set forth below. The values shown here are purely hypothetical, and do not reflect the charges for the Defined Income Benefit or any other fees and charges under the Annuity. We assume the following for the first two examples:

•The Issue Date is November 1st

•The first withdrawal is a Lifetime Withdrawal under the Guaranteed Income Amount Option

•On October 24th of the following calendar year, $2,500 is withdrawn from the Annuity

•On October 29th of the same year, $5,000 is also withdrawn from the Annuity,

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Example of dollar-for-dollar reductions

On October 24th, Guaranteed Income Amount is $6,000. The Return of Purchase Payment Death Benefit Amount is $115,420. When $2,500 is withdrawn from the Annuity on this date, the remaining Guaranteed Income Amount for that Annuity Year (up to and including October 31st) is $3,500 and the Return of Purchase Payment Death Benefit Amount is $112,920. This is the result of a dollar-for-dollar reduction of the Guaranteed Income Amount ($6,000 less $2,500 = $3,500) and the Return of Purchase Payment Death Benefit Amount ($115,420 less $2,500 = $112,920).

Example of proportional reductions

Continuing the previous example, when the withdrawal of $5,000 occurs on October 29th, the Account Value at the time and immediately prior to this withdrawal is $118,000. The first $3,500 of this withdrawal reduces the Guaranteed Income Amount for that Annuity Year to $0 and the Return of Purchase Payment Death Benefit Amount to $109,420 ($112,920 less $3,500 = $109,420). The remaining withdrawal amount of $1,500 reduces the Guaranteed Income Amount in future Annuity Years and the Return of Purchase Payment Death Benefit Amount on a proportional basis based on the ratio of the Excess Income to the Account Value immediately prior to the Excess Income. (Note that if there are other future withdrawals in that Annuity Year, each would result in another proportional reduction to the Guaranteed Income Amount and the Return of Purchase Payment Death Benefit Amount).

Here is the calculation:

Account Value before Lifetime Withdrawal	$118,000.00
Less amount of “non” Excess Income	$3,500.00
Account Value immediately before Excess Income of $1,500	$114,500.00
Excess Income amount	$1,500.00
Ratio	1.31%
Guaranteed Income Amount	$6,000.00
Less ratio of 1.31%	$78.60
Guaranteed Income Amount for future Annuity Years	$5,921.40
Return of Purchase Payment Death Benefit Amount after “non” Excess Income	$109,420.00
Less ratio of 1.31%	$1,433.40
Return of Purchase Payment Death Benefit Amount after Excess Income	$107,986.60

Example – Non-Lifetime Withdrawal (proportional reduction)

This example is purely hypothetical and does not reflect the charges for the benefit or any other fees and charges under the Annuity. It is intended to illustrate the proportional reduction of the Non-Lifetime Withdrawal under this benefit. Assume the following:

•The Issue Date is December 3rd

•On October 3rd of the following calendar year, the Guaranteed Income Amount is $6,000, the Return of Purchase Payment Death Benefit Amount is $115,420, and the Account Value is $120,000.

•Also on that same October 3rd, $15,000 is withdrawn from the Annuity and is designated as a Non-Lifetime Withdrawal.

All guarantees associated with the Annuity will be reduced by the ratio the total withdrawal amount represents of the Account Value just prior to the withdrawal being taken.

Here is the calculation:

Withdrawal amount	$15,000.00
Divided by Account Value before withdrawal	$120,000.00
Equals ratio	12.5%
All guarantees will be reduced by the above ratio (12.5%)
Guaranteed Income Amount before Non-Lifetime withdrawal	$6,000.00
Less ratio of 12.5%	$750.00
Guaranteed Income Amount for future Annuity Years	$5,250.00
Return of Purchase Payment Death Benefit Amount before Non-Lifetime withdrawal	$115,420.00
Less ratio of 12.5%	$14,427.50
Return of Purchase Payment Death Benefit Amount after Non-Lifetime withdrawal	$100,992.50

When you make a partial withdrawal that is subject to a CDSC and/or tax withholding, we will identify the amount that includes not only the amount you actually receive, but also the amount of the CDSC and/or tax withholding, to determine whether your withdrawal has exceeded the Guaranteed Income Amount. When you take a partial withdrawal, you may request a “gross” withdrawal amount (e.g., $2,000) but then have any CDSC and/or tax withholding deducted from the amount you actually receive. The portion of a withdrawal that exceeded your Guaranteed Income Amount (if any) would be treated as Excess Income and thus would reduce your Guaranteed Income Amount in subsequent years. Alternatively, you may request that a “net” withdrawal amount actually be paid to you (e.g., $2,000), with the

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understanding that any CDSC and/or tax withholding (e.g., $240) be applied to your remaining Account Value. In the latter scenario, we determine whether any portion of the withdrawal is to be treated as Excess Income by looking to the sum of the net amount you actually receive (e.g., $2,000) and the amount of any CDSC and/or tax withholding (in this example, a total of $2,240). The amount of that sum (e.g., the $2,000 you received plus the $240 for the CDSC and/or tax withholding) that exceeds your Guaranteed Income Amount will be treated as Excess Income – thereby reducing your Guaranteed Income Amount in subsequent years. You should carefully consider whether you should take a net withdrawal because it may negatively impact your Defined Income Benefit. Net withdrawals are not available for withdrawals of your Guaranteed Income Amount through our systematic withdrawal program.

Other Important Considerations

•You should carefully consider when to begin taking Lifetime Withdrawals. If you begin taking withdrawals shortly after you purchase the Annuity, you may maximize the time during which you may take Lifetime Withdrawals due to longer life expectancy, but may limit your ability to take advantage of the opportunity to increase your future Guaranteed Income Amount by the Income Growth Rate. You should discuss with your financial professional when it may be appropriate for you to begin taking Lifetime Withdrawals.

•The current annualized charge for the Defined Income Benefit is 0.80% of the daily net assets of the Sub-account. You will begin paying this charge on the Issue Date even if you do not begin taking withdrawals for many years, or ever. We will not refund the charges you have paid if you choose never to take any withdrawals and/or if you never receive any lifetime income payments. We may increase the Defined Income Benefit Charge one or more times at any time on or after the 7th anniversary of your Issue Date. The maximum annualized charge for the Defined Income Benefit is 1.50% of the daily net assets of the Sub-account. We will notify you in advance of any change in the charge and you will be given an opportunity to "opt out" of any charge increase subject to certain conditions. If you decided to "opt out" of the charge increase, your Guaranteed Income Amount will be reduced as of the next anniversary of your Issue Date. Please see "Fees, Charges and Deductions" later in this prospectus for more information on the "opt-out" process.

Facility of Payment: We reserve the right, in settlement of full liability, to make Guarantee Payments to a guardian, relative, or other person deemed eligible by us if a Designated Life payee is deemed to be legally incompetent, as permitted by law.

Proof of Survival: Any Guarantee Payment is subject to evidence we receive in Good Order that the Single Designated Life, at least one of the Spousal Designated Lives, or the Remaining Designated Life is then alive. We may withhold such Guarantee Payments until we receive such evidence or evidence satisfactory to us of the life of the Single Designated Life, at least one of the Spousal Designated Lives or the Remaining Designated Life. We credit interest on such withheld Guarantee Payments at the rate required by law. Should we subsequently determine withheld Guarantee Payments are payable, we will pay the withheld Guarantee Payments and any applicable interest credited in a lump sum.

Recovery of Excess Guarantee Payments: We may recover from you or your estate any Guarantee Payments made after the death of the Single Designated Life or the Remaining Designated Life.

Termination of the Defined Income Benefit

You may not elect to cancel the Defined Income Benefit.

The benefit automatically terminates upon the first to occur of the following:

(i)your surrender of the Annuity;

(ii)when annuity payments begin (although if you have elected to receive the Guaranteed Income Amount in the form of annuity payments, we will continue to pay the Guaranteed Income Amount);

(iii)our receipt of Due Proof of Death of the First Death who is an Owner (or who is the Annuitant if entity owned), if the Remaining Designated Life elects not to continue the Annuity;

(iv)our receipt of Due Proof of Death of the Owner (or the Annuitant, if the Annuity is entity owned) and there is still an Account Value available in the Annuity and the surviving Spouse is not eligible to continue the benefit because such Spouse is not a Spousal Designated Life;

(v)the date of receipt of Due Proof of Death of the Single Designated Life or the Remaining Designated Life if a Death Benefit is payable under the Defined Income Benefit;

(vi)the date of death of the Single Designated Life or the Remaining Designated Life when Account Value is reduced to zero as of the date of death;

(vii)both the Account Value and Guaranteed Income Amount equal zero; and

(viii)we process a request to change the Annuitant, Owner or Beneficiary in the certain situations that would cause termination, as discussed in the “Change of Owner, Annuitant, and Beneficiary Designations” section of this Prospectus.

Additional Tax Considerations

If you purchase an annuity as an investment vehicle for “qualified” investments, including an IRA, SEP-IRA, Tax Sheltered Annuity (or 403(b)) or employer plan under Code Section 401(a), the Required Minimum Distribution rules under the Code provide that you begin receiving periodic

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amounts beginning after age 70½ (72 for those who would have reached age 70½ after 2019). For a Tax Sheltered Annuity or a 401(a) plan for which the participant is not a greater than five (5) percent Owner of the employer, this required beginning date can generally be deferred to retirement, if later. Roth IRAs are not subject to these rules during the Owner's lifetime. In addition, the amount and duration of payments under the annuity payment provision may be adjusted so that the payments do not trigger any additional tax or excise taxes due to tax considerations such as Required Minimum Distribution rules under the tax law. As indicated, withdrawals made while this benefit is in effect will be treated, for tax purposes, in the same way as any other withdrawals under the Annuity. We do not address each potential tax scenario that could arise with respect to this benefit here. However, we do note that if you participate in the Defined Income Benefit through a Nonqualified annuity, as with all withdrawals, once all Purchase Payments are returned under the Annuity, all subsequent withdrawal amounts will be taxed as ordinary income.

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PURCHASING YOUR ANNUITY

CLOSURE TO NEW SALES

Effective December 31, 2020, the Annuity referenced in this prospectus will not be available for new sales.

GENERAL IMPACT OF NEW LIMITATION

We exercise our right to suspend, reject and/or place limitations on the acceptance of additional Purchase Payments, it may affect your ability to increase the future value of your optional benefits. This means that you will no longer be able to increase the values associated with your benefit through additional Purchase Payments.

Please note: any purchase payment suspension or restrictions previously instituted in connection with your optional benefit and current contract limits continue to apply.

For more information, contact your Financial Professional or the Prudential Annuity Service Center.

REQUIREMENTS FOR PURCHASING THE ANNUITY

We may apply certain limits, restrictions, and/or underwriting standards as a condition of our issuance of the Annuity and/or acceptance of Purchase Payments. The conditions described below were in effect at the time the Annuity was last available for sale.

Your financial professional is required to complete annuity training prior to soliciting an application for an annuity product. If your annuity application was submitted prior to your financial professional fulfilling the applicable annuity training requirements, your application will be returned and the annuity product will need to be re-solicited. If the annuity training is not completed within five (5) Valuation Days from the date your initial Purchase Payment is received by Prudential in Good Order and we do not have your consent to retain the Purchase Payment, we will return your Purchase Payment and your Annuity will not be issued.

Age Restrictions: Unless we agree otherwise and subject to our rules, in order to issue the annuity we must receive the application, in Good Order, while the Single Designated Life or Spousal Designated Lives, each, are not younger than 45 or older than age 85. The broker-dealer firm through which you are purchasing the Annuity may impose a younger maximum issue age than what is described above – check with the broker-dealer firm for details. The “Annuitant” refers to the natural person upon whose life annuity payments payable to the Owner are based.

Initial Purchase Payment: An initial Purchase Payment is considered the first Purchase Payment received by us in Good Order and in an amount sufficient to issue your Annuity. All subsequent Purchase Payments allocated to the Annuity will be considered Additional Purchase Payments. Unless we agree otherwise and subject to our rules, you must make a minimum initial Purchase Payment of $25,000.

We must approve any initial and additional Purchase Payments where the total amount of Purchase Payments equals $1,000,000 or more with respect to this Annuity and any other annuities you are purchasing from us (or that you already own) and/or our affiliates. To the extent allowed by state law, that required approval also will apply to a proposed change of owner of the Annuity, if as a result of the ownership change, total Purchase Payments with respect to this Annuity and all other annuities owned by the new Owner would equal or exceed that $1,000,000 threshold. We may limit additional Purchase Payments under other circumstances, as explained in “Additional Purchase Payments,” below.

Applicable laws designed to counter terrorists and prevent money laundering might, in certain circumstances, require us to block an Annuity Owner’s ability to make certain transactions, and thereby refuse to accept Purchase Payments or requests for transfers (if applicable), partial withdrawals, total withdrawals, death benefits, or income payments until instructions are received from the appropriate regulator. We also may be required to provide additional information about you and your Annuity to government regulators.

Additional Purchase Payments:

Subject to the limitations below, you may make additional purchase payments to the Annuity during the first 90 days provided the Account Value has not been reduced to zero. Additional Purchase Payments are subject to the maximum total Purchase Payment amount of $1,000,000 as noted above, and a minimum amount of $100. Purchase payments are not permitted on or after the Annuity Date. Additionally, effective December 31, 2020, additional purchase payments are not permitted after the first 90 days of the election of any optional benefit.

During the time you are permitted to make additional Purchase Payments to the Annuity, on a non-discriminatory basis, we may limit, restrict, suspend or reject any Purchase Payment: (i) if we determine that as a result of the timing and amounts of your additional Purchase Payments and withdrawals, the Guaranteed Income Amount is being increased in an unintended fashion. A factor we will use in making a determination as to whether an action is designed to increase the Guaranteed Income Amount in an unintended fashion is the relative size of additional Purchase Payment(s); and (ii) if the Income Percentages and/or Income Growth Rates have changed for new purchasers of the Annuity.

If we exercise this right to limit your Purchase Payment(s), your ability to invest in your Annuity, increase your Account Value and, consequently, increase your Guarantee Income Amount or death benefit will be limited. This would also impact your ability to make annual contributions to certain qualified plans. When you purchase this Annuity and determine the amount of your initial Purchase Payment, you should consider the fact that we may suspend, reject or limit additional Purchase Payments at some point in the future.

While the Annuity is offered in tax-qualified markets that have annual contribution limits under the Code, please note that this Annuity does not allow for additional Purchase Payments after the first 90 days. Please see the Tax Considerations section for additional information on these contribution limits.

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Speculative Investing: Do not purchase this Annuity if you, anyone acting on your behalf, and/or anyone providing advice to you plan to use it, or any of its riders, for speculation, arbitrage, viatication or any other type of collective investment scheme now or at any time prior to termination of the Annuity. Your Annuity may not be traded on any stock exchange or secondary market. By purchasing this Annuity, you represent and warrant that you are not using this Annuity, or any of its riders, for speculation, arbitrage, viatication or any other type of collective investment scheme.

Currently, we will not issue an Annuity, permit changes in ownership or allow assignments to certain ownership types, including but not limited to: corporations, partnerships and endowments. Further, we will only issue an Annuity, allow changes of ownership and/or permit assignments to certain ownership types if the Annuity is held exclusively for the benefit of the designated Annuitant. You may name as Owner of the Annuity a grantor trust with one grantor only if the grantor is designated as the Annuitant. You may name as Owner of the Annuity, subject to state availability, a grantor trust with two grantors only if the oldest grantor is designated as the Annuitant. We will not issue Annuities to grantor trusts with more than two grantors and we will not permit co-grantors to be designated as either joint Annuitants during the Accumulation Period or Contingent Annuitants.

Where the Annuity is owned by a grantor trust, the Annuity must be distributed within five-years after the date of death of the first grantor’s death under Section 72(s) of the Code. If a non-Annuitant grantor predeceases the Annuitant, the Surrender Value will be payable. The Surrender Value will be payable to the trust and there is no Death Benefit provided under the Annuity except as otherwise described below. Between the date of death of the non-Annuitant grantor and the date that we distribute the Surrender Value, the Account Value may be reduced by the Insurance Charge and may be subject to fluctuation in value due to the investment performance of the Sub-account. If the Annuitant dies after the death of the first grantor, but prior to the distribution of the Surrender Value of the Annuity, then the Death Benefit amount will be payable as a lump sum to the Beneficiary(ies) as described in the “Death Benefits” section of this prospectus. See the “Death Benefits” section later in this prospectus for information on the amount payable if the Annuitant predeceases the non-Annuitant grantor.

We may issue an Annuity in ownership structures where the annuitant is also the participant in a Qualified or Nonqualified employer sponsored plan and the Annuity represents his or her segregated interest in such plan. Further, please be aware that we do not provide administrative services for employer sponsored plans, and may limit the number of plan participants that may elect to use our Annuity as a funding vehicle.

Except as noted below, Purchase Payments must be submitted by check drawn on a U.S. bank, in U.S. dollars, and made payable to Pruco Life of New Jersey. Purchase Payments may also be submitted via 1035 exchange or direct transfer of funds. Under certain circumstances, Purchase Payments may be transmitted to Pruco Life of New Jersey via wiring funds through your financial professional’s broker-dealer firm. We may reject any payment if it is received in an unacceptable form. Our acceptance of a check is subject to our ability to collect funds.

SETTING UP YOUR ANNUITY

If you elect the Single Designated Life version of the Defined Income Benefit:

Single Designated Life:If the Owner is a natural person, the Owner must also be the Annuitant and the Single Designated Life. If the Owner is an entity that we permit, the Annuitant must be the Single Designated Life. You may not name multiple Owners if a Single Designated Life is listed in the Schedule Supplement.

If you elect the Spousal version of the Defined Income Benefit:

Spousal Designated Lives:Such persons must be each other’s Spouse on the Issue Date. If the Owner is a natural person, he/she must be the Annuitant, and one of the Spousal Designated Lives. The sole primary Beneficiary must be the other Spousal Designated Life for as long as the first Spousal Designated Life Owner is alive. If two Owners are named, each must be a Spousal Designated Life. No additional Owners may be named. While both Spousal Designated Lives are alive, each Owner must be designated as the other Owner’s primary Beneficiary. If the Owner is an entity that we permit, the Annuitant must be a Spousal Designated Life, and the Annuitant’s Spouse must be the other Spousal Designated Life. This benefit cannot be utilized when the Owner is an entity unless we allow for the continuation of the Annuity and the Defined Income Benefit by the Remaining Designated Life after the First Death.

Remaining Designated Life

A Remaining Designated Life must be a natural person and must have been listed as one of the Spousal Designated Lives on the Issue Date. A Spousal Designated Life will become the Remaining Designated Life on the earlier of the First Death, or divorce from the other Spousal Designated Life while the Defined Income Benefit is in effect. In the event of the divorce of the Spousal Designated Lives, and the resulting removal of one of the Spousal Designated Lives as an Owner, Annuitant or Beneficiary under the Annuity, the other Spousal Designated Life will become the Remaining Designated Life under the Defined Income Benefit if we receive notice of the divorce, and any other documentation we require, in Good Order, at our Service Office. Any new Beneficiary(ies) named by the Remaining Designated Life will not be a Spousal Designated Life.

General Information Regarding Owner, Annuitant and Beneficiary Designations:The selections you make for these designations are dependent upon your decision to purchase lifetime income for your life or your and your spouse’s lives.

•Owner: Each Owner holds all rights under the Annuity. You may name up to two Owners in which case all ownership rights are held jointly. Generally, joint Owners are required to act jointly; however, if both Owners instruct us in a written form that we find acceptable to allow one Owner to act independently on behalf of both Owners, we will permit one Owner to do so. All information and documents that we are required to send you will be sent to the first named Owner. Co-ownership by entity Owners or an entity Owner and an individual is not permitted. Refer to the Glossary of Terms for additional information regarding the term “Owner.” Prior to Annuitization, there is no right of survivorship (other than any spousal continuance right that may be available to a surviving spouse).

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•Annuitant: The Annuitant is the person upon whose life we make annuity payments. You must name an Annuitant who is a natural person. We do not accept a designation of joint Annuitants during the Accumulation Period. In limited circumstances and where allowed by law, we may allow you to name one or more “Contingent Annuitants” with our prior approval. Generally, a Contingent Annuitant will become the Annuitant if the Annuitant dies before the Annuity Date. Please refer to the discussion of “Considerations for Contingent Annuitants” in the Tax Considerations section of the prospectus.

•Beneficiary: The Beneficiary is the person(s) or entity you name to receive the Death Benefit. Your Beneficiary designation should be the exact name of your Beneficiary, not only a reference to the Beneficiary’s relationship to you. If you use a class designation in lieu of designating individuals (e.g. “surviving children”), we will pay the class of Beneficiaries as determined at the time of your death and not the class of Beneficiaries that existed at the time the designation was made. If no Beneficiary is named, the Death Benefit will be paid to you or your estate. For Annuities that designate a custodian or a plan as Owner, the custodian or plan must also be designated as the Beneficiary. If an Annuity is co-owned by spouses, we do not offer Joint Tenants with Rights of Survivorship (JTWROS). Both owners would need to be listed as theprimary beneficiaries for the surviving spouse to maintain the contract, unless you elect an alternative Beneficiary designation.

Your right to make certain designations may be limited if your Annuity is to be used as an IRA or other “qualified” investment that is given beneficial tax treatment under the Code. You should seek competent tax advice on the income, estate and gift tax implications of your designations.

Please see “Tax Considerations” for information on the effect of applicable law if you are in a civil union, domestic partnership or same-sex marriage.

RIGHT TO CANCEL

Effective December 31, 2020, the annuity referenced in this prospectus will no longer be offered for new sales.

You may cancel (or “Free Look”) your Annuity for a refund by notifying us in Good Order or by returning the Annuity to our Service Office or to the representative who sold it to you within 10 days after you receive it (or such other period as may be required by applicable law). The Annuity can be mailed or delivered either to us, at our Service Office, or to the representative who sold it to you. Return of this Annuity by mail is effective on being postmarked, properly addressed and postage prepaid.

Subject to applicable law, the amount of the refund will equal the Account Value as of the Valuation Day we receive the returned Annuity at our Service Office or the cancellation request in Good Order, plus any fees or tax charges deducted from the Purchase Payment upon allocation to the Annuity or imposed under the Annuity, less any applicable federal income tax withholding. However, where we are required by applicable law to return Purchase Payments, we will return the greater of Account Value and Purchase Payments.

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MANAGING YOUR ANNUITY

CHANGE OF OWNER, ANNUITANT AND BENEFICIARY DESIGNATIONS

Subject to the limitations described below, in general, you may change the Owner, Annuitant and Beneficiary designations by sending us a request in Good Order, which will be effective upon receipt at our Service Office. As of the Valuation Day we receive an ownership change, including an assignment, any withdrawal programs will be canceled. The new Owner must submit the applicable program enrollment if they wish to participate in such a program. Where allowed by law, such changes will be subject to our acceptance. Any change we accept is subject to any transactions processed by us before we receive the notice of change at our Service Office.

While the Defined Income Benefit is in Effect

If you have the Single Designated Life version of the Defined Income Benefit, any change of the Annuitant under the Annuity will result in the cancellation of the Defined Income Benefit. Similarly, any change of Owner will result in cancellation of the Defined Income Benefit, except if (a) the new Owner has the same taxpayer identification number as the previous Owner, (b) ownership is transferred from a custodian or other entity to the Annuitant, or vice versa or (c) ownership is transferred from one entity to another entity that satisfies our administrative ownership guidelines.

If you have the Spousal version of the Defined Income Benefit, a change to the Owner or Annuitant will result in the cancellation of the Defined Income Benefit in all cases, except as follows: (a) if one Owner dies and the Remaining Designated Life assumes the Annuity, or (b) if the Annuity initially is co-owned, but thereafter the Owner who is not the Annuitant is removed as Owner. We permit changes of Beneficiary designations under this benefit, however, if the Beneficiary is changed, the benefit may not be eligible to be continued upon the First Death. If the Spousal Designated Lives divorce, the Defined Income Benefit may not be divided as part of the divorce settlement or judgment. Nor may the divorcing spouse who retains ownership of the Annuity appoint a new Spousal Designated Life upon re-marriage.

If the Defined Income Benefit Terminates

If the Defined Income Benefit terminates, you would lose all guarantees provided by the Defined Income Benefit, and thus the ability to withdraw the Guaranteed Income Amount and receive the Death Benefit with the Return of Purchase Payments Amount. We will cease to deduct the Defined Income Benefit charge after the Benefit terminates. However we will not refund any Defined Income Benefit charges previously assessed. If the Defined Income Benefit terminates, you will not be able to re-elect the benefit later. If the Defined Income Benefit terminates, you will still have the right to annuitize the Account Value. Depending on the tax status of the annuity, you may receive tax deferral prior to annuitization.You should carefully consider purchasing the Annuity if you anticipate changing the Owner/Annuitant designations.You may name a new Beneficiary(ies), subject to the other limitations on Beneficiary designations noted above with respect to Spousal Designated Lives and a Remaining Designated Life. However, such new Beneficiary(ies) will not be a Spousal Designated Life, and would therefore result in the Defined Income Benefit terminating at the death of the Remaining Designated Life.

In general, you may change the Owner, Annuitant, and Beneficiary designations as indicated above, and also may assign the Annuity.We will allow changes of ownership and/or assignments only if the Annuity is held exclusively for the benefit of the Annuitant or Contingent Annuitant. We accept assignments of nonqualified Annuities only. We will reject the following proposed change of Owner, Annuitant, or Beneficiary, as well as any proposed assignment of the Annuity:

•a new Annuitant prior to the Annuity Date if the Owner is an entity;

•a new Owner such that the new Owner is older than the age for which we would then issue the Annuity as of the effective date of such change, unless the change of Owner is the result of spousal continuation;

•a new Owner or Annuitant that is a certain ownership type, including but not limited to corporations, partnerships, endowments, or grantor trusts with more than 2 grantors; and

•a new Annuitant for an Annuity issued to a grantor trust where the new Annuitant is not the oldest grantor of the trust.

We will also reject a proposed change where the proposed Owner, Annuitant, Beneficiary or assignee is any of the following:

•a company(ies) that issues or manages viatical or structured settlements;

•an institutional investment company;

•an Owner with no insurable relationship to the Annuitant or Contingent Annuitant (a “Stranger-Owned Annuity” or “STOA”); or

•a change in designation(s) that does not comply with or that we cannot administer in compliance with Federal and/or state law.

We will implement this right on a non-discriminatory basis and to the extent allowed by state law, but are not obligated to process your request within any particular time frame.

Spousal Designations

If an Annuity is co-owned by spouses, we do not offer Joint Tenants with Rights of Survivorship (JTWROS). Both owners would need to be listed as the primary beneficiaries for the surviving spouse to maintain the contract unless you designate a different Beneficiary. Note that any division of your Annuity due to divorce will be treated as a withdrawal and CDSC may apply. If CDSC is applicable, it cannot be divided between the owner and the non-owner ex-spouse. The non-owner ex-spouse may decide whether he or she would like to use the withdrawn funds to purchase a new Annuity

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that is then available to new contract owners. Depending upon the method used for the division of the Annuity, the CDSC may be applied to the existing or new Annuity. Please consult with your tax adviser regarding your personal situation if you will be transferring or dividing your Annuity pursuant to a divorce.

The federal and state tax law provisions applicable to an opposite sex spouse will also apply to a same sex spouse. Please note that a civil union or registered domestic partnership is generally not recognized as a marriage.

Please consult with your tax or legal adviser for more information.

Contingent Annuitant

Generally, if an Annuity is owned by an entity and the entity has named a Contingent Annuitant, the Contingent Annuitant will become the Annuitant upon the death of the Annuitant, and no death benefit is payable. Unless we agree otherwise, the Annuity is only eligible to have a Contingent Annuitant designation if the entity which owns the Annuity is (1) a plan described in Code Section 72(s)(5)(A)(i) (or any successor Code section thereto); (2) an entity described in Code Section 72(u)(1) (or any successor Code section thereto); or (3) a Custodial Account established to hold retirement assets for the benefit of the natural person Annuitant pursuant to the provisions of Section 408(a) of the Code (or any successor Code section thereto) (“Custodial Account”).

Where the Annuity is held by a Custodial Account, the Contingent Annuitant will not automatically become the Annuitant upon the death of the Annuitant. Upon the death of the Annuitant, the Custodial Account will have the choice, subject to our rules, to either elect to receive the Death Benefit or elect to continue the Annuity.

See “Death Benefits – Spousal Continuation of Annuity” for more information about how the Annuity can be continued by a Custodial Account.

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ACCESS TO YOUR ACCOUNT VALUE

TYPES OF DISTRIBUTIONS AVAILABLE TO YOU

During the Accumulation Period you can access your Account Value through partial withdrawals, systematic withdrawals, and where required for tax purposes, Required Minimum Distributions. The minimum amount for each partial withdrawal is $100. You can also surrender your Annuity at any time. Depending on your instructions, we may deduct a portion of the Account Value being withdrawn or surrendered as a CDSC. Cumulative Lifetime Withdrawals within an Annuity Year that are less than or equal to the Guaranteed Income Amount are not subject to a CDSC. If you surrender your Annuity, in addition to any CDSC, we may deduct the Annual Maintenance Fee, and any Tax Charge that applies. Each of these types of distributions is described more fully below.

SYSTEMATIC WITHDRAWALS FROM YOUR ANNUITY DURING THE ACCUMULATION PERIOD

Our systematic withdrawal program is an administrative program designed for you to withdraw a specified amount from your Annuity on an automated basis at the frequency you select. This program is available to you at no additional charge. We may cease offering this program or change the administrative rules related to the program at any time on a non-discriminatory basis.

You may not have a systematic withdrawal program, as described in this section, if you are receiving substantially equal periodic payments under Sections 72(t) and 72(q) of the Code or Required Minimum Distributions.

You may terminate your systematic withdrawal program at any time. Ownership changes to, and assignment of, your Annuity will terminate any systematic withdrawal program on the Annuity as of the effective date of the change or assignment. Requesting partial withdrawals while you have a systematic withdrawal program may also terminate your systematic withdrawal program as described below.

Systematic withdrawals are made from your Account Value. Systematic withdrawals may be subject to any applicable CDSC. We will determine whether a CDSC applies and the amount in the same way as we would for a partial withdrawal.

The minimum amount for each systematic withdrawal is $100. If any scheduled systematic withdrawal is for less than $100, we may postpone the withdrawal and add the expected amount to the amount that is to be withdrawn on the next scheduled systematic withdrawal.

Systematic Withdrawals based on the charge free amount may be available, but only if the contract is still within the surrender charge period. The withdrawals will be calculated based only on the purchase payments that are still subject to CDSC.

If you elect to receive Lifetime Withdrawals using our systematic withdrawal program, please be advised of the current administrative rules associated with this program:

•If you have or establish a new systematic withdrawal program for an amount less than, or equal to, your Guaranteed Income Amount and we receive a request for a partial withdrawal from your Annuity in Good Order, we will process your partial withdrawal request and may cancel your systematic withdrawal program.

•If you have or establish a new systematic withdrawal program for an amount greater than your Guaranteed Income Amount, it is important to note that these systematic withdrawals may result in Excess Income which will negatively impact your Guaranteed Income Amount available in future Annuity Years and may also reduce the value of your Death Benefit. A combination of partial withdrawals and systematic withdrawals for an amount greater than your Guaranteed Income Amount will further increase the impact on your future Guaranteed Income Amount and Death Benefit value. Please see the “Defined Income Benefit” and “Death Benefit” sections of this prospectus for information on the impact of withdrawals of Excess Income.

•Non-Lifetime Withdrawals may not be taken as systematic withdrawals.

SYSTEMATIC WITHDRAWALS UNDER SECTIONS 72(t)/72(q) OF THE INTERNAL REVENUE CODE

If your Annuity is used as a funding vehicle for certain retirement plans that receive special tax treatment under Sections 401, 403(b), 408 or 408A of the Code, Section 72(t) of the Code may provide an exception to the 10% additional tax on distributions made prior to age 59½ if you elect to receive distributions as a series of “substantially equal periodic payments.” For Annuities issued as nonqualified annuities, the Code may provide a similar exemption from additional tax under Section 72(q) of the Code. Systematic withdrawals under Sections 72(t)/72(q) will be subject to a CDSC if they exceed the Guaranteed Income Amount under the Defined Income Benefit. To request a program that complies with Sections 72(t)/72(q), you must provide us with certain required information in writing on a form acceptable to us. We may require advance notice to allow us to calculate the amount of 72(t)/72(q) withdrawals. There is no minimum Surrender Value we require to allow you to begin a program for withdrawals under Sections 72(t)/72(q). The minimum amount for any such withdrawal is $100 and payments may be made monthly, quarterly, semi-annually or annually.

You may also annuitize your Annuity and begin receiving payments for the remainder of your life (or life expectancy) as a means of receiving income payments before age 59½ that are not subject to the 10% additional tax.

Please note that if a withdrawal under Sections 72(t) or 72(q) was scheduled to be effected between the last Valuation Day prior to December 25th and December 31st of a given year, then we will implement the withdrawal on December 28th or on the last Valuation Day prior to December 28th of that year.

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REQUIRED MINIMUM DISTRIBUTIONS

Required Minimum Distributions (“RMDs”) are a type of partial withdrawal we allow to meet distribution requirements under Sections 401, 403(b) or 408 of the Code. Under the Code, you may be required to begin receiving periodic amounts from your Annuity. In such case, we will allow you to make systematic withdrawals in amounts that satisfy the minimum distribution rules under the Code. RMDs for this Annuity must generally be taken by April 1st in the year following the date you turn age 70½ (72 for those who would have reached age 70½ after 2019) and by December 31st for subsequent calendar years. For a Tax Sheltered Annuity or a 401(a) plan for which the participant is not a greater than five (5) percent Owner of the employer, this required beginning date can generally be deferred to retirement, if later. Roth IRAs are not subject to these rules during the Owner's lifetime.

Unless designated as a Non-Lifetime Withdrawal, an RMD is considered a Lifetime Withdrawal from the Annuity. The following rules apply to determine if any portion of an RMD amount will be treated as Excess Income.

For purposes of this provision, in relation to any Annuity Year, the “Second Calendar Year” is the calendar year following the calendar year in which the Annuity Year began.

In general, withdrawals made from the Annuity during an Annuity Year to meet the RMD provisions of the Code will not be treated as Excess Income. However, if in any Annuity Year, you take a Lifetime Withdrawal in the Second Calendar Year, then the amount which will not be treated as Excess Income is the sum of:

(1)the remaining Guaranteed Income Amount for that Annuity Year, and

(2)the Second Calendar Year’s remaining RMD amount less the Guaranteed Income Amount. If the Guaranteed Income Amount is greater than the Second Calendar Year’s remaining RMD amount, then (2) shall be equal to zero, or $0.

Any remaining RMD amount for the Second Calendar Year can be taken in the following Annuity Year.

If, in any Annuity Year, your RMD amount is not greater than the Guaranteed Income Amount, any withdrawals in excess of the Guaranteed Income Amount will be treated as Excess Income. RMD taken as systematic withdrawals will be considered Lifetime Withdrawals.

Please see hypothetical examples below for details.

If you do not comply with the rules described above, any withdrawal that exceeds the Guaranteed Income Amount will be treated as a withdrawal of Excess Income, which will reduce your Guaranteed Income Amount in future Annuity Years. This may include situations where you comply with the rules outlined above and then decide to take additional withdrawals after satisfying your RMD requirement from the Annuity.

For purposes of this provision, RMDs are determined based on the value of this Annuity, and do not include the value of any other annuities, savings or investments subject to the RMD rules. We require three (3) days advance written notice to calculate and process the amount of your withdrawals. You must elect to have RMDs paid out monthly, quarterly, semi-annually or annually. The $100 minimum amount that applies to systematic withdrawals applies to monthly RMDs but does not apply to RMDs taken out on a quarterly, semi-annual or annual basis.

In any year in which the requirement to take RMDs is suspended by law, we reserve the right, regardless of any position taken on this issue in a prior year, to treat any amount that would have been considered as an RMD if not for the suspension as eligible for treatment under this provision. Please note that if an RMD was scheduled to be effected between the last Valuation Day prior to December 25th and December 31st of a given year, then we will implement the RMD on December 28 or on the last Valuation Day prior to December 28th of that year.

The following applies in the event the Defined Income Benefit terminates: We do not assess a CDSC (if applicable) on RMDs from your Annuity if you are required by law to take such RMDs from your Annuity at the time it is taken, provided the amount withdrawn is the amount we calculate as the RMD. However, a CDSC (if applicable) may be assessed on that portion of a systematic withdrawal that is taken to satisfy the RMD rules in relation to other savings or investment plans under other qualified retirement plans.

You may also annuitize your Annuity and begin receiving payments for the remainder of your life (or life expectancy) as a means of receiving income payments and satisfying the RMD rules under the Code.

RMD rules do not apply to Roth IRAs during the Owner’s lifetime. See “Tax Considerations” for a further discussion of RMDs.

Example

The following example is purely hypothetical and intended to illustrate a scenario as described above. Note that withdrawals must comply with all IRS guidelines in order to satisfy the RMD for the current calendar year.

Assumptions:

RMD Calendar Year 01/01/2019 to 12/31/2019

Annuity Year 06/01/2018 to 05/31/2019

Guaranteed Income Amount and RMD Amount = $5,000

Remaining Guaranteed Income Amount as of 1/3/2019 = $3,000 (a $2,000 withdrawal was taken on 7/1/2018)

RMD Amount for Calendar Year 2019 = $6,000

The amount you may withdraw in the current Annuity Year (between 1/3/2019 and 5/31/2019) without it being treated as Excess Income is $4,000. Here is the calculation: $3,000 + ($6,000 – $5,000) = $4,000.

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If the $4,000 withdrawal is taken in the current Annuity Year (prior to 6/1/2019), the remaining Guaranteed Income Amount will be zero and the remaining RMD amount of $2,000 may be taken in the subsequent Annuity Year beginning on 6/1/2019 (when your Guaranteed Income Amount is reset to $5,000).

If you had chosen to not take any additional withdrawals until on or after 6/1/2019, then you would be eligible to withdraw $6,000 without it being treated as a withdrawal of Excess Income.

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SURRENDERS

SURRENDER VALUE

During the Accumulation Period you can surrender your Annuity at any time, and you will receive the Surrender Value. Upon surrender of your Annuity, you will no longer have any rights under the surrendered Annuity. Your Surrender Value is equal to the Account Value less any applicable CDSC, any applicable tax charges, and any Annual Maintenance Fee.

We require a minimum Surrender Value of $2,000 after any Partial Withdrawal. We waive this requirement while the Defined Income Benefit is in effect, if you are withdrawing the Guaranteed Income Amount, provided you do not take a withdrawal of Excess Income. See “Annuity Options” later in this prospectus for information on the impact of the minimum Surrender Value at annuitization.

MEDICALLY-RELATED SURRENDERS

Where permitted by law, you may request to surrender all or part of your Annuity prior to the Annuity Date without application of any otherwise applicable CDSC upon occurrence of a medically-related “Contingency Event” as described below (a “Medically-Related Surrender”). Please note, this applies to either owner if you elected the spousal version of the benefit and named both spouses as joint owners.

If you request a full surrender, the amount payable will be your Account Value. Although a CDSC will not apply to qualifying Medically-Related Surrenders, please be aware that a withdrawal from the Annuity before you have reached age 591/2 may be subject to a 10% additional tax and other tax consequences – see the Tax Considerations section of this prospectus.

We waive any applicable CDSC only if:

•the Owner is an entity, the Annuitant must have been named or any change of Annuitant must have been accepted by us, prior to the “Contingency Event” described below in order to qualify for a Medically-Related Surrender;

•the Owner is an entity, the Annuitant must be alive as of the date we pay the proceeds of such surrender request;

•the Owner is one or more natural persons, all such Owners must also be alive at such time;

•we receive satisfactory proof of the Owner’s (or the Annuitant’s if entity-owned) confinement in a Medical Care Facility or Fatal Illness in writing on a form satisfactory to us;

•no additional Purchase Payments can be made to the Annuity; and/or

•proceeds will only be sent by check or electronic fund transfer directly to the Owner.

We reserve the right to impose a maximum amount of a Medically-Related Surrender (equal to $500,000), but we do not currently impose that maximum. That is, if the amount of a partial medically-related withdrawal request, when added to the aggregate amount of Medically-Related Surrenders you have taken previously under this Annuity and any other annuities we and/or our affiliates have issued to you exceeds that maximum amount, we reserve the right to treat the amount exceeding that maximum as not an eligible Medically-Related Surrender. A “Contingency Event” occurs if the Owner (or Annuitant if entity-owned) is:

•first confined in a “Medical Care Facility” after the Issue Date and while the Annuity is in force, remains confined for at least 90 consecutive days, and remains confined on the date we receive the Medically-Related Surrender request at our Service Office; or

•first diagnosed as having a “Fatal Illness” after the Issue Date and while the Annuity is in force. We may require a second or third opinion by a licensed physician chosen by us regarding a diagnosis of Fatal Illness. We will pay for any such second or third opinion.

“Fatal Illness” means a condition (a) diagnosed by a licensed physician; and (b) that is expected to result in death within 24 months after the diagnosis in 80% of the cases diagnosed with the condition. “Medical Care Facility” means a facility operated and licensed pursuant to the laws of any United States jurisdiction providing medically necessary in-patient care, which is (a) prescribed by a licensed physician in writing; (b) recognized as a general hospital or long-term care facility by the proper authority of the United States jurisdiction in which it is located; (c) recognized as a general hospital by the Joint Commission on the Accreditation of Hospitals; and (d) certified as a hospital or long-term care facility; OR (e) a nursing home licensed by the United States jurisdiction in which it is located and offers the services of a Registered Nurse (RN) or Licensed Practical Nurse (LPN) 24 hours a day that maintains control of all prescribed medications dispensed and daily medical records.

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ANNUITY OPTIONS

Annuitization involves converting your Account Value to an annuity payment stream, the length of which depends on the terms of the applicable annuity option. Thus, once annuity payments begin any payment upon death is determined solely under the terms of the applicable annuity payment option, and you no longer participate in the Defined Income Benefit (unless you have annuitized or began payments under one of the payment options under that benefit). We currently make annuity options available that provide fixed annuity payments. Fixed annuity payments provide the same amount with each payment. You must annuitize your entire Account Value; partial annuitizations are not allowed.

You have a right to choose your annuity start date, provided that it is no later than the first day of the calendar month next following the 95th birthday of the oldest of any Owner and Annuitant whichever occurs first (“Latest Annuity Date”) and no earlier than the earliest permissible Annuity Date. You may choose one of the Annuity Options described below, and the frequency of annuity payments. You may change your choices before the Annuity Date. If you have not provided us with your Annuity Date in writing, then your Annuity Date will be the Latest Annuity Date. Certain annuity options and/or periods certain may not be available, depending on the age of the Annuitant. If a CDSC is still remaining on your Annuity, any period certain must be at least 10 years (or the maximum period certain available, if life expectancy is less than 10 years).

If needed, we will require proof in Good Order of the Annuitant’s age before commencing annuity payments. Likewise, we may require proof in Good Order that an Annuitant is still alive, as a condition of our making additional annuity payments while the Annuitant lives. We will seek to recover any life income annuity payments that we made after the death of the Annuitant. If the initial monthly annuity payment would be less than $100, we will not allow you to annuitize (except as otherwise specified by applicable law). Instead, we will pay you your current Account Value in a lump sum and terminate your Annuity. Similarly, we reserve the right to pay your Account Value in a lump sum, rather than allow you to annuitize, if the Surrender Value of your Annuity is less than $2,000 on the Annuity Date.

Once annuity payments begin, you no longer receive benefits under the Defined Income Benefit (unless you have annuitized under that benefit) or the Death Benefit described below.

Certain of these annuity options may be available as “settlement options” to Beneficiaries who choose to receive the Death Benefit proceeds as a series of payments instead of a lump sum payment.

Annuity Payments under the Defined Income Benefit (Guaranteed Income Amount Option)

If annuity payments are to begin under the terms of your Annuity, or if you decide to begin receiving annuity payments and there is a Guaranteed Income Amount due in subsequent Annuity Years, you can elect one of the following two options:

(1)apply your Account Value, less any applicable tax charges, to any other annuity option available for annuity payments not under the Defined Income Benefit (annuity Option 1 and Option 2, described below); or

(2)request that, as of the date annuity payments are to begin, we make annuity payments each year equal to the Guaranteed Income Amount on that date. If this option is elected, the Guaranteed Income Amount will not increase after annuity payments have begun. We will make payments until the death of the Single Designated Life or the Remaining Designated Life. We must receive your request in a form acceptable to us at our Service Office. If applying your Account Value, less any applicable tax charges, to the life-only annuity payment rates results in a higher annual payment, we will give you the higher annual payment.

In the absence of an election when mandatory annuity payments are to begin we currently make annual annuity payments as:

•a joint life and last survivor fixed annuity if both Spousal Designated Lives are living and each other’s Spouse on the date annual annuity payments would begin, or

•as a single life fixed annuity if there is a Remaining Designated Life, or this Rider was issued with a Single Designated Life.

In addition, each of the payments above will consist of ten payments certain (or a lesser number of payments certain if the life expectancy of the Annuitant at the time payments are to begin is less than 10 years, based on applicable Internal Revenue Service tables), by applying the greater of the annuity rates then currently available or the annuity rates guaranteed in your Annuity. We reserve the right at any time to increase or decrease the length of any annuity payout option, including but not limited to any period certain in order to comply with the Code (e.g., to shorten the period certain to match life expectancy under applicable Internal Revenue Service tables). The amount that will be applied to provide such annuity payments will be the greater of:

(1)the present value of the future Guaranteed Income Amount payments; and

(2)the Account Value.

Once we receive your election to commence annuity payments, or we make the first payment under a default annuity payment option provision, we will only make annuity payments guaranteed under the specific annuity payment option, and the annuity payment option cannot be changed.

Traditional Annuity Payment Options

If annuity payments are to begin under the terms of your Annuity, you can elect to apply your Account Value less any applicable tax charges to one of the following two options. Annuity Options 1 and 2 will always be available for election.

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Please note that you may not annuitize under the Traditional Annuity Options described below within the first three Annuity Years (except as otherwise specified by applicable law).

Option 1

Annuity Payments for a Period Certain:Under this option, we will make equal payments for the period chosen (the “period certain”), up to 25 years (but not to exceed the life expectancy of the Annuitant at the time the Annuity Option becomes effective, as computed under applicable IRS tables). The annuity payments may be made monthly, quarterly, semiannually, or annually, as you choose, for the fixed period. If the Owner dies during the income phase, payments will continue to any surviving Owner, or if there is no surviving Owner, the named Beneficiary or your estate if no Beneficiary is named for the remainder of the period certain.

Option 2

Life Income Annuity Option with a Period Certain:Under this option, income is payable monthly, quarterly, semiannually, or annually for the period certain, subject to our then current rules, and thereafter until the death of the Annuitant. Should the Owner or Annuitant die before the end of the period certain, the remaining period certain payments are paid to any surviving Owner, or if there is no surviving Owner, the named Beneficiary, or your estate if no Beneficiary is named, until the end of the period certain. If an annuity option is not selected by the Annuity Date, this is the option we will automatically select for you. We will use a period certain of 10 years, or a shorter duration if the Annuitant’s life expectancy at the time the Annuity Option becomes effective, as computed under applicable IRS tables, is less than 10 years. If in this instance the duration of the period certain is prohibited by applicable law, then we will pay you a lump sum in lieu of this option.

Other Annuity Options We May Make Available

At the Annuity Date, we may make available other annuity options not described above. The additional options we currently offer are:

•Life Annuity Option. We currently make available an annuity option that makes payments for the life of the Annuitant. Under that option, income is payable monthly, quarterly, semiannually, or annually, as you choose, until the death of the Annuitant. No additional annuity payments are made after the death of the Annuitant. No minimum number of payments is guaranteed. It is possible that only one payment will be payable if the death of the Annuitant occurs before the date the second payment was due, and no other payments nor death benefits would be payable.

•Joint Life Annuity Option. Under the joint lives option, income is payable monthly, quarterly, semiannually, or annually, as you choose, during the joint lifetime of two Annuitants, ceasing with the last payment prior to the death of the second to die of the two Annuitants. No minimum number of payments is guaranteed under this option. It is possible that only one payment will be payable if the death of all the Annuitants occurs before the date the second payment was due, and no other payments or death benefits would be payable.

•Joint Life Annuity Option With a Period Certain. Under this option, income is payable monthly, quarterly, semiannually, or annually for the number of years selected (the “period certain”), subject to our current rules, and thereafter during the joint lifetime of two Annuitants, ceasing with the last payment prior to the death of the second to die of the two Annuitants. If the Annuitants’ joint life expectancy is less than the period certain, we will institute a shorter period certain, determined according to applicable IRS tables. Should the two Annuitants die before the end of the period certain, the remaining period certain payments are paid to any surviving Owner, or if there is no surviving Owner, the named Beneficiary, or to your estate if no Beneficiary is named, until the end of the period certain.

For qualified annuities, the period certain option may be limited to 10 years or less depending on the circumstances.

We reserve the right to cease offering any of these Other Annuity Options. If we do so, we will amend this prospectus to reflect the change. We reserve the right to make available other annuity or settlement options.

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DEATH BENEFIT

DEATH BENEFIT UNDER THE DEFINED INCOME BENEFIT

If you elected the Single version of the Defined Income Benefit on the Issue Date, and while it is in effect, the Death Benefit payable upon the death of the Single Designated Life is the Return of Purchase Payments Death Benefit. No Death Benefit is payable, however, if any of the following have occurred:

•Guarantee Payments (under the Guaranteed Income Amount Option);

•Traditional Annuity Payments

If you elected the Spousal version of the Defined Income Benefit on the Issue Date, while it is in effect, the Death Benefit payable upon the First Death is the Account Value. The Death Benefit payable upon the death of the Remaining Designated Life, is the Return of Purchase Payments Death Benefit. No Death Benefit is payable, however, if any of the following have occurred:

•Guarantee Payments (under the Guaranteed Income Amount Option); or

•Traditional Annuity Payments

The Return of Purchase Payments Death Benefit is equal to the greater of:

•the Account Value, or

•the Return of Purchase Payments Amount described below.

If we do not receive Due Proof of Death within one year of the death of the Owner (Annuitant if the Annuity is owned by an entity in the case of a Single Designated Life) or the death of the Remaining Designated Life in the case of Spousal Designated Lives, the Death Benefit payable is the Account Value. We reserve the right to waive or extend, on a non-discriminatory basis, our right to enforce the one year deadline for Due Proof of Death. This right will only apply for purposes of determining the amount payable as a Death Benefit, and in no way restricts when a claim may be filed.

All other provisions applicable to Death Benefits under your Annuity will continue to apply.

Return of Purchase Payments Amount

On the Issue Date, the Return of Purchase Payments Amount is equal to your Account Value. On each subsequent Valuation Day, until the date we receive Due Proof of Death of the Single Designated Life or the Remaining Designated Life, as applicable, the Return of Purchase Payments Amount is:

•increased by any Purchase Payments made on the current Valuation Day, and

•reduced by the effect of withdrawals made on the current Valuation Day, as described below.

A Non-Lifetime Withdrawal will proportionately reduce the Return of Purchase Payments Amount by the ratio of the Non-Lifetime Withdrawal to the Account Value immediately prior to the Non-Lifetime Withdrawal. A Lifetime Withdrawal that is not considered Excess Income, including Required Minimum Distributions, will reduce the Return of Purchase Payments Amount by the amount of the withdrawal. (For more information about the impact of RMDs, please see “Required Minimum Distributions” section.) All or a portion of a Lifetime Withdrawal that is considered Excess Income will proportionately reduce the Return of Purchase Payments Amount by the ratio of the Excess Income to the Account Value immediately prior to the withdrawal of the Excess Income.

The Death Benefit described above is available only while the Defined Income Benefit is in effect, and then only until your Account Value is reduced to zero. Once your Account Value reduces to zero, the Death Benefit feature of the Defined Income Benefit terminates.

DEATH BENEFIT UPON TERMINATION OF THE DEFINED INCOME BENEFIT

If you have taken actions that have caused the Defined Income Benefit to be terminated, then the Death Benefit is equal to the Account Value, and payable:

1)If the Annuity is owned by one or more natural persons, upon the death of the Owner (or the first to die, if there are multiple Owners).

2)If an Annuity is owned by an entity, upon the Annuitant’s death if there is no Contingent Annuitant. Generally, if a Contingent Annuitant was designated before the Annuitant’s death and the Annuitant dies, then the Contingent Annuitant becomes the Annuitant and a Death Benefit will not be paid upon the Annuitant’s death.

You should carefully consider any possible actions by you that would cause the Defined Income Benefit to be terminated, as it will impact the value payable as a Death Benefit.

GENERAL DEATH BENEFIT PROVISIONS

We determine the amount of the Death Benefit as of the date we receive Due Proof of Death. We must be made aware of the entire universe of eligible Beneficiaries in order for us to have received Due Proof of Death. Any given Beneficiary must submit the written information we require in order to be paid his/her share of the Death Benefit.

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Once we have received Due Proof of Death, each eligible Beneficiary may take his/her portion of the Death Benefit in one of the forms described in this prospectus (e.g., distribution of the entire interest in the Annuity within 5 years after the date of death, or as periodic payments over a period not extending beyond the life or life expectancy of the Beneficiary – see “Payment of Death Benefits” below).  

No Death Benefit will be payable if the Annuity terminates or your Account Value reaches zero (which can happen if, for example, you are taking withdrawals under the Defined Income Benefit).

Any Death Benefit amount not paid in full on the date of Due Proof of Death may be reduced by the Insurance Charge and may be subject to fluctuation in value due to the investment performance of the Sub-account until the Death Benefit is paid out in full.

Where an Annuity is issued to a trust, and such trust is characterized as a grantor trust under the Code, such Annuity shall not be considered to be held by a non-natural person and will be subject to the tax reporting and withholding requirements generally applicable to a Nonqualified Annuity held by a natural person. At this time, we will not issue an Annuity to grantor trusts with more than two grantors.

You may name as the Owner of the Annuity a grantor trust with one grantor only if the grantor is designated as the Annuitant. You may name as the Owner of the Annuity, subject to state availability, a grantor trust with two grantors only if the oldest grantor is designated as the Annuitant. We will not issue Annuities to grantor trusts with more than two grantors and we will not permit co-grantors to be designated as either joint Annuitants during the Accumulation Period or Contingent Annuitants.

Where the Annuity is owned by a grantor trust, the Annuity must be distributed within 5 years after the date of death of the first grantor’s death under Section 72(s) of the Code. If a non-Annuitant grantor predeceases the Annuitant, the Surrender Value will be payable. The Surrender Value will be payable to the trust and there is no Death Benefit provided under the Annuity except as otherwise described below. Between the date of death of the non-Annuitant grantor and the date that we distribute the Surrender Value, the Account Value may be reduced by the Insurance Charge and may be subject to fluctuation in value due to the investment performance of the Sub-account. If the Annuitant dies after the death of the first grantor, but prior to the distribution of the Surrender Value of the Annuity, then the Death Benefit amount will be payable as a lump sum to the Beneficiary or Beneficiaries as described in the “Death Benefits” section of this prospectus. See the “Death Benefits” section later in this prospectus for information on the amount payable if the Annuitant predeceases the non-Annuitant grantor.

SPOUSAL CONTINUATION OF YOUR ANNUITY

Unless you designate a Beneficiary other than your spouse, upon the death of either spousal Owner, the surviving spouse may elect to continue ownership of the Annuity instead of taking the Death Benefit. No CDSC will apply to Purchase Payments made prior to the effective date of a spousal continuance. However, any additional Purchase Payments applied after the effective date of a spousal continuation will be subject to all provisions of the Annuity, including the CDSC when applicable.

If you elected the Single version of the Defined Income Benefit on the Issue Date and it is in effect on the date of Due Proof of Death, if your spouse chooses to continue ownership of the Annuity the Account Value is increased, if necessary, to equal the Return of Purchase Payments Amount, and the Defined Income Benefit will terminate.

If you elected the Spousal version of the Defined Income Benefit on the Issue Date and it is in effect on the date of Due Proof of Death of the First Death,

•If the Remaining Designated Life chooses to continue the Annuity, the Defined Income Benefit will remain in force.

•If a Death Benefit is not payable (e.g., if the first of the Spousal Designated Lives to die is the Beneficiary but not an Owner), the Defined Income Benefit will remain in force unless we are instructed otherwise.

•Upon death of the Remaining Designated Life, if their spouse chooses to continue ownership of the Annuity the Account Value is increased, if necessary, to equal the Return of Purchase Payments Amount, and the Defined Income Benefit will terminate.

Spousal continuation is also permitted, subject to our rules and regulatory approval, if the Annuity is held by a custodial account established to hold retirement assets for the benefit of the natural person Annuitant pursuant to the provisions of Section 408(a) of the Code (“Custodial Account”) and, on the date of the Annuitant’s death, the spouse of the Annuitant is (1) the Contingent Annuitant under the Annuity and (2) the Beneficiary of the Custodial Account. The ability to continue the Annuity in this manner will result in the Annuity no longer qualifying for tax deferral under the Code. However, such tax deferral should result from the ownership of the Annuity by the Custodial Account. Please consult your tax or legal advisor.

See “Managing Your Annuity – Spousal Designations” for information regarding a same sex surviving spouse’s ability to continue ownership of the Annuity. Please consult your tax or legal advisor for more information.

Your Annuity may only be continued under the spousal continuation provision once.

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PAYMENT OF DEATH BENEFITS

Alternative Death Benefit Payment Options – Annuities Owned By Individuals (Not Associated With Tax-Favored Plans)

Except in the case of a spousal continuation as described above, upon your death, certain distributions must be made under the Annuity. The required distributions depend on whether you die before you start taking annuity payments under the Annuity or after you start taking annuity payments under the Annuity. If you die on or after the Annuity Date, the remaining portion of the interest in the Annuity must be distributed at least as rapidly as under the method of distribution being used as of the date of death. In the event of the decedent’s death before the Annuity Date, the Death Benefit must be distributed:

•within five (5) years of the date of death (the “five-year deadline”); or

•as a series of payments not extending beyond the life expectancy of the Beneficiary or over the life of the Beneficiary Payments under this option must begin within one year of the date of death. If the Beneficiary does not begin installments by such time, then no partial withdrawals will be permitted thereafter and we require that the Beneficiary take the Death Benefit as a lump sum within the five-year deadline.

If we do not receive instructions on where to send the payment within 5 years of the date of death, the funds will be escheated.

Alternative Death Benefit Payment Options - Contracts Held by Tax-Favored Plans

The Code provides for alternative death benefit payment options when a contract is used as an IRA, 403(b) or other "qualified investment" that requires minimum distributions. Upon your death under an IRA, 403(b) or other "qualified investment", the designated beneficiary may generally elect to continue the contract and receive Required Minimum Distributions under the contract, instead of receiving the death benefit in a single payment. The available payment options will depend on whether you die before the date Required Minimum Distributions under the Code were to begin, whether you have named a designated beneficiary and whether the beneficiary is your surviving spouse.

For deaths occurring after 2019, H.R. 1865, the Further Consolidated Appropriations Act of 2020 (which includes the "Setting Every Community Up for Retirement Enhancement" Act (SECURE Act)), impacts defined contribution plans and IRA balances death benefits paid starting in 2020. If you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, the new law applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, the new law generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

•If you die after a designated Beneficiary has been named, the death benefit must be fully distributed by December 31st of the year including the ten year anniversary of the date of death (the “Qualified Ten-Year Deadline”) with the exception of “eligible designated beneficiaries.” ”Eligible designated beneficiaries” may elect periodic payments not extending beyond the life expectancy of the eligible designated Beneficiary (provided such payments begin by December 31st of the year following the year of death). Eligible designated beneficiaries generally include any designated beneficiary who is your surviving spouse, your child who has not reached majority, disabled and chronically ill beneficiaries (as specified by the Code) and any beneficiary who is not more than 10 years younger than you. In the case of a child who has not attained the age of majority, the Qualified Ten Year Deadline would apply as of the date the child attains the age of majority. The determination of whether a designated beneficiary is an eligible designated beneficiary shall be made as of the date of your death.

•If the eligible designated Beneficiary does not begin installments by December 31st of the year following the year of death, then we require that the Beneficiary take the Death Benefit by the Qualified Ten-Year Deadline. However, if your surviving spouse is the Beneficiary, the death benefit can be paid out over the life expectancy of your spouse with such payments beginning no later than December 31st of the year following the year of death, or December 31st of the year in which you would have reached age 72, whichever is later. Additionally, if the Death Benefit is solely payable to (or for the benefit of) your surviving spouse, then the Annuity may be continued with your spouse as the Owner.

•If you die before a designated Beneficiary is named, and your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed as follows:

•If death occurs before the date Minimum Distributions must begin under the Code, the Death Benefit can be paid out in either a lump sum, by December 31st of the year that includes five year anniversary of the date of death,

•If death occurs after the date Minimum Distributions must begin under the Code, the Death Benefit must be paid out at least as rapidly as under the method then in effect.

•Where multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary and the account has not been divided into Separate Accounts by December 31st of the year following the year of death, such Annuity is deemed to have no designated Beneficiary.

For more information, see “Tax Considerations.” You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

A Beneficiary has the flexibility to take out more each year than mandated under the Required Minimum Distribution rules. Until withdrawn, amounts in an IRA, 403(b) or other “qualified investment” continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to

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be withdrawn under the Required Minimum Distribution rules, are subject to tax. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

For a Roth IRA, if death occurs before the entire interest is distributed, the Death Benefit must be distributed under the same rules applied to IRAs where death occurs before the date Required Minimum Distributions must begin under the Code.

If we do not receive instructions on where to send the payment within five-years of the date of death, the funds will be escheated.

The tax consequences to the Beneficiary may vary among the different Death Benefit payment options. See the Tax Considerations section of this prospectus, and consult your tax adviser.

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FEES, CHARGES AND DEDUCTIONS

In this section, we provide detail about the charges you incur if you own the Annuity.

The charges under the Annuity are designed to cover, in the aggregate, our direct and indirect costs of selling, administering and providing benefits under the Annuity. They are also designed, in the aggregate, to compensate us for the risks of loss we assume. If, as we expect, the charges that we collect from the Annuity exceed our total costs in connection with the Annuity, we will earn a profit. Otherwise we will incur a loss. For example, Pruco Life of New Jersey may make a profit on the Insurance Charge if, over time, the actual costs of providing the guaranteed insurance obligations and other expenses under the Annuity are less than the amount we deduct for the Insurance Charge. To the extent we make a profit on the Insurance Charge, such profit may be used for any other corporate purpose.

The rates of certain of our charges have been set with reference to estimates of the amount of specific types of expenses or risks that we will incur. In general, a given charge under the Annuity compensates us for our costs and risks related to that charge and may provide for a profit. However, it is possible that with respect to a particular obligation we have under this Annuity, we may be compensated not only by the charge specifically tied to that obligation, but also from one or more other charges we impose.

With regard to charges that are assessed as a percentage of the value of the Sub-account, please note that such charges are assessed through a reduction to the Unit Value of your investment in the Sub-account, and in that way reduce your Account Value.

Insurance Charge:We deduct an Insurance Charge daily based on the annualized rate shown in the “Summary of Contract Fees and Charges.” The charge is assessed against the assets allocated to the Sub-account. The Insurance Charge is the combination of the Mortality & Expense Risk Charge, the Administration Charge, and the Defined Income Benefit Charge. The Insurance Charge is intended to compensate Pruco Life of New Jersey for providing the insurance benefits under the Annuity, including the Annuity’s Death Benefit that provides guaranteed benefits to your Beneficiaries even if your Account Value declines, and the risk that persons to whom we guarantee annuity payments will live longer than our assumptions. The charge also covers our administrative costs associated with providing the Annuity benefits, including preparation of the contract and prospectus, confirmation statements, annual account statements and annual reports, legal and accounting fees as well as various related expenses. The charge covers the risk that our assumptions about the mortality risks and expenses under the Annuity are incorrect and that we have agreed not to increase these charges over time despite our actual costs. Finally, the charge compensates Pruco Life of New Jersey for providing the insurance benefits provided under the Defined Income Benefit, Guarantee Payments, and the Return of Purchase Payments Death Benefit.

The Defined Income Benefit Charge: As described in the “Summary of Contract Fees and Charges,” the Defined Income Benefit Charge can be increased one or more times at any time on or after the 7th anniversary of your Issue Date up to the maximum amount reflected therein. We will notify you in advance of any change in the Charge. You will have the option of refusing any charge increase.

If you elect to opt-out of the charge increase, your Guaranteed Income Amount will be permanently reduced by 5% on the next anniversary of your Issue Date, and the Defined Income Benefit Charge will continue at the present rate.

If you wish to opt-out, you must notify us within the stated time period described in our notice to you. When we receive your opt-out request, we will send you a form confirming the estimated dollar amount of the 5% Guaranteed Income Amount reduction. If, at that time, you would still like to elect the opt-out, you must sign and return the form to us at our Service Office in Good Order. Please keep in mind that opting out of the charge increase will have a negative impact to your Guaranteed Income Amount. You may want to consult with your financial professional to determine whether opting out is in your best interest.

Also, please keep in mind that while you are receiving your Guaranteed Income Amount its value remains constant, however the amount deducted from your Account Value for the Insurance Charge may vary due to fluctuations of your Account Value.

If you are receiving this Prospectus as a current owner having purchased the Annuity prior to April 28, 2014, the ability to opt-out of a charge increase is not provided for in your contract. For these contracts, the fee shall not be increased unless and until an amended rider is provided to the contract owner. Notwithstanding this, if we decide to increase the charge, we will make the opt-out available to contract owners who purchased prior to April 28, 2014.

The Defined Income Benefit is neither optional nor revocable.However, if the Defined Income Benefit terminates according to the terms of the benefit, then the Defined Income Benefit Charge component of the Insurance Charge will no longer be assessed. We will not refund any charges you have paid.

Fees and Expenses Incurred by the Portfolio:The Portfolio incurs total annualized operating expenses comprised of an investment management fee, other expenses and any distribution and service (12b-1) fees or short sale expenses that may apply. These fees and expenses are reflected daily by the Portfolio before it provides Pruco Life of New Jersey with the net asset value as of the close of business each Valuation Day. More detailed information about fees and expenses can be found in the prospectus for the Portfolio.

Annual Maintenance Fee:Prior to Annuitization, we deduct an Annual Maintenance Fee. The Annual Maintenance Fee is equal to $50 or 2% of your Account Value, whichever is less. This fee compensates us for administrative and operational costs in connection with the Annuity, such as maintaining our internal systems that support the Annuity. This fee will be deducted annually on the anniversary of the Issue Date of your Annuity or, if you surrender your Annuity during the Annuity Year, the fee is deducted at the time of surrender unless the surrender is taken within 30 days of the most recently assessed Annual Maintenance Fee. The fee is taken from the Sub-account. The Annual Maintenance Fee is only deducted if the sum

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of the Purchase Payments at the time the fee is deducted is less than $100,000. We do not impose the Annual Maintenance Fee upon Annuitization (unless Annuitization occurs on an Annuity anniversary), or the payment of a Death Benefit.

Contingent Deferred Sales Charge (“CDSC”): A CDSC reimburses us for expenses related to sales and distribution of the Annuity, including commissions, marketing materials and other promotional expenses. We may deduct a CDSC if you surrender your Annuity or when you make a partial withdrawal. The CDSC is calculated as a percentage of your Purchase Payment being surrendered or withdrawn. The CDSC percentage varies with the number of years that have elapsed since each Purchase Payment being withdrawn was made. If a withdrawal is effective on the day before the anniversary of the date that the Purchase Payment being withdrawn was made, then the CDSC percentage as of the next following year will apply. The CDSC percentages are shown under “Summary of Contract Fees and Charges” earlier in this prospectus.

With respect to a partial withdrawal, we calculate the CDSC by assuming that partial withdrawals are taken from Purchase Payments on a first-in, first-out basis, and subsequently from any other Account Value in the Annuity (such as gains). The CDSC calculation is applied to the Purchase Payments as they are being withdrawn. For example, assume you purchase your Annuity with a $75,000 initial Purchase Payment and you make no additional Purchase Payments for the life of your Annuity. Also assume that two years after the purchase, your Account Value is $85,000 ($75,000 of Purchase Payment plus $10,000 of investment gain) and you take a Non-Lifetime Withdrawal of $50,000. The $50,000 Non-Lifetime Withdrawal would be taken from your $75,000 Purchase Payment and the CDSC would be assessed against the same amount - $50,000 x 0.06 = $3,000. If the Non-Lifetime Withdrawal had exceeded the available Purchase Payments, any remaining withdrawal amounts would have been taken from gains. CDSC is not assessed against Lifetime Withdrawals, as described below.

You can request a partial withdrawal as either a “gross” or “net” withdrawal. In a “gross” withdrawal, you request a specific withdrawal amount with the understanding that the amount you actually received is reduced by any applicable CDSC or tax withholding. Therefore you may receive less than the dollar amount you specify. In a “net” withdrawal, you request a withdrawal for an exact dollar amount with the understanding that any applicable deduction for CDSC or tax withholding is taken from your remaining Account Value. Therefore, a larger amount may be deducted from your Account Value than the amount you specify. To illustrate, after taking the $50,000 withdrawal described in the example above, and without considering any CDSC or tax withholding, $25,000 would remain of your initial Purchase Payment. But due to the $10,000 in gains prior to the withdrawal, your Account Value would be $35,000 ($85,000 Account Value less the $50,000 withdrawal). If you had asked for a gross withdrawal, you would have received less than the $50,000 you withdrew, because we would have deducted the $3,000 CDSC plus any applicable tax withholding from the requested $50,000. While the amount you actually received would be lower, your Account Value would remain at $35,000. If you had asked for a net withdrawal, however, you would have received the full $50,000, but your Account Value would be lower than $35,000 because we would have deducted the $3,000 CDSC plus any applicable tax withholding from your Account Value.

Under the Defined Income Benefit, Non-Lifetime Withdrawals, excluding those designated as Required Minimum Distributions, are subject to any applicable CDSC, as described above. Lifetime Withdrawals in an Annuity Year that, in total, do not exceed the Guaranteed Income Amount are not subject to a CDSC. However, each withdrawal of Excess Income under the Defined Income Benefit is subject to any applicable CDSC. Withdrawals of Excess Income will reduce the benefits under the Defined Income Benefit. (Please see the “Defined Income Benefit” and “Death Benefit” sections of this prospectus for information on the impact of withdrawals of Excess Income.) Please be aware that under the Defined Income Benefit: (a) for a gross withdrawal, if the amount requested exceeds the Guaranteed Income Amount, the excess portion will be treated as Excess Income and (b) for a net withdrawal, if the amount you receive plus the amount of the CDSC deducted from your Account Value exceeds the Guaranteed Income Amount, the excess portion will be treated as Excess Income.

Upon surrender, we calculate a CDSC based on any Purchase Payments that remain in your Account Value on the date of the surrender (and after all other withdrawals have been taken). If you have made prior partial withdrawals or if your Account Value has declined in value due to negative market performance, the Purchase Payments being withdrawn may be greater than your remaining Account Value. Consequently, a higher CDSC may result than if we had calculated the CDSC as a percentage of remaining Account Value.

We may waive any applicable CDSC under certain circumstances described below in “Exceptions/Reductions to Fees and Charges.”

TRADITIONAL ANNUITY PAYMENT OPTION CHARGES

If you select a fixed payment option in the section of this prospectus entitled “Traditional Annuity Payment Options,” upon Annuitization, the amount of each fixed payment will depend on the Account Value of your Annuity when you elected to annuitize. There is no specific charge deducted from these payments; however, the amount of each annuity payment reflects assumptions about our insurance expenses. Also, a tax charge may apply.

EXCEPTIONS/REDUCTIONS TO FEES AND CHARGES

We may reduce or eliminate certain fees and charges or alter the manner in which the particular fee or charge is deducted. For example, we may reduce the amount of any CDSC or the length of time it applies, reduce or eliminate the amount of the Annual Maintenance Fee or reduce the portion of the total Insurance Charge that is deducted as an Administration Charge. We will not discriminate unfairly between Annuity purchasers if and when we reduce any fees and charges.

Tax Charge: We will pay company income taxes on the taxable corporate earnings created by this Annuity. While we may consider company income taxes when pricing our products, we do not currently include such income taxes in the tax charges you pay under the Annuity. We will periodically review the issue of charging for taxes, and we may charge for taxes in the future. We reserve the right to impose a charge for taxes if we determine, in our sole discretion, that we will incur a tax as a result of the administration of the Contract, including any tax imposed with respect to the operation of the Separate Account or General Account

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.

In calculating our corporate income tax liability, we may derive certain corporate income tax benefits associated with the investment of company assets, including Separate Account assets, which are treated as company assets under applicable income tax law. These benefits reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividend received deductions. We do not pass these tax benefits through to holders of the Separate Account annuity contracts because (i) the contract Owners are not the Owners of the assets generating these benefits under applicable income tax law and (ii) we do not currently include company income taxes in the tax charges you pay under the Annuity. We reserve the right to change these tax practices.

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VALUING YOUR INVESTMENT

VALUING THE SUB-ACCOUNT

Currently only one Sub-account is available with the Annuity. When you allocate Account Value to the Sub-account, you are purchasing Units of the Sub-account. The Sub-account invests exclusively in shares of an underlying Portfolio. The value of the Units fluctuates with the market fluctuations of the Portfolio. The value of the Units also reflects the daily accrual for the Insurance Charge.

Each Valuation Day, we determine the price for a Unit of the Sub-account, called the “Unit Price.” The Unit Price is used for determining the value of transactions involving Units of the Sub-account. We determine the number of Units involved in any transaction by dividing the dollar value of the transaction by the Unit Price of the Sub-account as of the Valuation Day. There may be different Unit Prices for the Sub-account to reflect possible variations in charges for the Defined Income Benefit. The Unit Price for the Units you purchase will be based on the total charges that apply to your Annuity.

PROCESSING AND VALUING TRANSACTIONS

Pruco Life of New Jersey is generally open to process financial transactions on those days that the New York Stock Exchange (NYSE) is open for trading. There may be circumstances where the NYSE does not open on a regularly scheduled date or time or closes at an earlier time than scheduled (normally 4:00 p.m. Eastern Time). Generally, financial transactions received in Good Order before the close of regular trading on the NYSE will be processed according to the value next determined following the close of business. Financial transactions received on a non-business day or after the close of regular trading on the NYSE will be processed based on the value next computed on the next Valuation Day.

We will not process any financial transactions involving purchase or redemption orders on days that the NYSE is closed. Pruco Life of New Jersey will also not process financial transactions involving purchase or redemption orders or transfers on any day that:

•trading on the NYSE is restricted;

•an emergency, as determined by the SEC, exists making redemption or valuation of securities held in the Separate Account impractical; or

•the SEC, by order, permits the suspension or postponement for the protection of security holders.

In certain circumstances, we may need to correct the processing of an order. In such circumstances, we may incur a loss or receive a gain depending upon the price of the security when the order was executed and the price of the security when the order is corrected. With respect to any gain that may result from such order correction, we will retain any such gain as additional compensation for these correction services.

Initial Purchase Payment:We are required to allocate your initial Purchase Payment to the Sub-account within two (2) Valuation Days after we receive the Purchase Payment in Good Order at our Service Office. If we do not have all the required information to allow us to issue your Annuity, we may retain the Purchase Payment while we try to reach you or your representative to obtain all of our requirements. If we are unable to obtain all of our required information within five (5) Valuation Days, we are required to return the Purchase Payment to you at that time, unless you specifically consent to our retaining the Purchase Payment while we gather the required information. Once we obtain the required information, we will invest the Purchase Payment and issue an Annuity within two (2) Valuation Days.

With respect to your initial Purchase Payment and any additional purchase payments pending investment in our Separate Account, we may hold the amount temporarily in a suspense account and we may earn interest on such amount. You will not be credited with interest during that period. The monies held in the suspense account may be subject to claims of our general creditors. Also, the Purchase Payment will not be reduced nor increased due to market fluctuations during that period.

As permitted by applicable law, the broker-dealer firm through which you purchase your Annuity may forward your initial Purchase Payment to us prior to approval of your purchase by a registered principal of the firm. Once your purchase is approved by the firm, we will process your initial Purchase Payment as described above. These arrangements are subject to a number of regulatory requirements, including that customer funds will be deposited in a segregated bank account and held by the insurer until such time that the insurer is notified of the firm’s principal approval and is provided with the application, or is notified of the firm principal’s rejection. In addition, we must promptly return your funds at your request prior to the firm’s principal approval or upon the firm’s rejection of the application. The monies held in the bank account will be held in a suspense account within our general account and we may earn interest on amounts held in that suspense account. You will not be credited with any interest earned on amounts held in that suspense account. Also, the amounts held will not be reduced nor increased due to market fluctuations during that period. The monies in such suspense account may be subject to our general creditors.

Additional Purchase Payments:We will apply any additional Purchase Payments we accept on the Valuation Day that we receive the Purchase Payment at our Service Office in Good Order. We may limit, restrict, suspend or reject any additional Purchase Payments at any time. See “Additional Purchase Payments” under “Purchasing Your Annuity” earlier in this prospectus.

Scheduled Transactions:Scheduled transactions include transfers under systematic withdrawals, Required Minimum Distributions, substantially equal periodic payments under Section 72(t)/72(q) of the Code, annuity payments and fees that are assessed daily as a percentage of the net assets of the Sub-accounts. Scheduled transactions are processed and valued as of the date they are scheduled, unless the scheduled day is not a Valuation Day. In that case, the transaction will be processed and valued on the next Valuation Day, unless (with respect to Required Minimum Distributions, substantially equal periodic payments under Section 72(t)/72(q) of the Code, annuity payments and fees that are

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assessed daily as a percentage of the net assets of the Sub-accounts only), the next Valuation Day falls in the subsequent calendar year, in which case the transaction will be processed and valued on the prior Valuation Day.

Unscheduled Transactions:“Unscheduled” transactions include any other non-scheduled partial withdrawals or Surrenders. With respect to certain written requests to withdraw Account Value, we may seek to verify the requesting Owner’s signature. Specifically, we reserve the right to perform a signature verification for (a) any withdrawal exceeding a certain dollar amount and (b) a withdrawal exceeding a certain dollar amount if the payee is someone other than the Owner. In addition, we will not honor a withdrawal request in which the requested payee is the financial professional or agent of record. We reserve the right to request a signature guarantee with respect to a written withdrawal request. If we do perform a signature verification, we will pay the withdrawal proceeds within 7 days after the withdrawal request was received by us in Good Order, and will process the transaction in accordance with the discussion in “Processing And Valuing Transactions.”

Medically-Related Surrenders & Death Benefits:Medically-Related Surrender requests and Death Benefit claims require our review and evaluation before processing. We price such transactions as of the date we receive at our Service Office in Good Order all supporting documentation we require for such transactions.

We generally pay any surrender request or death benefit claims from the Separate Account within 7 days of our receipt of your request in Good Order at our Service Office.

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TAX CONSIDERATIONS

The tax considerations associated with an Annuity vary depending on whether the Annuity is (i) owned by an individual or non-natural person, and not associated with a tax-favored retirement plan, or (ii) held under a tax-favored retirement plan. We discuss the tax considerations for these categories of Annuities below. The discussion is general in nature and describes only federal income tax law (not state, local, foreign or other federal tax laws). It is based on current law and interpretations which may change. The information provided is not intended as tax advice. The federal income tax treatment of the Annuity is unclear in certain circumstances, and you should always consult a qualified tax adviser regarding the application of law to individual circumstances. Generally, the cost basis in an Annuity is the amount you pay into your Annuity, or into an annuity exchanged for your Annuity, on an after-tax basis less any withdrawals of such payments. Cost basis for a tax-favored retirement plan is provided only in limited circumstances, such as for contributions to a Roth IRA or nondeductible contributions to a traditional IRA. We do not track cost basis for tax-favored retirement plans, which is the responsibility of the Owner.

On advisory products, you may establish an advisory fee deduction program for a qualified or non-qualified Annuity with no living benefit such that charges for investment advisory fees are not taxable to the Annuity Owner. Please note that there are additional requirements that must be satisfied in order for investment advisory fee charges paid from a non-qualified Annuity to be treated as not taxable. Advisory fee deduction programs are not permitted if the Annuity is commission based or has a living benefit. Charges for investment advisory fees that are taken from a qualified or non-qualified Annuity with a living benefit are treated as a partial withdrawal from the Annuity and will be tax reported as such to the Annuity Owner.

The discussion below generally assumes that the Annuity is issued to the Annuity Owner. For Annuities issued under the Beneficiary Continuation Option or as a Beneficiary Annuity, refer to the Taxes Payable by Beneficiaries for a Nonqualified Annuity and Required Distributions Upon Your Death for Qualified Annuities sections below.

NONQUALIFIED ANNUITIES

In general, as used in this prospectus, a Nonqualified Annuity is owned by an individual or non-natural person and is not associated with a tax-favored retirement plan.

Taxes Payable by You

We believe the Annuity is an Annuity for tax purposes. Accordingly, as a general rule, you should not pay any tax until you receive money under the Annuity. Generally, an Annuity issued by the same company (and affiliates) to you during the same calendar year must be treated as one Annuity for purposes of determining the amount subject to tax under the rules described below. We treat advisory fee payments as an expense of the Annuity and not a taxable distribution if your non-qualified Annuity satisfies the requirements of a Private Letter Ruling issued to us by the Internal Revenue Services (“IRS”). In accordance with the PLR, advisory fee payments from your non-qualified Annuity are treated as an expense as long as your advisor attests to Prudential that the PLR requirements have been met, including that the advisory fees will not exceed 1.5% of the Annuity’s cash value and the Annuity only pays the advisor for fees related to investment advice and no other services. The PLR does not generally allow such favorable tax treatment of advisory fee payments where a commission is also paid on the Annuity.

It is possible that the IRS could assert that some or all of the charges for the optional living or death benefits under the Annuity should be treated for federal income tax purposes as a partial withdrawal from the Annuity. If this were the case, the charge for this benefit could be deemed a withdrawal and treated as taxable income to the extent there are earnings in the Annuity. Additionally, for Owners under age 59½, the taxable income attributable to the charge for the benefit could be subject to a 10% additional tax. If the IRS determines that the charges for one or more benefits under the Annuity are taxable withdrawals, then the sole or surviving Owner will be provided with a notice from us describing available alternatives regarding these benefits.

Taxes on Withdrawals and Surrender Before Annuity Payments Begin

If you make a withdrawal from your Annuity or surrender it before annuity payments begin, the amount you receive will be taxed as ordinary income, rather than as a return of cost basis, until all gain has been withdrawn. At any time there is no gain in your Annuity, payments will be treated as a nontaxable return of cost basis until all cost basis has been returned. After all cost basis is returned, all subsequent amounts will be taxed as ordinary income. An exception to this treatment exists for contracts purchased prior to August 14, 1982. Withdrawals are treated as a return of cost basis in the Annuity first until Purchase Payments made before August 14, 1982 are withdrawn. Moreover, income allocable to Purchase Payments made before August 14, 1982, is not subject to the 10% additional tax.

You will generally be taxed on any withdrawals from the Annuity while you are alive even if the withdrawal is paid to someone else. Withdrawals under any of the optional living benefits or as a systematic payment are taxed under these rules. If you assign or pledge all or part of your Annuity as collateral for a loan, the part assigned generally will be treated as a withdrawal and subject to income tax to the extent of gain. If the entire Account Value is assigned or pledged, subsequent increases in the Account Value are also treated as withdrawals for as long as the assignment or pledge remains in place. The cost basis is increased by the amount includible in income with respect to such assignment or pledge. If you transfer your Annuity for less than full consideration, such as by gift, you will also trigger tax on any gain in the Annuity. This rule does not apply if you transfer the Annuity to your spouse or under most circumstances if you transfer the Annuity incident to divorce.

If you choose to receive payments under an interest payment option, or a Beneficiary chooses to receive a death benefit under an interest payment option, that election will be treated, for tax purposes, as surrendering your Annuity and will immediately subject any gain in the Annuity to income tax.

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Taxes on Annuity Payments

If you select an annuity payment option as described in the Access to Account Value section earlier in this prospectus, a portion of each annuity payment you receive will be treated as a partial return of your cost basis and will not be taxed. The remaining portion will be taxed as ordinary income. Generally, the nontaxable portion is determined by multiplying the annuity payment you receive by a fraction, the numerator of which is your cost basis (less any amounts previously received tax-free) and the denominator of which is the total expected payments under the Annuity. After the full amount of your cost basis has been recovered tax-free, the full amount of the annuity payments will be taxable. If annuity payments stop due to the death of the Annuitant before the full amount of your cost basis has been recovered, a tax deduction may be allowed for the unrecovered amount. Under the Tax Cuts and Jobs Act of 2017, this deduction is suspended until after 2025.

If your Account Value is reduced to zero but the Annuity remains in force due to a benefit provision, further distributions from the Annuity will be reported as annuity payments, using an exclusion ratio based upon the undistributed cost basis in the Annuity and the total value of the anticipated future payments until such time as all cost basis has been recovered.

Maximum Annuity Date

You must commence annuity payments no later than the first day of the calendar month following the maximum Annuity Date for your Annuity. Upon reaching the maximum Annuity Date you can no longer make Purchase Payments, surrender, exchange, or transfer your contract. The maximum Annuity Date may be the same as the Latest Annuity Date as described elsewhere in this prospectus. For some of our Annuities, you can choose to defer the Annuity Date beyond the default or Latest Annuity Date, as applicable, described in your Annuity. However, the IRS may not then consider your Annuity to be an Annuity under the tax law.

Please refer to your Annuity contract for the maximum Annuity Date.

Partial Annuitization

We do not currently permit partial annuitization.

Medicare Tax on Net Investment Income

The Code includes a Medicare tax on investment income. This tax assesses a 3.8% surtax on the lesser of (1) net investment income or (2) the excess of “modified adjusted gross income” over a threshold amount. The “threshold amount” is $250,000 for married taxpayers filing jointly or qualifying widow(er) with dependent child, $125,000 for married taxpayers filing separately, $200,000 for all others, and approximately $12,750 for trusts. The taxable portion of payments received as a withdrawal, surrender, annuity payment, death benefit payment or any other actual or deemed distribution under the Annuity will be considered investment income for purposes of this surtax.

10% Additional Tax for Early Withdrawal from a Nonqualified Annuity

You may owe a 10% additional tax on the taxable part of distributions received from your Nonqualified Annuity before you attain age 59½. Amounts are not subject to this additional tax if:

•the amount is paid on or after you reach age 59½;

•the amount is paid on or after your death (or the death of the Annuitant when the owner is not an individual);

•the amount received is attributable to your becoming disabled (as defined in the Code);

•generally the amount paid or received is in the form of substantially equal payments (as defined in the Code) not less frequently than annually (please note that substantially equal payments must continue until the later of reaching age 59½ or five years and modification of payments during that time period will result in retroactive application of the 10% additional tax); or

•the amount received is paid under an immediate Annuity (within the meaning of the Code) and the annuity start date is no more than one year from the date of purchase (the first monthly annuity payment being required to be paid within 13 months).

Other exceptions to this tax may apply. You should consult your tax adviser for further details.

Special Rules in Relation to Tax-free Exchanges Under Section 1035

Section 1035 of the Code permits certain tax-free exchanges of a life insurance contract, Annuity or endowment contract for an Annuity, including tax-free exchanges of annuity death benefits for a Beneficiary Annuity. Partial exchanges may be treated in the same way as tax-free 1035 exchanges of entire contracts, therefore avoiding current taxation of the partially exchanged amount as well as the 10% additional tax on pre-age 59½ withdrawals. In Revenue Procedure 2011-38, the IRS indicated that, for partial exchanges on or after October 24, 2011, where there is a surrender or distribution from either the initial Annuity or receiving Annuity within 180 days of the date on which the partial exchange was completed (other than an amount received as an annuity for a period of 10 years or more or during one or more lives), the IRS may not treat the transaction, as a tax-free Section 1035 exchange. The IRS will apply general tax rules to determine the substance and treatment of the transaction in such cases. We strongly urge you to discuss any partial exchange transaction of this type with your tax adviser before proceeding with the transaction.

If an Annuity is purchased through a tax-free exchange of a life insurance contract, Annuity or endowment contract that was purchased prior to August 14, 1982, then any Purchase Payments made to the original contract prior to August 14, 1982 will be treated as made to the new Annuity prior to that date. Generally, such pre-August 14, 1982 withdrawals are treated as a return of cost basis first until Purchase Payments made before

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August 14, 1982 are withdrawn. Moreover, income allocable to Purchase Payments made before August 14, 1982, is not subject to the 10% additional tax.

After you elect an Annuity Payout Option, we do not allow you to exchange your Annuity.

Taxes Payable by Beneficiaries for a Nonqualified Annuity

If an Owner dies before the Annuity Date, the Death Benefit distributions are subject to ordinary income tax to the extent the distribution exceeds the cost basis in the Annuity. The value of the Death Benefit, as determined under federal law, is also included in the Owner’s estate for federal estate tax purposes. Generally, the same income tax rules described above would also apply to amounts received by your Beneficiary. Choosing an option other than a lump sum Death Benefit may defer taxes. Certain minimum distribution requirements apply upon your death, as discussed further below in the Annuity Qualification section. Tax consequences to the Beneficiary vary depending upon the Death Benefit payment option selected. Generally, for payment of the Death Benefit:

•As a lump sum payment, the Beneficiary is taxed in the year of payment on gain in the Annuity.

•Within 5 years of death of Owner, the Beneficiary is taxed on the lump sum payment. The Death Benefit must be taken as one lump sum payment within 5 years of the death of the Owner. Partial withdrawals are not permitted to be paid to Beneficiaries under our Annuity contracts.

•Under an Annuity or Annuity settlement option where distributions begin within one year of the date of death of the Owner, the Beneficiary is taxed on each payment with part as gain and part as return of cost basis. After the full amount of cost basis has been recovered tax-free, the full amount of the annuity payments will be taxable.

After the Annuity Date, if a period certain remains under the annuity option and the Annuitant dies before the end of that period, any remaining payments made to the Beneficiary will be fully excluded from income until the remaining investment in the contract is recovered and all annuity payments thereafter are fully includible in income. If we allow the Beneficiary to commute the remaining payments in a lump sum, the proceeds will be taxable as a surrender.

Considerations for Contingent Annuitants: We may allow the naming of a contingent Annuitant when a Nonqualified Annuity is held by a pension plan or a tax favored retirement plan, or held by a Custodial Account (as defined earlier in this prospectus). In such a situation, the Annuity may no longer qualify for tax deferral where the Annuity continues after the death of the Annuitant. However, tax deferral should be provided instead by the pension plan, tax favored retirement plan, or Custodial Account. We may also allow the naming of a contingent annuitant when a Nonqualified Annuity is held by an entity owner when such Annuities do not qualify for tax deferral under the current tax law. This does not supersede any benefit language which may restrict the use of the contingent annuitant.

Reporting and Withholding on Distributions

Amounts distributed from an Annuity are subject to federal and state income tax reporting and withholding. In general, we will withhold federal income tax from the taxable portion of such distribution based on the type of distribution. In the case of an annuity payment, we apply default withholding under the applicable tax rules unless you designate a different withholding status. In the case of all other distributions, we will withhold at a 10% rate. You may generally elect not to have tax withheld from your payments. An election out of withholding must be made on forms that we provide. If you are a U.S. person (which includes a resident alien), and you request a payment be delivered outside the United States or do not provide a U.S. taxpayer identification number, we are required to withhold income tax.

State income tax withholding rules vary and we will withhold based on the rules of your state of residence. Special tax rules apply to withholding for nonresident aliens, and we generally withhold income tax for nonresident aliens at a 30% rate. A different withholding rate may be applicable to a nonresident alien based on the terms of an existing income tax treaty between the United States and the nonresident alien’s country. Please refer to the discussion below regarding withholding rules for a Qualified Annuity.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of annuity distributions. You should consult with your tax adviser regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

Entity Owners

Where an Annuity is held by a non-natural person (e.g., a corporation, partnership), other than as an agent or nominee for a natural person (or in other limited circumstances), increases in the value of the Annuity over its cost basis will be subject to tax annually.

Where an Annuity is issued to a Charitable Remainder Trust (CRT), increases in the value of the Annuity over its cost basis will be subject to tax reporting annually. As there are charges for the optional living and death benefits described elsewhere in this prospectus, and such charges reduce the contract value of the Annuity, trustees of the CRT should discuss with their legal advisers whether election of such optional living or death benefits violates their fiduciary duty to the remainder beneficiary.

Where an Annuity is issued to a trust, and such trust is characterized as a grantor trust under the Code, such Annuity is generally not considered to be held by a non-natural person and will be subject to the tax reporting and withholding requirements generally applicable to a Nonqualified Annuity held by a natural person, provided that all grantors of the trust are natural persons. At this time, we will not issue an Annuity to grantor trusts with more than two grantors.

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Where the Annuity is owned by a grantor trust, the Annuity must be distributed within five years after the date of the first grantor’s death (or the Annuitant’s death in certain instances) under Section 72(s) of the Code. See the “Death Benefits” section for scenarios where a Death Benefit or Surrender Value is payable depending upon the underlying facts.

Trusts are required to complete and submit a Certificate of Entity form, and we will tax report based on the information provided on this form.

Annuity Qualification

Diversification And Investor Control. In order to qualify for the tax rules applicable to Annuities described above, the investment assets in the Sub-accounts Nonqualified Annuity must be diversified according to certain rules under the Code. Each Portfolio is required to diversify its investments each quarter so that no more than 55% of the value of its assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. Generally, securities of a single issuer are treated as one investment, and obligations of each U.S. Government agency and instrumentality (such as the Government National Mortgage Association) are treated as issued by separate issuers. In addition, any security issued, guaranteed or insured (to the extent so guaranteed or insured) by the U.S. or an instrumentality of the U.S. will be treated as a security issued by the U.S. Government or its instrumentality, where applicable. We believe the Portfolios underlying the variable Investment Options of the Annuity meet these diversification requirements.

An additional requirement for qualification for the tax treatment described above is that we, and not you as the Annuity Owner, must have sufficient control over the underlying assets to be treated as the Owner of the underlying assets for tax purposes. While we also believe these investor control rules will be met, the Treasury Department may promulgate guidelines under which a variable annuity will not be treated as an Annuity for tax purposes if persons with ownership rights have excessive control over the investments underlying such variable Annuity. It is unclear whether such guidelines, if in fact promulgated, would have retroactive effect. It is also unclear what effect, if any, such guidelines might have on transfers between the Investment Options offered pursuant to this prospectus. We reserve the right to take any action, including modifications to your Annuity or the Investment Options, required to comply with such guidelines if promulgated. Any such changes will apply uniformly to affected Owners and will be made with such notice to affected Owners as is feasible under the circumstances.

Required Distributions Upon Your Death for a Nonqualified Annuity. Upon your death, certain distributions must be made under the Annuity. The required distributions depend on whether you die before you start taking annuity payments under the Annuity or after you start taking annuity payments under the Annuity. If you die on or after the Annuity Date, the remaining portion of the interest in the Annuity must be distributed at least as rapidly as under the method of distribution being used as of the date of death. If you die before the Annuity Date, the entire interest in the Annuity must be distributed within five years after the date of death, or as periodic payments over a period not extending beyond the life or life expectancy of the designated Beneficiary (provided such payments begin within one year of your death). If the Beneficiary does not begin installments within one year of the date of death, no partial withdrawals will be permitted thereafter, and we require that the Beneficiary take the Death Benefit as a lump sum within the five-year deadline. Your designated Beneficiary is the person to whom benefit rights under the Annuity pass by reason of death, and must be a natural person in order to elect a periodic payment option based on life expectancy or a period exceeding five years. Additionally, if the Annuity is payable to (or for the benefit of) your surviving spouse, that portion of the Annuity may be continued with your spouse as the Owner. For Nonqualified Annuities owned by a non-natural person, the required distribution rules generally apply upon the death of the Annuitant. This means that for an Annuity held by a non-natural person (such as a trust) for which there is named a co-annuitant, then such required distributions will be triggered by the death of the first co-annuitant to die.

Changes To Your Annuity. We reserve the right to make any changes we deem necessary to assure that your Annuity qualifies as an Annuity for tax purposes. Any such changes will apply to all Annuity Owners and you will be given notice to the extent feasible under the circumstances.

QUALIFIED ANNUITIES

In general, as used in this prospectus, a Qualified Annuity is an Annuity with applicable endorsements for a tax-favored plan or a Nonqualified Annuity held by a tax-favored retirement plan.

The following is a general discussion of the tax considerations for Qualified Annuities. This Annuity may or may not be available for all types of the tax-favored retirement plans discussed below. This discussion assumes that you have satisfied the eligibility requirements for any tax-favored retirement plan. Please consult your financial professional prior to purchase to confirm if this Annuity is available for a particular type of tax-favored retirement plan or whether we will accept the type of contribution you intend for this Annuity.

A Qualified Annuity may typically be purchased for use in connection with:

•Individual retirement accounts and annuities (IRAs), including inherited IRAs (which we refer to as a Beneficiary IRA), which are subject to Sections 408(a) and 408(b) of the Code;

•Roth IRAs, including inherited Roth IRAs (which we refer to as a Beneficiary Roth IRA) under Section 408A of the Code;

•A corporate Pension or Profit-sharing plan (subject to 401(a) of the Code);

•H.R. 10 plans (also known as Keogh Plans, subject to 401(a) of the Code);

•Tax Sheltered Annuities (subject to 403(b) of the Code, also known as Tax Deferred Annuities or TDAs);

•Section 457 plans (subject to 457 of the Code).

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A Nonqualified Annuity may also be purchased by a 401(a) trust, a custodial IRA or a custodial Roth IRA account, or a Section 457 plan, which can hold other permissible assets. The terms and administration of the trust or custodial account or plan in accordance with the laws and regulations for 401(a) plans, IRAs or Roth IRAs, or a Section 457 plan, as applicable, are the responsibility of the applicable trustee or custodian.

You should be aware that tax favored plans such as IRAs generally provide income tax deferral regardless of whether they invest in Annuities. This means that when a tax favored plan invests in an Annuity, it generally does not result in any additional tax benefits (such as income tax deferral and income tax free transfers).

Types of Tax-favored Plans

IRAs. The “IRA Disclosure Statement” and “Roth IRA Disclosure Statement” which accompany the prospectus contain information about eligibility, contribution limits, tax particulars, and other IRA information. In addition to this information (the material terms are summarized in this prospectus and in those Disclosure Statements), the IRS requires that you have a “Free Look” after making an initial contribution to the Annuity. During this time, you can cancel the Annuity by notifying us in writing, and we will refund the greater of all purchase payments under the Annuity or the Account Value, less any applicable federal and state income tax withholding.

Contribution Limits/Rollovers. Subject to the minimum purchase payment requirements of an Annuity, you may purchase an Annuity for an IRA in connection with a “rollover” of amounts from a qualified retirement plan, as a transfer from another IRA, by making a contribution consisting of your IRA contributions and catch-up contributions, if applicable, attributable to the prior year during the period from January 1 to April 15 (or the later applicable due date of your federal income tax return, without extension), or as a current year contribution. Contribution amounts are indexed for inflation. The IRS generally provides contribution limits for the subsequent year in the fourth quarter of the current year. The tax law also provides for a catch-up provision for individuals who are age 50 and above, allowing these individuals an additional $1,000 contribution each year. The catch-up amount is not indexed for inflation. Go to www.irs.gov for the contribution limits for each year. The “rollover” rules under the Code are fairly technical; however, an individual (or his or her surviving spouse) may generally “roll over” certain distributions from tax favored retirement plans (either directly or within 60 days from the date of these distributions) if he or she meets the requirements for distribution. Once you buy an Annuity, you can make regular IRA contributions under the Annuity (to the extent permitted by law). For IRA rollovers, an individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee “transfer” from one IRA account to another. IRA transfers are not subject to this 12-month rule There is no age limitation with regard to contributions to a traditional IRA as long as the earned income requirements are met.

In some circumstances, non-spouse Beneficiaries may roll over to an IRA amounts due from qualified plans, 403(b) plans, and governmental 457(b) plans. However, the rollover rules applicable to non-spouse Beneficiaries under the Code are more restrictive than the rollover rules applicable to Owner/participants and spouse Beneficiaries. Generally, non-spouse Beneficiaries may roll over distributions from tax favored retirement plans only as a direct rollover. An inherited IRA must be directly rolled over from the employer plan or transferred from an IRA and must be titled in the name of the deceased (i.e., John Doe deceased for the benefit of Jane Doe). No additional contributions can be made to an inherited IRA. In this prospectus, an inherited IRA is also referred to as a Beneficiary Annuity.

Required Provisions. Annuities that are IRAs (or endorsements that are part of the contract) must contain certain provisions:

•You, as Owner of the Annuity, must be the “Annuitant” under the contract (except in certain cases involving the division of property under a decree of divorce);

•Your rights as Owner are non-forfeitable;

•You cannot sell, assign or pledge the Annuity;

•The annual contribution you pay cannot be greater than the maximum amount allowed by law, including catch-up contributions if applicable (which does not include any rollover amounts or amounts transferred by trustee-to-trustee transfer);

•The date on which required minimum distributions must begin cannot be later than April 1st of the calendar year after the calendar year you turn age 70½ (or age 72, for distributions required to be made after December 31, 2019, with respect to individuals who attain 70 ½ after such date); and

•Death and annuity payments must meet Required Minimum Distribution rules described below.

•Usually, the full amount of any distribution from an IRA (including a distribution from this Annuity) which is not a transfer or rollover is taxable. As taxable income, these distributions are subject to the general income tax withholding rules described earlier regarding an Annuity in the Nonqualified Annuity section. In addition to this normal tax liability, you may also be liable for the following, depending on your actions:

•A 10% early withdrawal additional tax described below;

•Liability for “prohibited transactions” if you, for example, borrow against the value of an IRA; or

•Failure to take a Required Minimum Distribution, also described below.

SEPs. SEPs are a variation on a standard IRA, and Annuities issued to a SEP must satisfy the same general requirements described under IRAs (above). There are, however, some differences:

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•If you participate in a SEP, you generally do not include in income any employer contributions made to the SEP on your behalf up to the lesser of (a) the annual employer contribution limit as indexed for inflation, or (b) 25% of your taxable compensation paid by the contributing employer (not including the employer’s SEP contribution as compensation for these purposes). However, for these purposes, compensation in excess of certain limits established by the IRS will not be considered. Go to www.irs.gov for the current year contribution limit and compensation limit.

•SEPs must satisfy certain participation and nondiscrimination requirements not generally applicable to IRAs; and

•SEPs that contain a salary reduction or “SARSEP” provision prior to 1997 may permit salary deferrals from employee income. Contribution amounts are indexed for inflation. The IRS generally provides contribution limits for the subsequent year in the fourth quarter of the current year. with the employer making these contributions to the SEP. However, no new “salary reduction” or “SARSEPs” can be established after 1996. Individuals participating in a SARSEP who are age 50 or above by the end of the year are permitted to contribute an additional catch up contribution amount. These amounts are indexed for inflation. Go to www.irs.gov for the current year contribution limit and catch up contribution limit. Not all Annuities issued by us are available for SARSEPs. You will also be provided the same information, and have the same “Free Look” period, as you would have if you purchased the Annuity for a standard IRA.

ROTH IRAs. The “Roth IRA Disclosure Statement” contains information about eligibility, contribution limits, tax particulars and other Roth IRA information. Like standard IRAs, income within a Roth IRA accumulates tax-free, and contributions are subject to specific limits. Roth IRAs have, however, the following differences:

•Contributions to a Roth IRA cannot be deducted from your gross income;

•“Qualified distributions” from a Roth IRA are excludable from gross income. A “qualified distribution” is a distribution that satisfies two requirements: (1) the distribution must be made (a) after the Owner of the IRA attains age 59½; (b) after the Owner’s death; (c) due to the Owner’s disability; or (d) for a qualified first time homebuyer distribution within the meaning of Section 72(t)(2)(F) of the Code; and (2) the distribution must be made in the year that is at least five tax years after the first year for which a contribution was made to any Roth IRA established for the Owner or five years after a rollover, transfer, or conversion was made from a traditional IRA to a Roth IRA. Distributions from a Roth IRA that are not qualified distributions will be treated as made first from contributions and then from earnings and earnings will be taxed generally in the same manner as distributions from a traditional IRA.

•If eligible (including meeting income limitations and earnings requirements), you may make contributions to a Roth IRA during your lifetime, and distributions are not required during the owner’s lifetime.

Subject to the minimum Purchase Payment requirements of an Annuity, you may purchase an Annuity for a Roth IRA in connection with a “rollover” of amounts of another traditional IRA, SEP, SIMPLE-IRA, employer sponsored retirement plan (under Sections 401(a) or 403(b) of the Code) or Roth IRA; or, if you meet certain income limitations, by making a contribution consisting of your Roth IRA contributions and catch-up contributions, if applicable, attributable to the prior year during the period from January 1 to April 15 (or the applicable due date of your federal income tax return, without extension), or as a current year contribution. The Code permits persons who receive certain qualifying distributions from such non-Roth IRAs, to directly rollover or make, within 60 days, a “rollover” of all or any part of the amount of such distribution to a Roth IRA which they establish (a "conversion"). The conversion of non-Roth accounts triggers current taxation (but is not subject to a 10% early distribution additional tax).

The Code also permits the recharacterization of current year contribution amounts from a traditional IRA, SEP, or SIMPLE IRA into a Roth IRA, or from a Roth IRA to a traditional IRA. Recharacterization is accomplished through a trustee-to-trustee transfer of a contribution (or a portion of a contribution) plus earnings, between different types of IRAs. A properly recharacterized contribution is treated as a contribution made to the second IRA instead of the first IRA. Such recharacterization must be completed by the applicable tax return due date (with extensions).

Once an Annuity has been purchased, regular Roth IRA contributions will be accepted to the extent permitted by law. In addition, an individual receiving an eligible rollover distribution from a designated Roth account under an employer plan may roll over the distribution to a Roth IRA even if the individual is not eligible to make regular contributions to a Roth IRA. Non-spouse Beneficiaries receiving a distribution from an employer sponsored retirement plan under Sections 401(a) or 403(b) of the Code can also directly roll over contributions to a Roth IRA. However, it is our understanding of the Code that non-spouse Beneficiaries cannot “rollover” benefits from a traditional IRA to a Roth IRA.

TDAs. In general, you may own a Tax Deferred Annuity (also known as a TDA, Tax Sheltered Annuity (TSA), 403(b) plan or 403(b) Annuity) if you are an employee of a tax-exempt organization (as defined under Code Section 501(c)(3)) or a public educational organization, and you may make contributions to a TDA so long as your employer maintains such a plan and your rights to the Annuity are non-forfeitable. Contributions to a TDA, and any earnings, are not taxable until distribution. You may also make contributions to a TDA under a salary reduction agreement subject to specific limits. Individuals participating in a TDA who are age 50 or above by the end of the year will be permitted to contribute an additional amount. This amount is indexed for inflation. Go to www.irs.gov for the current year contribution limit and catch up contribution limit. Further, you may roll over TDA amounts to another TDA or an IRA. You may also roll over TDA amounts to a qualified retirement plan, a SEP and a governmental 457(b) plan. An Annuity may generally only qualify as a TDA if distributions of salary deferrals (other than “grandfathered” amounts held as of December 31, 1988) may be made only on account of:

•Your attainment of age 59½;

•Your severance of employment;

•Your death;

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•Your total and permanent disability; or

•Hardship (under limited circumstances, and only related to salary deferrals, not including earnings attributable to these amounts).

In any event, you must begin receiving distributions from your TDA by April 1st of the calendar year after the calendar year you turn age 70½ (or age 72 shall apply to distributions required to be made after December 31, 2019, with respect to individuals who attain age 70½ after such date), or retire, whichever is later. These distribution limits do not apply either to transfers or exchanges of investments under the Annuity, or to any “direct transfer” of your interest in the Annuity to another employer’s TDA plan or mutual fund “custodial account” described under Code Section 403(b)(7). Employer contributions to TDAs are subject to the same general contribution, nondiscrimination, and minimum participation rules applicable to “qualified” retirement plans.

Caution: Under IRS regulations we can accept contributions, transfers and rollovers only if we have entered into an information-sharing agreement, or its functional equivalent, with the applicable employer or its agent. In addition, in order to comply with the regulations, we will only process certain transactions (e.g., transfers, withdrawals, hardship distributions and, if applicable, loans) with employer approval. This means that if you request one of these transactions we will not consider your request to be in Good Order, and will not therefore process the transaction, until we receive the employer’s approval in written or electronic form.

Late Rollover Self-Certification

You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60-day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal adviser regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60-day deadline.

Required Minimum Distributions and Payment Options

If you hold the Annuity under an IRA (or other tax-favored plan), Required Minimum Distribution rules must be satisfied. This means that generally payments must start by April 1 of the year after the year you reach age 70½ (or age 72 shall apply to distributions required to be made after December 31, 2019, with respect to individuals who attain age 70½ after such date) and must be made for each year thereafter. For a TDA or a 401(a) plan for which the participant is not a greater than 5% Owner of the employer, this required beginning date can generally be deferred to retirement, if later. Roth IRAs are not subject to these rules during the Owner’s lifetime. The amount of the payment must at least equal the minimum required under the IRS rules. Several choices are available for calculating the minimum amount. More information on the mechanics of this calculation is available on request. Please contact us at a reasonable time before the IRS deadline so that a timely distribution is made. Please note that there is a 50% tax penalty on the amount of any required minimum distribution not made in a timely manner. Required Minimum Distributions are calculated based on the sum of the Account Value and the actuarial value of any additional living and death benefits from optional riders that you have purchased under the Annuity. As a result, the Required Minimum Distributions may be larger than if the calculation were based on the Account Value only, which may in turn result in an earlier (but not before the required beginning date) distribution of amounts under the Annuity and an increased amount of taxable income distributed to the Annuity Owner, and a reduction of payments under the living and death benefit optional riders.

You can use the Minimum Distribution option to satisfy the Required Minimum Distribution rules for an Annuity without either beginning annuity payments or surrendering the Annuity. We will distribute to you the Required Minimum Distribution amount, less any other partial withdrawals that you made during the year. Such amount will be based on the value of the Annuity as of December 31 of the prior year, but is determined without regard to other Annuities you may own. If a trustee to trustee transfer or direct rollover of the full contract value is requested when there is an active Required Minimum Distribution program running, the Required Minimum Distribution will be removed and sent to the Owner prior to the remaining funds being sent to the transfer institution.

Although the IRS rules determine the required amount to be distributed from your IRA each year, certain payment alternatives are still available to you. If you own more than one IRA, you can choose to satisfy your minimum distribution requirement for each of your IRAs by withdrawing that amount from any of your IRAs. If you inherit more than one IRA or more than one Roth IRA from the same Owner, similar rules apply.

Charitable IRA Distributions.

Certain qualified IRA distributions used for charitable purposes are eligible for an exclusion from gross income, up to $100,000, for otherwise taxable IRA distributions from a traditional or Roth IRA. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70½. Distributions that are excluded from income under this provision are not taken into account in determining the individual’s deductions, if any, for charitable contributions. Effective 2020, the amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70½, over (2) the total amount of reductions for all tax years preceding the current tax year.

The IRS has indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Consistent with the applicable IRS instructions, we report these distributions as normal IRA distributions on Form 1099-R. Individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns.

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Required Distributions Upon Your Death for a Qualified Annuity

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. The information provided below applies to Owners who die after 2019. For Owner deaths prior to 2020, please consult your tax advisor regarding the applicable post-death distribution requirements.

•If you have a designated beneficiary, any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an “eligible designated beneficiary” (“EDB”) or some other exception applies. A designated beneficiary is any individual designated as a beneficiary by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An individual’s status as an EDB is determined on the date of your death.

This 10-year post-death distribution period applies regardless of whether you die before your required beginning date, or you die on or after that date (including after distributions have commenced in the form of an annuity). However, if the beneficiary is an EDB and the EDB dies before the entire interest is distributed under this 10-year rule, the remaining interest must be distributed within 10 years after the EDB’s death (i.e., a new 10-year distribution period begins).

Instead of taking distributions under the 10-year rule, an EDB can stretch distributions over life, or over a period not extending beyond life expectancy, provided that such distributions commence by December 31st of the year after your death, subject to certain special rules. In particular, if the EDB dies before the remaining interest is distributed under this stretch rule, the remaining interest must be distributed within 10 years after the EDB’s death (regardless of whether the remaining distribution period under the stretch rule was more or less than 10 years). In addition, if your minor child is an EDB, the child will cease to be an EDB on the date the child reaches the age of 18 and any remaining interest must be distributed with 10 years after that date (regardless of whether the remaining distribution period under the stretch rule was more or less than 10 years).

If you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, this new law applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, this new law generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

If you commence taking distributions in the form of an annuity that can continue after your death, such as in the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after your death that are scheduled to be made beyond the applicable distribution period imposed under the new law might need to be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Prudential) in order to comply with the post-death distribution requirements.

The new post-death distribution requirements do not apply if annuity payments that comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior to December 20, 2019, the new requirements generally do not apply to an immediate annuity contract or a deferred income annuity contract (including a qualifying lifetime annuity contract, or “QLAC”)) purchased prior to that date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). However, if your beneficiary is a trust and all the beneficiaries of the trust are individuals, the law can apply pursuant to special rules that treat the beneficiaries of the trust as designated beneficiaries. You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, any remaining interest must be distributed within 10 year of the designated beneficiary’s death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

•Spousal continuation. If your beneficiary is your spouse, your surviving spouse can delay the application of the post-death distribution requirements until after your surviving spouse’s death by transferring the remaining interest tax-free to your surviving spouse’s own IRA, or by treating your IRA as your surviving spouse’s own IRA.

The post-death distribution requirements are complex and unclear in numerous respects. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

A Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules. Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner’s spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws.

Until withdrawn, amounts in a Qualified Annuity continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

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For a Roth IRA, if death occurs before the entire interest is distributed, the death benefit must be distributed under the same rules applied to IRAs where death occurs before the date required minimum distributions must begin under the Code.

10 % Additional Tax for Early Withdrawals from a Qualified Annuity You may owe a 10% additional tax on the taxable part of distributions received from an IRA, SEP, Roth IRA, TDA or qualified retirement plan before you attain age 59½. Amounts are not subject to this additional tax if:

•the amount is paid on or after you reach age 59½ or die;

•the amount received is attributable to your becoming disabled; or

•generally the amount paid or received is in the form of substantially equal payments (as defined in the Code) not less frequently than annually. (Please note that substantially equal payments must continue until the later of reaching age 59½ or five years. Modification of payments or additional contributions to the Annuity during that time period will result in retroactive application of the 10% additional tax.)

Other exceptions to this tax may apply. You should consult your tax adviser for further details.

Withholding

For 403(b) Tax Deferred annuities, we will withhold federal income tax at the rate of 20% for any eligible rollover distribution paid by us to or for a plan participant, unless such distribution is “directly” rolled over into another qualified plan, IRA (including the IRA variations described above), SEP, governmental 457(b) plan or TDA. An eligible rollover distribution is defined under the tax law as a distribution from an employer plan under 401(a), a TDA or a governmental 457(b) plan, excluding any distribution that is part of a series of substantially equal payments (at least annually) made over the life expectancy of the employee or the joint life expectancies of the employee and his designated Beneficiary, any distribution made for a specified period of 10 years or more, any distribution that is a required minimum distribution and any hardship distribution. Regulations also specify certain other items which are not considered eligible rollover distributions. We will not withhold for payments made from trustee owned Annuities or for payments under a 457 plan. For all other distributions, unless you elect otherwise, we will withhold federal income tax from the taxable portion of such distribution at an appropriate percentage. The rate of withholding on annuity payments where no mandatory withholding is required is determined on the basis of the withholding certificate that you file with us. If you do not file a certificate, we will automatically withhold federal taxes on the following basis:

•For any annuity payments not subject to mandatory withholding, you will have taxes withheld under the applicable default withholding rules; and

•For all other distributions, we will withhold at a 10% rate.

If no U.S. taxpayer identification number is provided, no election out of withholding will be allowed, and we will automatically withhold using the default withholding rules. We will provide you with forms and instructions concerning the right to elect that no amount be withheld from payments in the ordinary course. However, you should know that, in any event, you are liable for payment of federal income taxes on the taxable portion of the distributions, and you should consult with your tax adviser to find out more information on your potential liability if you fail to pay such taxes. If you are a U.S. person (which includes a resident alien), and you request a payment be delivered outside the U.S., we are required to withhold income tax. There may be additional state income tax withholding requirements.

CARES Act impacts. In 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This law includes provisions that impact Individual Retirement Annuities (IRAs), Roth IRAs and employer sponsored qualified retirement plans. While most provisions applied only to 2020, certain items impact future years as well.

Waiver of Required Minimum Distributions (RMDs) for 2020. The requirement to take minimum distributions from defined contribution plans and IRAs was waived for 2020. For deaths occurring before 2020, if the post-death 5-year rule applies, the 5-year period is determined without regard to calendar year 2020 and thus, the 5 year rule is extended by one year. The 1-year election rule for life expectancy payments by an eligible beneficiary is also extended by 1 year so that for a 2019 death, the election for a lifetime payout can be made by December 31, 2021.

Withdrawals from Employer Plans and IRAs, including Roth IRAs. Relief was provided for “coronavirus-related distributions” (as defined by federal tax law) from qualified plans and IRAs. The relief applies to such distributions made at any time on or after January 1, 2020 and before December 31, 2020 and permits recontribution of such distribution to a plan or IRA within three years. The recontribution is generally treated as a direct trustee-to-trustee transfer within 60 days of the distribution. Please note that recontributions to certain plans or IRAs may not be allowed based on plan or contract restrictions.

The distribution must have come from an “eligible retirement plan” within the meaning of Code section 402(c)(8)(B), i.e., an IRA, 401(a) plan, 403(a) plan, 403(b) plan, or governmental 457(b) plan. The relief was limited to aggregate distributions of $100,000.

Plan Loans. Relief is provided with respect to plan loans taken by any “qualified individual” (as defined by federal tax law) who is affected by the coronavirus in that the due date for any repayment on a loan that otherwise is due between March 27, 2020 (the date of enactment) and December 31, 2020, would be delayed for one year. This also would extend the maximum loan period (normally five years).

ERISA Requirements

ERISA (the “Employee Retirement Income Security Act of 1974”) and the Code prevent a fiduciary and other “parties in interest” with respect to a plan (and, for these purposes, an IRA would also constitute a “plan”) from receiving any benefit from any party dealing with the plan, as a result of the sale of the Annuity. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that

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certain information is disclosed to the person purchasing the Annuity. This information has to do primarily with the fees, charges, discounts and other costs related to the Annuity, as well as any commissions paid to any agent selling the Annuity. Information about any applicable fees, charges, discounts, penalties or adjustments may be found in the applicable sections of this prospectus. Information about sales representatives and commissions may be found in the sections of this prospectus addressing distribution of the Annuities.

Other relevant information required by the exemptions is contained in the contract and accompanying documentation.

Please consult with your tax adviser if you have any questions about ERISA and these disclosure requirements.

Spousal Consent Rules for Retirement Plans – Qualified Annuities

If you are married at the time your payments commence, you may be required by federal law to choose an income option that provides survivor annuity income to your spouse, unless your spouse waives that right. Similarly, if you are married at the time of your death, federal law may require all or a portion of the Death Benefit to be paid to your spouse, even if you designated someone else as your Beneficiary. A brief explanation of the applicable rules follows. For more information, consult the terms of your retirement arrangement.

Defined Benefit Plans and Money Purchase Pension Plans. If you are married at the time your payments commence, federal law requires that benefits be paid to you in the form of a “qualified joint and survivor annuity” (QJSA), unless you and your spouse waive that right, in writing. Generally, this means that you will receive a reduced payment during your life and, upon your death, your spouse will receive at least one-half of what you were receiving for life. You may elect to receive another income option if your spouse consents to the election and waives his or her right to receive the QJSA. If your spouse consents to the alternative form of payment, your spouse may not receive any benefits from the plan upon your death. Federal law also requires that the plan pay a Death Benefit to your spouse if you are married and die before you begin receiving your benefit. This benefit must be available in the form of an Annuity for your spouse’s lifetime and is called a “qualified pre-retirement survivor annuity” (QPSA). If the plan pays Death Benefits to other Beneficiaries, you may elect to have a Beneficiary other than your spouse receive the Death Benefit, but only if your spouse consents to the election and waives his or her right to receive the QPSA. If your spouse consents to the alternate Beneficiary, your spouse will receive no benefits from the plan upon your death. Any QPSA waiver prior to your attaining age 35 will become null and void on the first day of the calendar year in which you attain age 35, if still employed.

Defined Contribution Plans (including 401(k) Plans and ERISA 403(b) Annuities). Spousal consent to a distribution is generally not required. Upon your death, your spouse will receive the entire Death Benefit, even if you designated someone else as your Beneficiary, unless your spouse consents in writing to waive this right. Also, if you are married and elect an Annuity as a periodic income option, federal law requires that you receive a QJSA (as described above), unless you and your spouse consent to waive this right.

IRAs, non-ERISA 403(b) Annuities, and 457 Plans. Spousal consent to a distribution usually is not required. Upon your death, any Death Benefit will be paid to your designated Beneficiary.

ADDITIONAL CONSIDERATIONS

Reporting and Withholding for Escheated Amounts

Revenue Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state’s unclaimed property fund is subject to federal income tax withholding at the time of transfer. The amount transferred is also subject to federal tax reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state’s unclaimed property fund.

Gifts and Generation-skipping Transfers

If you transfer your Annuity to another person for less than adequate consideration, there may be gift tax consequences in addition to income tax consequences. Also, if you transfer your Annuity to a person two or more generations younger than you (such as a grandchild or grandniece) or to a person that is more than 37½ years younger than you, there may be generation-skipping transfer tax consequences.

Civil Unions and Domestic Partnerships

U.S. Treasury Department regulations provide that for federal tax purposes, the term “spouse” does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract. Please consult with your tax or legal adviser before electing the Spousal Benefit for a civil union partner or domestic partner.

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OTHER INFORMATION

PRUCO LIFE OF NEW JERSEY AND THE SEPARATE ACCOUNT

Pruco Life of New Jersey.Pruco Life Insurance Company of New Jersey (Pruco Life of New Jersey) 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, and accordingly is subject to the laws of each of those states. Pruco Life of New Jersey is an indirect wholly-owned subsidiary of The Prudential Insurance Company of America (Prudential), a New Jersey stock life insurance company that has been doing business since 1875. Prudential is a direct wholly-owned subsidiary of Prudential Financial, Inc. (Prudential Financial), a New Jersey insurance holding company. No company other than Pruco Life of New Jersey has any legal responsibility to pay amounts that it owes under its annuity contracts. Among other things, this means that where you participate in the Defined Income Benefit and the value of that benefit exceeds your current Account Value, you would rely solely on the ability of Pruco Life of New Jersey to make payments under the benefit out of its own assets. As Pruco Life of New Jersey’s ultimate parent, Prudential Financial, however, exercises significant influence over the operations and capital structure of Pruco Life of New Jersey.

Pruco Life of New Jersey incorporates by reference into the prospectus its latest annual report on Form 10-K filed pursuant to Section 13(a) or Section 15(d) of Securities Exchange Act of 1934 (Exchange Act) since the end of the fiscal year covered by its latest annual report. In addition, all documents subsequently filed by Pruco Life of New Jersey pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act also are incorporated into the prospectus by reference.

Pruco Life of New Jersey will provide to each person, including any beneficial Owner, to whom a prospectus is delivered, a copy of any or all of the information that has been incorporated by reference into the prospectus but not delivered with the prospectus. Such information will be provided upon written or oral request at no cost to the requester by writing to Pruco Life Insurance Company of New Jersey, One Corporate Drive, Shelton, CT 06484 or by calling 1-888-778-2888. Pruco Life of New Jersey files periodic reports as required under the Exchange Act. The SEC maintains a website that contains reports, proxy, and information statements, and other information regarding issuers that file electronically with the SEC (see www.sec.gov). Our website address is www.prudential.com.

Pursuant to the delivery obligations under Section 5 of the Securities Act of 1933 and Rule 159 thereunder, Pruco Life of New Jersey delivers this prospectus to current contract owners that reside outside of the United States. In addition, we may not market or offer benefits, features or enhancements to prospective or current contract owners while outside of the United States.

Service Providers

Pruco Life of New Jersey conducts the bulk of its operations through staff employed by it or by affiliated companies within the Prudential Financial family. Certain discrete functions have been delegated to non-affiliates that could be deemed “service providers” under the Investment Company Act of 1940. The entities engaged by Pruco Life of New Jersey may change over time. As of December 31, 2020, non-affiliated entities that could be deemed service providers to Pruco Life of New Jersey and/or an affiliated insurer within the Pruco Life of New Jersey business unit consisted of those set forth in the table below.

Name of Service Provider	Services Provided	Address
Broadridge Investor Communication	Proxy services and regulatory mailings	51 Mercedes Way, Edgewood, NY 11717
EDM Americas	Records management and administration of annuity contracts	301 Fayetteville Street, Suite 1500, Raleigh, NC 27601
EXL Service Holdings, Inc	Administration of annuity contracts	350 Park Avenue, 10th Floor, New York, NY 10022
Guidehouse	Claim related services	150 North Riverside Plaza, Suite 2100, Chicago, IL 60606
National Financial Services	Clearing firm for Broker Dealers	82 Devonshire Street Boston, MA 02109
Open Text, Inc	Fax Services	100 Tri-State International Parkway, Lincolnshire, IL 60069
PERSHING LLC	Clearing firm for Broker Dealers	One Pershing Plaza, Jersey City, NJ 07399
The Depository Trust Clearinghouse Corporation	Clearing and settlement services for Distributors and Carriers.	55 Water Street, 26th Floor, New York, NY 10041
Thomson Reuters	Tax reporting services	3 Times Square New York, NY 10036
Universal Wilde	Composition, printing, and mailing of contracts and benefit documents	26 Dartmouth Street, Westwood, MA 02090
Venio Systems LLC	Claim related services	4031 University Drive, Suite 100, Fairfax, VA 22030

The Separate Account.We have established a Separate Account, the Pruco Life of New Jersey Flexible Premium Variable Annuity Account (Separate Account), to hold the assets that are associated with the Annuities. The Separate Account was established under New Jersey law on May 20, 1996, and is registered with the SEC under the Investment Company Act of 1940 as a unit investment trust, which is a type of investment company. The assets of the Separate Account are held in the name of Pruco Life of New Jersey and legally belong to us. Pruco Life of New Jersey segregates the Separate Account assets from all of its other assets. Thus, Separate Account assets that are held in support of the contracts are not chargeable with liabilities arising out of any other business we may conduct. Income, gains, and losses, whether or not realized, for assets allocated to the Separate Account are, in accordance with the Annuity, credited to or charged against the Separate Account without regard to other income, gains, or losses of Pruco Life of New Jersey. The obligations under the Annuity are those of Pruco Life of New Jersey, which is the issuer of the Annuity and the depositor of the Separate Account. More detailed information about Pruco Life of New Jersey, including its audited consolidated financial statements, is provided in the Statement of Additional Information.

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In addition to rights that we specifically reserve elsewhere in this prospectus, we reserve the right to perform any or all of the following:

•offer new Sub-accounts, eliminate Sub-accounts, substitute Sub-accounts or combine Sub-accounts;

•close Sub-accounts to additional Purchase Payments on existing Annuities or close Sub-accounts for Annuities purchased on or after specified dates;

•combine the Separate Account with other separate accounts;

•deregister the Separate Account under the Investment Company Act of 1940;

•manage the Separate Account as a management investment company under the Investment Company Act of 1940 or in any other form permitted by law;

•make changes required by any change in the federal securities laws, including, but not limited to, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, or any other changes to the Securities and Exchange Commission’s interpretation thereof;

•establish a provision in the Annuity for federal income taxes if we determine, in our sole discretion, that we will incur a tax as the result of the operation of the Separate Account;

•make any changes required by federal or state laws with respect to annuity contracts; and

•to the extent dictated by any underlying Portfolio, impose a redemption fee or restrict transfers within any Sub-account.

We will first notify you and receive any necessary SEC and/or state approval before making such a change. If an underlying mutual fund is liquidated, we will ask you to reallocate any amount in the liquidated fund. If you do not reallocate these amounts, we will reallocate such amounts only in accordance with guidance provided by the SEC or its staff (or after obtaining an order from the SEC, if required). We reserve the right to substitute an underlying portfolio, as allowed by applicable law. If we make a fund substitution or change, we may change the Annuity to reflect the substitution or change. We do not control the underlying mutual funds, so we cannot guarantee that any of those funds will always be available. While we can limit your ability to make any additional Purchase Payments to your Annuity, as discussed above in this Prospectus, should we offer more than one Investment Option we may limit your right to make additional Purchase Payments to any one or more of such Investment Options.

The General Account. Our general obligations and any guaranteed benefits under the Annuity are supported by our general account and are subject to our claims paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to our general creditors and for conducting routine business activities, such as the payment of salaries, rent and other ordinary business expenses. The general account is subject to regulation and supervision by the New Jersey Department of Banking and Insurance laws and regulations of all jurisdictions where we are authorized to do business.

Fees and Payments Received by Pruco Life of New Jersey

As detailed below, Pruco Life of New Jersey and our affiliates receive substantial payments from the underlying Portfolios and/or related entities, such as the Portfolios’ advisers and subadvisers. Because these fees and payments are made to Pruco Life of New Jersey and our affiliates, allocations you make to the underlying Portfolios benefit us financially. In selecting Portfolios available under the Annuity, we consider the payments that will be made to us. For more information on factors we consider when selecting the Portfolios under the Annuity, see “Variable Investment Options” under “Investment Options” earlier in this prospectus.

We receive Rule 12b-1 fees which compensate our affiliate, Prudential Annuities Distributors, Inc., for distribution and administrative services (including recordkeeping services and the mailing of prospectuses and reports to Owners invested in the Portfolios). These fees are paid by the underlying Portfolio out of each Portfolio’s assets and are therefore borne by Owners.

We also receive administrative services payments from the Portfolios or the advisers of the underlying Portfolios or their affiliates, which are referred to as “revenue sharing” payments. The maximum combined 12b-1 fees and revenue sharing payments we receive with respect to a Portfolio are generally equal to an annual rate of 0.55% of the average assets allocated to the Portfolio under the Annuity (in certain cases, however, this amount may be equal to annual rate of 0.60% of the average assets allocated to the Portfolio). We expect to make a profit on these fees and payments and consider them when selecting the Portfolios available under the Annuity.

In addition, an adviser or subadviser of a Portfolio or a distributor of the Annuity (not the Portfolios) may also compensate us by providing reimbursement, defraying the costs of, or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the Annuity. These services may include, but are not limited to: sponsoring or co-sponsoring various promotional, educational or marketing meetings and seminars attended by distributors, wholesalers, and/or broker dealer firms’ registered representatives, and creating marketing material discussing the Annuity, available options, and underlying Portfolios. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, subadviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser’s, subadviser’s or distributor’s participation. These payments or reimbursements may not be offered by all advisers, subadvisers, or distributors and the amounts of such payments may vary between and among each adviser, subadviser, and distributor depending on their respective participation. We may also consider these payments and reimbursements when selecting the Portfolios available under the Annuity. For the annual period ended December 31, 2020, with regard to the total annual amounts that were paid (or as to which a payment amount was accrued) under the kinds of arrangements described in this paragraph, the amounts for any particular adviser, subadviser or

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distributor ranged from $1,500 to $246,998. These amounts relate to all individual variable annuity contracts issued by Pruco Life of New Jersey or its affiliates, not only the Annuity covered by this prospectus.

In addition to the payments that we receive from underlying Portfolios and/or their affiliates, those same Portfolios and/or their affiliates may make payments to us and/or other insurers within the Prudential Financial group related to the offering of investment options within variable annuities or life insurance offered by different Prudential business units.

Cyber Security Risks:We provide information about cyber security risks associated with this Annuity in the Statement of Additional Information.

LEGAL STRUCTURE OF THE UNDERLYING FUND

The underlying mutual fund is registered as an open-end management investment company under the Investment Company Act of 1940. Shares of the underlying mutual fund Portfolio are sold to Separate Accounts of life insurance companies offering variable annuity and variable life insurance products. The shares may also be sold directly to qualified pension and retirement plans.

Voting Rights

We are the legal owner of the shares of the underlying Portfolios in which the Sub-accounts invest. However, under current SEC rules, you have voting rights in relation to Account Value maintained in the Sub-accounts. If an underlying Portfolio requests a vote of shareholders, we will vote our shares based on instructions received from Owners with Account Value allocated to that Sub-account. Owners have the right to vote an amount equal to the number of shares attributable to their contracts. If we do not receive voting instructions in relation to certain shares, we will vote those shares in the same manner and proportion as the shares for which we have received instructions. This voting procedure is sometimes referred to as “mirror voting” because, as indicated in the immediately preceding sentence, we mirror the votes that are actually cast, rather than decide on our own how to vote. We will also “mirror vote” shares that are owned directly by us or an affiliate (excluding shares held in the separate account of an affiliated insurer). In addition, because all the shares of a given Portfolio held within our Separate Account are legally owned by us, we intend to vote all of such shares when that underlying Portfolio seeks a vote of its shareholders. As such, all such shares will be counted towards whether there is a quorum at the underlying Portfolio’s shareholder meeting and towards the ultimate outcome of the vote. Thus, under “mirror voting”, it is possible that the votes of a small percentage of contract holders who actually vote will determine the ultimate outcome.

We may, if required by state insurance regulations, disregard voting instructions if they would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the available Variable Investment Options or to approve or disapprove an investment advisory contract for a Portfolio. In addition, we may disregard voting instructions that would require changes in the investment policy or investment adviser of one or more of the Portfolios associated with the available Variable Investment Options, provided that we reasonably disapprove such changes in accordance with applicable federal or state regulations. If we disregard Owner voting instructions, we will advise Owners of our action and the reasons for such action in the next available annual or semi-annual report.

We will furnish those Owners who have Account Value allocated to a Sub-account whose underlying Portfolio has requested a “proxy” vote with proxy materials and the necessary forms to provide us with their voting instructions. Generally, you will be asked to provide instructions for us to vote on matters such as changes in a fundamental investment strategy, adoption of a new investment advisory agreement, or matters relating to the structure of the underlying Portfolio that require a vote of shareholders. We reserve the right to change the voting procedures described above if applicable SEC rules change.

Material Conflicts

In the future, it may become disadvantageous for Separate Accounts of variable life insurance and variable annuity contracts to invest in the same underlying Portfolios. Neither the companies that invest in the Portfolios nor the Portfolios currently foresee any such disadvantage. The Board of Directors for each Portfolio intends to monitor events in order to identify any material conflict between variable life insurance and variable annuity Contract Owners and to determine what action, if any, should be taken. Material conflicts could result from such things as:

(1)changes in state insurance law;

(2)changes in federal income tax law;

(3)changes in the investment management of any Variable Investment Option; or

(4)differences between voting instructions given by variable life insurance and variable annuity Contract Owners.

Confirmations, Statements, and Reports

We send any statements and reports required by applicable law or regulation to you at your last known address of record. You should therefore give us prompt notice of any address change. We reserve the right, to the extent permitted by law and subject to your prior consent, to provide any prospectus, prospectus supplements, confirmations, statements and reports required by applicable law or regulation to you through our website at www.prudential.com or any other electronic means. We send a confirmation statement to you each time a transaction is made affecting Account Value, such as making additional Purchase Payments, transfers, exchanges or withdrawals. We also send quarterly statements detailing the activity affecting your Annuity during the calendar quarter, if there have been transactions during the quarter. We may confirm regularly scheduled transactions, such as the Annual Maintenance Fee, systematic withdrawals (including 72(t)/72(q) payments and Required Minimum Distributions), in quarterly statements instead of confirming them immediately. You should review the information in these statements carefully. You may request additional reports. We reserve the right to charge $50 for each such additional report.

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Any errors or corrections on transactions for your Annuity must be reported to us at our Office as soon as possible to assure proper accounting to your Annuity. For transactions that are confirmed immediately, we assume all transactions are accurate unless you notify us otherwise within 30 days from the date you receive the confirmation. For transactions that are first confirmed on the quarterly statement, we assume all transactions are accurate unless you notify us within 30 days from the date you receive the quarterly statement. All transactions confirmed immediately or by quarterly statement are deemed conclusive after the applicable 30-day period. We may also send an annual report and a semi-annual report containing applicable financial statements for the Separate Account and the Portfolios, as of December 31 and June 30, respectively to Owners or, with your prior consent, make such documents available electronically through our website or other electronic means.

Beginning on January 1, 2021, paper copies of the annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from us. Instead, the reports will be made available on our website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

DISTRIBUTION OF ANNUITIES OFFERED BY PRUCO LIFE OF NEW JERSEY

Prudential Annuities Distributors, Inc. (PAD), a wholly-owned subsidiary of Prudential Annuities, Inc., is the distributor and principal underwriter of the Annuities offered through this prospectus. PAD acts as the distributor of a number of annuity and life insurance products and the AST Portfolios. PAD’s principal business address is One Corporate Drive, Shelton, Connecticut 06484. PAD is registered as a broker/dealer under the Securities Exchange Act of 1934 (Exchange Act), and is a member of the Financial Industry Regulatory Authority (FINRA). Each Annuity is offered on a continuous basis. PAD enters into distribution agreements with both affiliated and unaffiliated broker-dealers who are registered under the Exchange Act (collectively, “Firms”). The affiliated broker/dealer, Pruco Securities, LLC is an indirect wholly-owned subsidiary of Prudential Financial that sells variable annuity and variable life insurance (among other products) through its registered representatives. Applications for each Annuity are solicited by registered representatives of the Firms. PAD utilizes a network of its own registered representatives to wholesale the Annuities to Firms. Because the Annuities offered through this prospectus are insurance products as well as securities, all registered representatives who sell the Annuities are also appointed insurance agents of Pruco Life of New Jersey.

In connection with the sale and servicing of the Annuity, Firms may receive cash compensation and/or non-cash compensation. Cash compensation includes discounts, concession, fees, service fees, commissions, asset based sales charges, loans, overrides, or any cash employee benefit received in connection with the sale and distribution of variable contracts. Non-cash compensation includes any form of compensation received in connection with the sale and distribution of variable contracts that is not cash compensation, including but not limited to merchandise, gifts, travel expenses, meals and lodging.

Under the selling agreements, cash compensation in the form of commissions is paid to Firms on sales of the Annuity according to one or more schedules. The selling registered representative will receive all or a portion of the cash compensation, depending on the practice of his or her Firm. Commissions are generally based on a percentage of Purchase Payments made, up to a maximum of 5%. Alternative compensation schedules are available that generally provide a lower initial commission plus ongoing quarterly compensation based on all or a portion of Account Value. We may also provide cash compensation to the distributing Firm for providing ongoing service to you in relation to the Annuity. These payments may be made in the form of percentage payments based upon “Assets under Management” or “AUM,” (total assets), subject to certain criteria in certain Pruco Life of New Jersey products. These payments may also be made in the form of percentage payments based upon the total amount of money received as Purchase Payments under Pruco Life of New Jersey annuity products sold through the Firm.

In addition, in an effort to promote the sale of our products (which may include the placement of Pruco Life of New Jersey and/or the Annuity on a preferred or recommended company or product list and/or access to the Firm's registered representatives), we, or PAD, may enter into non-cash compensation arrangements with certain Firms with respect to certain or all registered representatives of such Firms under which such Firms may receive fixed payments or reimbursement. These types of fixed payments are made directly to or in sponsorship of the Firm and may include, but are not limited to payment for: training of sales personnel; marketing and/or administrative services and/or other services they provide to us or our affiliates; educating customers of the firm on the Annuity's features; conducting due diligence and analysis; providing office access, operations, systems and other support; holding seminars intended to educate registered representatives and make them more knowledgeable about the Annuities; conferences (national, regional and top producer); sponsorships; speaker fees; promotional items; a dedicated marketing coordinator; priority sales desk support; expedited marketing compliance approval and preferred programs to PAD; and reimbursements to Firms for marketing activities or other services provided by third-party vendors to the Firms and/or their registered representatives. To the extent permitted by FINRA rules and other applicable laws and regulations, we or PAD may also pay or allow other promotional incentives or payments in other forms of non-cash compensation (e.g., gifts, occasional meals and entertainment, sponsorship of due diligence events). Under certain circumstances, Portfolio advisers/subadvisers or other organizations with which we do business (“Entities”) may also receive incidental non-cash compensation, such as meals and nominal gifts. The amount of this non-cash compensation varies widely because some may encompass only a single event, such as a conference, and others have a much broader scope.

Cash and/or non-cash compensation may not be offered to all Firms and Entities and the terms of such compensation may differ between Firms and Entities. In addition, we or our affiliates may provide such compensation, payments and/or incentives to Firms or Entities arising out of the marketing, sale and/or servicing of variable annuities or life insurance offered by different Prudential business units.

The lists below includes the names of the Firms and Entities that we are aware (as of December 31, 2020) received compensation with respect to our annuity business generally during 2020 (or as to which a payment amount was accrued during 2020). The Firms and Entities listed include those receiving non-cash and/or cash compensation (as indicated below) in connection with marketing of products issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. Your registered representative can provide you with more information about the

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compensation arrangements that apply upon request. Each of these Annuities also is distributed by other selling Firms that previously were appointed only with our affiliate Prudential Annuities Life Assurance Corporation (“PALAC”). Such other selling Firms may have received compensation similar to the types discussed above with respect to their sale of PALAC annuities. In addition, such other selling Firms may, on a going forward basis, receive substantial compensation that is not reflected in this 2020 retrospective depiction. During 2020, non-cash compensation received by Firms and Entities ranged from $37.46 to $3,298,342.95. During 2020, cash compensation received by Firms ranged from $4.40 to $12,514,361.56.

All of the Firms and Entities listed below received non-cash compensation during 2020. In addition, Firms in bold also received cash compensation during 2020.

1st Global Capital Corp.	CFD Investments, Inc.	MML Investors Services, Inc.
3 Mark Financial Texas, Inc.	Chesapeake Brokerage, LLC.	Money Concepts Capital Corp.
Aaron Advantage Agency	Citigroup Global Markets Inc.	Morgan Stanley Smith Barney
Advantage Insurance Network, Inc.	Citizens Securities, Inc.	National Securities Corp.
Advisor Group	COMERICA SECURITIES, INC.	New York Life Insurance Company
Advisors Excel, LLC	Commonwealth Financial Network	Newbridge Securities Corp.
Aegon Transamerica	Concord Financial Advisors	Next Financial Group, Inc.
AimcoR Group	Crown Capital Securities, L.P.	OneAmerica Securities, Inc.
AIP Marketing Alliance, Inc.	Crump	OPPENHEIMER & CO, INC.
ALHA	CUNA Brokerage Svcs, Inc.	Packerland Brokerage Svcs,Inc
Allegis Insurance Agency, Inc.	CUSO Financial Services, L.P.	Park Avenue Securities, LLC
Allianz	David Lerner and Associates	Parkland Securities
Allstate Financial Srvcs, LLC	Edward Jones & Co.	Pinnancle Investments, LLC
American Financial Associates	Equity Services, Inc.	PNC Investments, LLC
American Independent Securities Group, LLC	Fidelity Investments	ProEquities
AMERICAN PORTFOLIO FIN SVCS INC	First Citizens Bank	Prospera Financial Services, Inc.
Ameriprise Financial, Inc.	Fortune Financial Services, Inc.	Prudential Annuities
Ameritas Investment Corp.	Founders Financial Securities, LLC	Purshe Kaplan Sterling Investments
APW Capital, Inc.	FSC Securities Corp.	Raymond James Financial Svcs
Aquafil S.P.A.	FTB Advisors, Inc.	RBC CAPITAL MARKETS CORPORATION
Arete Wealth Management	GamePlan Financial Marketing, LLC.	RNR Securities, L.L.C.
Arkadios Capital	Garden State Securities, Inc.	Robert W. Baird & Co., Inc.
Arthur J. Gallagher	Geneos Wealth Management, Inc.	Royal Alliance Associates
Ash Brokerage Corporation	Goldman Sachs & Co.	SA Stone Wealth Management
Atlas Financial Partners, LLC	Gradient Securities, LLC	SAGEPOINT FINANCIAL, INC.
Ausdal Financial Partners, Inc.	GWN Securities, Inc.	Scott & Stringfellow
AXA Advisors, LLC	H. Beck, Inc.	Securian Financial Svcs, Inc.
Ballew Investments	H.D. Vest Investment	Securities America, Inc.
BankersLife Securities	Hantz Financial Services, Inc.	Securities Service Network
BB&T Investment Services, Inc.	Harbour Investment, Inc.	Sigma Financial Corporation
BBVA Compass Investment Solutions, Inc.	HSBC	Stifel Nicolaus & Co.
BCG Securities, Inc.	Independent Financial Grp, LLC	SunTrust Investment Services, Inc.
Becker Suffern McLanahan, Ltd.	Infinex Financial Group	T. Rowe Price Group, Inc.
Belman Klein Associates, LTD	Investacorp	TFS Securities, Inc.
Benson Blackburn	J.J.B. Hilliard Lyons, Inc.	The Investment Center
Berson-Sokol Agency, Inc.	J.P. Morgan	The Prudential Insurance Company of America
Berthel Fisher & Company	J.W. Cole Financial, Inc.	TransAmerica Financial Advisors, Inc.
BlackRock Financial Management Inc.	Janney Montgomery Scott, LLC.	Triad Advisors, Inc.
Borden Hamman Agency, Inc.	Kestra Financial, Inc.	UBS Financial Services, Inc.
Cadaret, Grant & Co., Inc.	KMS Financial Services, Inc.	United Planners Fin. Serv.
Calton & Associates, Inc	Kovack Securities, Inc.	US Bank
Cambridge Investment Research, Inc.	Lincoln Financial Advisors	VOYA Financial Advisors
Cantella & Co., Inc.	Lincoln Financial Securities Corporation	WADDELL & REED INC.
CAPE SECURITIES, INC.	Lincoln Investment Planning	Wells Fargo Advisors LLC
Capital Analysts	Lion Street	WELLS FARGO ADVISORS LLC - WEALTH
Capital Financial Services	LPL Financial Corporation	Wells Fargo Investments LLC
Capital Investment Group, Inc.	M Holdings Securities, Inc	Woodbury Financial Services

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Capitas Financial LLC	M&T Securities
Centaurus Financial, Inc.	Mercer Allied Company L.P.
Cetera Advisor Network LLC	Merrill Lynch

The Firms listed below received cash compensation during 2020 but did not receive any non-cash compensation.

ASSOCIATED SECURITIES CORP

BFT Financial Group, LLC

WATERSTONE FINANCIAL GROUP INC

Mutual Service Corporation

You should note that Firms and individual registered representatives and branch managers with some Firms participating in one of these compensation arrangements might receive greater compensation for selling the Annuities than for selling a different annuity that is not eligible for these compensation arrangements. While compensation is generally taken into account as an expense in considering the charges applicable to an annuity product, any such compensation will be paid by us or PAD and will not result in any additional charge to you or to the Separate Account. Cash and non-cash compensation varies by annuity product, and such differing compensation could be a factor in which annuity a financial professional recommends to you. Your registered representative can provide you with more information about the compensation arrangements that apply upon request.

FINANCIAL STATEMENTS

The financial statements of the Separate Account and Pruco Life of New Jersey are included in the Statement of Additional Information.

INDEMNIFICATION

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the “Securities Act”) may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

LEGAL PROCEEDINGS

Litigation and Regulatory Matters

Pruco Life of New Jersey is subject to legal and regulatory actions in the ordinary course of our business. Pending legal and regulatory actions include proceedings specific to Pruco Life of New Jersey and proceedings generally applicable to business practices in the industry in which we operate. Pruco Life of New Jersey 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. Pruco Life of New Jersey 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, Pruco Life of New Jersey, 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.

Pruco Life of New Jersey’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. In some of Pruco Life of New Jersey’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. It is possible that Pruco Life of New Jersey’s results of operations or cash flow 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 flow for such period. In light of the unpredictability of Pruco Life of New Jersey’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 Pruco Life of New Jersey’s financial position. 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 Separate Account; the ability of PAD to perform its contract with the Separate Account; or Pruco Life of New Jersey's ability to meet its obligations under the Contracts.

CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

The following are the contents of the Statement of Additional Information:

•Company

•Experts

•Principal Underwriter

•Payments Made to Promote Sale of Our Products

•Cyber Security and Business Continuity Risks

•Determination of Accumulation Unit Values

•Historical Income Growth Rates and Income Percentages

•Financial Statements

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HOW TO CONTACT US

Please communicate with us using the telephone number and addresses below for the purposes described. Failure to send mail to the proper address may result in a delay in our receiving and processing your request.

Prudential’s Customer Service Team

Call our Customer Service Team at 1-888-PRU-2888 during normal business hours.

Internet

Access information about your Annuity through our website: www.prudential.com

Correspondence Sent by Regular Mail

Prudential Annuities Service Center

P.O. Box 7960

Philadelphia, PA 19176

Correspondence Sent by Overnight*, Certified or Registered Mail

Prudential Annuities Service Center

2101 Welsh Road

Dresher, PA 19025

*Please note that overnight correspondence sent through the United States Postal Service may be delivered to the P.O. Box listed above, which could delay receipt of your correspondence at our Service Center. Overnight mail sent through other methods (e.g., Federal Express, United Parcel Service) will be delivered to the address listed below.

Correspondence sent by regular mail to our Service Center should be sent to the address shown above. Your correspondence will be picked up at this address and then delivered to our Service Center. Your correspondence is not considered received by us until it is received at our Service Center. Where this prospectus refers to the day when we receive a Purchase Payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our Service Center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our Service Center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

You can obtain account information by calling our automated response system and at www.prudential.com, our website. Our Customer Service representatives are also available during business hours to provide you with information about your account. You can request certain transactions through our telephone voice response system, our website or through a customer service representative. You can provide authorization for a third party, including your attorney-in-fact acting pursuant to a power of attorney, to access your account information and perform certain transactions on your account. You will need to complete a form provided by us which identifies those transactions that you wish to authorize via telephonic and electronic means and whether you wish to authorize a third party to perform any such transactions. Please note that unless you tell us otherwise, we deem that all transactions that are directed by your financial professional with respect to your Annuity have been authorized by you. We require that you or your representative provide proper identification before performing transactions over the telephone or through our website. This may include a Personal Identification Number (PIN) that will be provided to you upon issue of your Annuity or you may establish or change your PIN by calling our automated response system and at www.prudential.com, our website. Any third party that you authorize to perform financial transactions on your account will be assigned a PIN for your account.

Transactions requested via telephone are recorded. To the extent permitted by law, we will not be responsible for any claims, loss, liability or expense in connection with a transaction requested by telephone or other electronic means if we acted on such transaction instructions after following reasonable procedures to identify those persons authorized to perform transactions on your Annuity using verification methods which may include a request for your Social Security number, PIN or other form of electronic identification. We may be liable for losses due to unauthorized or fraudulent instructions if we did not follow such procedures.

Pruco Life of New Jersey does not guarantee access to telephonic, facsimile, Internet or any other electronic information or that we will be able to accept transaction instructions via such means at all times. Nor, due to circumstances beyond our control, can we provide any assurances as to the delivery of transaction instructions submitted to us by regular and/or express mail. Regular and/or express mail (if operational) will be the only means by which we will accept transaction instructions when telephonic, facsimile, Internet or any other electronic means are unavailable or delayed. Pruco Life of New Jersey reserves the right to limit, restrict or terminate telephonic, facsimile, Internet or any other electronic transaction privileges at any time.

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APPENDIX A – ACCUMULATION UNIT VALUES

The following tables show the accumulation Unit Values and the number of outstanding units for the variable investment option under the Annuity on the last business day of the periods shown. The Unit Values and number of units outstanding are for Annuities under the Separate Account with the same daily asset charge which may include other annuities offered. This information reflects Sub-Account names as of December 31, 2020. Please refer to the Investment Option section of the prospectus for information on name changes.

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PRUDENTIAL DEFINED INCOME
Pruco Life Insurance Company of New Jersey
Prospectus
ACCUMULATION UNIT VALUES: Basic Death Benefit Only (1.10%)
	Accumulation Unit Value	Accumulation Unit Value	Number of Accumulation Units
Sub-Account	At Beginning of Period	At End of Period	Outstanding at End of Period
AST Multi-Sector Fixed Income Portfolio
02/25/2013 to 12/31/2013	9.99909	9.57903	0
01/01/2014 to 12/31/2014	9.57903	10.53178	16,384
01/01/2015 to 12/31/2015	10.53178	10.09622	46,724
01/01/2016 to 12/31/2016	10.09622	10.87675	42,323
01/01/2017 to 12/31/2017	10.87675	11.69575	65,835
01/01/2018 to 12/31/2018	11.69575	10.91965	58,995
01/01/2019 to 12/31/2019	10.91965	12.82043	80,883
01/01/2020 to 12/31/2020	12.82043	14.28386	120,533
*Denotes the start date of these sub-accounts

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PRUDENTIAL DEFINED INCOME
Pruco Life Insurance Company of New Jersey
Prospectus
ACCUMULATION UNIT VALUES: With Defined Income Benefit - Single and Spousal Designated Lives (1.90%)
	Accumulation Unit Value	Accumulation Unit Value	Number of Accumulation Units
Sub-Account	At Beginning of Period	At End of Period	Outstanding at End of Period
AST Multi-Sector Fixed Income Portfolio
02/25/2013 to 12/31/2013	9.99842	9.51265	10,227,971
01/01/2014 to 12/31/2014	9.51265	10.37423	34,107,708
01/01/2015 to 12/31/2015	10.37423	9.86464	60,372,540
01/01/2016 to 12/31/2016	9.86464	10.54150	96,475,069
01/01/2017 to 12/31/2017	10.54150	11.24396	113,884,239
01/01/2018 to 12/31/2018	11.24396	10.41238	137,880,999
01/01/2019 to 12/31/2019	10.41238	12.12604	174,462,149
01/01/2020 to 12/31/2020	12.12604	13.40107	182,358,394
*Denotes the start date of these sub-accounts

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APPENDIX B – DEFINED INCOME BENEFIT SAMPLE CALCULATIONS

The initial Guaranteed Income Amount (GIA) is determined on the Issue Date. It is determined by applying the applicable Income Percentage to the Account Value on the Issue Date. Additional Purchase Payments will increase the GIA by applying the amount of the Purchase Payment to the Income Percentage (based on the attained age of the youngest Designated Life) on the date the Purchase Payment is allocated to your Annuity.

For the applicable Income Percentage rates associated with any additional Purchase Payments made after the Issue Date, please see the rates disclosed in the applicable Rate Sheet Prospectus Supplement, or contact us or your financial professional. You may make additional Purchase Payments to your Annuity at any time within the first 90 days.

The following examples are purely hypothetical and are for illustrative purposes only. They are intended to provide examples of how we would calculate the Guaranteed Income Amount based on the Income Percentages and Income Growth Rate provided in the prospectus or a Rate Sheet Prospectus Supplement. They also assume that the application was signed, received, and funded within the parameters disclosed in the prospectus or on the Rate Sheet Prospectus Supplement. The hypothetical examples are also designed to show how the Rate Sheet Prospectus Supplement may change from month to month for newly issued Annuities. Please note that once your Annuity is issued, the assigned rates will not change. Please also note, your GIA would be different than the examples shown below depending on the Income Percentage and Income Growth Rate effective at the time you sign your application, your age at the time of the initial Purchase Payment is applied, the amount of your initial Purchase Payment, and whether you have elected the single or spousal version.

Hypothetical Rate Sheet Prospectus Supplement Examples:

Rate Sheet Prospectus Supplement effective between June 1 and June 30

Attained Age	Income Percentage	Income Growth Rate
60	4.50%	5.00% (for all ages)
61	4.60%
62	4.70%
63	4.80%
64	4.90%
65	5.00%

Scenario 1, calculating the GIA based on a single Purchase Payment:

Application Signed Date: June 24

Issue Date: July 5 of the same calendar year in which the application was signed

Purchase Payment Received: $100,000

Age: 62

The Income Percentages and Income Growth Rate are set based on the rates effective between June 1 and June 30. As a result, the initial Income Percentage will be 4.70%, and the Income Growth Rate assigned to the Annuity will be 5.00%. The initial Guaranteed Income Amount is $4,700, which is determined by multiplying the Account Value on the Issue Date ($100,000) by the applicable Income Percentage (4.70%).

Rate Sheet Prospectus Supplement effective between July 1 and July 31

Attained Age	Income Percentage	Income Growth Rate
60	4.70%	5.50% (for all ages)
61	4.80%
62	4.90%
63	5.00%
64	5.10%
65	5.20%

Scenario 2, calculating the GIA based on a single Purchase Payment, and one additional Purchase Payment:

Application Signed Date: July 15

Issue Date: July 17 of the same calendar year in which the application was signed

Purchase Payments Received:

•$100,000 on the Issue Date

•Additional Purchase Payment of $10,000 on October 17 of the same calendar year

B-1

Age on the Issue Date: 62

The Income Percentages and Income Growth Rate are set based on the rates effective between July 1 and July 31. As a result, the initial Income Percentage will be 4.90%, and the Income Growth Rate assigned to the annuity will be 5.50%.

The initial Guaranteed Income Amount will be $4,900, which is determined by multiplying Account Value on the Issue Date ($100,000) by the Income Percentage (4.90%).

When the additional Purchase Payment of $10,000 is deposited exactly three months later, the Designated Life is now age 63. The increase to the GIA will continue to be based on the Rate Sheet Prospectus Supplement effective between July 1 and July 31. In this scenario, the current GIA would be increased by $500 since the Income Percentage assigned to the $10,000 additional Purchase Payment was 5% based on the attained age of 63.

To calculate the new GIA for the Annuity after the additional Purchase Payment, we would first take the current GIA of $4,989.21 (the initial $4,900 GIA that has increased by 5.5% Income Growth Rate for four months). We would then add the $500 GIA increase that was applicable to the additional Purchase Payment, resulting in a new total GIA of $5,489.21.

Scenario 3, calculating the GIA based on a single Purchase Payment, where the Designated Life has attained a new age between the date the application was signed and subsequently issued:

Application Signed Date: July 1

Issue Date: July 12 of the same calendar year in which the application was signed

Purchase Payment(s) Received: $100,000

Age: 64 on the application signed date, turning age 65 prior to the Issue Date

The Income Percentage and Income Growth Rate are set based on the rates effective between July 1 and July 31. As a result, the initial Income Percentage will be 5.20% and the Income Growth Rate assigned to the annuity will be 5.50%.

The initial Guaranteed Income Amount will be $5,200, which is determined by multiplying the Account Value on the Issue Date ($100,000) by the Income Percentage (5.20%).

Scenario 4, your application was either received or funded beyond the time frames disclosed on your Rate Sheet Prospectus Supplement:The Annuity would not be issued as the application was either not received in Good Order or the Annuity was not funded within the time frames disclosed on your Rate Sheet Prospectus Supplement. As a result, you would need to submit additional paperwork if you still wish to purchase the Annuity. Your Annuity would be eligible to receive the then current rates that are being offered on the Rate Sheet Prospectus Supplement (as of the date you signed the form), which could be higher or lower than the rates on the date you had first signed the Annuity application.

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PLEASE SEND ME A STATEMENT OF ADDITIONAL INFORMATION THAT CONTAINS FURTHER DETAILS ABOUT THE PRUCO LIFE OF NEW JERSEY PRUDENTIAL DEFINED INCOME (PDI) VARIABLE ANNUITY SERIES DESCRIBED IN PROSPECTUS (APRIL 30, 2021)
	(print your name)
	(address)
	(city/state/zip code)

Please see the section of this prospectus entitled “How To Contact Us” for where to send your request for a Statement of Additional Information

PDINYPROS

The Prudential Insurance Company of America

751 Broad Street

Newark, NJ 07102-3777

PDINYPROS

PART B
STATEMENT OF ADDITIONAL INFORMATION

April 30, 2021

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT
VARIABLE ANNUITY CONTRACTS

The Prudential Defined Income Variable Annuity contracts (the "Annuities" or the "Annuity") are individual variable annuity contracts issued by Pruco Life Insurance Company of New Jersey ("Pruco Life of New Jersey"), a stock life insurance company that is an indirect wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential") and is funded through the Pruco Life of New Jersey Flexible Premium Variable Annuity Account. These Annuities are no longer offered for new sales. The Annuity could be purchased by making an initial purchase payment of $25,000 or more. Subject to certain restrictions, you can make additional purchase payments of not less than $100 at any time during the accumulation phase.

This Statement of Additional Information is not a prospectus and should be read in conjunction with the Prudential Defined Income Variable Annuity prospectus dated April 30, 2021. To obtain a copy of the prospectus, without charge, you can write to the Prudential Annuities Service Center, P.O. Box 7960, Philadelphia, Pennsylvania 19176, or contact us by telephone at (888) PRU-2888.

TABLE OF CONTENTS

		PAGE
Company		2
Experts		2
Principal Underwriter		2
Payments Made to Promote Sale of Our Products		2
Cyber Security and Business Continuity Risks		2
Determination of Accumulation Unit Values		3
Historical Income Growth Rates and Income Percentages		5
Separate Account Financial Information		A1
Company Financial Information		B1
Pruco Life Insurance Company of New Jersey 751 Broad Street Newark, NJ 07102	Prudential Annuity Service Center P.O. Box 7960 Philadelphia, PA 19176 Telephone: (888) Pru-2888

COMPANY

Pruco Life Insurance Company of New Jersey ("Pruco Life of New Jersey") is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. Pruco Life of New Jersey is licensed to sell life insurance and annuities in the states of New Jersey and New York.

Pruco Life of New Jersey is a wholly-owned subsidiary of Pruco Life Insurance Company, which is a wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential"), a stock life insurance company founded in 1875 under the laws of the State of New Jersey. Prudential is a direct wholly-owned subsidiary of Prudential Financial, Inc. ("Prudential Financial"), a New Jersey insurance holding company.

EXPERTS

The financial statements of Pruco Life Insurance Company of New Jersey as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020 and the financial statements of each of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity Account as of the dates presented and for each of the periods indicated therein included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

PRINCIPAL UNDERWRITER

Prudential Annuities Distributors, Inc. ("PAD"), an indirect wholly-owned subsidiary of Prudential Financial, offers each Annuity on a continuous basis in those states in which annuities may be lawfully sold. It may offer the Annuities through licensed insurance producers, or through appropriately registered affiliates of Prudential, provided clearances to do so are obtained in any jurisdiction where such clearances may be necessary.

With respect to all individual annuities issued by Pruco Life of New Jersey, PAD received commissions of $52,509,751.30, $77,870,844.85, and $73,232,387.43 in 2020, 2019 and 2018, respectively. PAD retained none of those commissions.

As discussed in the prospectus, Pruco Life of New Jersey pays commissions to broker/dealers that sell the Annuities according to one or more schedules, and also may pay non-cash compensation. In addition, Pruco Life of New Jersey may pay trail commissions to selling firms to pay its registered representatives who maintain an ongoing relationship with an annuity owner. Typically, a trail commission is compensation that is paid periodically, the amount of which is linked to the value of the Annuities and the amount of time that the Annuity has been in effect.

PAYMENTS MADE TO PROMOTE SALE OF OUR PRODUCTS

In an effort to promote the sale of our products (which may include the placement of Pruco Life of New Jersey and/or each Annuity on a preferred or recommended company or product list and/or access to the firm's registered representatives), we and/or PAD may pay certain broker-dealers cash compensation in the form of: commissions according to one or more schedules; percentage payments based on “Assets Under Management” (total assets”) subject to certain criteria in certain Pruco Life products; and/or percentage payments based on the total amount of money received as purchase payments under Pruco Life annuity products sold through the broker-dealer.

In addition, we, or PAD, may pay non-cash compensation to broker-dealer firms. These non-cash compensation payments may include but are not limited to payment for: training of sales personnel; marketing and administrative services; educating customers of the firm on each Annuity's features; conducting due diligence and analysis; providing office access, operations and systems support; holding seminars intended to educate the firm's registered representatives and make them more knowledgeable about the annuity; providing a dedicated marketing coordinator; providing priority sales desk support and providing expedited marketing compliance approval. We, and/or PAD, also may compensate third-party vendors, for services that such vendors render to broker-dealer firms.

Additional examples of arrangements under which such payments may be made currently include, but are not limited to: sponsorships, conferences (national, regional and top producer), speaker fees, promotional items, and reimbursements to firms for marketing activities or services paid by the firms and/or their individual representatives. To the extent permitted by FINRA rules and other applicable laws and regulations, we, or PAD, may also pay or allow other promotional incentives or payments in other forms of non-cash compensation (e.g., gifts, occasional meals and entertainment, sponsorship of due diligence events). Under certain circumstances, Portfolio advisers/subadvisers or other organizations with which we do business (“entities”) may also receive incidental non-cash compensation, such as meals and nominal gifts. The amount of these payments varies widely because some payments may encompass only a single event, such as a conference, and others have a much broader scope.

The lists in the prospectus includes the names of the firms and entities that we are aware (as of December 31, 2020) received payment with respect to annuity business during 2020 (or as to which a payment amount was accrued during 2020). The firms listed include payments in connection with products issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. Your registered representative can provide you with more information about the compensation arrangements that apply upon the sale of the contract.

During 2020, non-cash compensation received by firms and entities ranged from $37.46 to $3,298,342.95. During 2020, cash compensation received by firms ranged from $4.40 to $12,514,361.56.

CYBER SECURITY AND BUSINESS CONTINUITY RISKS

With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, Pruco Life of New Jersey is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as “cyber security” risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. These risks are heightened by

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our offering of increasingly complex products, such as those that feature automatic asset transfer or reallocation strategies, and by our employment of complex investment, trading and hedging programs. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user’s computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user’s systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access (including physical break-ins) to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization’s systems.

Pruco Life of New Jersey is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, political and social developments, and military and governmental actions. These risks are often collectively referred to as “business continuity” risks. These events could adversely affect Pruco Life of New Jersey and our ability to conduct business and process transactions. Although Pruco Life of New Jersey has business continuity plans, it is possible that the plans may not operate as intended or required and that Pruco Life of New Jersey may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.

Cyber security events, disasters and similar events, whether deliberate or unintentional, that could impact Pruco Life of New Jersey and Contract owners could arise not only in connection with our own administration of the Contract, but also with entities operating the Contract’s underlying funds and with third-party service providers. Cyber security and other events affecting any of the entities involved with the offering and administration of the Contract may cause significant disruptions in the business operations related to the Contract. Potential impacts may include, but are not limited to, potential financial losses under the Contract, your inability to conduct transactions under the Contract and/or with respect to an underlying fund, an inability to calculate unit values with respect to the Contract and/or the net asset value (“NAV”) with respect to an underlying fund, and disclosures of your personal or confidential account information.

In addition to direct impacts to you, cyber security and other events described above may result in adverse impacts to Pruco Life of New Jersey, including regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs, and reputational damage. Costs incurred by Pruco Life of New Jersey may include reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. Considerable expenses also may be incurred by Pruco Life of New Jersey in enhancing and upgrading computer systems and systems security following a cyber security failure or responding to a disaster or similar event. The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, and others continue to pose new and significant cyber security threats. In addition, the global spread of COVID-19 has caused Pruco Life of New Jersey and its service providers to implement business continuity plans, including widespread use of work-from-home arrangements. Although Pruco Life of New Jersey, our service providers, and the underlying funds offered under the Contract may have established business continuity plans and risk management systems to mitigate risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, Pruco Life of New Jersey cannot control or assure the efficacy of the cyber security and business continuityplans and systems implemented by third-party service providers, the underlying funds, and the issuers in which the underlying funds invest.

DETERMINATION OF ACCUMULATION UNIT VALUES

The value for each accumulation unit (which we refer to as the "Unit Price") is computed as of the end of each Valuation Day applicable. On any given Valuation Day, the value of a Unit in each Sub-account will be determined by multiplying the value of a Unit of that Sub-account for the preceding Valuation Day by the net investment factor for the Sub-account for the current Valuation Day. The Unit Price for a Valuation Period applies to each day in the period. The net investment factor is an index that measures the investment performance of, and charges assessed against, a Sub-account from one Valuation Period to the next. The net investment factor for a Valuation Period is: (a) divided by (b), less, (c) where:

(a)is the net result of:

(i)the net asset value per share of the underlying Portfolio shares held by that Sub-account at the end of the current Valuation Period plus the per share amount of any dividend or capital gain distribution declared and unpaid (accrued) by the Portfolio at the end of the current Valuation Period; plus or minus

(ii)any per share charge or credit during the current Valuation Period as a provision for taxes attributable to the operation or maintenance of that Sub-account.

(b)is the net result of:

(i)the net asset value per share of the underlying Portfolio shares held by that Sub-account at the end of the preceding Valuation Period plus the per share amount of any dividend or capital gain distribution declared and unpaid (accrued) by the underlying Portfolio at the end of the preceding Valuation Period; plus or minus

(ii)any per share charge or credit during the preceding Valuation Period as a provision for taxes attributable to the operation or maintenance of that Sub-account.

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(c)is the Insurance Charge and any applicable charge assessed against a Sub-account for any Rider attached to this Annuity corresponding to the portion of the 365 day year (366 for a leap year) that is in the current Valuation Period.

We value the assets in each Sub-account at their fair market value in accordance with accepted accounting practices and applicable laws and regulations. The net investment factor may be greater than, equal to, or less than one.

As we have indicated in the prospectus, each Annuity allows you to select or decline any of several benefit options that carries with it a specific asset-based charge. We maintain a unique unit value corresponding to each such annuity feature. In the prospectus, we set out historical unit values corresponding to the highest and lowest combination of charges. Here, we set out the remaining historical unit values. This information reflects Sub-Account names as of December 31, 2020. Please refer to the Investment Options section of the prospectus for information on name changes.

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HISTORICAL INCOME GROWTH RATES AND INCOME PERCENTAGES

The rates below apply for applications signed on or after November 1, 2020 until a new rate sheet supplement is issued with new rates and percentages. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

4.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.30%	1.80%	59	3.65%	3.15%	73	5.05%	4.55%
46	2.30%	1.80%	60	3.90%	3.40%	74	5.10%	4.60%
47	2.30%	1.80%	61	4.00%	3.50%	75	5.15%	4.65%
48	2.30%	1.80%	62	4.05%	3.55%	76	5.20%	4.70%
49	2.40%	1.90%	63	4.25%	3.75%	77	5.25%	4.75%
50	2.50%	2.00%	64	4.40%	3.90%	78	5.35%	4.85%
51	2.60%	2.10%	65	4.60%	4.10%	79	5.40%	4.90%
52	2.65%	2.15%	66	4.65%	4.15%	80	5.40%	4.90%
53	2.80%	2.30%	67	4.70%	4.20%	81	5.50%	5.00%
54	2.90%	2.40%	68	4.70%	4.20%	82	5.60%	5.10%
55	3.05%	2.55%	69	4.75%	4.25%	83	5.70%	5.20%
56	3.20%	2.70%	70	4.80%	4.30%	84	5.80%	5.30%
57	3.30%	2.80%	71	4.90%	4.40%	85+	5.90%	5.40%
58	3.50%	3.00%	72	4.95%	4.45%

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The rates below apply for applications signed between September 1, 2020 and October 31, 2020

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after NOVEMBER 1, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

4.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.30%	1.80%	66	4.65%	4.15%
46	2.30%	1.80%	67	4.70%	4.20%
47	2.30%	1.80%	68	4.70%	4.20%
48	2.30%	1.80%	69	4.75%	4.25%
49	2.40%	1.90%	70	4.80%	4.30%
50	2.50%	2.00%	71	4.90%	4.40%
51	2.60%	2.10%	72	4.95%	4.45%
52	2.65%	2.15%	73	5.05%	4.55%
53	2.80%	2.30%	74	5.10%	4.60%
54	2.90%	2.40%	75	5.15%	4.65%
55	3.05%	2.55%	76	5.20%	4.70%
56	3.20%	2.70%	77	5.25%	4.75%
57	3.30%	2.80%	78	5.35%	4.85%
58	3.50%	3.00%	79	5.40%	4.90%
59	3.65%	3.15%	80	5.40%	4.90%
60	3.90%	3.40%	81	5.50%	5.00%
61	4.00%	3.50%	82	5.60%	5.10%
62	4.05%	3.55%	83	5.70%	5.20%
63	4.25%	3.75%	84	5.80%	5.30%
64	4.40%	3.90%	85+	5.90%	5.40%
65	4.60%	4.10%

6

The rates below apply for applications signed between August 15, 2020 and August 31, 2020

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after SEPTEMBER 1, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current Income Growth Rate and Income Percentages.

Income Growth Rate:

5.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.70%	2.20%	66	5.05%	4.55%
46	2.70%	2.20%	67	5.10%	4.60%
47	2.70%	2.20%	68	5.10%	4.60%
48	2.70%	2.20%	69	5.15%	4.65%
49	2.80%	2.30%	70	5.20%	4.70%
50	2.90%	2.40%	71	5.30%	4.80%
51	3.00%	2.50%	72	5.35%	4.85%
52	3.05%	2.55%	73	5.45%	4.95%
53	3.20%	2.70%	74	5.50%	5.00%
54	3.30%	2.80%	75	5.55%	5.05%
55	3.45%	2.95%	76	5.60%	5.10%
56	3.60%	3.10%	77	5.65%	5.15%
57	3.70%	3.20%	78	5.75%	5.25%
58	3.90%	3.40%	79	5.80%	5.30%
59	4.05%	3.55%	80	5.80%	5.30%
60	4.30%	3.80%	81	5.90%	5.40%
61	4.40%	3.90%	82	6.00%	5.50%
62	4.45%	3.95%	83	6.10%	5.60%
63	4.65%	4.15%	84	6.20%	5.70%
64	4.80%	4.30%	85+	6.30%	5.80%
65	5.00%	4.50%

7

The rates below apply for applications signed between July 15, 2020 and August 14, 2020.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after AUGUST 15, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.85%	2.35%	66	5.20%	4.70%
46	2.85%	2.35%	67	5.25%	4.75%
47	2.85%	2.35%	68	5.25%	4.75%
48	2.85%	2.35%	69	5.30%	4.80%
49	2.95%	2.45%	70	5.35%	4.85%
50	3.05%	2.55%	71	5.45%	4.95%
51	3.15%	2.65%	72	5.50%	5.00%
52	3.20%	2.70%	73	5.60%	5.10%
53	3.35%	2.85%	74	5.65%	5.15%
54	3.45%	2.95%	75	5.70%	5.20%
55	3.60%	3.10%	76	5.75%	5.25%
56	3.75%	3.25%	77	5.80%	5.30%
57	3.85%	3.35%	78	5.90%	5.40%
58	4.05%	3.55%	79	5.95%	5.45%
59	4.20%	3.70%	80	5.95%	5.45%
60	4.45%	3.95%	81	6.05%	5.55%
61	4.55%	4.05%	82	6.15%	5.65%
62	4.60%	4.10%	83	6.25%	5.75%
63	4.80%	4.30%	84	6.35%	5.85%
64	4.95%	4.45%	85+	6.45%	5.95%
65	5.15%	4.65%

8

The rates below apply for applications signed between May 15, 2020 and June 30, 2020.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JULY 1, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.25% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.95%	2.45%	66	5.30%	4.80%
46	2.95%	2.45%	67	5.35%	4.85%
47	2.95%	2.45%	68	5.35%	4.85%
48	2.95%	2.45%	69	5.40%	4.90%
49	3.05%	2.55%	70	5.45%	4.95%
50	3.15%	2.65%	71	5.55%	5.05%
51	3.25%	2.75%	72	5.60%	5.10%
52	3.30%	2.80%	73	5.70%	5.20%
53	3.45%	2.95%	74	5.75%	5.25%
54	3.55%	3.05%	75	5.80%	5.30%
55	3.70%	3.20%	76	5.85%	5.35%
56	3.85%	3.35%	77	5.90%	5.40%
57	3.95%	3.45%	78	6.00%	5.50%
58	4.15%	3.65%	79	6.05%	5.55%
59	4.30%	3.80%	80	6.05%	5.55%
60	4.55%	4.05%	81	6.15%	5.65%
61	4.65%	4.15%	82	6.25%	5.75%
62	4.70%	4.20%	83	6.35%	5.85%
63	4.90%	4.40%	84	6.45%	5.95%
64	5.05%	4.55%	85+	6.55%	6.05%
65	5.25%	4.75%

9

The rates below apply for applications signed between April 1, 2020 and May 14, 2020.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MAY 15, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	2.70%	2.20%	66	5.05%	4.55%
46	2.70%	2.20%	67	5.10%	4.60%
47	2.70%	2.20%	68	5.10%	4.60%
48	2.70%	2.20%	69	5.15%	4.65%
49	2.80%	2.30%	70	5.20%	4.70%
50	2.90%	2.40%	71	5.30%	4.80%
51	3.00%	2.50%	72	5.35%	4.85%
52	3.05%	2.55%	73	5.45%	4.95%
53	3.20%	2.70%	74	5.50%	5.00%
54	3.30%	2.80%	75	5.55%	5.05%
55	3.45%	2.95%	76	5.60%	5.10%
56	3.60%	3.10%	77	5.65%	5.15%
57	3.70%	3.20%	78	5.75%	5.25%
58	3.90%	3.40%	79	5.80%	5.30%
59	4.05%	3.55%	80	5.80%	5.30%
60	4.30%	3.80%	81	5.90%	5.40%
61	4.40%	3.90%	82	6.00%	5.50%
62	4.45%	3.95%	83	6.10%	5.60%
63	4.65%	4.15%	84	6.20%	5.70%
64	4.80%	4.30%	85+	6.30%	5.80%
65	5.00%	4.50%

10

The rates below apply for applications signed between March 15, 2020 and March 31, 2020.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after APRIL 1, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.65% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.35%	2.85%	66	5.70%	5.20%
46	3.35%	2.85%	67	5.75%	5.25%
47	3.35%	2.85%	68	5.75%	5.25%
48	3.35%	2.85%	69	5.80%	5.30%
49	3.45%	2.95%	70	5.85%	5.35%
50	3.55%	3.05%	71	5.95%	5.45%
51	3.65%	3.15%	72	6.00%	5.50%
52	3.70%	3.20%	73	6.10%	5.60%
53	3.85%	3.35%	74	6.15%	5.65%
54	3.95%	3.45%	75	6.20%	5.70%
55	4.10%	3.60%	76	6.25%	5.75%
56	4.25%	3.75%	77	6.30%	5.80%
57	4.35%	3.85%	78	6.40%	5.90%
58	4.55%	4.05%	79	6.45%	5.95%
59	4.70%	4.20%	80	6.45%	5.95%
60	4.95%	4.45%	81	6.55%	6.05%
61	5.05%	4.55%	82	6.65%	6.15%
62	5.10%	4.60%	83	6.75%	6.25%
63	5.30%	4.80%	84	6.85%	6.35%
64	5.45%	4.95%	85+	6.95%	6.45%
65	5.65%	5.15%

11

The rates below apply for applications signed between November 15, 2019 and March 14, 2020.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MARCH 15, 2020. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.75% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.60%	3.10%	66	5.80%	5.30%
46	3.75%	3.25%	67	5.85%	5.35%
47	3.85%	3.35%	68	5.85%	5.35%
48	4.00%	3.50%	69	5.90%	5.40%
49	4.15%	3.65%	70	5.95%	5.45%
50	4.20%	3.70%	71	6.05%	5.55%
51	4.30%	3.80%	72	6.10%	5.60%
52	4.40%	3.90%	73	6.20%	5.70%
53	4.55%	4.05%	74	6.25%	5.75%
54	4.65%	4.15%	75	6.35%	5.85%
55	4.75%	4.25%	76	6.40%	5.90%
56	4.85%	4.35%	77	6.45%	5.95%
57	4.95%	4.45%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.60%	6.10%
59	5.10%	4.60%	80	6.65%	6.15%
60	5.20%	4.70%	81	6.75%	6.25%
61	5.30%	4.80%	82	6.85%	6.35%
62	5.40%	4.90%	83	6.95%	6.45%
63	5.55%	5.05%	84	7.05%	6.55%
64	5.65%	5.15%	85+	7.15%	6.65%
65	5.75%	5.25%

12

The rates below apply for applications signed between October 15, 2019 and November 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after NOVEMBER 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.60%	3.10%	66	5.80%	5.30%
46	3.75%	3.25%	67	5.85%	5.35%
47	3.85%	3.35%	68	5.85%	5.35%
48	4.00%	3.50%	69	5.90%	5.40%
49	4.15%	3.65%	70	5.95%	5.45%
50	4.20%	3.70%	71	6.05%	5.55%
51	4.30%	3.80%	72	6.10%	5.60%
52	4.40%	3.90%	73	6.20%	5.70%
53	4.55%	4.05%	74	6.25%	5.75%
54	4.65%	4.15%	75	6.35%	5.85%
55	4.75%	4.25%	76	6.40%	5.90%
56	4.85%	4.35%	77	6.45%	5.95%
57	4.95%	4.45%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.60%	6.10%
59	5.10%	4.60%	80	6.65%	6.15%
60	5.20%	4.70%	81	6.75%	6.25%
61	5.30%	4.80%	82	6.85%	6.35%
62	5.40%	4.90%	83	6.95%	6.45%
63	5.55%	5.05%	84	7.05%	6.55%
64	5.65%	5.15%	85+	7.15%	6.65%
65	5.75%	5.25%

13

The rates below apply for applications signed between September 15, 2019 and October 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after OCTOBER 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.70%	3.20%	66	5.90%	5.40%
46	3.85%	3.35%	67	5.95%	5.45%
47	3.95%	3.45%	68	5.95%	5.45%
48	4.10%	3.60%	69	6.00%	5.50%
49	4.25%	3.75%	70	6.05%	5.55%
50	4.30%	3.80%	71	6.15%	5.65%
51	4.40%	3.90%	72	6.20%	5.70%
52	4.50%	4.00%	73	6.30%	5.80%
53	4.65%	4.15%	74	6.35%	5.85%
54	4.75%	4.25%	75	6.45%	5.95%
55	4.85%	4.35%	76	6.50%	6.00%
56	4.95%	4.45%	77	6.55%	6.05%
57	5.05%	4.55%	78	6.65%	6.15%
58	5.10%	4.60%	79	6.70%	6.20%
59	5.20%	4.70%	80	6.75%	6.25%
60	5.30%	4.80%	81	6.85%	6.35%
61	5.40%	4.90%	82	6.95%	6.45%
62	5.50%	5.00%	83	7.05%	6.55%
63	5.65%	5.15%	84	7.15%	6.65%
64	5.75%	5.25%	85+	7.25%	6.75%
65	5.85%	5.35%

14

The rates below apply for applications signed between July 15, 2019 and September 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after SEPTEMBER 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Annual Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.85%	3.35%	66	6.05%	5.55%
46	4.00%	3.50%	67	6.10%	5.60%
47	4.10%	3.60%	68	6.10%	5.60%
48	4.25%	3.75%	69	6.15%	5.65%
49	4.40%	3.90%	70	6.20%	5.70%
50	4.45%	3.95%	71	6.30%	5.80%
51	4.55%	4.05%	72	6.35%	5.85%
52	4.65%	4.15%	73	6.45%	5.95%
53	4.80%	4.30%	74	6.50%	6.00%
54	4.90%	4.40%	75	6.60%	6.10%
55	5.00%	4.50%	76	6.65%	6.15%
56	5.10%	4.60%	77	6.70%	6.20%
57	5.20%	4.70%	78	6.80%	6.30%
58	5.25%	4.75%	79	6.85%	6.35%
59	5.35%	4.85%	80	6.90%	6.40%
60	5.45%	4.95%	81	7.00%	6.50%
61	5.55%	5.05%	82	7.10%	6.60%
62	5.65%	5.15%	83	7.20%	6.70%
63	5.80%	5.30%	84	7.30%	6.80%
64	5.90%	5.40%	85+	7.40%	6.90%
65	6.00%	5.50%

15

The rates below apply for applications signed between May 15, 2019 and July 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JULY 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	4.00%	3.50%	66	6.20%	5.70%
46	4.15%	3.65%	67	6.25%	5.75%
47	4.25%	3.75%	68	6.25%	5.75%
48	4.40%	3.90%	69	6.30%	5.80%
49	4.55%	4.05%	70	6.35%	5.85%
50	4.60%	4.10%	71	6.45%	5.95%
51	4.70%	4.20%	72	6.50%	6.00%
52	4.80%	4.30%	73	6.60%	6.10%
53	4.95%	4.45%	74	6.65%	6.15%
54	5.05%	4.55%	75	6.75%	6.25%
55	5.15%	4.65%	76	6.80%	6.30%
56	5.25%	4.75%	77	6.85%	6.35%
57	5.35%	4.85%	78	6.95%	6.45%
58	5.40%	4.90%	79	7.00%	6.50%
59	5.50%	5.00%	80	7.05%	6.55%
60	5.60%	5.10%	81	7.15%	6.65%
61	5.70%	5.20%	82	7.25%	6.75%
62	5.80%	5.30%	83	7.35%	6.85%
63	5.95%	5.45%	84	7.45%	6.95%
64	6.05%	5.55%	85+	7.55%	7.05%
65	6.15%	5.65%

16

The rates below apply for applications signed between January 15, 2019 and May 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MAY 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Effective

Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	4.15%	3.65%	66	6.35%	5.85%
46	4.30%	3.80%	67	6.40%	5.90%
47	4.40%	3.90%	68	6.40%	5.90%
48	4.55%	4.05%	69	6.45%	5.95%
49	4.70%	4.20%	70	6.50%	6.00%
50	4.75%	4.25%	71	6.60%	6.10%
51	4.85%	4.35%	72	6.65%	6.15%
52	4.95%	4.45%	73	6.75%	6.25%
53	5.10%	4.60%	74	6.80%	6.30%
54	5.20%	4.70%	75	6.90%	6.40%
55	5.30%	4.80%	76	6.95%	6.45%
56	5.40%	4.90%	77	7.00%	6.50%
57	5.50%	5.00%	78	7.10%	6.60%
58	5.55%	5.05%	79	7.15%	6.65%
59	5.65%	5.15%	80	7.20%	6.70%
60	5.75%	5.25%	81	7.30%	6.80%
61	5.85%	5.35%	82	7.40%	6.90%
62	5.95%	5.45%	83	7.50%	7.00%
63	6.10%	5.60%	84	7.60%	7.10%
64	6.20%	5.70%	85+	7.70%	7.20%
65	6.30%	5.80%

17

The rates below apply for applications signed between December 15, 2018 and January 14, 2019.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JANUARY 15, 2019. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

6.00% Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	4.15%	3.65%	66	6.35%	5.85%
46	4.30%	3.80%	67	6.40%	5.90%
47	4.40%	3.90%	68	6.40%	5.90%
48	4.55%	4.05%	69	6.45%	5.95%
49	4.70%	4.20%	70	6.50%	6.00%
50	4.75%	4.25%	71	6.60%	6.10%
51	4.85%	4.35%	72	6.65%	6.15%
52	4.95%	4.45%	73	6.75%	6.25%
53	5.10%	4.60%	74	6.80%	6.30%
54	5.20%	4.70%	75	6.90%	6.40%
55	5.30%	4.80%	76	6.95%	6.45%
56	5.40%	4.90%	77	7.00%	6.50%
57	5.50%	5.00%	78	7.10%	6.60%
58	5.55%	5.05%	79	7.15%	6.65%
59	5.65%	5.15%	80	7.20%	6.70%
60	5.75%	5.25%	81	7.30%	6.80%
61	5.85%	5.35%	82	7.40%	6.90%
62	5.95%	5.45%	83	7.50%	7.00%
63	6.10%	5.60%	84	7.60%	7.10%
64	6.20%	5.70%	85+	7.70%	7.20%
65	6.30%	5.80%

18

The rates below apply for applications signed between August 15, 2018 and December 14, 2018.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after DECEMBER 15, 2018. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00% Compounded Daily

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	4.10%	3.60%	66	6.30%	5.80%
46	4.25%	3.75%	67	6.35%	5.85%
47	4.35%	3.85%	68	6.35%	5.85%
48	4.50%	4.00%	69	6.40%	5.90%
49	4.65%	4.15%	70	6.45%	5.95%
50	4.70%	4.20%	71	6.55%	6.05%
51	4.80%	4.30%	72	6.60%	6.10%
52	4.90%	4.40%	73	6.70%	6.20%
53	5.05%	4.55%	74	6.75%	6.25%
54	5.15%	4.65%	75	6.85%	6.35%
55	5.25%	4.75%	76	6.90%	6.40%
56	5.35%	4.85%	77	6.95%	6.45%
57	5.45%	4.95%	78	7.05%	6.55%
58	5.50%	5.00%	79	7.10%	6.60%
59	5.60%	5.10%	80	7.15%	6.65%
60	5.70%	5.20%	81	7.25%	6.75%
61	5.80%	5.30%	82	7.35%	6.85%
62	5.90%	5.40%	83	7.45%	6.95%
63	6.05%	5.55%	84	7.55%	7.05%
64	6.15%	5.65%	85+	7.65%	7.15%
65	6.25%	5.75%

19

The rates below apply for applications signed between June 15, 2018 and August 14, 2018.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after AUGUST 15, 2018. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.95%	3.45%	66	6.15%	5.65%
46	4.10%	3.60%	67	6.20%	5.70%
47	4.20%	3.70%	68	6.20%	5.70%
48	4.35%	3.85%	69	6.25%	5.75%
49	4.50%	4.00%	70	6.30%	5.80%
50	4.55%	4.05%	71	6.40%	5.90%
51	4.65%	4.15%	72	6.45%	5.95%
52	4.75%	4.25%	73	6.55%	6.05%
53	4.90%	4.40%	74	6.60%	6.10%
54	5.00%	4.50%	75	6.70%	6.20%
55	5.10%	4.60%	76	6.75%	6.25%
56	5.20%	4.70%	77	6.80%	6.30%
57	5.30%	4.80%	78	6.90%	6.40%
58	5.35%	4.85%	79	6.95%	6.45%
59	5.45%	4.95%	80	7.00%	6.50%
60	5.55%	5.05%	81	7.10%	6.60%
61	5.65%	5.15%	82	7.20%	6.70%
62	5.75%	5.25%	83	7.30%	6.80%
63	5.90%	5.40%	84	7.40%	6.90%
64	6.00%	5.50%	85+	7.50%	7.00%
65	6.10%	5.60%

20

The rates below apply for applications signed between March 15, 2018 and June 14, 2018.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JUNE 15, 2018. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.85%	3.35%	66	6.05%	5.55%
46	4.00%	3.50%	67	6.10%	5.60%
47	4.10%	3.60%	68	6.10%	5.60%
48	4.25%	3.75%	69	6.15%	5.65%
49	4.40%	3.90%	70	6.20%	5.70%
50	4.45%	3.95%	71	6.30%	5.80%
51	4.55%	4.05%	72	6.35%	5.85%
52	4.65%	4.15%	73	6.45%	5.95%
53	4.80%	4.30%	74	6.50%	6.00%
54	4.90%	4.40%	75	6.60%	6.10%
55	5.00%	4.50%	76	6.65%	6.15%
56	5.10%	4.60%	77	6.70%	6.20%
57	5.20%	4.70%	78	6.80%	6.30%
58	5.25%	4.75%	79	6.85%	6.35%
59	5.35%	4.85%	80	6.90%	6.40%
60	5.45%	4.95%	81	7.00%	6.50%
61	5.55%	5.05%	82	7.10%	6.60%
62	5.65%	5.15%	83	7.20%	6.70%
63	5.80%	5.30%	84	7.30%	6.80%
64	5.90%	5.40%	85+	7.40%	6.90%
65	6.00%	5.50%

21

The rates below apply for applications signed between February 15, 2017 and March 14, 2018.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MARCH 15, 2018. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.60%	3.10%	66	5.80%	5.30%
46	3.75%	3.25%	67	5.85%	5.35%
47	3.85%	3.35%	68	5.85%	5.35%
48	4.00%	3.50%	69	5.90%	5.40%
49	4.15%	3.65%	70	5.95%	5.45%
50	4.20%	3.70%	71	6.05%	5.55%
51	4.30%	3.80%	72	6.10%	5.60%
52	4.40%	3.90%	73	6.20%	5.70%
53	4.55%	4.05%	74	6.25%	5.75%
54	4.65%	4.15%	75	6.35%	5.85%
55	4.75%	4.25%	76	6.40%	5.90%
56	4.85%	4.35%	77	6.45%	5.95%
57	4.95%	4.45%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.60%	6.10%
59	5.10%	4.60%	80	6.65%	6.15%
60	5.20%	4.70%	81	6.75%	6.25%
61	5.30%	4.80%	82	6.85%	6.35%
62	5.40%	4.90%	83	6.95%	6.45%
63	5.55%	5.05%	84	7.05%	6.55%
64	5.65%	5.15%	85+	7.15%	6.65%
65	5.75%	5.25%

22

The rates below apply for applications signed between December 15, 2016 and February 14, 2017.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after FEBRUARY 15, 2017. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.35%	2.85%	66	5.55%	5.05%
46	3.50%	3.00%	67	5.60%	5.10%
47	3.60%	3.10%	68	5.60%	5.10%
48	3.75%	3.25%	69	5.65%	5.15%
49	3.90%	3.40%	70	5.70%	5.20%
50	3.95%	3.45%	71	5.80%	5.30%
51	4.05%	3.55%	72	5.85%	5.35%
52	4.15%	3.65%	73	5.95%	5.45%
53	4.30%	3.80%	74	6.00%	5.50%
54	4.40%	3.90%	75	6.10%	5.60%
55	4.50%	4.00%	76	6.15%	5.65%
56	4.60%	4.10%	77	6.20%	5.70%
57	4.70%	4.20%	78	6.30%	5.80%
58	4.75%	4.25%	79	6.35%	5.85%
59	4.85%	4.35%	80	6.40%	5.90%
60	4.95%	4.45%	81	6.50%	6.00%
61	5.05%	4.55%	82	6.60%	6.10%
62	5.15%	4.65%	83	6.70%	6.20%
63	5.30%	4.80%	84	6.80%	6.30%
64	5.40%	4.90%	85+	6.90%	6.40%
65	5.50%	5.00%

23

The rates below apply for applications signed between September 15, 2016 and December 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after DECEMBER 15, 2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.45%	4.95%
46	3.40%	2.90%	67	5.50%	5.00%
47	3.50%	3.00%	68	5.50%	5.00%
48	3.65%	3.15%	69	5.55%	5.05%
49	3.80%	3.30%	70	5.60%	5.10%
50	3.85%	3.35%	71	5.70%	5.20%
51	3.95%	3.45%	72	5.75%	5.25%
52	4.05%	3.55%	73	5.85%	5.35%
53	4.20%	3.70%	74	5.90%	5.40%
54	4.30%	3.80%	75	6.00%	5.50%
55	4.40%	3.90%	76	6.05%	5.55%
56	4.50%	4.00%	77	6.10%	5.60%
57	4.60%	4.10%	78	6.20%	5.70%
58	4.65%	4.15%	79	6.25%	5.75%
59	4.75%	4.25%	80	6.30%	5.80%
60	4.85%	4.35%	81	6.40%	5.90%
61	4.95%	4.45%	82	6.50%	6.00%
62	5.05%	4.55%	83	6.60%	6.10%
63	5.20%	4.70%	84	6.70%	6.20%
64	5.30%	4.80%	85+	6.80%	6.30%
65	5.40%	4.90%

24

The rates below apply for applications signed between June 15, 2016 and September 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after SEPTEMBER 15, 2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

Income Growth Rate:

5.75%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.20%	5.70%
53	4.25%	3.75%	74	6.25%	5.75%
54	4.40%	3.90%	75	6.30%	5.80%
55	4.55%	4.05%	76	6.40%	5.90%
56	4.65%	4.15%	77	6.50%	6.00%
57	4.80%	4.30%	78	6.60%	6.10%
58	4.95%	4.45%	79	6.70%	6.20%
59	5.05%	4.55%	80	6.80%	6.30%
60	5.15%	4.65%	81	6.90%	6.40%
61	5.25%	4.75%	82	7.00%	6.50%
62	5.35%	4.85%	83	7.10%	6.60%
63	5.45%	4.95%	84	7.20%	6.70%
64	5.55%	5.05%	85+	7.30%	6.80%
65	5.75%	5.25%

25

The rates below apply for applications signed between March 15, 2016 and June 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JUNE 15,2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.50%	3.00%	66	6.05%	5.55%
46	3.65%	3.15%	67	6.10%	5.60%
47	3.75%	3.25%	68	6.15%	5.65%
48	3.90%	3.40%	69	6.20%	5.70%
49	4.05%	3.55%	70	6.25%	5.75%
50	4.15%	3.65%	71	6.30%	5.80%
51	4.30%	3.80%	72	6.35%	5.85%
52	4.45%	3.95%	73	6.45%	5.95%
53	4.50%	4.00%	74	6.50%	6.00%
54	4.65%	4.15%	75	6.55%	6.05%
55	4.80%	4.30%	76	6.65%	6.15%
56	4.90%	4.40%	77	6.75%	6.25%
57	5.05%	4.55%	78	6.85%	6.35%
58	5.20%	4.70%	79	6.95%	6.45%
59	5.30%	4.80%	80	7.05%	6.55%
60	5.40%	4.90%	81	7.15%	6.65%
61	5.50%	5.00%	82	7.25%	6.75%
62	5.60%	5.10%	83	7.35%	6.85%
63	5.70%	5.20%	84	7.45%	6.95%
64	5.80%	5.30%	85+	7.55%	7.05%
65	6.00%	5.50%

26

The rates below apply for applications signed between February 15, 2016 and March 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MARCH 15, 2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.50%	3.00%	66	6.05%	5.55%
46	3.65%	3.15%	67	6.10%	5.60%
47	3.75%	3.25%	68	6.15%	5.65%
48	3.90%	3.40%	69	6.20%	5.70%
49	4.05%	3.55%	70	6.25%	5.75%
50	4.15%	3.65%	71	6.30%	5.80%
51	4.30%	3.80%	72	6.35%	5.85%
52	4.45%	3.95%	73	6.45%	5.95%
53	4.50%	4.00%	74	6.50%	6.00%
54	4.65%	4.15%	75	6.55%	6.05%
55	4.80%	4.30%	76	6.65%	6.15%
56	4.90%	4.40%	77	6.75%	6.25%
57	5.05%	4.55%	78	6.85%	6.35%
58	5.20%	4.70%	79	6.95%	6.45%
59	5.30%	4.80%	80	7.05%	6.55%
60	5.40%	4.90%	81	7.15%	6.65%
61	5.50%	5.00%	82	7.25%	6.75%
62	5.60%	5.10%	83	7.35%	6.85%
63	5.70%	5.20%	84	7.45%	6.95%
64	5.80%	5.30%	85+	7.55%	7.05%
65	6.00%	5.50%

27

The rates below apply for applications signed between January 15, 2016 and February 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after FEBRUARY 15, 2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.50%	3.00%	66	6.05%	5.55%
46	3.65%	3.15%	67	6.10%	5.60%
47	3.75%	3.25%	68	6.15%	5.65%
48	3.90%	3.40%	69	6.20%	5.70%
49	4.05%	3.55%	70	6.25%	5.75%
50	4.15%	3.65%	71	6.30%	5.80%
51	4.30%	3.80%	72	6.35%	5.85%
52	4.45%	3.95%	73	6.45%	5.95%
53	4.50%	4.00%	74	6.50%	6.00%
54	4.65%	4.15%	75	6.55%	6.05%
55	4.80%	4.30%	76	6.65%	6.15%
56	4.90%	4.40%	77	6.75%	6.25%
57	5.05%	4.55%	78	6.85%	6.35%
58	5.20%	4.70%	79	6.95%	6.45%
59	5.30%	4.80%	80	7.05%	6.55%
60	5.40%	4.90%	81	7.15%	6.65%
61	5.50%	5.00%	82	7.25%	6.75%
62	5.60%	5.10%	83	7.35%	6.85%
63	5.70%	5.20%	84	7.45%	6.95%
64	5.80%	5.30%	85+	7.55%	7.05%
65	6.00%	5.50%

28

The rates below apply for applications signed between December 15, 2015 and January 14, 2016.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JANUARY 15, 2016. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.50%	3.00%	66	6.05%	5.55%
46	3.65%	3.15%	67	6.10%	5.60%
47	3.75%	3.25%	68	6.15%	5.65%
48	3.90%	3.40%	69	6.20%	5.70%
49	4.05%	3.55%	70	6.25%	5.75%
50	4.15%	3.65%	71	6.30%	5.80%
51	4.30%	3.80%	72	6.35%	5.85%
52	4.45%	3.95%	73	6.45%	5.95%
53	4.50%	4.00%	74	6.50%	6.00%
54	4.65%	4.15%	75	6.55%	6.05%
55	4.80%	4.30%	76	6.65%	6.15%
56	4.90%	4.40%	77	6.75%	6.25%
57	5.05%	4.55%	78	6.85%	6.35%
58	5.20%	4.70%	79	6.95%	6.45%
59	5.30%	4.80%	80	7.05%	6.55%
60	5.40%	4.90%	81	7.15%	6.65%
61	5.50%	5.00%	82	7.25%	6.75%
62	5.60%	5.10%	83	7.35%	6.85%
63	5.70%	5.20%	84	7.45%	6.95%
64	5.80%	5.30%	85+	7.55%	7.05%
65	6.00%	5.50%

29

The rates below apply for applications signed between November 15, 2015 and December 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after DECEMBER 15, 2015. Please visit www.PrudentialAnnuities.com/investor/prospectuses or work with your Financial Professional to confirm the most current Income Growth Rate and Income Percentages.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

30

The rates below apply for applications signed between October 15, 2015 and November 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after NOVEMBER15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

31

The rates below apply for applications signed between September 15, 2015 and October 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after October 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

32

The rates below apply for applications signed between August 15, 2015 and September 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after SEPTEMBER 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

33

The rates below apply for applications signed between July 15, 2015 and August 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after AUGUST 15,2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates..

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

34

The rates below apply for applications signed between June 15, 2015 and July 14, 2015.

 The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JULY 15, 2015.  Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

35

The rates below apply for applications signed between May 15, 2015 and June 14, 2015.

 The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after JUNE 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates..

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

36

The rates below apply for applications signed between April 27, 2015 and May 14, 2015.

 The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after MAY 15, 2015.  Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

37

The rates below apply for applications signed between April 15, 2015 and April 26, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for applicable paperwork signed on or after APRIL 27, 2015.   Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

Income Percentages

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

38

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN MARCH 15, 2015 AND APRIL 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after APRIL 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

39

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN FEBRUARY 15, 2015 AND MARCH 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after MARCH 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

40

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN JANUARY 15, 2015 AND FEBRUARY 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after FEBRUARY 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

41

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN MAY 15, 2014 AND JANUARY 14, 2015.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after JANUARY 15, 2015. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.25%	2.75%	66	5.80%	5.30%
46	3.40%	2.90%	67	5.85%	5.35%
47	3.50%	3.00%	68	5.90%	5.40%
48	3.65%	3.15%	69	5.95%	5.45%
49	3.80%	3.30%	70	6.00%	5.50%
50	3.90%	3.40%	71	6.05%	5.55%
51	4.05%	3.55%	72	6.10%	5.60%
52	4.20%	3.70%	73	6.15%	5.65%
53	4.30%	3.80%	74	6.20%	5.70%
54	4.45%	3.95%	75	6.25%	5.75%
55	4.60%	4.10%	76	6.35%	5.85%
56	4.70%	4.20%	77	6.45%	5.95%
57	4.85%	4.35%	78	6.55%	6.05%
58	5.00%	4.50%	79	6.65%	6.15%
59	5.10%	4.60%	80	6.75%	6.25%
60	5.25%	4.75%	81	6.85%	6.35%
61	5.35%	4.85%	82	6.95%	6.45%
62	5.45%	4.95%	83	7.05%	6.55%
63	5.55%	5.05%	84	7.15%	6.65%
64	5.65%	5.15%	85+	7.25%	6.75%
65	5.75%	5.25%

42

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN FEBRUARY 15, 2014 AND MAY 14, 2014.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after MAY 15, 2014. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.40%	2.90%	66	5.95%	5.45%
46	3.55%	3.05%	67	6.00%	5.50%
47	3.65%	3.15%	68	6.05%	5.55%
48	3.80%	3.30%	69	6.10%	5.60%
49	3.95%	3.45%	70	6.15%	5.65%
50	4.05%	3.55%	71	6.20%	5.70%
51	4.20%	3.70%	72	6.25%	5.75%
52	4.35%	3.85%	73	6.30%	5.80%
53	4.45%	3.95%	74	6.35%	5.85%
54	4.60%	4.10%	75	6.40%	5.90%
55	4.75%	4.25%	76	6.50%	6.00%
56	4.85%	4.35%	77	6.60%	6.10%
57	5.00%	4.50%	78	6.70%	6.20%
58	5.15%	4.65%	79	6.80%	6.30%
59	5.25%	4.75%	80	6.90%	6.40%
60	5.40%	4.90%	81	7.00%	6.50%
61	5.50%	5.00%	82	7.10%	6.60%
62	5.60%	5.10%	83	7.20%	6.70%
63	5.70%	5.20%	84	7.30%	6.80%
64	5.80%	5.30%	85+	7.40%	6.90%
65	5.90%	5.40%

43

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN OCTOBER 15, 2013 AND FEBRUARY 14, 2014.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after FEBRUARY 15, 2014. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.50%	3.00%	66	6.05%	5.55%
46	3.65%	3.15%	67	6.10%	5.60%
47	3.75%	3.25%	68	6.15%	5.65%
48	3.90%	3.40%	69	6.20%	5.70%
49	4.05%	3.55%	70	6.25%	5.75%
50	4.15%	3.65%	71	6.30%	5.80%
51	4.30%	3.80%	72	6.35%	5.85%
52	4.45%	3.95%	73	6.40%	5.90%
53	4.55%	4.05%	74	6.45%	5.95%
54	4.70%	4.20%	75	6.50%	6.00%
55	4.85%	4.35%	76	6.60%	6.10%
56	4.95%	4.45%	77	6.70%	6.20%
57	5.10%	4.60%	78	6.80%	6.30%
58	5.25%	4.75%	79	6.90%	6.40%
59	5.35%	4.90%	80	7.00%	6.50%
60	5.50%	5.00%	81	7.10%	6.60%
61	5.60%	5.10%	82	7.20%	6.70%
62	5.70%	5.20%	83	7.30%	6.80%
63	5.80%	5.30%	84	7.40%	6.90%
64	5.90%	5.40%	85+	7.50%	7.00%
65	6.00%	5.50%

44

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN SEPTEMBER 1, 2013 AND OCTOBER 14, 2013.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after OCTOBER 15, 2013. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.35%	2.85%	66	5.90%	5.40%
46	3.50%	3.00%	67	5.95%	5.45%
47	3.60%	3.10%	68	6.00%	5.50%
48	3.75%	3.25%	69	6.05%	5.55%
49	3.90%	3.40%	70	6.10%	5.60%
50	4.00%	3.50%	71	6.15%	5.65%
51	4.15%	3.65%	72	6.20%	5.70%
52	4.30%	3.80%	73	6.25%	5.75%
53	4.40%	3.90%	74	6.30%	5.80%
54	4.55%	4.05%	75	6.35%	5.85%
55	4.70%	4.20%	76	6.45%	5.95%
56	4.80%	4.30%	77	6.55%	6.05%
57	4.95%	4.45%	78	6.65%	6.15%
58	5.10%	4.60%	79	6.75%	6.25%
59	5.20%	4.70%	80	6.85%	6.35%
60	5.35%	4.85%	81	6.95%	6.45%
61	5.45%	4.95%	82	7.05%	6.55%
62	5.55%	5.05%	83	7.15%	6.65%
63	5.65%	5.15%	84	7.25%	6.75%
64	5.75%	5.25%	85+	7.35%	6.85%
65	5.85%	5.35%

45

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN JULY 15, 2013 AND AUGUST 31, 2013.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after SEPTEMBER 1, 2013. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

6.00%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.15%	2.65%	66	5.70%	5.20%
46	3.30%	2.80%	67	5.75%	5.25%
47	3.40%	2.90%	68	5.80%	5.30%
48	3.55%	3.05%	69	5.85%	5.35%
49	3.70%	3.20%	70	5.90%	5.40%
50	3.80%	3.30%	71	5.95%	5.45%
51	3.95%	3.45%	72	6.00%	5.50%
52	4.10%	3.60%	73	6.05%	5.55%
53	4.20%	3.70%	74	6.10%	5.60%
54	4.35%	3.85%	75	6.15%	5.65%
55	4.50%	4.00%	76	6.25%	5.75%
56	4.60%	4.10%	77	6.35%	5.85%
57	4.75%	4.25%	78	6.45%	5.95%
58	4.90%	4.40%	79	6.55%	6.05%
59	5.00%	4.50%	80	6.65%	6.15%
60	5.15%	4.65%	81	6.75%	6.25%
61	5.25%	4.75%	82	6.85%	6.35%
62	5.35%	4.85%	83	6.95%	6.45%
63	5.45%	4.95%	84	7.05%	6.55%
64	5.55%	5.05%	85+	7.15%	6.65%
65	5.65%	5.15%

46

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN JUNE 17, 2013 AND JULY 14, 2013.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after JULY 15, 2013. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.00%	2.50%	66	5.55%	5.05%
46	3.15%	2.65%	67	5.60%	5.10%
47	3.25%	2.75%	68	5.65%	5.15%
48	3.40%	2.90%	69	5.70%	5.20%
49	3.55%	3.05%	70	5.75%	5.25%
50	3.65%	3.15%	71	5.80%	5.30%
51	3.80%	3.30%	72	5.85%	5.35%
52	3.95%	3.45%	73	5.90%	5.40%
53	4.05%	3.55%	74	5.95%	5.45%
54	4.20%	3.70%	75	6.00%	5.50%
55	4.35%	3.85%	76	6.10%	5.60%
56	4.45%	3.95%	77	6.20%	5.70%
57	4.60%	4.10%	78	6.30%	5.80%
58	4.75%	4.25%	79	6.40%	5.90%
59	4.85%	4.35%	80	6.50%	6.00%
60	5.00%	4.50%	81	6.60%	6.10%
61	5.10%	4.60%	82	6.70%	6.20%
62	5.20%	4.70%	83	6.80%	6.30%
63	5.30%	4.80%	84	6.90%	6.40%
64	5.40%	4.90%	85+	7.00%	6.0%
65	5.50%	5.00%

47

THE RATES BELOW APPLY FOR APPLICATIONS SIGNED BETWEEN MAY 1, 2013 AND JUNE 16, 2013.

The Income Growth Rate and Income Percentages may be different than those listed below for Applications signed on or after JUNE 17, 2013. Please visit www.prudential.com/personal/annuities/annuity-prospectuses or work with your Financial Professional to confirm the most current rates.

INCOME GROWTH RATE:

5.50%

INCOME PERCENTAGES

The applicable guaranteed Income Percentage is based on the attained age of the Annuitant (youngest Designated Life for Spousal) as of the date the purchase payment(s) is received in Good Order, according to the following tables listed below:

Age	Single Percentage	Spousal Percentage	Age	Single Percentage	Spousal Percentage
45	3.00%	2.50%	66	5.10%	4.60%
46	3.10%	2.60%	67	5.20%	4.70%
47	3.20%	2.70%	68	5.30%	4.80%
48	3.30%	2.80%	69	5.40%	4.90%
49	3.40%	2.90%	70	5.50%	5.00%
50	3.50%	3.00%	71	5.60%	5.10%
51	3.60%	3.10%	72	5.70%	5.20%
52	3.70%	3.20%	73	5.80%	5.30%
53	3.80%	3.30%	74	5.90%	5.40%
54	3.90%	3.40%	75	600%	5.50%
55	4.00%	3.50%	76	6.10%	5.60%
56	4.10%	3.60%	77	6.20%	5.70%
57	4.20%	3.70%	78	6.30%	5.80%
58	4.30%	3.80%	79	6.40%	5.90%
59	4.40%	3.90%	80	6.50%	6.00%
60	4.50%	4.00%	81	6.60%	6.10%
61	4.60%	4.10%	82	6.70%	6.20%
62	4.70%	4.20%	83	6.80%	6.30%
63	4.80%	4.30%	84	6.90%	6.40%
64	4.90%	4.40%	85+	7.00%	6.00%
65	5.00%	4.50%

48

FINANCIAL INFORMATION

A-1

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	Prudential Government Money Market Portfolio (Class I)		Prudential Diversified Bond Portfolio		Prudential Equity Portfolio (Class I)		Prudential Value Portfolio (Class I)		Prudential High Yield Bond Portfolio
ASSETS
Investment in the portfolios, at fair value	$	5,390,928	$	12,186,234	$	18,760,377	$	16,791,126	$	10,712,334
Net Assets	$	5,390,928	$	12,186,234	$	18,760,377	$	16,791,126	$	10,712,334
NET ASSETS, representing:
Accumulation units	$	5,390,928	$	12,186,234	$	18,760,377	$	16,791,126	$	10,712,334
	$	5,390,928	$	12,186,234	$	18,760,377	$	16,791,126	$	10,712,334
Units outstanding	4,551,027		3,863,280		3,289,972		4,160,350		1,982,638
Portfolio shares held	539,093		772,258		230,189		450,406		1,733,387
Portfolio net asset value per share	$	10.00	$	15.78	$	81.50	$	37.28	$	6.18
Investment in portfolio shares, at cost	$	5,390,928	$	8,799,243	$	6,410,476	$	8,972,095	$	9,112,643

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	Prudential Government Money Market Portfolio (Class I)		Prudential Diversified Bond Portfolio		Prudential Equity Portfolio (Class I)		Prudential Value Portfolio (Class I)		Prudential High Yield Bond 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
INVESTMENT INCOME
Dividend income	$	16,389	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	76,004		171,414		235,131		232,057		154,225
NET INVESTMENT INCOME (LOSS)	(59,615)		(171,414)		(235,131)		(232,057)		(154,225)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		442,434		1,717,465		1,110,691		152,661
Net change in unrealized appreciation (depreciation) on investments	—		554,611		2,584,356		(867,162)		530,702
NET GAIN (LOSS) ON INVESTMENTS	—		997,045		4,301,821		243,529		683,363
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(59,615)	$	825,631	$	4,066,690	$	11,472	$	529,138

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

A1

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	Prudential Stock Index Portfolio		Prudential Global Portfolio		Prudential Jennison Portfolio (Class I)		Prudential Small Capitalization Stock Portfolio		T. Rowe Price International Stock Portfolio
ASSETS
Investment in the portfolios, at fair value	$	42,620,546	$	4,186,430	$	30,867,533	$	8,500,228	$	1,488,275
Net Assets	$	42,620,546	$	4,186,430	$	30,867,533	$	8,500,228	$	1,488,275
NET ASSETS, representing:
Accumulation units	$	42,620,546	$	4,186,430	$	30,867,533	$	8,500,228	$	1,488,275
	$	42,620,546	$	4,186,430	$	30,867,533	$	8,500,228	$	1,488,275
Units outstanding	5,580,935		1,055,977		3,508,456		939,087		613,481
Portfolio shares held	486,203		87,108		242,117		177,978		87,136
Portfolio net asset value per share	$	87.66	$	48.06	$	127.49	$	47.76	$	17.08
Investment in portfolio shares, at cost	$	27,645,809	$	1,755,638	$	6,041,893	$	5,303,176	$	1,237,483

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	Prudential Stock Index Portfolio		Prudential Global Portfolio		Prudential Jennison Portfolio (Class I)		Prudential Small Capitalization Stock Portfolio		T. Rowe Price International Stock 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	7,685
EXPENSES
Charges for mortality and expense risk,
and for administration	401,305		54,026		383,257		71,250		19,198
NET INVESTMENT INCOME (LOSS)	(401,305)		(54,026)		(383,257)		(71,250)		(11,513)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		59,773
Net realized gain (loss) on shares redeemed	2,025,717		305,138		5,052,164		235,928		27,621
Net change in unrealized appreciation (depreciation) on investments	4,235,244		195,580		7,178,929		616,237		94,610
NET GAIN (LOSS) ON INVESTMENTS	6,260,961		500,718		12,231,093		852,165		182,004
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	5,859,656	$	446,692	$	11,847,836	$	780,915	$	170,491

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

A2

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	T. Rowe Price Equity Income Portfolio (Equity Income Class)		Invesco V.I. Core Equity Fund (Series I)		Janus Henderson VIT Research Portfolio (Institutional Shares)		Janus Henderson VIT Overseas Portfolio (Institutional Shares)		MFS® Research Series (Initial Class)
ASSETS
Investment in the portfolios, at fair value	$	5,603,595	$	7,128,740	$	5,675,386	$	4,607,853	$	1,548,105
Net Assets	$	5,603,595	$	7,128,740	$	5,675,386	$	4,607,853	$	1,548,105
NET ASSETS, representing:
Accumulation units	$	5,603,595	$	7,128,740	$	5,675,386	$	4,607,853	$	1,548,105
	$	5,603,595	$	7,128,740	$	5,675,386	$	4,607,853	$	1,548,105
Units outstanding	1,252,136		1,821,168		1,022,069		1,075,255		315,058
Portfolio shares held	213,796		234,267		115,003		120,593		47,098
Portfolio net asset value per share	$	26.21	$	30.43	$	49.35	$	38.21	$	32.87
Investment in portfolio shares, at cost	$	4,942,654	$	6,668,185	$	3,474,162	$	3,897,818	$	1,071,147

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	T. Rowe Price Equity Income Portfolio (Equity Income Class)		Invesco V.I. Core Equity Fund (Series I)		Janus Henderson VIT Research Portfolio (Institutional Shares)		Janus Henderson VIT Overseas Portfolio (Institutional Shares)		MFS® Research 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
INVESTMENT INCOME
Dividend income	$	116,962	$	89,401	$	28,348	$	53,787	$	10,187
EXPENSES
Charges for mortality and expense risk,
and for administration	70,235		94,555		73,868		55,832		19,634
NET INVESTMENT INCOME (LOSS)	46,727		(5,154)		(45,520)		(2,045)		(9,447)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	118,935		1,542,225		428,574		—		56,157
Net realized gain (loss) on shares redeemed	53,631		168,123		416,600		(26,040)		50,421
Net change in unrealized appreciation (depreciation) on investments	(278,261)		(910,555)		632,508		584,441		96,078
NET GAIN (LOSS) ON INVESTMENTS	(105,695)		799,793		1,477,682		558,401		202,656
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(58,968)	$	794,639	$	1,432,162	$	556,356	$	193,209

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

A3

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

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)		Prudential Jennison 20/20 Focus Portfolio (Class I)		Davis Value Portfolio
ASSETS
Investment in the portfolios, at fair value	$	7,717,224	$	1,610,575	$	2,679,252	$	3,743,068	$	1,120,814
Net Assets	$	7,717,224	$	1,610,575	$	2,679,252	$	3,743,068	$	1,120,814
NET ASSETS, representing:
Accumulation units	$	7,717,224	$	1,610,575	$	2,679,252	$	3,743,068	$	1,120,814
	$	7,717,224	$	1,610,575	$	2,679,252	$	3,743,068	$	1,120,814
Units outstanding	1,115,059		368,261		442,289		736,801		433,690
Portfolio shares held	104,555		144,188		115,935		75,117		122,226
Portfolio net asset value per share	$	73.81	$	11.17	$	23.11	$	49.83	$	9.17
Investment in portfolio shares, at cost	$	3,688,092	$	1,086,627	$	2,181,575	$	1,074,416	$	1,187,255

STATEMENTS OF OPERATIONS

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)		Prudential Jennison 20/20 Focus Portfolio (Class I)		Davis 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
INVESTMENT INCOME
Dividend income	$	—	$	34,584	$	—	$	—	$	7,101
EXPENSES
Charges for mortality and expense risk,
and for administration	99,334		21,002		32,102		44,583		14,338
NET INVESTMENT INCOME (LOSS)	(99,334)		13,582		(32,102)		(44,583)		(7,237)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	458,860		40,088		308,513		—		28,404
Net realized gain (loss) on shares redeemed	725,192		61,937		5,124		261,433		(43,045)
Net change in unrealized appreciation (depreciation) on investments	792,568		(167,214)		730,062		645,659		113,082
NET GAIN (LOSS) ON INVESTMENTS	1,976,620		(65,189)		1,043,699		907,092		98,441
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	1,877,286	$	(51,607)	$	1,011,597	$	862,509	$	91,204

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

A4

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AB VPS Large Cap Growth Portfolio (Class B)		Prudential SP Small Cap Value Portfolio (Class I)		Janus Henderson VIT Research Portfolio (Service Shares)		SP Prudential U.S. Emerging Growth Portfolio (Class I)		Prudential SP International Growth Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	531,944	$	6,263,465	$	556,867	$	8,184,609	$	1,804,871
Net Assets	$	531,944	$	6,263,465	$	556,867	$	8,184,609	$	1,804,871
NET ASSETS, representing:
Accumulation units	$	531,944	$	6,263,465	$	556,867	$	8,184,609	$	1,804,871
	$	531,944	$	6,263,465	$	556,867	$	8,184,609	$	1,804,871
Units outstanding	201,639		1,745,374		157,136		1,305,421		631,775
Portfolio shares held	7,439		220,622		11,655		295,687		147,216
Portfolio net asset value per share	$	71.51	$	28.39	$	47.78	$	27.68	$	12.26
Investment in portfolio shares, at cost	$	329,570	$	3,030,318	$	332,546	$	2,283,613	$	922,474

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AB VPS Large Cap Growth Portfolio (Class B)		Prudential SP Small Cap Value Portfolio (Class I)		Janus Henderson VIT Research Portfolio (Service Shares)		SP Prudential U.S. Emerging Growth Portfolio (Class I)		Prudential SP International Growth 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	1,666	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	6,295		84,767		7,702		108,109		25,970
NET INVESTMENT INCOME (LOSS)	(6,295)		(84,767)		(6,036)		(108,109)		(25,970)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	36,973		—		38,969		—		—
Net realized gain (loss) on shares redeemed	36,444		416,200		27,070		949,240		183,600
Net change in unrealized appreciation (depreciation) on investments	63,422		(426,818)		60,874		1,804,112		279,572
NET GAIN (LOSS) ON INVESTMENTS	136,839		(10,618)		126,913		2,753,352		463,172
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	130,544	$	(95,385)	$	120,877	$	2,645,243	$	437,202

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

A5

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Strategic Opportunities Portfolio		AST T. Rowe Price Large-Cap Value Portfolio		AST High Yield Portfolio		AST Small-Cap Growth Opportunities Portfolio
ASSETS
Investment in the portfolios, at fair value	$	27,821,195	$	168,535,948	$	81,724,198	$	33,441,059	$	24,342,369
Net Assets	$	27,821,195	$	168,535,948	$	81,724,198	$	33,441,059	$	24,342,369
NET ASSETS, representing:
Accumulation units	$	27,821,195	$	168,535,948	$	81,724,198	$	33,441,059	$	24,342,369
	$	27,821,195	$	168,535,948	$	81,724,198	$	33,441,059	$	24,342,369
Units outstanding	1,245,415		10,391,065		4,546,368		2,106,253		721,696
Portfolio shares held	1,980,156		7,280,171		4,648,703		2,863,104		746,241
Portfolio net asset value per share	$	14.05	$	23.15	$	17.58	$	11.68	$	32.62
Investment in portfolio shares, at cost	$	22,670,583	$	123,458,155	$	66,779,376	$	27,838,715	$	14,306,906

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Strategic Opportunities Portfolio		AST T. Rowe Price Large-Cap Value Portfolio		AST High Yield Portfolio		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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	317,269		2,342,112		921,246		353,294		269,249
NET INVESTMENT INCOME (LOSS)	(317,269)		(2,342,112)		(921,246)		(353,294)		(269,249)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	1,651,574		15,180,762		(4,334,210)		1,513,324		2,371,877
Net change in unrealized appreciation (depreciation) on investments	(2,967,105)		423,640		5,244,176		(618,497)		3,399,142
NET GAIN (LOSS) ON INVESTMENTS	(1,315,531)		15,604,402		909,966		894,827		5,771,019
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(1,632,800)	$	13,262,290	$	(11,280)	$	541,533	$	5,501,770

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

A6

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST WEDGE Capital Mid-Cap Value Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio
ASSETS
Investment in the portfolios, at fair value	$	9,774,017	$	13,817,785	$	74,072,266	$	38,727,481	$	60,329,947
Net Assets	$	9,774,017	$	13,817,785	$	74,072,266	$	38,727,481	$	60,329,947
NET ASSETS, representing:
Accumulation units	$	9,774,017	$	13,817,785	$	74,072,266	$	38,727,481	$	60,329,947
	$	9,774,017	$	13,817,785	$	74,072,266	$	38,727,481	$	60,329,947
Units outstanding	501,304		676,787		2,254,617		1,782,575		1,548,528
Portfolio shares held	404,721		472,888		4,679,233		1,167,545		717,701
Portfolio net asset value per share	$	24.15	$	29.22	$	15.83	$	33.17	$	84.06
Investment in portfolio shares, at cost	$	7,331,589	$	10,532,634	$	44,361,845	$	27,716,522	$	34,950,019

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST WEDGE Capital Mid-Cap Value Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	116,680		155,187		849,966		421,474		762,491
NET INVESTMENT INCOME (LOSS)	(116,680)		(155,187)		(849,966)		(421,474)		(762,491)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(281,398)		(907,552)		8,379,634		(158,653)		12,017,953
Net change in unrealized appreciation (depreciation) on investments	221,908		550,537		9,223,298		103,177		1,272,271
NET GAIN (LOSS) ON INVESTMENTS	(59,490)		(357,015)		17,602,932		(55,476)		13,290,224
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(176,170)	$	(512,202)	$	16,752,966	$	(476,950)	$	12,527,733

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

A7

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST MFS Growth Portfolio		AST Neuberger Berman/LSV Mid-Cap Value Portfolio		AST BlackRock Low Duration Bond Portfolio		AST QMA US Equity Alpha Portfolio		AST T. Rowe Price Natural Resources Portfolio
ASSETS
Investment in the portfolios, at fair value	$	28,722,665	$	33,857,871	$	27,527,863	$	28,576,276	$	27,662,454
Net Assets	$	28,722,665	$	33,857,871	$	27,527,863	$	28,576,276	$	27,662,454
NET ASSETS, representing:
Accumulation units	$	28,722,665	$	33,857,871	$	27,527,863	$	28,576,276	$	27,662,454
	$	28,722,665	$	33,857,871	$	27,527,863	$	28,576,276	$	27,662,454
Units outstanding	774,427		1,603,567		2,574,321		1,093,272		2,755,797
Portfolio shares held	659,685		976,575		2,371,048		863,593		1,256,242
Portfolio net asset value per share	$	43.54	$	34.67	$	11.61	$	33.09	$	22.02
Investment in portfolio shares, at cost	$	17,973,286	$	26,109,450	$	26,200,729	$	23,393,087	$	23,074,951

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST MFS Growth Portfolio		AST Neuberger Berman/LSV Mid-Cap Value Portfolio		AST BlackRock Low Duration Bond Portfolio		AST QMA US Equity Alpha Portfolio		AST T. Rowe Price Natural Resources 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	322,481		372,024		278,036		324,843		315,529
NET INVESTMENT INCOME (LOSS)	(322,481)		(372,024)		(278,036)		(324,843)		(315,529)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	4,283,665		(1,003,109)		487,204		576,644		(3,260,468)
Net change in unrealized appreciation (depreciation) on investments	2,003,941		154,647		158,753		(3,141,412)		2,034,706
NET GAIN (LOSS) ON INVESTMENTS	6,287,606		(848,462)		645,957		(2,564,768)		(1,225,762)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	5,965,125	$	(1,220,486)	$	367,921	$	(2,889,611)	$	(1,541,291)

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

A8

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST T. Rowe Price Asset Allocation Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio		AST Templeton Global Bond Portfolio		AST Wellington Management Hedged Equity Portfolio
ASSETS
Investment in the portfolios, at fair value	$	1,205,420,916	$	38,256,152	$	28,580,531	$	—	$	149,134,863
Net Assets	$	1,205,420,916	$	38,256,152	$	28,580,531	$	—	$	149,134,863
NET ASSETS, representing:
Accumulation units	$	1,205,420,916	$	38,256,152	$	28,580,531	$	—	$	149,134,863
	$	1,205,420,916	$	38,256,152	$	28,580,531	$	—	$	149,134,863
Units outstanding	60,620,266		1,528,355		1,750,414		—		9,364,242
Portfolio shares held	31,965,551		1,389,112		781,529		—		8,026,634
Portfolio net asset value per share	$	37.71	$	27.54	$	36.57	$	—	$	18.58
Investment in portfolio shares, at cost	$	795,570,095	$	26,123,971	$	21,199,036	$	—	$	114,018,305

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST T. Rowe Price Asset Allocation Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio		AST Templeton Global Bond Portfolio		AST Wellington Management Hedged 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		11/13/2020**		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	16,457,051		426,846		350,945		158,705		2,082,356
NET INVESTMENT INCOME (LOSS)	(16,457,051)		(426,846)		(350,945)		(158,705)		(2,082,356)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	109,884,171		3,006,766		257,265		(220,327)		11,000,451
Net change in unrealized appreciation (depreciation) on investments	(2,006,517)		660,327		1,802,979		(557,721)		(6,900,568)
NET GAIN (LOSS) ON INVESTMENTS	107,877,654		3,667,093		2,060,244		(778,048)		4,099,883
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	91,420,603	$	3,240,247	$	1,709,299	$	(936,753)	$	2,017,527

**Date subaccount was no longer available for investment.

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

A9

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Capital Growth Asset Allocation Portfolio		AST Academic Strategies Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio		AST Fidelity Institutional AM℠ Quantitative Portfolio
ASSETS
Investment in the portfolios, at fair value	$	795,758,980	$	257,723,901	$	774,354,120	$	485,013,286	$	388,501,839
Net Assets	$	795,758,980	$	257,723,901	$	774,354,120	$	485,013,286	$	388,501,839
NET ASSETS, representing:
Accumulation units	$	795,758,980	$	257,723,901	$	774,354,120	$	485,013,286	$	388,501,839
	$	795,758,980	$	257,723,901	$	774,354,120	$	485,013,286	$	388,501,839
Units outstanding	38,270,208		17,948,957		40,432,198		29,998,214		23,005,944
Portfolio shares held	32,243,071		15,340,708		33,829,363		24,619,964		21,728,291
Portfolio net asset value per share	$	24.68	$	16.80	$	22.89	$	19.70	$	17.88
Investment in portfolio shares, at cost	$	529,062,044	$	206,609,804	$	502,197,348	$	359,886,647	$	279,212,387

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Capital Growth Asset Allocation Portfolio		AST Academic Strategies Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio		AST Fidelity Institutional AM℠ Quantitative 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	10,806,927		3,735,616		10,748,563		6,987,611		5,324,414
NET INVESTMENT INCOME (LOSS)	(10,806,927)		(3,735,616)		(10,748,563)		(6,987,611)		(5,324,414)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	65,679,157		15,156,980		66,829,924		36,228,946		30,259,601
Net change in unrealized appreciation (depreciation) on investments	4,829,487		(10,288,608)		2,045,554		399,872		(9,447,175)
NET GAIN (LOSS) ON INVESTMENTS	70,508,644		4,868,372		68,875,478		36,628,818		20,812,426
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	59,701,717	$	1,132,756	$	58,126,915	$	29,641,207	$	15,488,012

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

A10

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST T. Rowe Price Large-Cap Growth Portfolio		AST Government Money Market Portfolio		AST Small-Cap Growth Portfolio
ASSETS
Investment in the portfolios, at fair value	$	1,106,366,442	$	650,283,383	$	125,572,430	$	53,122,582	$	33,902,124
Net Assets	$	1,106,366,442	$	650,283,383	$	125,572,430	$	53,122,582	$	33,902,124
NET ASSETS, representing:
Accumulation units	$	1,106,366,442	$	650,283,383	$	125,572,430	$	53,122,582	$	33,902,124
	$	1,106,366,442	$	650,283,383	$	125,572,430	$	53,122,582	$	33,902,124
Units outstanding	59,218,690		32,733,264		2,941,444		5,655,035		903,204
Portfolio shares held	57,206,124		27,163,049		1,946,256		53,122,582		430,667
Portfolio net asset value per share	$	19.34	$	23.94	$	64.52	$	1.00	$	78.72
Investment in portfolio shares, at cost	$	857,510,865	$	427,651,371	$	70,853,625	$	53,122,582	$	18,134,741

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST T. Rowe Price Large-Cap Growth Portfolio		AST Government Money Market Portfolio		AST Small-Cap 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	50,307	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	14,900,860		8,930,496		1,364,022		467,204		357,633
NET INVESTMENT INCOME (LOSS)	(14,900,860)		(8,930,496)		(1,364,022)		(416,897)		(357,633)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	48,217,019		71,105,758		18,887,025		—		3,306,096
Net change in unrealized appreciation (depreciation) on investments	(25,138,819)		(24,359,461)		14,546,395		—		7,396,703
NET GAIN (LOSS) ON INVESTMENTS	23,078,200		46,746,297		33,433,420		—		10,702,799
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	8,177,340	$	37,815,801	$	32,069,398	$	(416,897)	$	10,345,166

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

A11

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST International Value Portfolio		AST International Growth Portfolio		AST Investment Grade Bond Portfolio		AST Western Asset Core Plus Bond Portfolio
ASSETS
Investment in the portfolios, at fair value	$	199,391,118	$	14,824,392	$	28,471,435	$	84,250,993	$	137,137,998
Net Assets	$	199,391,118	$	14,824,392	$	28,471,435	$	84,250,993	$	137,137,998
NET ASSETS, representing:
Accumulation units	$	199,391,118	$	14,824,392	$	28,471,435	$	84,250,993	$	137,137,998
	$	199,391,118	$	14,824,392	$	28,471,435	$	84,250,993	$	137,137,998
Units outstanding	15,205,472		1,158,732		1,291,440		4,906,327		9,361,656
Portfolio shares held	12,548,214		695,002		1,056,062		8,694,633		9,022,237
Portfolio net asset value per share	$	15.89	$	21.33	$	26.96	$	9.69	$	15.20
Investment in portfolio shares, at cost	$	175,631,289	$	12,563,700	$	18,023,623	$	79,360,214	$	118,438,821

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST International Value Portfolio		AST International Growth Portfolio		AST Investment Grade Bond Portfolio		AST Western Asset Core Plus Bond 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	2,619,329		155,260		286,650		5,926,725		1,649,308
NET INVESTMENT INCOME (LOSS)	(2,619,329)		(155,260)		(286,650)		(5,926,725)		(1,649,308)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	13,013,883		(435,077)		2,180,371		140,909,247		6,550,606
Net change in unrealized appreciation (depreciation) on investments	347,946		182,167		3,792,759		(2,144,124)		2,330,499
NET GAIN (LOSS) ON INVESTMENTS	13,361,829		(252,910)		5,973,130		138,765,123		8,881,105
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	10,742,500	$	(408,170)	$	5,686,480	$	132,838,398	$	7,231,797

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

A12

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Global Realty Portfolio		AST Emerging Markets Equity Portfolio		AST Goldman Sachs Small-Cap Value Portfolio		AST AllianzGI World Trends Portfolio		AST J.P. Morgan Global Thematic Portfolio
ASSETS
Investment in the portfolios, at fair value	$	9,327,365	$	32,397,019	$	36,839,870	$	411,854,914	$	237,985,653
Net Assets	$	9,327,365	$	32,397,019	$	36,839,870	$	411,854,914	$	237,985,653
NET ASSETS, representing:
Accumulation units	$	9,327,365	$	32,397,019	$	36,839,870	$	411,854,914	$	237,985,653
	$	9,327,365	$	32,397,019	$	36,839,870	$	411,854,914	$	237,985,653
Units outstanding	552,177		2,954,029		1,573,285		24,256,955		12,961,729
Portfolio shares held	643,267		3,160,685		1,436,812		22,616,964		11,677,412
Portfolio net asset value per share	$	14.50	$	10.25	$	25.64	$	18.21	$	20.38
Investment in portfolio shares, at cost	$	7,742,377	$	25,233,597	$	27,126,988	$	290,629,421	$	168,214,416

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Global Realty Portfolio		AST Emerging Markets Equity Portfolio		AST Goldman Sachs Small-Cap Value Portfolio		AST AllianzGI World Trends Portfolio		AST J.P. Morgan Global Thematic 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	109,821		332,976		391,830		5,544,819		3,109,391
NET INVESTMENT INCOME (LOSS)	(109,821)		(332,976)		(391,830)		(5,544,819)		(3,109,391)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	274,691		(1,932,238)		(203,288)		32,567,203		18,344,071
Net change in unrealized appreciation (depreciation) on investments	(487,909)		4,337,868		1,347,408		7,142,803		4,011,857
NET GAIN (LOSS) ON INVESTMENTS	(213,218)		2,405,630		1,144,120		39,710,006		22,355,928
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(323,039)	$	2,072,654	$	752,290	$	34,165,187	$	19,246,537

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

A13

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Goldman Sachs Multi-Asset Portfolio		ProFund VP Consumer Services		ProFund VP Consumer Goods		ProFund VP Financials		ProFund VP Health Care
ASSETS
Investment in the portfolios, at fair value	$	220,059,201	$	536,860	$	80,593	$	315,915	$	413,381
Net Assets	$	220,059,201	$	536,860	$	80,593	$	315,915	$	413,381
NET ASSETS, representing:
Accumulation units	$	220,059,201	$	536,860	$	80,593	$	315,915	$	413,381
	$	220,059,201	$	536,860	$	80,593	$	315,915	$	413,381
Units outstanding	14,921,715		15,125		2,988		22,762		12,837
Portfolio shares held	13,216,769		7,050		1,296		7,592		5,478
Portfolio net asset value per share	$	16.65	$	76.15	$	62.19	$	41.61	$	75.46
Investment in portfolio shares, at cost	$	174,055,385	$	496,213	$	59,136	$	212,859	$	350,574

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Goldman Sachs Multi-Asset Portfolio		ProFund VP Consumer Services		ProFund VP Consumer Goods		ProFund VP Financials		ProFund VP Health Care
	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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	517	$	1,897	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	2,947,270		6,009		999		4,090		4,770
NET INVESTMENT INCOME (LOSS)	(2,947,270)		(6,009)		(482)		(2,193)		(4,770)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		157,500		686		20,622		47,756
Net realized gain (loss) on shares redeemed	11,004,522		10,161		(7,957)		19,099		7,391
Net change in unrealized appreciation (depreciation) on investments	1,662,078		(57,093)		23,862		(44,323)		(5,781)
NET GAIN (LOSS) ON INVESTMENTS	12,666,600		110,568		16,591		(4,602)		49,366
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	9,719,330	$	104,559	$	16,109	$	(6,795)	$	44,596

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

A14

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	ProFund VP Industrials		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value		ProFund VP Real Estate		ProFund VP Small-Cap Growth
ASSETS
Investment in the portfolios, at fair value	$	408,033	$	111,529	$	231,965	$	151,362	$	86,840
Net Assets	$	408,033	$	111,529	$	231,965	$	151,362	$	86,840
NET ASSETS, representing:
Accumulation units	$	408,033	$	111,529	$	231,965	$	151,362	$	86,840
	$	408,033	$	111,529	$	231,965	$	151,362	$	86,840
Units outstanding	16,987		4,434		12,031		10,418		3,255
Portfolio shares held	4,500		2,339		5,893		2,603		2,375
Portfolio net asset value per share	$	90.68	$	47.68	$	39.36	$	58.15	$	36.56
Investment in portfolio shares, at cost	$	313,185	$	92,890	$	208,573	$	143,836	$	78,483

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Industrials		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value		ProFund VP Real Estate		ProFund VP Small-Cap Growth
	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
INVESTMENT INCOME
Dividend income	$	671	$	—	$	1,038	$	2,260	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	4,742		1,519		3,648		2,041		1,339
NET INVESTMENT INCOME (LOSS)	(4,071)		(1,519)		(2,610)		219		(1,339)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	7,425		8,761		20,775		4,248		10,105
Net realized gain (loss) on shares redeemed	(21,917)		(23,676)		(56,374)		(21)		(20,030)
Net change in unrealized appreciation (depreciation) on investments	52,418		18,714		15,097		(12,491)		9,928
NET GAIN (LOSS) ON INVESTMENTS	37,926		3,799		(20,502)		(8,264)		3
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	33,855	$	2,280	$	(23,112)	$	(8,045)	$	(1,336)

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

A15

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	ProFund VP Small-Cap Value		ProFund VP Telecommu-nications		ProFund VP Utilities		ProFund VP Large-Cap Growth		ProFund VP Large-Cap Value
ASSETS
Investment in the portfolios, at fair value	$	196,347	$	25,131	$	191,183	$	256,168	$	217,014
Net Assets	$	196,347	$	25,131	$	191,183	$	256,168	$	217,014
NET ASSETS, representing:
Accumulation units	$	196,347	$	25,131	$	191,183	$	256,168	$	217,014
	$	196,347	$	25,131	$	191,183	$	256,168	$	217,014
Units outstanding	9,974		2,046		10,928		8,034		13,011
Portfolio shares held	4,629		779		5,116		3,317		5,358
Portfolio net asset value per share	$	42.42	$	32.25	$	37.37	$	77.23	$	40.50
Investment in portfolio shares, at cost	$	181,908	$	23,821	$	214,121	$	202,237	$	212,630

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Small-Cap Value		ProFund VP Telecommu-nications		ProFund VP Utilities		ProFund VP Large-Cap Growth		ProFund VP Large-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
INVESTMENT INCOME
Dividend income	$	51	$	194	$	2,884	$	—	$	2,224
EXPENSES
Charges for mortality and expense risk,
and for administration	2,650		323		2,508		3,347		2,820
NET INVESTMENT INCOME (LOSS)	(2,599)		(129)		376		(3,347)		(596)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	23,670		—		40,242		21,829		26,559
Net realized gain (loss) on shares redeemed	(38,243)		(1,542)		(2,479)		(6,751)		(20,926)
Net change in unrealized appreciation (depreciation) on investments	6,017		1,753		(41,114)		39,521		(20,416)
NET GAIN (LOSS) ON INVESTMENTS	(8,556)		211		(3,351)		54,599		(14,783)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(11,155)	$	82	$	(2,975)	$	51,252	$	(15,379)

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

A16

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2020		AST Jennison Large-Cap Growth Portfolio		AST Bond Portfolio 2021		Wells Fargo VT International Equity Fund (Class 1)		Wells Fargo VT Omega Growth Fund (Class 1)
ASSETS
Investment in the portfolios, at fair value	$	—	$	48,527,289	$	11,870,319	$	21,509	$	688,610
Net Assets	$	—	$	48,527,289	$	11,870,319	$	21,509	$	688,610
NET ASSETS, representing:
Accumulation units	$	—	$	48,527,289	$	11,870,319	$	21,509	$	688,610
	$	—	$	48,527,289	$	11,870,319	$	21,509	$	688,610
Units outstanding	—		1,206,007		921,797		1,191		91,466
Portfolio shares held	—		777,681		740,045		11,627		16,287
Portfolio net asset value per share	$	—	$	62.40	$	16.04	$	1.85	$	42.28
Investment in portfolio shares, at cost	$	—	$	29,189,103	$	11,603,771	$	30,949	$	399,417

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2020		AST Jennison Large-Cap Growth Portfolio		AST Bond Portfolio 2021		Wells Fargo VT International Equity Fund (Class 1)		Wells Fargo VT Omega Growth Fund (Class 1)
	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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	542	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	107,123		454,775		186,833		358		9,931
NET INVESTMENT INCOME (LOSS)	(107,123)		(454,775)		(186,833)		184		(9,931)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		45,855
Net realized gain (loss) on shares redeemed	337,938		7,130,943		137,429		(21,447)		27,946
Net change in unrealized appreciation (depreciation) on investments	(193,894)		8,868,828		113,046		21,410		146,344
NET GAIN (LOSS) ON INVESTMENTS	144,044		15,999,771		250,475		(37)		220,145
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	36,921	$	15,544,996	$	63,642	$	147	$	210,214

**Date subaccount was no longer available for investment.

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

A17

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2022		AST Quantitative Modeling Portfolio		AST BlackRock Global Strategies Portfolio		Wells Fargo VT Opportunity Fund (Class 1)		AST Prudential Core Bond Portfolio
ASSETS
Investment in the portfolios, at fair value	$	2,327,866	$	81,045,515	$	151,787,342	$	147,051	$	44,783,920
Net Assets	$	2,327,866	$	81,045,515	$	151,787,342	$	147,051	$	44,783,920
NET ASSETS, representing:
Accumulation units	$	2,327,866	$	81,045,515	$	151,787,342	$	147,051	$	44,783,920
	$	2,327,866	$	81,045,515	$	151,787,342	$	147,051	$	44,783,920
Units outstanding	190,309		4,800,421		10,815,664		4,862		3,603,781
Portfolio shares held	154,163		3,839,200		9,277,955		4,988		3,153,797
Portfolio net asset value per share	$	15.10	$	21.11	$	16.36	$	29.48	$	14.20
Investment in portfolio shares, at cost	$	2,167,557	$	60,840,070	$	115,840,883	$	102,023	$	40,245,755

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2022		AST Quantitative Modeling Portfolio		AST BlackRock Global Strategies Portfolio		Wells Fargo VT Opportunity Fund (Class 1)		AST Prudential Core Bond 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	919	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	59,073		464,217		2,074,956		2,250		418,669
NET INVESTMENT INCOME (LOSS)	(59,073)		(464,217)		(2,074,956)		(1,331)		(418,669)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		9,967		—
Net realized gain (loss) on shares redeemed	205,154		1,119,433		8,041,498		10,585		1,259,427
Net change in unrealized appreciation (depreciation) on investments	(64,332)		7,529,959		(4,315,425)		5,488		1,126,154
NET GAIN (LOSS) ON INVESTMENTS	140,822		8,649,392		3,726,073		26,040		2,385,581
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	81,749	$	8,185,175	$	1,651,117	$	24,709	$	1,966,912

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

A18

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2023		AST MFS Growth Allocation Portfolio		AST Western Asset Emerging Markets Debt Portfolio		AST MFS Large-Cap Value Portfolio		AST Bond Portfolio 2024
ASSETS
Investment in the portfolios, at fair value	$	538,986	$	84,183,518	$	1,344,252	$	23,229,354	$	242,350
Net Assets	$	538,986	$	84,183,518	$	1,344,252	$	23,229,354	$	242,350
NET ASSETS, representing:
Accumulation units	$	538,986	$	84,183,518	$	1,344,252	$	23,229,354	$	242,350
	$	538,986	$	84,183,518	$	1,344,252	$	23,229,354	$	242,350
Units outstanding	50,910		5,116,834		109,805		1,175,516		22,282
Portfolio shares held	41,685		4,398,303		102,380		957,122		19,113
Portfolio net asset value per share	$	12.93	$	19.14	$	13.13	$	24.27	$	12.68
Investment in portfolio shares, at cost	$	418,186	$	63,333,944	$	1,150,900	$	18,791,649	$	230,345

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2023		AST MFS Growth Allocation Portfolio		AST Western Asset Emerging Markets Debt Portfolio		AST MFS Large-Cap Value Portfolio		AST Bond Portfolio 2024
	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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	12,187		1,045,405		7,203		226,200		18,959
NET INVESTMENT INCOME (LOSS)	(12,187)		(1,045,405)		(7,203)		(226,200)		(18,959)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	10,577		1,549,843		9,169		408,498		155,122
Net change in unrealized appreciation (depreciation) on investments	25,257		3,890,333		70,953		272,521		(65,699)
NET GAIN (LOSS) ON INVESTMENTS	35,834		5,440,176		80,122		681,019		89,423
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	23,647	$	4,394,771	$	72,919	$	454,819	$	70,464

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

A19

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST AQR Emerging Markets Equity Portfolio		AST ClearBridge Dividend Growth Portfolio		AST Multi-Sector Fixed Income Portfolio		AST AQR Large-Cap Portfolio		AST Large-Cap Core Portfolio
ASSETS
Investment in the portfolios, at fair value	$	—	$	19,093,925	$	2,445,519,290	$	—	$	4,939,712
Net Assets	$	—	$	19,093,925	$	2,445,519,290	$	—	$	4,939,712
NET ASSETS, representing:
Accumulation units	$	—	$	19,093,925	$	2,445,519,290	$	—	$	4,939,712
	$	—	$	19,093,925	$	2,445,519,290	$	—	$	4,939,712
Units outstanding	—		971,933		182,478,928		—		266,663
Portfolio shares held	—		828,729		156,965,295		—		205,564
Portfolio net asset value per share	$	—	$	23.04	$	15.58	$	—	$	24.03
Investment in portfolio shares, at cost	$	—	$	15,001,283	$	1,805,865,425	$	—	$	4,055,376

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST AQR Emerging Markets Equity Portfolio		AST ClearBridge Dividend Growth Portfolio		AST Multi-Sector Fixed Income Portfolio		AST AQR Large-Cap Portfolio		AST Large-Cap Core Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	8/14/2020**		12/31/2020		12/31/2020		8/14/2020**		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	14,450		209,242		43,817,148		10,599		21,772
NET INVESTMENT INCOME (LOSS)	(14,450)		(209,242)		(43,817,148)		(10,599)		(21,772)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	251,338		663,082		13,263,543		463,400		27,742
Net change in unrealized appreciation (depreciation) on investments	(290,291)		(219,950)		264,606,061		(464,422)		485,893
NET GAIN (LOSS) ON INVESTMENTS	(38,953)		443,132		277,869,604		(1,022)		513,635
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(53,403)	$	233,890	$	234,052,456	$	(11,621)	$	491,863

**Date subaccount was no longer available for investment.

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

A20

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2025		AST T. Rowe Price Growth Opportunities Portfolio		AST Goldman Sachs Global Growth Allocation Portfolio		AST T. Rowe Price Diversified Real Growth Portfolio		AST Prudential Flexible Multi-Strategy Portfolio
ASSETS
Investment in the portfolios, at fair value	$	221,952	$	278,302,744	$	—	$	17,221,255	$	22,539,749
Net Assets	$	221,952	$	278,302,744	$	—	$	17,221,255	$	22,539,749
NET ASSETS, representing:
Accumulation units	$	221,952	$	278,302,744	$	—	$	17,221,255	$	22,539,749
	$	221,952	$	278,302,744	$	—	$	17,221,255	$	22,539,749
Units outstanding	17,344		17,091,326		—		1,069,488		1,588,378
Portfolio shares held	15,078		15,452,679		—		994,873		1,450,434
Portfolio net asset value per share	$	14.72	$	18.01	$	—	$	17.31	$	15.54
Investment in portfolio shares, at cost	$	214,995	$	209,576,218	$	—	$	12,299,134	$	17,987,438

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2025		AST T. Rowe Price Growth Opportunities Portfolio		AST Goldman Sachs Global Growth Allocation Portfolio		AST T. Rowe Price Diversified Real Growth Portfolio		AST Prudential Flexible Multi-Strategy 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		4/24/2020**		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	11,553		3,222,878		9,127		84,028		111,428
NET INVESTMENT INCOME (LOSS)	(11,553)		(3,222,878)		(9,127)		(84,028)		(111,428)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	115,966		(6,131,008)		345,639		233,497		327,998
Net change in unrealized appreciation (depreciation) on investments	(47,696)		25,192,787		(926,367)		2,689,071		1,870,459
NET GAIN (LOSS) ON INVESTMENTS	68,270		19,061,779		(580,728)		2,922,568		2,198,457
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	56,717	$	15,838,901	$	(589,855)	$	2,838,540	$	2,087,029

**Date subaccount was no longer available for investment.

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

A21

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Franklin Templeton K2 Global Absolute Return Portfolio		AST Managed Equity Portfolio		AST Managed Fixed Income Portfolio		AST FQ Absolute Return Currency Portfolio		AST Jennison Global Infrastructure Portfolio
ASSETS
Investment in the portfolios, at fair value	$	—	$	—	$	—	$	—	$	—
Net Assets	$	—	$	—	$	—	$	—	$	—
NET ASSETS, representing:
Accumulation units	$	—	$	—	$	—	$	—	$	—
	$	—	$	—	$	—	$	—	$	—
Units outstanding	—		—		—		—		—
Portfolio shares held	—		—		—		—		—
Portfolio net asset value per share	$	—	$	—	$	—	$	—	$	—
Investment in portfolio shares, at cost	$	—	$	—	$	—	$	—	$	—

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Franklin Templeton K2 Global Absolute Return Portfolio		AST Managed Equity Portfolio		AST Managed Fixed Income Portfolio		AST FQ Absolute Return Currency Portfolio		AST Jennison Global Infrastructure Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	4/24/2020**		4/24/2020**		4/24/2020**		8/14/2020**		8/14/2020**
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	4,922		6,662		12,377		1,729		6,767
NET INVESTMENT INCOME (LOSS)	(4,922)		(6,662)		(12,377)		(1,729)		(6,767)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(45,915)		(4,221)		485,894		84,992		409,259
Net change in unrealized appreciation (depreciation) on investments	(169,565)		(828,835)		(602,051)		24,407		(481,730)
NET GAIN (LOSS) ON INVESTMENTS	(215,480)		(833,056)		(116,157)		109,399		(72,471)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(220,402)	$	(839,718)	$	(128,534)	$	107,670	$	(79,238)

**Date subaccount was no longer available for investment.

\

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

A22

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST PIMCO Dynamic Bond Portfolio		AST Legg Mason Diversified Growth Portfolio		AST Bond Portfolio 2026		AST AB Global Bond Portfolio		AST Goldman Sachs Global Income Portfolio
ASSETS
Investment in the portfolios, at fair value	$	—	$	55,185,517	$	1,425,981	$	—	$	—
Net Assets	$	—	$	55,185,517	$	1,425,981	$	—	$	—
NET ASSETS, representing:
Accumulation units	$	—	$	55,185,517	$	1,425,981	$	—	$	—
	$	—	$	55,185,517	$	1,425,981	$	—	$	—
Units outstanding	—		4,164,590		125,920		—		—
Portfolio shares held	—		3,805,898		111,842		—		—
Portfolio net asset value per share	$	—	$	14.50	$	12.75	$	—	$	—
Investment in portfolio shares, at cost	$	—	$	43,924,073	$	1,271,542	$	—	$	—

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST PIMCO Dynamic Bond Portfolio		AST Legg Mason Diversified Growth Portfolio		AST Bond Portfolio 2026		AST AB Global Bond Portfolio		AST Goldman Sachs Global Income Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	11/13/2020**		12/31/2020		12/31/2020		11/13/2020**		11/13/2020**
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	11,925		668,232		88,947		10,906		5,270
NET INVESTMENT INCOME (LOSS)	(11,925)		(668,232)		(88,947)		(10,906)		(5,270)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	113,049		(2,044,832)		1,091,318		225,713		121,466
Net change in unrealized appreciation (depreciation) on investments	(65,120)		2,885,332		(383,831)		(156,215)		(56,891)
NET GAIN (LOSS) ON INVESTMENTS	47,929		840,500		707,487		69,498		64,575
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	36,004	$	172,268	$	618,540	$	58,592	$	59,305

**Date subaccount was no longer available for investment.

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

A23

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Global Bond Portfolio		AST Neuberger Berman Long/Short Portfolio		AST QMA International Core Equity Portfolio		AST Managed Alternatives Portfolio		Blackrock Global Allocation V.I. Fund (Class III)
ASSETS
Investment in the portfolios, at fair value	$	24,090,348	$	—	$	1,362,323	$	—	$	7,827,553
Net Assets	$	24,090,348	$	—	$	1,362,323	$	—	$	7,827,553
NET ASSETS, representing:
Accumulation units	$	24,090,348	$	—	$	1,362,323	$	—	$	7,827,553
	$	24,090,348	$	—	$	1,362,323	$	—	$	7,827,553
Units outstanding	2,227,905		—		113,498		—		533,059
Portfolio shares held	1,955,385		—		101,288		—		480,513
Portfolio net asset value per share	$	12.32	$	—	$	13.45	$	—	$	16.29
Investment in portfolio shares, at cost	$	23,787,710	$	—	$	1,181,028	$	—	$	6,915,703

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Global Bond Portfolio		AST Neuberger Berman Long/Short Portfolio		AST QMA International Core Equity Portfolio		AST Managed Alternatives Portfolio		Blackrock Global Allocation V.I. Fund (Class III)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		8/14/2020**		12/31/2020		4/24/2020**		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	89,530
EXPENSES
Charges for mortality and expense risk,
and for administration	36,586		7,827		6,770		3,992		36,763
NET INVESTMENT INCOME (LOSS)	(36,586)		(7,827)		(6,770)		(3,992)		52,767
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		424,931
Net realized gain (loss) on shares redeemed	13,099		321,048		(6,171)		108,533		33,553
Net change in unrealized appreciation (depreciation) on investments	230,327		(252,615)		102,016		(73,983)		742,631
NET GAIN (LOSS) ON INVESTMENTS	243,426		68,433		95,845		34,550		1,201,115
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	206,840	$	60,606	$	89,075	$	30,558	$	1,253,882

**Date subaccount was no longer available for investment.

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

A24

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)		AST Bond Portfolio 2027		NVIT Emerging Markets Fund (Class D)		AST Bond Portfolio 2028		AST Bond Portfolio 2029
ASSETS
Investment in the portfolios, at fair value	$	2,647,241	$	1,648,861	$	383,643	$	—	$	—
Net Assets	$	2,647,241	$	1,648,861	$	383,643	$	—	$	—
NET ASSETS, representing:
Accumulation units	$	2,647,241	$	1,648,861	$	383,643	$	—	$	—
	$	2,647,241	$	1,648,861	$	383,643	$	—	$	—
Units outstanding	208,101		143,889		26,176		—		—
Portfolio shares held	234,477		130,551		26,027		—		—
Portfolio net asset value per share	$	11.29	$	12.63	$	14.74	$	12.81	$	12.85
Investment in portfolio shares, at cost	$	2,413,976	$	1,585,512	$	285,678	$	—	$	—

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)		AST Bond Portfolio 2027		NVIT Emerging Markets Fund (Class D)		AST Bond Portfolio 2028		AST Bond Portfolio 2029
	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
INVESTMENT INCOME
Dividend income	$	78,445	$	—	$	6,652	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	14,694		38,180		6,603		3,267		9,190
NET INVESTMENT INCOME (LOSS)	63,751		(38,180)		49		(3,267)		(9,190)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(43,997)		808,745		21,050		152,307		292,777
Net change in unrealized appreciation (depreciation) on investments	50,007		(413,054)		11,220		(92,611)		(96,307)
NET GAIN (LOSS) ON INVESTMENTS	6,010		395,691		32,270		59,696		196,470
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	69,761	$	357,511	$	32,319	$	56,429	$	187,280

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

A25

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST American Funds Growth Allocation Portfolio		AST Bond Portfolio 2030		AST BlackRock 80/20 Target Allocation ETF Portfolio		AST BlackRock 60/40 Target Allocation ETF Portfolio		AST Dimensional Global Core Allocation Portfolio
ASSETS
Investment in the portfolios, at fair value	$	95,070,192	$	9,566,107	$	42,221,376	$	28,276,653	$	484,437
Net Assets	$	95,070,192	$	9,566,107	$	42,221,376	$	28,276,653	$	484,437
NET ASSETS, representing:
Accumulation units	$	95,070,192	$	9,566,107	$	42,221,376	$	28,276,653	$	484,437
	$	95,070,192	$	9,566,107	$	42,221,376	$	28,276,653	$	484,437
Units outstanding	6,928,435		759,266		2,971,037		2,107,735		41,591
Portfolio shares held	6,671,592		730,237		2,885,945		2,047,549		40,915
Portfolio net asset value per share	$	14.25	$	13.10	$	14.63	$	13.81	$	11.84
Investment in portfolio shares, at cost	$	71,652,481	$	9,077,248	$	32,853,423	$	23,119,291	$	396,066

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST American Funds Growth Allocation Portfolio		AST Bond Portfolio 2030		AST BlackRock 80/20 Target Allocation ETF Portfolio		AST BlackRock 60/40 Target Allocation ETF Portfolio		AST Dimensional Global Core 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
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	1,084,711		286,498		474,018		319,702		3,582
NET INVESTMENT INCOME (LOSS)	(1,084,711)		(286,498)		(474,018)		(319,702)		(3,582)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(2,378,575)		1,164,380		(2,546,773)		(783,544)		(33,846)
Net change in unrealized appreciation (depreciation) on investments	15,358,915		502,797		7,380,556		4,043,685		88,313
NET GAIN (LOSS) ON INVESTMENTS	12,980,340		1,667,177		4,833,783		3,260,141		54,467
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	11,895,629	$	1,380,679	$	4,359,765	$	2,940,439	$	50,885

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

A26

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2031		MFS® International Growth Portfolio (Service Shares)		MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares)		MFS® Technology Portfolio (Service Shares)		MFS® Mid Cap Growth Series (Service Shares)
ASSETS
Investment in the portfolios, at fair value	$	10,389,075	$	216,140	$	56,355	$	1,505,662	$	442,517
Net Assets	$	10,389,075	$	216,140	$	56,355	$	1,505,662	$	442,517
NET ASSETS, representing:
Accumulation units	$	10,389,075	$	216,140	$	56,355	$	1,505,662	$	442,517
	$	10,389,075	$	216,140	$	56,355	$	1,505,662	$	442,517
Units outstanding	936,440		16,037		4,158		103,041		29,936
Portfolio shares held	917,763		13,594		2,284		51,652		38,380
Portfolio net asset value per share	$	11.32	$	15.90	$	24.67	$	29.15	$	11.53
Investment in portfolio shares, at cost	$	10,489,348	$	203,654	$	50,643	$	1,384,881	$	390,694

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2031		MFS® International Growth Portfolio (Service Shares)		MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares)		MFS® Technology Portfolio (Service Shares)		MFS® Mid Cap Growth Series (Service Shares)
	1/2/2020*		4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	94	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	87,745		179		61		1,794		745
NET INVESTMENT INCOME (LOSS)	(87,745)		(85)		(61)		(1,794)		(745)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		99		—		—		10,621
Net realized gain (loss) on shares redeemed	30,066		1,349		5		705		(833)
Net change in unrealized appreciation (depreciation) on investments	(100,273)		12,486		5,712		120,782		51,824
NET GAIN (LOSS) ON INVESTMENTS	(70,207)		13,934		5,717		121,487		61,612
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(157,952)	$	13,849	$	5,656	$	119,693	$	60,867

*Date subaccount became available for investment.

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

A27

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	MFS® New Discovery Series (Service Shares)		MFS® Research Series (Service Shares)		MFS® Total Return Bond Series (Service Shares)		MFS® Total Return Series (Service Shares)		MFS® Utilities Series (Service Shares)
ASSETS
Investment in the portfolios, at fair value	$	207,358	$	122,177	$	1,813,686	$	517,988	$	703,006
Net Assets	$	207,358	$	122,177	$	1,813,686	$	517,988	$	703,006
NET ASSETS, representing:
Accumulation units	$	207,358	$	122,177	$	1,813,686	$	517,988	$	703,006
	$	207,358	$	122,177	$	1,813,686	$	517,988	$	703,006
Units outstanding	12,396		9,411		168,993		43,182		57,842
Portfolio shares held	8,783		3,778		130,858		20,313		20,265
Portfolio net asset value per share	$	23.61	$	32.34	$	13.86	$	25.50	$	34.69
Investment in portfolio shares, at cost	$	174,255	$	114,284	$	1,790,279	$	486,719	$	650,092

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	MFS® New Discovery Series (Service Shares)		MFS® Research Series (Service Shares)		MFS® Total Return Bond Series (Service Shares)		MFS® Total Return Series (Service Shares)		MFS® Utilities Series (Service Shares)
	4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	14	$	4,353	$	4,345	$	2,631
EXPENSES
Charges for mortality and expense risk,
and for administration	309		96		3,205		1,019		841
NET INVESTMENT INCOME (LOSS)	(309)		(82)		1,148		3,326		1,790
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Capital gains distributions received	4,335		107		—		5,659		3,112
Net realized gain (loss) on shares redeemed	105		13		4,550		329		366
Net change in unrealized appreciation (depreciation) on investments	33,104		7,893		23,408		31,268		52,914
NET GAIN (LOSS) ON INVESTMENTS	37,544		8,013		27,958		37,256		56,392
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	37,235	$	7,931	$	29,106	$	40,582	$	58,182

*Date subaccount became available for investment.

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

A28

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	American Funds IS Asset Allocation Fund (Class 4)		American Funds IS Blue Chip Income and Growth Fund (Class 4)		American Funds IS Bond Fund (Class 4)		American Funds IS Global Growth and Income Fund (Class 4)		American Funds IS Global Small Capitalization Fund (Class 4)
ASSETS
Investment in the portfolios, at fair value	$	863,601	$	246,199	$	246,685	$	55,275	$	40,117
Net Assets	$	863,601	$	246,199	$	246,685	$	55,275	$	40,117
NET ASSETS, representing:
Accumulation units	$	863,601	$	246,199	$	246,685	$	55,275	$	40,117
	$	863,601	$	246,199	$	246,685	$	55,275	$	40,117
Units outstanding	79,392		22,137		24,352		4,869		3,223
Portfolio shares held	33,139		17,511		21,102		3,381		1,267
Portfolio net asset value per share	$	26.06	$	14.06	$	11.69	$	16.35	$	31.67
Investment in portfolio shares, at cost	$	836,155	$	228,394	$	246,814	$	47,532	$	38,317

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	American Funds IS Asset Allocation Fund (Class 4)		American Funds IS Blue Chip Income and Growth Fund (Class 4)		American Funds IS Bond Fund (Class 4)		American Funds IS Global Growth and Income Fund (Class 4)		American Funds IS Global Small Capitalization Fund (Class 4)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	7,341	$	2,485	$	2,548	$	396	$	—
EXPENSES
Charges for mortality and expense risk,
and for administration	746		238		178		79		18
NET INVESTMENT INCOME (LOSS)	6,595		2,247		2,370		317		(18)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	34		107		—		3,458		1
Net change in unrealized appreciation (depreciation) on investments	27,446		17,805		(128)		7,743		1,800
NET GAIN (LOSS) ON INVESTMENTS	27,480		17,912		(128)		11,201		1,801
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	34,075	$	20,159	$	2,242	$	11,518	$	1,783

*Date subaccount became available for investment.

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

A29

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	American Funds IS Growth Fund (Class 4)		American Funds IS Growth-Income Fund (Class 4)		American Funds IS International Fund (Class 4)		American Funds IS New World Fund® (Class 4)		BlackRock Advantage Large Cap Core V.I. Fund (Class III)
ASSETS
Investment in the portfolios, at fair value	$	1,917,701	$	348,887	$	35,992	$	248,718	$	191,104
Net Assets	$	1,917,701	$	348,887	$	35,992	$	248,718	$	191,104
NET ASSETS, representing:
Accumulation units	$	1,917,701	$	348,887	$	35,992	$	248,718	$	191,104
	$	1,917,701	$	348,887	$	35,992	$	248,718	$	191,104
Units outstanding	156,674		31,538		3,003		20,854		17,016
Portfolio shares held	16,357		6,462		1,548		8,013		6,461
Portfolio net asset value per share	$	117.24	$	53.99	$	23.25	$	31.04	$	29.58
Investment in portfolio shares, at cost	$	1,722,552	$	335,123	$	30,370	$	229,589	$	193,029

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	American Funds IS Growth Fund (Class 4)		American Funds IS Growth-Income Fund (Class 4)		American Funds IS International Fund (Class 4)		American Funds IS New World Fund® (Class 4)		BlackRock Advantage Large Cap Core V.I. Fund (Class III)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	2,312	$	90	$	—	$	1,235
EXPENSES
Charges for mortality and expense risk,
and for administration	1,489		250		54		180		119
NET INVESTMENT INCOME (LOSS)	(1,489)		2,062		36		(180)		1,116
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		11,922
Net realized gain (loss) on shares redeemed	1,295		506		7		294		2
Net change in unrealized appreciation (depreciation) on investments	195,149		13,764		5,622		19,129		(1,925)
NET GAIN (LOSS) ON INVESTMENTS	196,444		14,270		5,629		19,423		9,999
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	194,955	$	16,332	$	5,665	$	19,243	$	11,115

*Date subaccount became available for investment.

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

A30

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	BlackRock Advantage Large Cap Value V.I. Fund (Class III)		BlackRock Capital Appreciation V.I. Fund (Class III)		BlackRock Equity Dividend V.I. Fund (Class III)		BlackRock Large Cap Focus Growth V.I. Fund (Class III)		Fidelity® VIP Balanced Portfolio (Service Class 2)
ASSETS
Investment in the portfolios, at fair value	$	35,886	$	143,393	$	174,113	$	212,074	$	1,553,920
Net Assets	$	35,886	$	143,393	$	174,113	$	212,074	$	1,553,920
NET ASSETS, representing:
Accumulation units	$	35,886	$	143,393	$	174,113	$	212,074	$	1,553,920
	$	35,886	$	143,393	$	174,113	$	212,074	$	1,553,920
Units outstanding	3,189		12,364		15,451		18,598		139,140
Portfolio shares held	3,688		14,268		14,945		10,051		68,636
Portfolio net asset value per share	$	9.73	$	10.05	$	11.65	$	21.10	$	22.64
Investment in portfolio shares, at cost	$	32,142	$	145,593	$	166,160	$	207,589	$	1,480,005

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	BlackRock Advantage Large Cap Value V.I. Fund (Class III)		BlackRock Capital Appreciation V.I. Fund (Class III)		BlackRock Equity Dividend V.I. Fund (Class III)		BlackRock Large Cap Focus Growth V.I. Fund (Class III)		Fidelity® VIP Balanced Portfolio (Service Class 2)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	to		to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	448	$	—	$	759	$	—	$	12,447
EXPENSES
Charges for mortality and expense risk,
and for administration	67		122		123		184		1,193
NET INVESTMENT INCOME (LOSS)	381		(122)		636		(184)		11,254
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		9,198		4,214		9,719		181
Net realized gain (loss) on shares redeemed	4		4		3,050		4		1,926
Net change in unrealized appreciation (depreciation) on investments	3,744		(2,199)		7,954		4,484		73,915
NET GAIN (LOSS) ON INVESTMENTS	3,748		7,003		15,218		14,207		76,022
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	4,129	$	6,881	$	15,854	$	14,023	$	87,276

*Date subaccount became available for investment.

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

A31

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2020

	SUBACCOUNTS
	Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Growth Opportunities Portfolio (Service Class 2)		Fidelity® VIP Health Care Portfolio (Service Class 2)		BlackRock Basic Value V.I. Fund (Class III)
ASSETS
Investment in the portfolios, at fair value	$	2,198,712	$	1,388,804	$	1,640,071	$	59,877
Net Assets	$	2,198,712	$	1,388,804	$	1,640,071	$	59,877
NET ASSETS, representing:
Accumulation units	$	2,198,712	$	1,388,804	$	1,640,071	$	59,877
	$	2,198,712	$	1,388,804	$	1,640,071	$	59,877
Units outstanding	200,150		112,248		150,518		5,206
Portfolio shares held	47,051		18,252		42,833		4,448
Portfolio net asset value per share	$	46.73	$	76.09	$	38.29	$	13.46
Investment in portfolio shares, at cost	$	2,104,589	$	1,275,515	$	1,618,628	$	52,477

STATEMENTS OF OPERATIONS

For the period ended December 31, 2020

	SUBACCOUNTS
	Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Growth Opportunities Portfolio (Service Class 2)		Fidelity® VIP Health Care Portfolio (Service Class 2)		BlackRock Basic Value V.I. Fund (Class III)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020
INVESTMENT INCOME
Dividend income	$	—	$	—	$	5,527	$	1,036
EXPENSES
Charges for mortality and expense risk,
and for administration	1,864		990		1,234		49
NET INVESTMENT INCOME (LOSS)	(1,864)		(990)		4,293		987
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	967		11,262		16,723		645
Net realized gain (loss) on shares redeemed	(1,961)		1,720		89		5
Net change in unrealized appreciation (depreciation) on investments	94,123		113,289		21,443		7,400
NET GAIN (LOSS) ON INVESTMENTS	93,129		126,271		38,255		8,050
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	91,265	$	125,281	$	42,548	$	9,037

*Date subaccount became available for investment.

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

A32

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Prudential Government Money Market Portfolio (Class I)		Prudential Diversified Bond Portfolio		Prudential Equity Portfolio (Class I)		Prudential Value Portfolio (Class I)		Prudential High Yield Bond 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)	$	(59,615)	$	(171,414)	$	(235,131)	$	(232,057)	$	(154,225)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		442,434		1,717,465		1,110,691		152,661
Net change in unrealized appreciation (depreciation) on investments	—		554,611		2,584,356		(867,162)		530,702
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(59,615)		825,631		4,066,690		11,472		529,138
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	87,046		50,336		13,403		36,780		55,582
Annuity payments	(31,584)		(82,772)		(330,725)		(75,150)		(71,711)
Surrenders, withdrawals and death benefits	(1,784,009)		(1,552,060)		(1,978,565)		(2,330,070)		(1,617,183)
Net transfers between other subaccounts
or fixed rate option	1,642,636		186,802		(366,751)		57,261		50,236
Miscellaneous transactions	(1,474)		(253)		(283)		563		597
Other charges	(5,238)		(3,184)		(7,553)		(15,846)		(10,687)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(92,623)		(1,401,131)		(2,670,474)		(2,326,462)		(1,593,166)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(152,238)		(575,500)		1,396,216		(2,314,990)		(1,064,028)
NET ASSETS
Beginning of period	5,543,166		12,761,734		17,364,161		19,106,116		11,776,362
End of period	$	5,390,928	$	12,186,234	$	18,760,377	$	16,791,126	$	10,712,334
Beginning units	4,619,847		4,326,412		3,905,194		4,885,878		2,266,883
Units issued	2,169,334		90,886		12,492		133,519		61,860
Units redeemed	(2,238,154)		(554,018)		(627,714)		(859,047)		(346,105)
Ending units	4,551,027		3,863,280		3,289,972		4,160,350		1,982,638

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

A33

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Prudential Stock Index Portfolio		Prudential Global Portfolio		Prudential Jennison Portfolio (Class I)		Prudential Small Capitalization Stock Portfolio		T. Rowe Price International Stock 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)	$	(401,305)	$	(54,026)	$	(383,257)	$	(71,250)	$	(11,513)
Capital gains distributions received	—		—		—		—		59,773
Net realized gain (loss) on shares redeemed	2,025,717		305,138		5,052,164		235,928		27,621
Net change in unrealized appreciation (depreciation) on investments	4,235,244		195,580		7,178,929		616,237		94,610
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	5,859,656		446,692		11,847,836		780,915		170,491
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	8,289,691		7,984		24,979		1,388,778		4,998
Annuity payments	(209,747)		(15,842)		(628,217)		—		(29,893)
Surrenders, withdrawals and death benefits	(2,717,654)		(509,795)		(3,889,717)		(521,742)		(183,572)
Net transfers between other subaccounts
or fixed rate option	(871,119)		(60,519)		(1,633,112)		(391,162)		(71,364)
Miscellaneous transactions	(946)		17		(17,625)		397		(9,294)
Other charges	(68,972)		(3,066)		(15,603)		(17,671)		(230)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	4,421,253		(581,221)		(6,159,295)		458,600		(289,355)
TOTAL INCREASE (DECREASE) IN NET ASSETS	10,280,909		(134,529)		5,688,541		1,239,515		(118,864)
NET ASSETS
Beginning of period	32,339,637		4,320,959		25,178,992		7,260,713		1,607,139
End of period	$	42,620,546	$	4,186,430	$	30,867,533	$	8,500,228	$	1,488,275
Beginning units	5,676,245		1,262,884		4,496,474		925,004		747,722
Units issued	1,215,050		11,512		49,521		267,547		35,418
Units redeemed	(1,310,360)		(218,419)		(1,037,539)		(253,464)		(169,659)
Ending units	5,580,935		1,055,977		3,508,456		939,087		613,481

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

A34

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	T. Rowe Price Equity Income Portfolio (Equity Income Class)		Invesco V.I. Core Equity Fund (Series I)		Janus Henderson VIT Research Portfolio (Institutional Shares)		Janus Henderson VIT Overseas Portfolio (Institutional Shares)		MFS® Research 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)	$	46,727	$	(5,154)	$	(45,520)	$	(2,045)	$	(9,447)
Capital gains distributions received	118,935		1,542,225		428,574		—		56,157
Net realized gain (loss) on shares redeemed	53,631		168,123		416,600		(26,040)		50,421
Net change in unrealized appreciation (depreciation) on investments	(278,261)		(910,555)		632,508		584,441		96,078
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(58,968)		794,639		1,432,162		556,356		193,209
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	15		3,647		2,959		1,067		1,057
Annuity payments	(141,836)		(53,370)		(116,883)		(75,301)		(53,945)
Surrenders, withdrawals and death benefits	(427,541)		(886,933)		(964,456)		(428,622)		(159,465)
Net transfers between other subaccounts
or fixed rate option	(80,353)		(135,375)		(276,331)		(36,383)		(8,236)
Miscellaneous transactions	(259)		(9,338)		766		600		—
Other charges	(1,007)		(1,444)		(1,068)		(1,065)		(369)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(650,981)		(1,082,813)		(1,355,013)		(539,704)		(220,958)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(709,949)		(288,174)		77,149		16,652		(27,749)
NET ASSETS
Beginning of period	6,313,544		7,416,914		5,598,237		4,591,201		1,575,854
End of period	$	5,603,595	$	7,128,740	$	5,675,386	$	4,607,853	$	1,548,105
Beginning units	1,407,891		2,126,680		1,321,617		1,226,900		368,759
Units issued	30,023		38,193		5,535		20,834		1,034
Units redeemed	(185,778)		(343,705)		(305,083)		(172,479)		(54,735)
Ending units	1,252,136		1,821,168		1,022,069		1,075,255		315,058

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

A35

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY 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)		Prudential Jennison 20/20 Focus Portfolio (Class I)		Davis 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)	$	(99,334)	$	13,582	$	(32,102)	$	(44,583)	$	(7,237)
Capital gains distributions received	458,860		40,088		308,513		—		28,404
Net realized gain (loss) on shares redeemed	725,192		61,937		5,124		261,433		(43,045)
Net change in unrealized appreciation (depreciation) on investments	792,568		(167,214)		730,062		645,659		113,082
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,877,286		(51,607)		1,011,597		862,509		91,204
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	39,252		5		26,974		220		—
Annuity payments	(5,352)		(43,835)		(4,612)		(83,850)		—
Surrenders, withdrawals and death benefits	(947,689)		(215,573)		(365,661)		(193,484)		(161,677)
Net transfers between other subaccounts
or fixed rate option	(314,073)		32,589		(133,667)		(72,602)		2,135
Miscellaneous transactions	(14,518)		(208)		(155)		133		5
Other charges	(1,604)		(324)		(480)		(454)		(278)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,243,984)		(227,346)		(477,601)		(350,037)		(159,815)
TOTAL INCREASE (DECREASE) IN NET ASSETS	633,302		(278,953)		533,996		512,472		(68,611)
NET ASSETS
Beginning of period	7,083,922		1,889,528		2,145,256		3,230,596		1,189,425
End of period	$	7,717,224	$	1,610,575	$	2,679,252	$	3,743,068	$	1,120,814
Beginning units	1,331,254		430,174		540,942		821,087		507,113
Units issued	41,312		13,996		12,204		3,132		7,036
Units redeemed	(257,507)		(75,909)		(110,857)		(87,418)		(80,459)
Ending units	1,115,059		368,261		442,289		736,801		433,690

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

A36

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AB VPS Large Cap Growth Portfolio (Class B)		Prudential SP Small Cap Value Portfolio (Class I)		Janus Henderson VIT Research Portfolio (Service Shares)		SP Prudential U.S. Emerging Growth Portfolio (Class I)		Prudential SP International Growth 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)	$	(6,295)	$	(84,767)	$	(6,036)	$	(108,109)	$	(25,970)
Capital gains distributions received	36,973		—		38,969		—		—
Net realized gain (loss) on shares redeemed	36,444		416,200		27,070		949,240		183,600
Net change in unrealized appreciation (depreciation) on investments	63,422		(426,818)		60,874		1,804,112		279,572
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	130,544		(95,385)		120,877		2,645,243		437,202
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		11,662		—		9,704		1,159
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(66,197)		(698,516)		(59,575)		(753,595)		(232,631)
Net transfers between other subaccounts
or fixed rate option	25,064		51,840		(30,446)		(583,916)		(242,447)
Miscellaneous transactions	—		(435)		(25)		(61)		(125)
Other charges	(62)		(14,542)		(1,029)		(13,867)		(2,796)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(41,195)		(649,991)		(91,075)		(1,341,735)		(476,840)
TOTAL INCREASE (DECREASE) IN NET ASSETS	89,349		(745,376)		29,802		1,303,508		(39,638)
NET ASSETS
Beginning of period	442,595		7,008,841		527,065		6,881,101		1,844,509
End of period	$	531,944	$	6,263,465	$	556,867	$	8,184,609	$	1,804,871
Beginning units	223,600		1,957,520		193,503		1,596,173		825,908
Units issued	41,240		121,746		612		23,687		3,202
Units redeemed	(63,201)		(333,892)		(36,979)		(314,439)		(197,335)
Ending units	201,639		1,745,374		157,136		1,305,421		631,775

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

A37

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Strategic Opportunities Portfolio		AST T. Rowe Price Large-Cap Value Portfolio		AST High Yield Portfolio		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)	$	(317,269)	$	(2,342,112)	$	(921,246)	$	(353,294)	$	(269,249)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	1,651,574		15,180,762		(4,334,210)		1,513,324		2,371,877
Net change in unrealized appreciation (depreciation) on investments	(2,967,105)		423,640		5,244,176		(618,497)		3,399,142
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(1,632,800)		13,262,290		(11,280)		541,533		5,501,770
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	946,843		1,532,652		1,423,619		2,365,880		378,972
Annuity payments	(105,214)		(3,886)		(11,842)		—		(6,089)
Surrenders, withdrawals and death benefits	(1,601,852)		(9,005,859)		(4,007,890)		(2,126,981)		(1,051,936)
Net transfers between other subaccounts
or fixed rate option	159,581		(3,511,803)		7,028,677		264,015		(1,256,356)
Miscellaneous transactions	3,756		2,192		2,996		2,660		2,364
Other charges	(212,588)		(1,678,982)		(614,884)		(222,200)		(170,260)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(809,474)		(12,665,686)		3,820,676		283,374		(2,103,305)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(2,442,274)		596,604		3,809,396		824,907		3,398,465
NET ASSETS
Beginning of period	30,263,469		167,939,344		77,914,802		32,616,152		20,943,904
End of period	$	27,821,195	$	168,535,948	$	81,724,198	$	33,441,059	$	24,342,369
Beginning units	1,279,393		11,393,534		4,341,700		2,021,819		822,193
Units issued	768,162		5,572,068		3,027,304		981,602		503,100
Units redeemed	(802,140)		(6,574,537)		(2,822,636)		(897,168)		(603,597)
Ending units	1,245,415		10,391,065		4,546,368		2,106,253		721,696

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

A38

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST WEDGE Capital Mid-Cap Value Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap 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)	$	(116,680)	$	(155,187)	$	(849,966)	$	(421,474)	$	(762,491)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(281,398)		(907,552)		8,379,634		(158,653)		12,017,953
Net change in unrealized appreciation (depreciation) on investments	221,908		550,537		9,223,298		103,177		1,272,271
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(176,170)		(512,202)		16,752,966		(476,950)		12,527,733
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	65,451		131,927		1,292,960		834,153		740,515
Annuity payments	—		—		(6,125)		—		(24,508)
Surrenders, withdrawals and death benefits	(655,981)		(697,652)		(4,722,482)		(2,040,702)		(4,253,474)
Net transfers between other subaccounts
or fixed rate option	1,224,205		(48,132)		(5,434,571)		2,012,675		(6,972,964)
Miscellaneous transactions	6,516		6,195		1,168		1,439		1,643
Other charges	(72,998)		(100,072)		(551,204)		(269,229)		(482,069)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	567,193		(707,734)		(9,420,254)		538,336		(10,990,857)
TOTAL INCREASE (DECREASE) IN NET ASSETS	391,023		(1,219,936)		7,332,712		61,386		1,536,876
NET ASSETS
Beginning of period	9,382,994		15,037,721		66,739,554		38,666,095		58,793,071
End of period	$	9,774,017	$	13,817,785	$	74,072,266	$	38,727,481	$	60,329,947
Beginning units	447,919		734,242		2,650,573		1,732,230		1,896,519
Units issued	440,715		620,261		1,246,412		1,211,211		827,670
Units redeemed	(387,330)		(677,716)		(1,642,368)		(1,160,866)		(1,175,661)
Ending units	501,304		676,787		2,254,617		1,782,575		1,548,528

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

A39

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST MFS Growth Portfolio		AST Neuberger Berman/LSV Mid-Cap Value Portfolio		AST BlackRock Low Duration Bond Portfolio		AST QMA US Equity Alpha Portfolio		AST T. Rowe Price Natural Resources 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)	$	(322,481)	$	(372,024)	$	(278,036)	$	(324,843)	$	(315,529)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	4,283,665		(1,003,109)		487,204		576,644		(3,260,468)
Net change in unrealized appreciation (depreciation) on investments	2,003,941		154,647		158,753		(3,141,412)		2,034,706
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	5,965,125		(1,220,486)		367,921		(2,889,611)		(1,541,291)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,333,129		572,532		3,588,435		508,296		186,001
Annuity payments	—		(5,847)		—		—		—
Surrenders, withdrawals and death benefits	(1,482,722)		(1,353,183)		(3,291,668)		(1,444,118)		(1,399,068)
Net transfers between other subaccounts
or fixed rate option	(1,648,548)		2,142,820		2,598,730		(514,785)		3,428,573
Miscellaneous transactions	(1,787)		624		(32)		159		112
Other charges	(190,753)		(250,286)		(169,138)		(223,778)		(219,724)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,990,681)		1,106,660		2,726,327		(1,674,226)		1,995,894
TOTAL INCREASE (DECREASE) IN NET ASSETS	3,974,444		(113,826)		3,094,248		(4,563,837)		454,603
NET ASSETS
Beginning of period	24,748,221		33,971,697		24,433,615		33,140,113		27,207,851
End of period	$	28,722,665	$	33,857,871	$	27,527,863	$	28,576,276	$	27,662,454
Beginning units	808,851		1,556,303		2,325,732		1,169,251		2,633,915
Units issued	452,936		1,279,939		1,589,803		642,277		2,589,581
Units redeemed	(487,360)		(1,232,675)		(1,341,214)		(718,256)		(2,467,699)
Ending units	774,427		1,603,567		2,574,321		1,093,272		2,755,797

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

A40

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST T. Rowe Price Asset Allocation Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio		AST Templeton Global Bond Portfolio		AST Wellington Management Hedged 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		11/13/2020**		12/31/2020
OPERATIONS
Net investment income (loss)	$	(16,457,051)	$	(426,846)	$	(350,945)	$	(158,705)	$	(2,082,356)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	109,884,171		3,006,766		257,265		(220,327)		11,000,451
Net change in unrealized appreciation (depreciation) on investments	(2,006,517)		660,327		1,802,979		(557,721)		(6,900,568)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	91,420,603		3,240,247		1,709,299		(936,753)		2,017,527
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	10,774,185		898,603		58,545		570,007		2,830,553
Annuity payments	(180,480)		(5,989)		(5,863)		(5,882)		—
Surrenders, withdrawals and death benefits	(67,903,549)		(1,918,436)		(1,023,607)		(821,513)		(5,723,887)
Net transfers between other subaccounts
or fixed rate option	(12,165,971)		(212,383)		1,392,966		(14,615,687)		344,796
Miscellaneous transactions	52,262		32		2,737		(4,791)		822
Other charges	(12,260,222)		(284,172)		(237,630)		(111,041)		(1,605,043)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(81,683,775)		(1,522,345)		187,148		(14,988,907)		(4,152,759)
TOTAL INCREASE (DECREASE) IN NET ASSETS	9,736,828		1,717,902		1,896,447		(15,925,660)		(2,135,232)
NET ASSETS
Beginning of period	1,195,684,088		36,538,250		26,684,084		15,925,660		151,270,095
End of period	$	1,205,420,916	$	38,256,152	$	28,580,531	$	—	$	149,134,863
Beginning units	66,786,868		1,614,585		1,837,297		1,540,933		10,000,155
Units issued	28,030,507		886,370		1,435,994		931,598		5,885,158
Units redeemed	(34,197,109)		(972,600)		(1,522,877)		(2,472,531)		(6,521,071)
Ending units	60,620,266		1,528,355		1,750,414		—		9,364,242

**Date subaccount was no longer available for investment.

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

A41

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Capital Growth Asset Allocation Portfolio		AST Academic Strategies Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio		AST Fidelity Institutional AM℠ Quantitative 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)	$	(10,806,927)	$	(3,735,616)	$	(10,748,563)	$	(6,987,611)	$	(5,324,414)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	65,679,157		15,156,980		66,829,924		36,228,946		30,259,601
Net change in unrealized appreciation (depreciation) on investments	4,829,487		(10,288,608)		2,045,554		399,872		(9,447,175)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	59,701,717		1,132,756		58,126,915		29,641,207		15,488,012
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	10,469,267		1,486,572		7,653,786		7,619,759		3,223,803
Annuity payments	(476)		(68,213)		(330,520)		(366,568)		(100,660)
Surrenders, withdrawals and death benefits	(34,149,215)		(20,930,808)		(42,512,599)		(40,892,856)		(20,120,386)
Net transfers between other subaccounts
or fixed rate option	3,471,393		6,707,289		(3,387,237)		18,042,172		(792,193)
Miscellaneous transactions	42,908		2,271		28,010		8,764		47,800
Other charges	(7,347,947)		(2,131,310)		(7,285,259)		(4,822,457)		(3,962,068)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(27,514,070)		(14,934,199)		(45,833,819)		(20,411,186)		(21,703,704)
TOTAL INCREASE (DECREASE) IN NET ASSETS	32,187,647		(13,801,443)		12,293,096		9,230,021		(6,215,692)
NET ASSETS
Beginning of period	763,571,333		271,525,344		762,061,024		475,783,265		394,717,531
End of period	$	795,758,980	$	257,723,901	$	774,354,120	$	485,013,286	$	388,501,839
Beginning units	41,083,525		19,466,804		43,886,605		31,602,913		25,119,485
Units issued	20,242,519		12,868,463		15,374,791		12,022,854		12,619,210
Units redeemed	(23,055,836)		(14,386,310)		(18,829,198)		(13,627,553)		(14,732,751)
Ending units	38,270,208		17,948,957		40,432,198		29,998,214		23,005,944

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

A42

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST T. Rowe Price Large-Cap Growth Portfolio		AST Government Money Market Portfolio		AST Small-Cap 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)	$	(14,900,860)	$	(8,930,496)	$	(1,364,022)	$	(416,897)	$	(357,633)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	48,217,019		71,105,758		18,887,025		—		3,306,096
Net change in unrealized appreciation (depreciation) on investments	(25,138,819)		(24,359,461)		14,546,395		—		7,396,703
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	8,177,340		37,815,801		32,069,398		(416,897)		10,345,166
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	7,810,696		4,961,036		5,072,310		7,582,135		766,380
Annuity payments	(9,770)		(183,939)		—		—		—
Surrenders, withdrawals and death benefits	(69,452,002)		(38,316,873)		(6,711,943)		(77,798,047)		(1,920,471)
Net transfers between other subaccounts
or fixed rate option	3,075,589		(6,107,724)		(10,337,558)		100,947,437		(2,992,018)
Miscellaneous transactions	(3,182)		26,093		6,634		(721)		(1,117)
Other charges	(11,511,716)		(6,659,863)		(856,658)		(265,480)		(219,034)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(70,090,385)		(46,281,270)		(12,827,215)		30,465,324		(4,366,260)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(61,913,045)		(8,465,469)		19,242,183		30,048,427		5,978,906
NET ASSETS
Beginning of period	1,168,279,487		658,748,852		106,330,247		23,074,155		27,923,218
End of period	$	1,106,366,442	$	650,283,383	$	125,572,430	$	53,122,582	$	33,902,124
Beginning units	65,524,882		36,239,627		3,187,195		2,483,844		1,037,796
Units issued	42,155,223		16,320,279		1,475,273		9,836,326		533,015
Units redeemed	(48,461,415)		(19,826,642)		(1,721,024)		(6,665,135)		(667,607)
Ending units	59,218,690		32,733,264		2,941,444		5,655,035		903,204

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

A43

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST International Value Portfolio		AST International Growth Portfolio		AST Investment Grade Bond Portfolio		AST Western Asset Core Plus Bond 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)	$	(2,619,329)	$	(155,260)	$	(286,650)	$	(5,926,725)	$	(1,649,308)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	13,013,883		(435,077)		2,180,371		140,909,247		6,550,606
Net change in unrealized appreciation (depreciation) on investments	347,946		182,167		3,792,759		(2,144,124)		2,330,499
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	10,742,500		(408,170)		5,686,480		132,838,398		7,231,797
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	3,935,751		284,563		933,350		—		1,775,452
Annuity payments	(70,383)		—		—		(13,742)		—
Surrenders, withdrawals and death benefits	(15,502,947)		(763,991)		(1,559,569)		(19,883,928)		(8,801,039)
Net transfers between other subaccounts
or fixed rate option	10,916,368		811,670		(1,108,708)		(132,899,904)		9,312,905
Miscellaneous transactions	3,262		(50)		(3,002)		(39,662)		34
Other charges	(1,708,414)		(98,786)		(208,677)		(5,501,631)		(1,120,446)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(2,426,363)		233,406		(1,946,606)		(158,338,867)		1,166,906
TOTAL INCREASE (DECREASE) IN NET ASSETS	8,316,137		(174,764)		3,739,874		(25,500,469)		8,398,703
NET ASSETS
Beginning of period	191,074,981		14,999,156		24,731,561		109,751,462		128,739,295
End of period	$	199,391,118	$	14,824,392	$	28,471,435	$	84,250,993	$	137,137,998
Beginning units	15,500,039		1,154,347		1,444,099		7,403,926		9,418,388
Units issued	8,824,584		677,975		822,037		246,287,881		5,317,212
Units redeemed	(9,119,151)		(673,590)		(974,696)		(248,785,480)		(5,373,944)
Ending units	15,205,472		1,158,732		1,291,440		4,906,327		9,361,656

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

A44

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Cohen & Steers Global Realty Portfolio		AST Emerging Markets Equity Portfolio		AST Goldman Sachs Small-Cap Value Portfolio		AST AllianzGI World Trends Portfolio		AST J.P. Morgan Global Thematic 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)	$	(109,821)	$	(332,976)	$	(391,830)	$	(5,544,819)	$	(3,109,391)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	274,691		(1,932,238)		(203,288)		32,567,203		18,344,071
Net change in unrealized appreciation (depreciation) on investments	(487,909)		4,337,868		1,347,408		7,142,803		4,011,857
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(323,039)		2,072,654		752,290		34,165,187		19,246,537
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	354,006		125,124		524,219		2,375,121		2,429,917
Annuity payments	(6,053)		(11,582)		(5,814)		(147,228)		—
Surrenders, withdrawals and death benefits	(352,463)		(1,057,762)		(1,770,063)		(22,863,319)		(9,329,709)
Net transfers between other subaccounts
or fixed rate option	932,706		5,805,763		3,313,126		(3,669,853)		(3,058,883)
Miscellaneous transactions	(400)		933		1,262		15,166		2,966
Other charges	(67,803)		(251,670)		(263,872)		(4,389,787)		(2,441,391)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	859,993		4,610,806		1,798,858		(28,679,900)		(12,397,100)
TOTAL INCREASE (DECREASE) IN NET ASSETS	536,954		6,683,460		2,551,148		5,485,287		6,849,437
NET ASSETS
Beginning of period	8,790,411		25,713,559		34,288,722		406,369,627		231,136,216
End of period	$	9,327,365	$	32,397,019	$	36,839,870	$	411,854,914	$	237,985,653
Beginning units	489,964		2,445,952		1,474,662		26,974,702		14,054,368
Units issued	423,265		3,002,967		1,226,310		13,022,233		8,440,199
Units redeemed	(361,052)		(2,494,890)		(1,127,687)		(15,739,980)		(9,532,838)
Ending units	552,177		2,954,029		1,573,285		24,256,955		12,961,729

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

A45

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Goldman Sachs Multi-Asset Portfolio		ProFund VP Consumer Services		ProFund VP Consumer Goods		ProFund VP Financials		ProFund VP Health Care
	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)	$	(2,947,270)	$	(6,009)	$	(482)	$	(2,193)	$	(4,770)
Capital gains distributions received	—		157,500		686		20,622		47,756
Net realized gain (loss) on shares redeemed	11,004,522		10,161		(7,957)		19,099		7,391
Net change in unrealized appreciation (depreciation) on investments	1,662,078		(57,093)		23,862		(44,323)		(5,781)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	9,719,330		104,559		16,109		(6,795)		44,596
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,852,065		30,746		—		—		10,000
Annuity payments	(76,403)		—		—		—		—
Surrenders, withdrawals and death benefits	(11,970,843)		(29,868)		(993)		(325)		(20,301)
Net transfers between other subaccounts
or fixed rate option	987,485		47,557		(6,561)		(12,024)		24,763
Miscellaneous transactions	3,089		—		—		(11)		(5)
Other charges	(2,391,724)		(3,557)		(699)		(2,837)		(3,141)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(10,596,331)		44,878		(8,253)		(15,197)		11,316
TOTAL INCREASE (DECREASE) IN NET ASSETS	(877,001)		149,437		7,856		(21,992)		55,912
NET ASSETS
Beginning of period	220,936,202		387,423		72,737		337,907		357,469
End of period	$	220,059,201	$	536,860	$	80,593	$	315,915	$	413,381
Beginning units	16,100,311		13,672		3,481		21,881		12,908
Units issued	10,233,798		7,390		2,112		6,923		4,287
Units redeemed	(11,412,394)		(5,937)		(2,605)		(6,042)		(4,358)
Ending units	14,921,715		15,125		2,988		22,762		12,837

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

A46

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Industrials		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value		ProFund VP Real Estate		ProFund VP Small-Cap Growth
	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)	$	(4,071)	$	(1,519)	$	(2,610)	$	219	$	(1,339)
Capital gains distributions received	7,425		8,761		20,775		4,248		10,105
Net realized gain (loss) on shares redeemed	(21,917)		(23,676)		(56,374)		(21)		(20,030)
Net change in unrealized appreciation (depreciation) on investments	52,418		18,714		15,097		(12,491)		9,928
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	33,855		2,280		(23,112)		(8,045)		(1,336)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	10,000		—		—		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(20,995)		(1,524)		(4,589)		—		(1,820)
Net transfers between other subaccounts
or fixed rate option	36,019		(28,112)		(54,160)		23,929		(44,274)
Miscellaneous transactions	—		(20)		(5)		—		(18)
Other charges	(2,906)		(1,049)		(2,227)		(1,234)		(754)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	22,118		(30,705)		(60,981)		22,695		(46,866)
TOTAL INCREASE (DECREASE) IN NET ASSETS	55,973		(28,425)		(84,093)		14,650		(48,202)
NET ASSETS
Beginning of period	352,060		139,954		316,058		136,712		135,042
End of period	$	408,033	$	111,529	$	231,965	$	151,362	$	86,840
Beginning units	16,860		6,611		16,618		8,688		5,841
Units issued	14,051		3,701		12,927		3,178		1,883
Units redeemed	(13,924)		(5,878)		(17,514)		(1,448)		(4,469)
Ending units	16,987		4,434		12,031		10,418		3,255

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

A47

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	ProFund VP Small-Cap Value		ProFund VP Telecommu-nications		ProFund VP Utilities		ProFund VP Large-Cap Growth		ProFund VP Large-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)	$	(2,599)	$	(129)	$	376	$	(3,347)	$	(596)
Capital gains distributions received	23,670		—		40,242		21,829		26,559
Net realized gain (loss) on shares redeemed	(38,243)		(1,542)		(2,479)		(6,751)		(20,926)
Net change in unrealized appreciation (depreciation) on investments	6,017		1,753		(41,114)		39,521		(20,416)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(11,155)		82		(2,975)		51,252		(15,379)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		—		—		10,000		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(4,738)		—		(2,653)		(21,466)		(1,955)
Net transfers between other subaccounts
or fixed rate option	(14,346)		2,297		39,000		(11,790)		(3,540)
Miscellaneous transactions	(14)		—		—		(31)		(36)
Other charges	(1,581)		(228)		(1,595)		(2,518)		(1,752)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(20,679)		2,069		34,752		(25,805)		(7,283)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(31,834)		2,151		31,777		25,447		(22,662)
NET ASSETS
Beginning of period	228,181		22,980		159,406		230,721		239,676
End of period	$	196,347	$	25,131	$	191,183	$	256,168	$	217,014
Beginning units	11,524		1,902		8,762		9,323		14,127
Units issued	7,000		786		4,737		4,606		7,207
Units redeemed	(8,550)		(642)		(2,571)		(5,895)		(8,323)
Ending units	9,974		2,046		10,928		8,034		13,011

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

A48

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2020		AST Jennison Large-Cap Growth Portfolio		AST Bond Portfolio 2021		Wells Fargo VT International Equity Fund (Class 1)		Wells Fargo VT Omega Growth Fund (Class 1)
	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)	$	(107,123)	$	(454,775)	$	(186,833)	$	184	$	(9,931)
Capital gains distributions received	—		—		—		—		45,855
Net realized gain (loss) on shares redeemed	337,938		7,130,943		137,429		(21,447)		27,946
Net change in unrealized appreciation (depreciation) on investments	(193,894)		8,868,828		113,046		21,410		146,344
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	36,921		15,544,996		63,642		147		210,214
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		2,349,907		—		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(1,882,847)		(1,589,129)		(1,373,806)		(31,763)		(79,096)
Net transfers between other subaccounts
or fixed rate option	(9,075,890)		(52,077)		9,105,956		2,489		—
Miscellaneous transactions	49,863		(175)		58		728		(209)
Other charges	(3,309)		(280,965)		(1,867)		(25)		—
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(10,912,183)		427,561		7,730,341		(28,571)		(79,305)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(10,875,262)		15,972,557		7,793,983		(28,424)		130,909
NET ASSETS
Beginning of period	10,875,262		32,554,732		4,076,336		49,933		557,701
End of period	$	—	$	48,527,289	$	11,870,319	$	21,509	$	688,610
Beginning units	915,732		1,133,491		322,365		2,849		104,446
Units issued	308,834		838,226		951,643		189		—
Units redeemed	(1,224,566)		(765,710)		(352,211)		(1,847)		(12,980)
Ending units	—		1,206,007		921,797		1,191		91,466

**Date subaccount was no longer available for investment.

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

A49

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2022		AST Quantitative Modeling Portfolio		AST BlackRock Global Strategies Portfolio		Wells Fargo VT Opportunity Fund (Class 1)		AST Prudential Core Bond 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)	$	(59,073)	$	(464,217)	$	(2,074,956)	$	(1,331)	$	(418,669)
Capital gains distributions received	—		—		—		9,967		—
Net realized gain (loss) on shares redeemed	205,154		1,119,433		8,041,498		10,585		1,259,427
Net change in unrealized appreciation (depreciation) on investments	(64,332)		7,529,959		(4,315,425)		5,488		1,126,154
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	81,749		8,185,175		1,651,117		24,709		1,966,912
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		11,649,102		2,151,629		—		3,810,230
Annuity payments	—		—		(9,451)		—		—
Surrenders, withdrawals and death benefits	(279,488)		(1,860,199)		(8,549,468)		(42,075)		(2,694,267)
Net transfers between other subaccounts
or fixed rate option	(796,067)		(2,619,668)		2,315,120		—		6,369,143
Miscellaneous transactions	(16)		2,461		1,742		282		652
Other charges	(1,030)		(342,632)		(1,575,861)		(11)		(291,809)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,076,601)		6,829,064		(5,666,289)		(41,804)		7,193,949
TOTAL INCREASE (DECREASE) IN NET ASSETS	(994,852)		15,014,239		(4,015,172)		(17,095)		9,160,861
NET ASSETS
Beginning of period	3,322,718		66,031,276		155,802,514		164,146		35,623,059
End of period	$	2,327,866	$	81,045,515	$	151,787,342	$	147,051	$	44,783,920
Beginning units	283,851		4,023,949		11,474,268		6,474		2,968,124
Units issued	177,226		1,247,562		6,636,291		—		1,994,297
Units redeemed	(270,768)		(471,090)		(7,294,895)		(1,612)		(1,358,640)
Ending units	190,309		4,800,421		10,815,664		4,862		3,603,781

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

A50

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2023		AST MFS Growth Allocation Portfolio		AST Western Asset Emerging Markets Debt Portfolio		AST MFS Large-Cap Value Portfolio		AST Bond Portfolio 2024
	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)	$	(12,187)	$	(1,045,405)	$	(7,203)	$	(226,200)	$	(18,959)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	10,577		1,549,843		9,169		408,498		155,122
Net change in unrealized appreciation (depreciation) on investments	25,257		3,890,333		70,953		272,521		(65,699)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	23,647		4,394,771		72,919		454,819		70,464
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		4,945,783		170,857		1,126,424		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(17,109)		(3,343,986)		(53,884)		(1,005,470)		(164,593)
Net transfers between other subaccounts
or fixed rate option	(10,763)		3,705,463		124,565		2,146,084		(761,338)
Miscellaneous transactions	—		(4,090)		81		(412)		3
Other charges	(260)		(875,165)		(5,066)		(147,545)		(237)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(28,132)		4,428,005		236,553		2,119,081		(926,165)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(4,485)		8,822,776		309,472		2,573,900		(855,701)
NET ASSETS
Beginning of period	543,471		75,360,742		1,034,780		20,655,454		1,098,051
End of period	$	538,986	$	84,183,518	$	1,344,252	$	23,229,354	$	242,350
Beginning units	53,583		4,961,321		89,112		1,033,296		107,375
Units issued	5,827		4,104,129		31,187		744,062		152,713
Units redeemed	(8,500)		(3,948,616)		(10,494)		(601,842)		(237,806)
Ending units	50,910		5,116,834		109,805		1,175,516		22,282

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

A51

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST AQR Emerging Markets Equity Portfolio		AST ClearBridge Dividend Growth Portfolio		AST Multi-Sector Fixed Income Portfolio		AST AQR Large-Cap Portfolio		AST Large-Cap Core Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	8/14/2020**		12/31/2020		12/31/2020		8/14/2020**		12/31/2020
OPERATIONS
Net investment income (loss)	$	(14,450)	$	(209,242)	$	(43,817,148)	$	(10,599)	$	(21,772)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	251,338		663,082		13,263,543		463,400		27,742
Net change in unrealized appreciation (depreciation) on investments	(290,291)		(219,950)		264,606,061		(464,422)		485,893
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(53,403)		233,890		234,052,456		(11,621)		491,863
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	259,267		578,544		217,146,540		235,892		707,695
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(57,214)		(833,010)		(121,981,437)		(45,575)		(104,362)
Net transfers between other subaccounts
or fixed rate option	(3,305,491)		1,856,053		—		(2,322,930)		2,051,488
Miscellaneous transactions	101		1,344		(6,038)		71		314
Other charges	(8,523)		(128,773)		(264,186)		(4,926)		(11,553)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(3,111,860)		1,474,158		94,894,879		(2,137,468)		2,643,582
TOTAL INCREASE (DECREASE) IN NET ASSETS	(3,165,263)		1,708,048		328,947,335		(2,149,089)		3,135,445
NET ASSETS
Beginning of period	3,165,263		17,385,877		2,116,571,955		2,149,089		1,804,267
End of period	$	—	$	19,093,925	$	2,445,519,290	$	—	$	4,939,712
Beginning units	264,152		893,894		174,543,032		117,637		95,655
Units issued	30,089		652,524		11,935,016		23,690		191,284
Units redeemed	(294,241)		(574,485)		(3,999,120)		(141,327)		(20,276)
Ending units	—		971,933		182,478,928		—		266,663

**Date subaccount was no longer available for investment.

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

A52

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2025		AST T. Rowe Price Growth Opportunities Portfolio		AST Goldman Sachs Global Growth Allocation Portfolio		AST T. Rowe Price Diversified Real Growth Portfolio		AST Prudential Flexible Multi-Strategy 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		4/24/2020**		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(11,553)	$	(3,222,878)	$	(9,127)	$	(84,028)	$	(111,428)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	115,966		(6,131,008)		345,639		233,497		327,998
Net change in unrealized appreciation (depreciation) on investments	(47,696)		25,192,787		(926,367)		2,689,071		1,870,459
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	56,717		15,838,901		(589,855)		2,838,540		2,087,029
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		13,817,350		119,259		840,482		2,373,553
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(111,135)		(3,885,151)		(55,764)		(434,107)		(510,848)
Net transfers between other subaccounts
or fixed rate option	(442,399)		10,517,919		(4,561,736)		3,823,374		2,865,096
Miscellaneous transactions	—		(7,445)		(92)		631		54
Other charges	(202)		(2,941,605)		(7,873)		(76,711)		(104,600)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(553,736)		17,501,068		(4,506,206)		4,153,669		4,623,255
TOTAL INCREASE (DECREASE) IN NET ASSETS	(497,019)		33,339,969		(5,096,061)		6,992,209		6,710,284
NET ASSETS
Beginning of period	718,971		244,962,775		5,096,061		10,229,046		15,829,465
End of period	$	221,952	$	278,302,744	$	—	$	17,221,255	$	22,539,749
Beginning units	61,906		16,860,533		389,549		714,650		1,170,474
Units issued	149,044		15,778,814		13,134		463,873		623,274
Units redeemed	(193,606)		(15,548,021)		(402,683)		(109,035)		(205,370)
Ending units	17,344		17,091,326		—		1,069,488		1,588,378

**Date subaccount was no longer available for investment.

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

A53

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Franklin Templeton K2 Global Absolute Return Portfolio		AST Managed Equity Portfolio		AST Managed Fixed Income Portfolio		AST FQ Absolute Return Currency Portfolio		AST Jennison Global Infrastructure Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	4/24/2020**		4/24/2020**		4/24/2020**		8/14/2020**		8/14/2020**
OPERATIONS
Net investment income (loss)	$	(4,922)	$	(6,662)	$	(12,377)	$	(1,729)	$	(6,767)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(45,915)		(4,221)		485,894		84,992		409,259
Net change in unrealized appreciation (depreciation) on investments	(169,565)		(828,835)		(602,051)		24,407		(481,730)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(220,402)		(839,718)		(128,534)		107,670		(79,238)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	80,688		192		856		942		38,544
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(20,783)		(31,799)		(107,946)		(11,502)		(27,852)
Net transfers between other subaccounts
or fixed rate option	(2,596,725)		(3,143,932)		(6,194,146)		(547,923)		(2,032,661)
Miscellaneous transactions	2,447		(6)		32		(20)		(15)
Other charges	(4,352)		(5,880)		(11,928)		(1,625)		(6,482)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(2,538,725)		(3,181,425)		(6,313,132)		(560,128)		(2,028,466)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(2,759,127)		(4,021,143)		(6,441,666)		(452,458)		(2,107,704)
NET ASSETS
Beginning of period	2,759,127		4,021,143		6,441,666		452,458		2,107,704
End of period	$	—	$	—	$	—	$	—	$	—
Beginning units	273,312		285,089		580,859		49,146		155,093
Units issued	17,480		3,336		3,034		1,004		10,227
Units redeemed	(290,792)		(288,425)		(583,893)		(50,150)		(165,320)
Ending units	—		—		—		—		—

**Date subaccount was no longer available for investment.

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

A54

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST PIMCO Dynamic Bond Portfolio		AST Legg Mason Diversified Growth Portfolio		AST Bond Portfolio 2026		AST AB Global Bond Portfolio		AST Goldman Sachs Global Income Portfolio
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	11/13/2020**		12/31/2020		12/31/2020		11/13/2020**		11/13/2020**
OPERATIONS
Net investment income (loss)	$	(11,925)	$	(668,232)	$	(88,947)	$	(10,906)	$	(5,270)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	113,049		(2,044,832)		1,091,318		225,713		121,466
Net change in unrealized appreciation (depreciation) on investments	(65,120)		2,885,332		(383,831)		(156,215)		(56,891)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	36,004		172,268		618,540		58,592		59,305
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	880,110		1,816,849		—		287,155		90,265
Annuity payments	—		(5,884)		—		—		—
Surrenders, withdrawals and death benefits	(38,520)		(970,736)		(220,382)		(41,774)		(13,286)
Net transfers between other subaccounts
or fixed rate option	(2,768,144)		1,385,737		(9,161,220)		(2,281,944)		(945,039)
Miscellaneous transactions	3,478		11,062		54		(40)		(73)
Other charges	(11,181)		(615,362)		(266)		(10,025)		(5,005)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,934,257)		1,621,666		(9,381,814)		(2,046,628)		(873,138)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(1,898,253)		1,793,934		(8,763,274)		(1,988,036)		(813,833)
NET ASSETS
Beginning of period	1,898,253		53,391,583		10,189,255		1,988,036		813,833
End of period	$	—	$	55,185,517	$	1,425,981	$	—	$	—
Beginning units	191,121		4,211,030		977,547		176,306		72,348
Units issued	149,697		3,833,208		239,685		43,040		61,091
Units redeemed	(340,818)		(3,879,648)		(1,091,312)		(219,346)		(133,439)
Ending units	—		4,164,590		125,920		—		—

**Date subaccount was no longer available for investment.

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

A55

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Global Bond Portfolio		AST Neuberger Berman Long/Short Portfolio		AST QMA International Core Equity Portfolio		AST Managed Alternatives Portfolio		Blackrock Global Allocation V.I. Fund (Class III)
	1/1/2020		1/1/2020		1/1/2020		1/1/2020		1/1/2020
	to		to		to		to		to
	12/31/2020		8/14/2020**		12/31/2020		4/24/2020**		12/31/2020
OPERATIONS
Net investment income (loss)	$	(36,586)	$	(7,827)	$	(6,770)	$	(3,992)	$	52,767
Capital gains distributions received	—		—		—		—		424,931
Net realized gain (loss) on shares redeemed	13,099		321,048		(6,171)		108,533		33,553
Net change in unrealized appreciation (depreciation) on investments	230,327		(252,615)		102,016		(73,983)		742,631
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	206,840		60,606		89,075		30,558		1,253,882
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	335,476		156,561		217,604		236		1,270,739
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(218,271)		(38,650)		(43,944)		(78,211)		(263,642)
Net transfers between other subaccounts
or fixed rate option	22,933,405		(2,468,386)		20,198		(2,164,222)		266,789
Miscellaneous transactions	(62)		2		396		(6)		515
Other charges	(28,448)		(8,356)		(6,461)		(3,900)		(32,942)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	23,022,100		(2,358,829)		187,793		(2,246,103)		1,241,459
TOTAL INCREASE (DECREASE) IN NET ASSETS	23,228,940		(2,298,223)		276,868		(2,215,545)		2,495,341
NET ASSETS
Beginning of period	861,408		2,298,223		1,085,455		2,215,545		5,332,212
End of period	$	24,090,348	$	—	$	1,362,323	$	—	$	7,827,553
Beginning units	75,864		194,594		94,335		222,461		427,246
Units issued	2,208,627		20,333		28,228		2,597		160,094
Units redeemed	(56,586)		(214,927)		(9,065)		(225,058)		(54,281)
Ending units	2,227,905		—		113,498		—		533,059
**Date subaccount was no longer available for investment.

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

A56

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)		AST Bond Portfolio 2027		NVIT Emerging Markets Fund (Class D)		AST Bond Portfolio 2028		AST Bond Portfolio 2029
	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)	$	63,751	$	(38,180)	$	49	$	(3,267)	$	(9,190)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(43,997)		808,745		21,050		152,307		292,777
Net change in unrealized appreciation (depreciation) on investments	50,007		(413,054)		11,220		(92,611)		(96,307)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	69,761		357,511		32,319		56,429		187,280
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	384,282		—		346		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(191,742)		(202,462)		(82,498)		—		(1,584,635)
Net transfers between other subaccounts
or fixed rate option	(88,714)		(4,044,798)		(50,159)		(1,118,220)		(2,604,439)
Miscellaneous transactions	5,505		103		—		(10)		9
Other charges	(14,087)		(747)		(906)		(128)		(22)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	95,244		(4,247,904)		(133,217)		(1,118,358)		(4,189,087)
TOTAL INCREASE (DECREASE) IN NET ASSETS	165,005		(3,890,393)		(100,898)		(1,061,929)		(4,001,807)
NET ASSETS
Beginning of period	2,482,236		5,539,254		484,541		1,061,929		4,001,807
End of period	$	2,647,241	$	1,648,861	$	383,643	$	—	$	—
Beginning units	198,648		531,908		36,732		100,738		376,784
Units issued	65,044		254,361		309		868		16,017
Units redeemed	(55,591)		(642,380)		(10,865)		(101,606)		(392,801)
Ending units	208,101		143,889		26,176		—		—

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

A57

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST American Funds Growth Allocation Portfolio		AST Bond Portfolio 2030		AST BlackRock 80/20 Target Allocation ETF Portfolio		AST BlackRock 60/40 Target Allocation ETF Portfolio		AST Dimensional Global Core 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)	$	(1,084,711)	$	(286,498)	$	(474,018)	$	(319,702)	$	(3,582)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(2,378,575)		1,164,380		(2,546,773)		(783,544)		(33,846)
Net change in unrealized appreciation (depreciation) on investments	15,358,915		502,797		7,380,556		4,043,685		88,313
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	11,895,629		1,380,679		4,359,765		2,940,439		50,885
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	11,927,351		—		10,785,067		7,000,476		859,027
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(1,083,308)		(1,953,168)		(299,245)		(207,185)		(149)
Net transfers between other subaccounts
or fixed rate option	(952,492)		8,200,687		311,788		423,143		(431,406)
Miscellaneous transactions	1,610		482		4,115		(1,311)		3
Other charges	(958,027)		(5,018)		(402,634)		(233,385)		(2,499)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	8,935,134		6,242,983		10,399,091		6,981,738		424,976
TOTAL INCREASE (DECREASE) IN NET ASSETS	20,830,763		7,623,662		14,758,856		9,922,177		475,861
NET ASSETS
Beginning of period	74,239,429		1,942,445		27,462,520		18,354,476		8,576
End of period	$	95,070,192	$	9,566,107	$	42,221,376	$	28,276,653	$	484,437
Beginning units	6,508,627		173,249		2,254,409		1,561,045		833
Units issued	5,359,739		2,572,707		2,972,953		1,447,284		107,848
Units redeemed	(4,939,931)		(1,986,690)		(2,256,325)		(900,594)		(67,090)
Ending units	6,928,435		759,266		2,971,037		2,107,735		41,591

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

A58

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	AST Bond Portfolio 2031		MFS® International Growth Portfolio (Service Shares)		MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares)		MFS® Technology Portfolio (Service Shares)		MFS® Mid Cap Growth Series (Service Shares)
	1/2/2020*		4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*
	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)	$	(87,745)	$	(85)	$	(61)	$	(1,794)	$	(745)
Capital gains distributions received	—		99		—		—		10,621
Net realized gain (loss) on shares redeemed	30,066		1,349		5		705		(833)
Net change in unrealized appreciation (depreciation) on investments	(100,273)		12,486		5,712		120,782		51,824
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(157,952)		13,849		5,656		119,693		60,867
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		131,501		50,712		916,277		365,953
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(259,745)		(6,025)		—		(1,738)		(4,007)
Net transfers between other subaccounts
or fixed rate option	10,806,878		77,287		(3)		475,465		19,951
Miscellaneous transactions	(24)		(337)		—		(2,710)		360
Other charges	(82)		(135)		(10)		(1,325)		(607)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	10,547,027		202,291		50,699		1,385,969		381,650
TOTAL INCREASE (DECREASE) IN NET ASSETS	10,389,075		216,140		56,355		1,505,662		442,517
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	10,389,075	$	216,140	$	56,355	$	1,505,662	$	442,517
Beginning units	—		—		—		—		—
Units issued	1,300,965		21,588		4,159		115,171		36,940
Units redeemed	(364,525)		(5,551)		(1)		(12,130)		(7,004)
Ending units	936,440		16,037		4,158		103,041		29,936

*Date subaccount became available for investment.

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

A59

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	MFS® New Discovery Series (Service Shares)		MFS® Research Series (Service Shares)		MFS® Total Return Bond Series (Service Shares)		MFS® Total Return Series (Service Shares)		MFS® Utilities Series (Service Shares)
	4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*		4/27/2020*
	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)	$	(309)	$	(82)	$	1,148	$	3,326	$	1,790
Capital gains distributions received	4,335		107		—		5,659		3,112
Net realized gain (loss) on shares redeemed	105		13		4,550		329		366
Net change in unrealized appreciation (depreciation) on investments	33,104		7,893		23,408		31,268		52,914
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	37,235		7,931		29,106		40,582		58,182
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	71,543		114,871		1,223,096		426,557		370,882
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(348)		(994)		(6,358)		(29,287)		(3,620)
Net transfers between other subaccounts
or fixed rate option	98,575		255		569,749		80,437		277,952
Miscellaneous transactions	569		140		63		268		194
Other charges	(216)		(26)		(1,970)		(569)		(584)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	170,123		114,246		1,784,580		477,406		644,824
TOTAL INCREASE (DECREASE) IN NET ASSETS	207,358		122,177		1,813,686		517,988		703,006
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	207,358	$	122,177	$	1,813,686	$	517,988	$	703,006
Beginning units	—		—		—		—		—
Units issued	12,452		9,494		251,664		53,032		58,263
Units redeemed	(56)		(83)		(82,671)		(9,850)		(421)
Ending units	12,396		9,411		168,993		43,182		57,842

*Date subaccount became available for investment.

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

A60

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	American Funds IS Asset Allocation Fund (Class 4)		American Funds IS Blue Chip Income and Growth Fund (Class 4)		American Funds IS Bond Fund (Class 4)		American Funds IS Global Growth and Income Fund (Class 4)		American Funds IS Global Small Capitalization Fund (Class 4)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	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)	$	6,595	$	2,247	$	2,370	$	317	$	(18)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	34		107		—		3,458		1
Net change in unrealized appreciation (depreciation) on investments	27,446		17,805		(128)		7,743		1,800
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	34,075		20,159		2,242		11,518		1,783
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	441,032		143,990		114,204		27,823		35,431
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(17,495)		(1,428)		(303)		(33,813)		—
Net transfers between other subaccounts
or fixed rate option	406,229		83,504		130,714		49,779		2,606
Miscellaneous transactions	—		—		—		—		308
Other charges	(240)		(26)		(172)		(32)		(11)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	829,526		226,040		244,443		43,757		38,334
TOTAL INCREASE (DECREASE) IN NET ASSETS	863,601		246,199		246,685		55,275		40,117
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	863,601	$	246,199	$	246,685	$	55,275	$	40,117
Beginning units	—		—		—		—		—
Units issued	82,178		22,273		24,399		7,907		3,223
Units redeemed	(2,786)		(136)		(47)		(3,038)		(0)(1)
Ending units	79,392		22,137		24,352		4,869		3,223

*Date subaccount became available for investment.

(1) Amount is less than 1 unit.

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

A61

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	American Funds IS Growth Fund (Class 4)		American Funds IS Growth-Income Fund (Class 4)		American Funds IS International Fund (Class 4)		American Funds IS New World Fund® (Class 4)		BlackRock Advantage Large Cap Core V.I. Fund (Class III)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	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)	$	(1,489)	$	2,062	$	36	$	(180)	$	1,116
Capital gains distributions received	—		—		—		—		11,922
Net realized gain (loss) on shares redeemed	1,295		506		7		294		2
Net change in unrealized appreciation (depreciation) on investments	195,149		13,764		5,622		19,129		(1,925)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	194,955		16,332		5,665		19,243		11,115
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	371,976		133,480		30,352		143,950		54,001
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(9,117)		(2,903)		—		(2,352)		—
Net transfers between other subaccounts
or fixed rate option	1,361,022		203,071		—		87,981		125,829
Miscellaneous transactions	(28)		(898)		—		23		188
Other charges	(1,107)		(195)		(25)		(127)		(29)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,722,746		332,555		30,327		229,475		179,989
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,917,701		348,887		35,992		248,718		191,104
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	1,917,701	$	348,887	$	35,992	$	248,718	$	191,104
Beginning units	—		—		—		—		—
Units issued	157,872		37,967		3,005		25,640		17,019
Units redeemed	(1,198)		(6,429)		(2)		(4,786)		(3)
Ending units	156,674		31,538		3,003		20,854		17,016

*Date subaccount became available for investment.

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

A62

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	BlackRock Advantage Large Cap Value V.I. Fund (Class III)		BlackRock Capital Appreciation V.I. Fund (Class III)		BlackRock Equity Dividend V.I. Fund (Class III)		BlackRock Large Cap Focus Growth V.I. Fund (Class III)		Fidelity® VIP Balanced Portfolio (Service Class 2)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	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)	$	381	$	(122)	$	636	$	(184)	$	11,254
Capital gains distributions received	—		9,198		4,214		9,719		181
Net realized gain (loss) on shares redeemed	4		4		3,050		4		1,926
Net change in unrealized appreciation (depreciation) on investments	3,744		(2,199)		7,954		4,484		73,915
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,129		6,881		15,854		14,023		87,276
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	31,760		50,236		145,923		42,524		1,119,689
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	—		—		(2,981)		—		—
Net transfers between other subaccounts
or fixed rate option	—		86,431		17,554		155,604		347,609
Miscellaneous transactions	—		—		(2,237)		9		(399)
Other charges	(3)		(155)		—		(86)		(255)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	31,757		136,512		158,259		198,051		1,466,644
TOTAL INCREASE (DECREASE) IN NET ASSETS	35,886		143,393		174,113		212,074		1,553,920
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	35,886	$	143,393	$	174,113	$	212,074	$	1,553,920
Beginning units	—		—		—		—		—
Units issued	3,189		12,377		21,907		18,606		144,186
Units redeemed	(0)(1)		(13)		(6,456)		(8)		(5,046)
Ending units	3,189		12,364		15,451		18,598		139,140

*Date subaccount became available for investment.

(1) Amount is less than 1 unit.

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

A63

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2020

	SUBACCOUNTS
	Fidelity® VIP Contrafund® Portfolio (Service Class 2)		Fidelity® VIP Growth Opportunities Portfolio (Service Class 2)		Fidelity® VIP Health Care Portfolio (Service Class 2)		BlackRock Basic Value V.I. Fund (Class III)
	8/17/2020*		8/17/2020*		8/17/2020*		8/17/2020*
	to		to		to		to
	12/31/2020		12/31/2020		12/31/2020		12/31/2020
OPERATIONS
Net investment income (loss)	$	(1,864)	$	(990)	$	4,293	$	987
Capital gains distributions received	967		11,262		16,723		645
Net realized gain (loss) on shares redeemed	(1,961)		1,720		89		5
Net change in unrealized appreciation (depreciation) on investments	94,123		113,289		21,443		7,400
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	91,265		125,281		42,548		9,037
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	748,658		161,054		284,674		50,840
Annuity payments	—		—		—		—
Surrenders, withdrawals and death benefits	(5,930)		(29,921)		(6,403)		—
Net transfers between other subaccounts
or fixed rate option	1,366,028		1,132,896		1,319,968		—
Miscellaneous transactions	—		325		138		—
Other charges	(1,309)		(831)		(854)		—
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	2,107,447		1,263,523		1,597,523		50,840
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,198,712		1,388,804		1,640,071		59,877
NET ASSETS
Beginning of period	—		—		—		—
End of period	$	2,198,712	$	1,388,804	$	1,640,071	$	59,877
Beginning units	—		—		—		—
Units issued	205,915		114,829		150,971		5,206
Units redeemed	(5,765)		(2,581)		(453)		—
Ending units	200,150		112,248		150,518		5,206

*Date subaccount became available for investment.

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

A64

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	Prudential Government Money Market Portfolio (Class I)		Prudential Diversified Bond Portfolio		Prudential Equity Portfolio (Class I)		Prudential Value Portfolio (Class I)		Prudential High Yield Bond Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	29,044	$	(184,240)	$	(237,719)	$	(273,791)	$	(175,874)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		486,196		1,106,794		1,036,963		73,379
Net change in unrealized appreciation (depreciation) on investments	—		893,605		3,082,402		3,220,896		1,725,467
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	29,044		1,195,561		3,951,477		3,984,068		1,622,972
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	48,463		1,254		38,079		60,573		35,378
Annuity payments	(1,147)		(86,659)		(65,576)		(78,998)		(124,438)
Surrenders, withdrawals and death benefits	(977,941)		(1,866,134)		(1,560,374)		(1,894,956)		(1,225,951)
Net transfers between other subaccounts
or fixed rate option	238,187		121,750		(222,907)		(154,199)		(163,600)
Miscellaneous transactions	(1,460)		160		(6,979)		(5,484)		(133)
Other charges	(5,414)		(3,662)		(8,026)		(19,254)		(13,399)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(699,312)		(1,833,291)		(1,825,783)		(2,092,318)		(1,492,143)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(670,268)		(637,730)		2,125,694		1,891,750		130,829
NET ASSETS
Beginning of period	6,213,434		13,399,464		15,238,467		17,214,366		11,645,533
End of period	$	5,543,166	$	12,761,734	$	17,364,161	$	19,106,116	$	11,776,362
Beginning units	5,292,009		4,972,262		4,371,001		5,460,664		2,557,491
Units issued	317,774		159,742		14,201		59,922		30,027
Units redeemed	(989,936)		(805,592)		(480,008)		(634,708)		(320,635)
Ending units	4,619,847		4,326,412		3,905,194		4,885,878		2,266,883

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

A65

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	Prudential Stock Index Portfolio		Prudential Global Portfolio		Prudential Jennison Portfolio (Class I)		Prudential Small Capitalization Stock Portfolio		T. Rowe Price International Stock Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(343,752)	$	(60,071)	$	(342,503)	$	(74,082)	$	15,004
Capital gains distributions received	—		—		—		—		64,140
Net realized gain (loss) on shares redeemed	827,049		296,506		2,272,139		235,388		10,147
Net change in unrealized appreciation (depreciation) on investments	6,022,830		800,285		4,535,390		988,498		259,641
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	6,506,127		1,036,720		6,465,026		1,149,804		348,932
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	5,719,728		2,084		21,285		1,353,641		—
Annuity payments	(58,980)		(522)		(50,268)		(11,044)		—
Surrenders, withdrawals and death benefits	(2,215,752)		(470,954)		(2,573,872)		(346,209)		(115,355)
Net transfers between other subaccounts
or fixed rate option	1,886,329		(16,433)		(318,698)		123,020		(27,612)
Miscellaneous transactions	7,775		(5,475)		1,333		(303)		(27)
Other charges	(36,843)		(3,255)		(15,136)		(11,992)		(251)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	5,302,257		(494,555)		(2,935,356)		1,107,113		(143,245)
TOTAL INCREASE (DECREASE) IN NET ASSETS	11,808,384		542,165		3,529,670		2,256,917		205,687
NET ASSETS
Beginning of period	20,531,253		3,778,794		21,649,322		5,003,796		1,401,452
End of period	$	32,339,637	$	4,320,959	$	25,178,992	$	7,260,713	$	1,607,139
Beginning units	5,459,734		1,455,883		5,051,540		831,879		821,571
Units issued	1,042,322		11,802		33,790		206,003		10,240
Units redeemed	(825,811)		(204,801)		(588,856)		(112,878)		(84,089)
Ending units	5,676,245		1,262,884		4,496,474		925,004		747,722

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

A66

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	T. Rowe Price Equity Income Portfolio (Equity Income Class)		Invesco V.I. Core Equity Fund (Series I)		Janus Henderson VIT Research Portfolio (Institutional Shares)		Janus Henderson VIT Overseas Portfolio (Institutional Shares)		MFS® Research Series (Initial Class)
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	54,796	$	(31,579)	$	(48,214)	$	21,596	$	(8,842)
Capital gains distributions received	373,142		801,194		534,905		—		148,665
Net realized gain (loss) on shares redeemed	51,571		130,953		93,581		(37,140)		22,068
Net change in unrealized appreciation (depreciation) on investments	800,144		756,329		878,394		983,805		222,644
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,279,653		1,656,897		1,458,666		968,261		384,535
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	16,071		18,068		13,415		4,381		2,227
Annuity payments	(4,563)		(12,029)		—		—		(11,324)
Surrenders, withdrawals and death benefits	(223,860)		(491,522)		(268,668)		(368,126)		(47,027)
Net transfers between other subaccounts
or fixed rate option	(21,450)		(36,568)		(37,634)		(2,203)		(13,918)
Miscellaneous transactions	365		72		(6)		341		(1)
Other charges	(1,195)		(1,771)		(1,247)		(1,252)		(376)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(234,632)		(523,750)		(294,140)		(366,859)		(70,419)
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,045,021		1,133,147		1,164,526		601,402		314,116
NET ASSETS
Beginning of period	5,268,523		6,283,767		4,433,711		3,989,799		1,261,738
End of period	$	6,313,544	$	7,416,914	$	5,598,237	$	4,591,201	$	1,575,854
Beginning units	1,464,459		2,291,230		1,399,058		1,334,864		387,107
Units issued	13,457		8,570		4,542		32,818		906
Units redeemed	(70,025)		(173,120)		(81,983)		(140,782)		(19,254)
Ending units	1,407,891		2,126,680		1,321,617		1,226,900		368,759

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

A67

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		American Century VP Value Fund (Class I)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		Prudential Jennison 20/20 Focus Portfolio (Class I)		Davis Value Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(91,374)	$	12,852	$	(29,701)	$	(43,617)	$	118
Capital gains distributions received	573,893		104,910		298,243		—		55,958
Net realized gain (loss) on shares redeemed	286,661		74,747		(38,743)		280,528		(114,094)
Net change in unrealized appreciation (depreciation) on investments	1,194,171		207,605		307,696		507,385		381,690
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,963,351		400,114		537,495		744,296		323,672
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	4,468		3,692		1,839		367		1,902
Annuity payments	(4,814)		(24,493)		(1,761)		(85,529)		(58,375)
Surrenders, withdrawals and death benefits	(398,050)		(160,746)		(219,385)		(252,372)		(343,851)
Net transfers between other subaccounts
or fixed rate option	(29,232)		(5,302)		(40,313)		(96,771)		(40,280)
Miscellaneous transactions	147		(20)		(17)		(71)		(17)
Other charges	(1,718)		(381)		(524)		(507)		(309)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(429,199)		(187,250)		(260,161)		(434,883)		(440,930)
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,534,152		212,864		277,334		309,413		(117,258)
NET ASSETS
Beginning of period	5,549,770		1,676,664		1,867,922		2,921,183		1,306,683
End of period	$	7,083,922	$	1,889,528	$	2,145,256	$	3,230,596	$	1,189,425
Beginning units	1,420,850		478,153		609,960		945,238		720,713
Units issued	24,043		7,177		5,476		1,567		1,944
Units redeemed	(113,639)		(55,156)		(74,494)		(125,718)		(215,544)
Ending units	1,331,254		430,174		540,942		821,087		507,113

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

A68

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AB VPS Large Cap Growth Portfolio (Class B)		Prudential SP Small Cap Value Portfolio (Class I)		Janus Henderson VIT Research Portfolio (Service Shares)		SP Prudential U.S. Emerging Growth Portfolio (Class I)		Prudential SP International Growth Portfolio (Class I)
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(5,776)	$	(105,181)	$	(6,110)	$	(102,359)	$	(27,529)
Capital gains distributions received	52,936		—		51,487		—		—
Net realized gain (loss) on shares redeemed	22,144		343,032		8,257		489,507		73,763
Net change in unrealized appreciation (depreciation) on investments	47,138		1,020,838		80,901		1,556,388		423,010
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	116,442		1,258,689		134,535		1,943,536		469,244
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		2,201		—		8,767		1,595
Annuity payments	—		(27,586)		—		(27,350)		—
Surrenders, withdrawals and death benefits	(57,102)		(456,594)		(11,748)		(505,036)		(189,472)
Net transfers between other subaccounts
or fixed rate option	4,622		63,475		(7,499)		(211,450)		(59,403)
Miscellaneous transactions	(41)		519		—		(394)		(3,206)
Other charges	(69)		(16,972)		(915)		(13,122)		(2,989)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(52,590)		(434,957)		(20,162)		(748,585)		(253,475)
TOTAL INCREASE (DECREASE) IN NET ASSETS	63,852		823,732		114,373		1,194,951		215,769
NET ASSETS
Beginning of period	378,743		6,185,109		412,692		5,686,150		1,628,740
End of period	$	442,595	$	7,008,841	$	527,065	$	6,881,101	$	1,844,509
Beginning units	253,543		2,086,442		202,010		1,767,575		964,649
Units issued	3,723		54,090		14		12,093		6,943
Units redeemed	(33,666)		(183,012)		(8,521)		(183,495)		(145,684)
Ending units	223,600		1,957,520		193,503		1,596,173		825,908

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

A69

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Strategic Opportunities Portfolio		AST T. Rowe Price Large-Cap Value Portfolio		AST High Yield Portfolio		AST Small-Cap Growth Opportunities Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(397,916)	$	(2,589,552)	$	(824,337)	$	(400,517)	$	(288,154)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	2,627,709		6,527,845		1,158,500		1,520,573		1,598,983
Net change in unrealized appreciation (depreciation) on investments	5,163,356		15,386,321		7,785,263		2,849,948		4,067,348
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	7,393,149		19,324,614		8,119,426		3,970,004		5,378,177
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,638,902		4,034,830		1,875,806		2,113,117		629,012
Annuity payments	(6,554)		(63,400)		(3,282)		(17,082)		—
Surrenders, withdrawals and death benefits	(2,528,652)		(10,543,354)		(4,896,703)		(2,718,419)		(1,509,235)
Net transfers between other subaccounts
or fixed rate option	(1,121,742)		9,619,605		59,373,779		969,920		1,745,404
Miscellaneous transactions	(12)		(4,713)		(4,296)		337		(1,697)
Other charges	(243,987)		(1,759,708)		(506,229)		(234,145)		(169,136)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(2,262,045)		1,283,260		55,839,075		113,728		694,348
TOTAL INCREASE (DECREASE) IN NET ASSETS	5,131,104		20,607,874		63,958,501		4,083,732		6,072,525
NET ASSETS
Beginning of period	25,132,365		147,331,470		13,956,301		28,532,420		14,871,379
End of period	$	30,263,469	$	167,939,344	$	77,914,802	$	32,616,152	$	20,943,904
Beginning units	1,359,928		11,258,620		962,348		1,997,465		772,368
Units issued	371,941		1,822,127		4,384,171		557,072		276,497
Units redeemed	(452,476)		(1,687,213)		(1,004,819)		(532,718)		(226,672)
Ending units	1,279,393		11,393,534		4,341,700		2,021,819		822,193

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

A70

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST WEDGE Capital Mid-Cap Value Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST Hotchkis & Wiley Large-Cap Value Portfolio		AST Loomis Sayles Large-Cap Growth Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(140,833)	$	(215,823)	$	(962,943)	$	(527,322)	$	(821,027)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	679,524		676,062		6,435,557		2,685,142		6,458,295
Net change in unrealized appreciation (depreciation) on investments	865,907		2,034,267		10,035,850		6,386,953		8,015,083
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,404,598		2,494,506		15,508,464		8,544,773		13,652,351
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	79,528		256,279		2,136,859		867,363		579,018
Annuity payments	(1,841)		—		(6,926)		(16,993)		—
Surrenders, withdrawals and death benefits	(584,849)		(998,760)		(4,969,556)		(2,705,700)		(4,375,175)
Net transfers between other subaccounts
or fixed rate option	765,877		1,319,141		316,376		1,744,713		3,419,676
Miscellaneous transactions	(809)		789		(1,570)		4,871		(3,191)
Other charges	(79,695)		(120,535)		(565,092)		(313,594)		(481,636)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	178,211		456,914		(3,089,909)		(419,340)		(861,308)
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,582,809		2,951,420		12,418,555		8,125,433		12,791,043
NET ASSETS
Beginning of period	7,800,185		12,086,301		54,320,999		30,540,662		46,002,028
End of period	$	9,382,994	$	15,037,721	$	66,739,554	$	38,666,095	$	58,793,071
Beginning units	437,242		707,790		2,749,901		1,743,492		1,915,488
Units issued	168,948		270,186		768,820		539,432		526,263
Units redeemed	(158,271)		(243,734)		(868,148)		(550,694)		(545,232)
Ending units	447,919		734,242		2,650,573		1,732,230		1,896,519

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

A71

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST MFS Growth Portfolio		AST Neuberger Berman/LSV Mid-Cap Value Portfolio		AST BlackRock Low Duration Bond Portfolio		AST QMA US Equity Alpha Portfolio		AST T. Rowe Price Natural Resources Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(310,153)	$	(463,291)	$	(284,445)	$	(404,706)	$	(377,498)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	2,289,558		1,611,277		292,470		2,532,387		193,311
Net change in unrealized appreciation (depreciation) on investments	4,486,303		4,235,829		740,847		4,024,636		3,453,620
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	6,465,708		5,383,815		748,872		6,152,317		3,269,433
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,217,138		878,026		2,913,015		635,587		499,475
Annuity payments	—		(3,751)		(447,587)		—		—
Surrenders, withdrawals and death benefits	(1,478,341)		(2,543,997)		(2,138,077)		(1,327,482)		(1,783,995)
Net transfers between other subaccounts
or fixed rate option	1,364,320		3,436,589		2,917,421		1,857,633		5,213,608
Miscellaneous transactions	395		(634)		(1,124)		(836)		(964)
Other charges	(180,042)		(279,047)		(161,647)		(247,541)		(235,473)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	923,470		1,487,186		3,082,001		917,361		3,692,651
TOTAL INCREASE (DECREASE) IN NET ASSETS	7,389,178		6,871,001		3,830,873		7,069,678		6,962,084
NET ASSETS
Beginning of period	17,359,043		27,100,696		20,602,742		26,070,435		20,245,767
End of period	$	24,748,221	$	33,971,697	$	24,433,615	$	33,140,113	$	27,207,851
Beginning units	763,496		1,469,914		2,033,398		1,138,228		2,264,362
Units issued	283,810		428,520		968,234		425,981		1,001,679
Units redeemed	(238,455)		(342,131)		(675,900)		(394,958)		(632,126)
Ending units	808,851		1,556,303		2,325,732		1,169,251		2,633,915

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

A72

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST T. Rowe Price Asset Allocation Portfolio		AST MFS Global Equity Portfolio		AST J.P. Morgan International Equity Portfolio		AST Templeton Global Bond Portfolio		AST Wellington Management Hedged Equity Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(17,999,325)	$	(490,831)	$	(409,104)	$	(200,303)	$	(2,264,493)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	53,326,646		2,803,043		1,339,988		141,459		4,162,795
Net change in unrealized appreciation (depreciation) on investments	161,726,756		6,115,409		4,586,814		76,278		21,908,929
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	197,054,077		8,427,621		5,517,698		17,434		23,807,231
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	26,817,355		862,615		161,560		630,679		7,792,313
Annuity payments	(469,941)		(13,804)		—		(3,480)		(28,053)
Surrenders, withdrawals and death benefits	(81,798,532)		(2,541,113)		(1,618,925)		(873,683)		(7,015,312)
Net transfers between other subaccounts
or fixed rate option	29,443,538		(109,888)		1,733,484		2,078,626		5,983,944
Miscellaneous transactions	23,080		(711)		464		(118)		367
Other charges	(12,712,153)		(301,630)		(251,735)		(133,810)		(1,652,057)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(38,696,653)		(2,104,531)		24,848		1,698,214		5,081,202
TOTAL INCREASE (DECREASE) IN NET ASSETS	158,357,424		6,323,090		5,542,546		1,715,648		28,888,433
NET ASSETS
Beginning of period	1,037,326,664		30,215,160		21,141,538		14,210,012		122,381,662
End of period	$	1,195,684,088	$	36,538,250	$	26,684,084	$	15,925,660	$	151,270,095
Beginning units	68,595,679		1,709,504		1,837,554		1,383,930		9,607,346
Units issued	6,701,187		374,183		635,859		441,475		1,422,698
Units redeemed	(8,509,998)		(469,102)		(636,116)		(284,472)		(1,029,889)
Ending units	66,786,868		1,614,585		1,837,297		1,540,933		10,000,155

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

A73

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Capital Growth Asset Allocation Portfolio		AST Academic Strategies Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio		AST Preservation Asset Allocation Portfolio		AST Fidelity Institutional AM℠ Quantitative Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(11,611,844)	$	(4,402,472)	$	(11,671,327)	$	(7,440,780)	$	(5,963,683)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	37,774,123		8,598,652		44,923,541		24,904,851		16,321,510
Net change in unrealized appreciation (depreciation) on investments	103,541,916		28,728,910		84,094,280		38,779,182		51,485,967
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	129,704,195		32,925,090		117,346,494		56,243,253		61,843,794
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	22,603,646		2,870,646		25,589,431		16,693,455		10,014,978
Annuity payments	(144,213)		(84,242)		(816,431)		(179,441)		(169,528)
Surrenders, withdrawals and death benefits	(39,627,479)		(16,545,747)		(59,519,053)		(47,992,500)		(26,828,233)
Net transfers between other subaccounts
or fixed rate option	36,831,132		32,403,786		19,003,861		22,142,242		18,908,601
Miscellaneous transactions	(8,915)		(4,753)		(2,506)		(14,881)		8,497
Other charges	(7,368,963)		(2,357,899)		(7,432,994)		(4,867,838)		(4,196,601)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	12,285,208		16,281,791		(23,177,692)		(14,218,963)		(2,262,286)
TOTAL INCREASE (DECREASE) IN NET ASSETS	141,989,403		49,206,881		94,168,802		42,024,290		59,581,508
NET ASSETS
Beginning of period	621,581,930		222,318,463		667,892,222		433,758,975		335,136,023
End of period	$	763,571,333	$	271,525,344	$	762,061,024	$	475,783,265	$	394,717,531
Beginning units	40,024,703		18,240,805		44,994,875		32,523,557		25,093,495
Units issued	6,750,491		4,509,526		5,864,422		5,579,393		3,470,965
Units redeemed	(5,691,669)		(3,283,527)		(6,972,692)		(6,500,037)		(3,444,975)
Ending units	41,083,525		19,466,804		43,886,605		31,602,913		25,119,485

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

A74

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		AST T. Rowe Price Large-Cap Growth Portfolio		AST Government Money Market Portfolio		AST Small-Cap Growth Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(17,738,143)	$	(9,920,296)	$	(1,427,507)	$	109,422	$	(397,776)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	35,575,694		32,285,111		11,282,186		—		2,347,320
Net change in unrealized appreciation (depreciation) on investments	156,356,039		91,012,598		12,758,194		—		4,440,078
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	174,193,590		113,377,413		22,612,873		109,422		6,389,622
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	20,131,702		14,024,171		6,404,994		1,970,809		950,122
Annuity payments	(109,367)		(153,252)		(23,031)		—		(28,251)
Surrenders, withdrawals and death benefits	(71,825,641)		(43,257,082)		(9,022,851)		(80,262,257)		(2,353,568)
Net transfers between other subaccounts
or fixed rate option	76,618,772		14,358,437		2,248,111		74,981,377		1,093,150
Miscellaneous transactions	15,870		(858)		9,375		(545)		3,121
Other charges	(12,604,750)		(6,974,656)		(816,096)		(156,662)		(217,745)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	12,226,586		(22,003,240)		(1,199,498)		(3,467,278)		(553,171)
TOTAL INCREASE (DECREASE) IN NET ASSETS	186,420,176		91,374,173		21,413,375		(3,357,856)		5,836,451
NET ASSETS
Beginning of period	981,859,311		567,374,679		84,916,872		26,432,011		22,086,767
End of period	$	1,168,279,487	$	658,748,852	$	106,330,247	$	23,074,155	$	27,923,218
Beginning units	64,493,332		37,242,549		3,096,538		2,871,150		1,038,246
Units issued	10,768,297		3,499,019		974,884		4,992,197		308,185
Units redeemed	(9,736,747)		(4,501,941)		(884,227)		(5,379,503)		(308,635)
Ending units	65,524,882		36,239,627		3,187,195		2,483,844		1,037,796

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

A75

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST BlackRock/Loomis Sayles Bond Portfolio		AST International Value Portfolio		AST International Growth Portfolio		AST Investment Grade Bond Portfolio		AST Western Asset Core Plus Bond Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(2,887,983)	$	(177,937)	$	(295,913)	$	(3,275,046)	$	(1,794,814)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	5,155,927		311,769		1,259,661		23,138,442		3,292,254
Net change in unrealized appreciation (depreciation) on investments	11,279,611		2,089,555		4,994,484		(356,647)		11,081,571
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	13,547,555		2,223,387		5,958,232		19,506,749		12,579,011
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,862,493		733,287		904,752		—		2,447,388
Annuity payments	(30,699)		—		—		—		(17,509)
Surrenders, withdrawals and death benefits	(16,195,658)		(814,955)		(1,240,360)		(11,445,914)		(10,438,489)
Net transfers between other subaccounts
or fixed rate option	21,150,379		1,725,551		28,280		(507,610,845)		10,827,604
Miscellaneous transactions	(2,577)		(2,395)		(447)		(5,214)		(5,365)
Other charges	(1,736,967)		(104,366)		(209,804)		(2,552,075)		(1,139,057)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	6,046,971		1,537,122		(517,579)		(521,614,048)		1,674,572
TOTAL INCREASE (DECREASE) IN NET ASSETS	19,594,526		3,760,509		5,440,653		(502,107,299)		14,253,583
NET ASSETS
Beginning of period	171,480,455		11,238,647		19,290,908		611,858,761		114,485,712
End of period	$	191,074,981	$	14,999,156	$	24,731,561	$	109,751,462	$	128,739,295
Beginning units	15,038,927		1,023,641		1,475,982		50,427,163		9,301,442
Units issued	4,137,214		380,116		342,867		8,311,679		2,318,886
Units redeemed	(3,676,102)		(249,410)		(374,750)		(51,334,916)		(2,201,940)
Ending units	15,500,039		1,154,347		1,444,099		7,403,926		9,418,388

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

A76

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Cohen & Steers Global Realty Portfolio		AST Emerging Markets Equity Portfolio		AST Goldman Sachs Small-Cap Value Portfolio		AST AllianzGI World Trends Portfolio		AST J.P. Morgan Global Thematic Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(125,997)	$	(370,557)	$	(468,446)	$	(6,031,104)	$	(3,420,589)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	514,019		317,140		2,217,673		13,234,132		7,602,655
Net change in unrealized appreciation (depreciation) on investments	1,295,180		2,487,023		4,018,566		50,854,727		30,664,836
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,683,202		2,433,606		5,767,793		58,057,755		34,846,902
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	328,572		182,669		1,324,322		6,565,037		6,426,933
Annuity payments	—		—		(2,384)		(78,685)		—
Surrenders, withdrawals and death benefits	(550,337)		(1,305,816)		(2,579,710)		(27,671,056)		(11,200,525)
Net transfers between other subaccounts
or fixed rate option	403,611		4,869,862		3,568,274		23,243,120		12,754,555
Miscellaneous transactions	(219)		(816)		(688)		22,059		(3,981)
Other charges	(72,954)		(252,227)		(281,877)		(4,592,383)		(2,543,164)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	108,673		3,493,672		2,027,937		(2,511,908)		5,433,818
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,791,875		5,927,278		7,795,730		55,545,847		40,280,720
NET ASSETS
Beginning of period	6,998,536		19,786,281		26,492,992		350,823,780		190,855,496
End of period	$	8,790,411	$	25,713,559	$	34,288,722	$	406,369,627	$	231,136,216
Beginning units	475,857		2,113,540		1,371,403		27,003,521		13,553,914
Units issued	140,772		946,088		557,278		3,289,957		2,088,865
Units redeemed	(126,665)		(613,676)		(454,019)		(3,318,776)		(1,588,411)
Ending units	489,964		2,445,952		1,474,662		26,974,702		14,054,368

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

A77

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Goldman Sachs Multi-Asset Portfolio		ProFund VP Consumer Services		ProFund VP Consumer Goods		ProFund VP Financials		ProFund VP Health Care
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(3,243,208)	$	(5,105)	$	(20)	$	(3,167)	$	(4,460)
Capital gains distributions received	—		16,161		13,648		17,998		44,311
Net realized gain (loss) on shares redeemed	5,396,178		10,485		(1,573)		22,638		6,437
Net change in unrealized appreciation (depreciation) on investments	24,986,534		42,535		8,573		52,246		7,027
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	27,139,504		64,076		20,628		89,715		53,315
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	7,798,185		23,043		—		—		15,494
Annuity payments	(103,287)		—		—		—		—
Surrenders, withdrawals and death benefits	(10,773,657)		(24,287)		(20,295)		(63,623)		(42,090)
Net transfers between other subaccounts
or fixed rate option	20,194,829		55,126		(27,676)		3,957		117,503
Miscellaneous transactions	213		(23)		(17)		—		(3)
Other charges	(2,506,088)		(2,953)		(877)		(3,362)		(2,736)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	14,610,195		50,906		(48,865)		(63,028)		88,168
TOTAL INCREASE (DECREASE) IN NET ASSETS	41,749,699		114,982		(28,237)		26,687		141,483
NET ASSETS
Beginning of period	179,186,503		272,441		100,974		311,220		215,986
End of period	$	220,936,202	$	387,423	$	72,737	$	337,907	$	357,469
Beginning units	14,915,693		10,696		6,026		26,264		8,520
Units issued	3,297,528		4,172		443		1,998		6,266
Units redeemed	(2,112,910)		(1,196)		(2,988)		(6,381)		(1,878)
Ending units	16,100,311		13,672		3,481		21,881		12,908

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

A78

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	ProFund VP Industrials		ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value		ProFund VP Real Estate		ProFund VP Small-Cap Growth
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(6,130)	$	(2,331)	$	(3,866)	$	276	$	(2,096)
Capital gains distributions received	60,393		13,297		10,127		5,830		15,914
Net realized gain (loss) on shares redeemed	47,299		1,710		(1,391)		2,303		3,803
Net change in unrealized appreciation (depreciation) on investments	12,211		25,967		47,418		20,373		9,733
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	113,773		38,643		52,288		28,782		27,354
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		—		—		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(46,813)		(11,926)		(16,097)		—		(4,646)
Net transfers between other subaccounts
or fixed rate option	(142,622)		(80,321)		67,083		(9,015)		(59,990)
Miscellaneous transactions	(86)		—		(26)		—		—
Other charges	(3,745)		(1,533)		(2,629)		(1,220)		(1,211)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(193,266)		(93,780)		48,331		(10,235)		(65,847)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(79,493)		(55,137)		100,619		18,547		(38,493)
NET ASSETS
Beginning of period	431,553		195,091		215,439		118,165		173,535
End of period	$	352,060	$	139,954	$	316,058	$	136,712	$	135,042
Beginning units	26,594		11,255		13,737		9,378		8,799
Units issued	3,555		1,427		5,804		500		1,034
Units redeemed	(13,289)		(6,071)		(2,923)		(1,190)		(3,992)
Ending units	16,860		6,611		16,618		8,688		5,841

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

A79

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	ProFund VP Small-Cap Value		ProFund VP Telecommu-nications		ProFund VP Utilities		ProFund VP Large-Cap Growth		ProFund VP Large-Cap Value
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(3,117)	$	728	$	411	$	(3,145)	$	(944)
Capital gains distributions received	—		—		9,937		48,206		23,421
Net realized gain (loss) on shares redeemed	(565)		(831)		3,276		1,487		3,093
Net change in unrealized appreciation (depreciation) on investments	38,680		4,350		11,725		1,367		20,703
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	34,998		4,247		25,349		47,915		46,273
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		—		—		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(5,439)		(18,192)		(21,195)		(925)		(17,558)
Net transfers between other subaccounts
or fixed rate option	46,181		2,331		85,026		13,843		89,182
Miscellaneous transactions	—		—		—		—		—
Other charges	(1,799)		(370)		(1,359)		(2,434)		(2,019)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	38,943		(16,231)		62,472		10,484		69,605
TOTAL INCREASE (DECREASE) IN NET ASSETS	73,941		(11,984)		87,821		58,399		115,878
NET ASSETS
Beginning of period	154,240		34,964		71,585		172,322		123,798
End of period	$	228,181	$	22,980	$	159,406	$	230,721	$	239,676
Beginning units	9,396		3,272		4,763		8,822		9,317
Units issued	3,026		263		5,898		1,217		7,474
Units redeemed	(898)		(1,633)		(1,899)		(716)		(2,664)
Ending units	11,524		1,902		8,762		9,323		14,127

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

A80

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Bond Portfolio 2020		AST Jennison Large-Cap Growth Portfolio		AST Bond Portfolio 2021		Wells Fargo VT International Equity Fund (Class 1)		Wells Fargo VT Omega Growth Fund (Class 1)
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(149,756)	$	(404,587)	$	(120,939)	$	1,069	$	(8,749)
Capital gains distributions received	—		—		—		18,623		63,037
Net realized gain (loss) on shares redeemed	54,677		2,469,095		316,364		(419)		2,280
Net change in unrealized appreciation (depreciation) on investments	151,479		5,694,144		(58,875)		(13,590)		88,338
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	56,400		7,758,652		136,550		5,683		144,906
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		1,929,289		—		—		—
Annuity payments	—		(4,037)		—		—		—
Surrenders, withdrawals and death benefits	(1,982,237)		(2,213,060)		(506,543)		—		—
Net transfers between other subaccounts
or fixed rate option	11,311,563		856,445		(1,489,319)		4,912		(803)
Miscellaneous transactions	9		(2,897)		17		—		—
Other charges	(206)		(237,041)		(2,215)		(25)		—
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	9,329,129		328,699		(1,998,060)		4,887		(803)
TOTAL INCREASE (DECREASE) IN NET ASSETS	9,385,529		8,087,351		(1,861,510)		10,570		144,103
NET ASSETS
Beginning of period	1,489,733		24,467,381		5,937,846		39,363		413,598
End of period	$	10,875,262	$	32,554,732	$	4,076,336	$	49,933	$	557,701
Beginning units	128,055		1,076,927		496,283		2,550		104,602
Units issued	1,025,531		353,476		247,580		301		45
Units redeemed	(237,854)		(296,912)		(421,498)		(2)		(201)
Ending units	915,732		1,133,491		322,365		2,849		104,446

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

A81

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Bond Portfolio 2022		AST Quantitative Modeling Portfolio		AST BlackRock Global Strategies Portfolio		Wells Fargo VT Opportunity Fund (Class 1)		AST Prudential Core Bond Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(94,599)	$	(417,499)	$	(2,350,657)	$	(1,760)	$	(378,170)
Capital gains distributions received	—		—		—		17,030		—
Net realized gain (loss) on shares redeemed	171,306		999,300		4,637,407		783		797,587
Net change in unrealized appreciation (depreciation) on investments	70,519		10,374,777		19,465,290		21,543		2,141,894
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	147,226		10,956,578		21,752,040		37,596		2,561,311
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		7,796,712		6,165,526		—		3,262,636
Annuity payments	—		—		(25,333)		—		(112,506)
Surrenders, withdrawals and death benefits	(75,192)		(3,135,950)		(11,772,651)		—		(3,597,466)
Net transfers between other subaccounts
or fixed rate option	(1,564,379)		(2,274,088)		7,676,998		(565)		5,484,901
Miscellaneous transactions	—		1,818		3,469		—		(1,543)
Other charges	(1,296)		(307,855)		(1,696,029)		(11)		(254,238)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,640,867)		2,080,637		351,980		(576)		4,781,784
TOTAL INCREASE (DECREASE) IN NET ASSETS	(1,493,641)		13,037,215		22,104,020		37,020		7,343,095
NET ASSETS
Beginning of period	4,816,359		52,994,061		133,698,494		127,126		28,279,964
End of period	$	3,322,718	$	66,031,276	$	155,802,514	$	164,146	$	35,623,059
Beginning units	429,009		3,831,913		11,402,260		6,496		2,550,988
Units issued	94,002		636,240		1,348,625		25		1,253,533
Units redeemed	(239,160)		(444,204)		(1,276,617)		(47)		(836,397)
Ending units	283,851		4,023,949		11,474,268		6,474		2,968,124

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

A82

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Bond Portfolio 2023		AST MFS Growth Allocation Portfolio		AST Western Asset Emerging Markets Debt Portfolio		AST MFS Large-Cap Value Portfolio		AST Bond Portfolio 2024
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(15,162)	$	(1,002,158)	$	(6,736)	$	(220,029)	$	(42,277)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	60,215		1,835,910		8,232		794,692		152,806
Net change in unrealized appreciation (depreciation) on investments	(12,285)		11,206,354		116,063		3,550,872		19,400
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	32,768		12,040,106		117,559		4,125,535		129,929
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		9,571,922		230,418		1,345,903		—
Annuity payments	—		(29,365)		(1,099)		—		—
Surrenders, withdrawals and death benefits	(399,462)		(3,981,313)		(47,390)		(1,208,701)		(1,023,809)
Net transfers between other subaccounts
or fixed rate option	(179,152)		7,221,315		11,128		2,326,428		(2,136,279)
Miscellaneous transactions	20		4,850		(7)		35		(5)
Other charges	(371)		(777,994)		(4,280)		(132,785)		(360)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(578,965)		12,009,415		188,770		2,330,880		(3,160,453)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(546,197)		24,049,521		306,329		6,456,415		(3,030,524)
NET ASSETS
Beginning of period	1,089,668		51,311,221		728,451		14,199,039		4,128,575
End of period	$	543,471	$	75,360,742	$	1,034,780	$	20,655,454	$	1,098,051
Beginning units	109,728		4,069,073		71,628		893,489		433,526
Units issued	331		1,519,417		26,419		443,846		32,386
Units redeemed	(56,476)		(627,169)		(8,935)		(304,039)		(358,537)
Ending units	53,583		4,961,321		89,112		1,033,296		107,375

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

A83

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST AQR Emerging Markets Equity Portfolio		AST ClearBridge Dividend Growth Portfolio		AST Multi-Sector Fixed Income Portfolio		AST AQR Large-Cap Portfolio		AST Large-Cap Core Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(24,021)	$	(218,228)	$	(34,614,882)	$	(18,167)	$	(12,732)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(2,604)		1,096,145		1,690,250		65,858		39,535
Net change in unrealized appreciation (depreciation) on investments	454,005		2,813,652		294,984,344		329,720		296,361
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	427,380		3,691,569		262,059,712		377,411		323,164
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	442,075		871,965		515,016,217		286,641		457,716
Annuity payments	(2,170)		—		—		—		—
Surrenders, withdrawals and death benefits	(189,038)		(903,381)		(96,580,514)		(160,639)		(140,375)
Net transfers between other subaccounts
or fixed rate option	133,002		2,155,829		—		(104,319)		(27,073)
Miscellaneous transactions	(98)		253		(5,788)		1,779		414
Other charges	(12,096)		(121,435)		(231,230)		(7,269)		(6,408)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	371,675		2,003,231		418,198,685		16,193		284,274
TOTAL INCREASE (DECREASE) IN NET ASSETS	799,055		5,694,800		680,258,397		393,604		607,438
NET ASSETS
Beginning of period	2,366,208		11,691,077		1,436,313,558		1,755,485		1,196,829
End of period	$	3,165,263	$	17,385,877	$	2,116,571,955	$	2,149,089	$	1,804,267
Beginning units	231,465		770,298		137,939,994		114,787		74,529
Units issued	72,144		380,480		37,935,530		31,730		33,798
Units redeemed	(39,457)		(256,884)		(1,332,492)		(28,880)		(12,672)
Ending units	264,152		893,894		174,543,032		117,637		95,655

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

A84

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Bond Portfolio 2025		AST T. Rowe Price Growth Opportunities Portfolio		AST Goldman Sachs Global Growth Allocation Portfolio		AST T. Rowe Price Diversified Real Growth Portfolio		AST Prudential Flexible Multi-Strategy Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(30,039)	$	(2,965,540)	$	(28,081)	$	(58,523)	$	(86,183)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	142,747		765,078		95,240		170,501		155,193
Net change in unrealized appreciation (depreciation) on investments	(8,800)		40,547,081		742,599		1,584,097		1,798,522
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	103,908		38,346,619		809,758		1,696,075		1,867,532
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		51,593,297		829,516		869,764		1,968,147
Annuity payments	—		(12,809)		—		—		—
Surrenders, withdrawals and death benefits	(427,766)		(3,929,340)		(237,157)		(446,788)		(886,334)
Net transfers between other subaccounts
or fixed rate option	(1,425,988)		32,763,241		(369,414)		1,496,194		60,629
Miscellaneous transactions	(4)		(9,299)		1,123		188		785
Other charges	(313)		(2,575,195)		(26,281)		(54,378)		(81,298)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(1,854,071)		77,829,895		197,787		1,864,980		1,061,929
TOTAL INCREASE (DECREASE) IN NET ASSETS	(1,750,163)		116,176,514		1,007,545		3,561,055		2,929,461
NET ASSETS
Beginning of period	2,469,134		128,786,261		4,088,516		6,667,991		12,900,004
End of period	$	718,971	$	244,962,775	$	5,096,061	$	10,229,046	$	15,829,465
Beginning units	227,318		10,900,423		369,233		562,717		1,077,038
Units issued	39,720		6,317,606		77,155		221,571		181,350
Units redeemed	(205,132)		(357,496)		(56,839)		(69,638)		(87,914)
Ending units	61,906		16,860,533		389,549		714,650		1,170,474

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

A85

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Franklin Templeton K2 Global Absolute Return Portfolio		AST Managed Equity Portfolio		AST Managed Fixed Income Portfolio		AST FQ Absolute Return Currency Portfolio		AST Jennison Global Infrastructure Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(15,878)	$	(21,900)	$	(39,840)	$	(2,712)	$	(11,353)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	14,290		38,644		76,204		(2,163)		40,750
Net change in unrealized appreciation (depreciation) on investments	150,646		766,505		445,001		(13,326)		426,833
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	149,058		783,249		481,365		(18,201)		456,230
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	132,276		353,790		646,139		17,924		245,274
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(203,075)		(108,150)		(612,361)		(18,325)		(67,549)
Net transfers between other subaccounts
or fixed rate option	(147,836)		(40,545)		(1,277)		(12,449)		(161,013)
Miscellaneous transactions	55		—		215		—		9
Other charges	(15,986)		(21,097)		(38,340)		(2,555)		(10,224)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(234,566)		183,998		(5,624)		(15,405)		6,497
TOTAL INCREASE (DECREASE) IN NET ASSETS	(85,508)		967,247		475,741		(33,606)		462,727
NET ASSETS
Beginning of period	2,844,635		3,053,896		5,965,925		486,064		1,644,977
End of period	$	2,759,127	$	4,021,143	$	6,441,666	$	452,458	$	2,107,704
Beginning units	297,180		268,817		580,670		50,898		153,369
Units issued	24,890		34,008		98,149		3,353		20,173
Units redeemed	(48,758)		(17,736)		(97,960)		(5,105)		(18,449)
Ending units	273,312		285,089		580,859		49,146		155,093

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

A86

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST PIMCO Dynamic Bond Portfolio		AST Legg Mason Diversified Growth Portfolio		AST Bond Portfolio 2026		AST AB Global Bond Portfolio		AST Goldman Sachs Global Income Portfolio
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(8,832)	$	(710,403)	$	(258,282)	$	(10,864)	$	(4,058)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	3,412		406,013		899,710		23,233		2,285
Net change in unrealized appreciation (depreciation) on investments	66,850		7,237,832		400,353		103,027		49,739
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	61,430		6,933,442		1,041,781		115,396		47,966
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	697,246		6,372,169		—		236,554		126,600
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(79,490)		(1,184,138)		(1,773,411)		(110,326)		(25,807)
Net transfers between other subaccounts
or fixed rate option	141,850		6,462,473		(6,240,807)		(63,702)		162,365
Miscellaneous transactions	10		(171)		371		10		7
Other charges	(8,029)		(630,405)		(2,485)		(10,417)		(3,584)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	751,587		11,019,928		(8,016,332)		52,119		259,581
TOTAL INCREASE (DECREASE) IN NET ASSETS	813,017		17,953,370		(6,974,551)		167,515		307,547
NET ASSETS
Beginning of period	1,085,236		35,438,213		17,163,806		1,820,521		506,286
End of period	$	1,898,253	$	53,391,583	$	10,189,255	$	1,988,036	$	813,833
Beginning units	114,622		3,257,536		1,787,719		170,573		48,784
Units issued	95,451		1,281,459		581,637		34,742		26,546
Units redeemed	(18,952)		(327,965)		(1,391,809)		(29,009)		(2,982)
Ending units	191,121		4,211,030		977,547		176,306		72,348

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

A87

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST Global Bond Portfolio		AST Neuberger Berman Long/Short Portfolio		AST QMA International Core Equity Portfolio		AST Managed Alternatives Portfolio		Blackrock Global Allocation V.I. Fund (Class III)
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(4,782)	$	(12,919)	$	(6,055)	$	(12,481)	$	31,341
Capital gains distributions received	—		—		—		—		210,071
Net realized gain (loss) on shares redeemed	10,411		18,408		4,046		4,766		27,099
Net change in unrealized appreciation (depreciation) on investments	38,630		288,364		152,164		99,489		606,493
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	44,259		293,853		150,155		91,774		875,004
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	238,941		286,308		160,761		378,837		574,043
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(32,296)		(91,069)		(46,933)		(133,278)		(236,792)
Net transfers between other subaccounts
or fixed rate option	(81,998)		17,122		(58,285)		(42,961)		(1,127,440)
Miscellaneous transactions	—		—		13		121		200
Other charges	(4,250)		(12,315)		(5,905)		(11,889)		(32,776)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	120,397		200,046		49,651		190,830		(822,765)
TOTAL INCREASE (DECREASE) IN NET ASSETS	164,656		493,899		199,806		282,604		52,239
NET ASSETS
Beginning of period	696,752		1,804,324		885,649		1,932,941		5,279,973
End of period	$	861,408	$	2,298,223	$	1,085,455	$	2,215,545	$	5,332,212
Beginning units	64,799		175,320		89,509		203,173		494,628
Units issued	23,106		37,065		26,985		46,426		51,148
Units redeemed	(12,041)		(17,791)		(22,159)		(27,138)		(118,530)
Ending units	75,864		194,594		94,335		222,461		427,246

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

A88

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)		AST Bond Portfolio 2027		NVIT Emerging Markets Fund (Class D)		AST Bond Portfolio 2028		AST Bond Portfolio 2029
	1/1/2019		1/1/2019		1/1/2019		1/1/2019		1/1/2019
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	57,684	$	(176,149)	$	2,888	$	(39,522)	$	(44,003)
Capital gains distributions received	6,081		—		—		—		—
Net realized gain (loss) on shares redeemed	12,372		635,981		7,283		355,477		26,334
Net change in unrealized appreciation (depreciation) on investments	215,216		394,082		73,739		(83,533)		91,651
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	291,353		853,914		83,910		232,422		73,982
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	265,555		—		49,903		—		—
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(152,765)		(931,201)		(38,629)		(211,917)		(268,320)
Net transfers between other subaccounts
or fixed rate option	(67,278)		(7,237,289)		11,883		(3,886,206)		4,046,505
Miscellaneous transactions	(25)		(191)		—		27,361		—
Other charges	(14,060)		(3,099)		(703)		(468)		(302)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	31,427		(8,171,780)		22,454		(4,071,230)		3,777,883
TOTAL INCREASE (DECREASE) IN NET ASSETS	322,780		(7,317,866)		106,364		(3,838,808)		3,851,865
NET ASSETS
Beginning of period	2,159,456		12,857,120		378,177		4,900,737		149,942
End of period	$	2,482,236	$	5,539,254	$	484,541	$	1,061,929	$	4,001,807
Beginning units	195,355		1,345,255		34,561		509,661		15,549
Units issued	28,665		280,988		5,576		347,094		413,422
Units redeemed	(25,372)		(1,094,335)		(3,405)		(756,017)		(52,187)
Ending units	198,648		531,908		36,732		100,738		376,784

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

A89

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2019

	SUBACCOUNTS
	AST American Funds Growth Allocation Portfolio		AST Bond Portfolio 2030		AST BlackRock 80/20 Target Allocation ETF Portfolio		AST BlackRock 60/40 Target Allocation ETF Portfolio		AST Dimensional Global Core Allocation Portfolio
	1/1/2019		1/2/2019*		1/28/2019*		1/28/2019*		11/18/2019*
	to		to		to		to		to
	12/31/2019		12/31/2019		12/31/2019		12/31/2019		12/31/2019
OPERATIONS
Net investment income (loss)	$	(731,228)	$	(18,767)	$	(164,217)	$	(105,319)	$	(4)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	56,778		(7,590)		18,572		3,739		—
Net change in unrealized appreciation (depreciation) on investments	9,425,619		(13,939)		1,987,397		1,113,677		58
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	8,751,169		(40,296)		1,841,752		1,012,097		54
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	40,213,182		—		24,903,441		17,179,100		8,522
Annuity payments	—		—		—		—		—
Surrenders, withdrawals and death benefits	(643,807)		(179,466)		(24,312)		(47,151)		—
Net transfers between other subaccounts
or fixed rate option	3,012,611		2,144,996		842,826		268,466		—
Miscellaneous transactions	7,102		17,211		582		234		—
Other charges	(580,327)		—		(101,769)		(58,270)		—
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	42,008,761		1,982,741		25,620,768		17,342,379		8,522
TOTAL INCREASE (DECREASE) IN NET ASSETS	50,759,930		1,942,445		27,462,520		18,354,476		8,576
NET ASSETS
Beginning of period	23,479,499		—		—		—		—
End of period	$	74,239,429	$	1,942,445	$	27,462,520	$	18,354,476	$	8,576
Beginning units	2,482,095		—		—		—		—
Units issued	4,168,166		674,795		2,318,854		1,571,372		833
Units redeemed	(141,634)		(501,546)		(64,445)		(10,327)		—
Ending units	6,508,627		173,249		2,254,409		1,561,045		833

* Date subaccount became available for investment.

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

A90

NOTES TO FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

DECEMBER 31, 2020

Note 1:    General

Pruco Life of New Jersey Flexible Premium Variable Annuity Account (the “Account”) was established under the laws of the State of New Jersey on May 20, 1996 as a separate investment account of Pruco Life Insurance Company of New Jersey (“Pruco Life of New Jersey”), which is a wholly-owned subsidiary of Pruco Life Insurance Company (an Arizona domiciled company), which in turn is wholly-owned by 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 of New Jersey. Proceeds from purchases of the variable annuity 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 the contracts is not chargeable with liabilities arising out of any other business Pruco Life of New Jersey may conduct.

Discovery Choice	Prudential Premier Variable Annuity Bb Series
Discovery Select	Strategic Partners Advisor
Prudential Defined Income Annuity	Strategic Partners FlexElite
Prudential MyRock Advisor New York Variable Annuity	Strategic Partners FlexElite 2
Prudential Premier Advisor Variable Annuity Series	Strategic Partners Plus
Prudential Premier Investment Variable Annuity B, C Series	Strategic Partners Plus 3
Prudential Premier Retirement Variable Annuity	Strategic Partners Select
Prudential Premier Retirement Variable Annuity X, B, L, C Series	Strategic Partners Variable Annuity One
Prudential Premier Variable Annuity B, L, X Series	Strategic Partners Variable Annuity One 3

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 for the 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:

Prudential Government Money Market Portfolio (Class I)	AST Cohen & Steers Realty Portfolio
Prudential Diversified Bond Portfolio	AST J.P. Morgan Strategic Opportunities Portfolio
Prudential Equity Portfolio (Class I)	AST T. Rowe Price Large-Cap Value Portfolio
Prudential Value Portfolio (Class I)	AST High Yield Portfolio
Prudential High Yield Bond Portfolio	AST Small-Cap Growth Opportunities Portfolio
Prudential Stock Index Portfolio	AST WEDGE Capital Mid-Cap Value Portfolio
Prudential Global Portfolio	AST Small-Cap Value Portfolio
Prudential Jennison Portfolio (Class I)	AST Mid-Cap Growth Portfolio
Prudential Small Capitalization Stock Portfolio	AST Hotchkis & Wiley Large-Cap Value Portfolio
T. Rowe Price International Stock Portfolio	AST Loomis Sayles Large-Cap Growth Portfolio
T. Rowe Price Equity Income Portfolio (Equity Income Class)	AST MFS Growth Portfolio
Invesco V.I. Core Equity Fund (Series I)	AST Neuberger Berman/LSV Mid-Cap Value Portfolio
Janus Henderson VIT Research Portfolio (Institutional Shares)	AST BlackRock Low Duration Bond Portfolio
Janus Henderson VIT Overseas Portfolio (Institutional Shares)	AST QMA US Equity Alpha Portfolio
MFS® Research Series (Initial Class)	AST T. Rowe Price Natural Resources Portfolio
MFS® Growth Series (Initial Class)	AST T. Rowe Price Asset Allocation Portfolio
American Century VP Value Fund (Class I)	AST MFS Global Equity Portfolio
Franklin Small-Mid Cap Growth VIP Fund (Class 2)	AST J.P. Morgan International Equity Portfolio
Prudential Jennison 20/20 Focus Portfolio (Class I)	AST Templeton Global Bond Portfolio*
Davis Value Portfolio	AST Wellington Management Hedged Equity Portfolio
AB VPS Large Cap Growth Portfolio (Class B)	AST Capital Growth Asset Allocation Portfolio
Prudential SP Small Cap Value Portfolio (Class I)	AST Academic Strategies Asset Allocation Portfolio
Janus Henderson VIT Research Portfolio (Service Shares)	AST Balanced Asset Allocation Portfolio
SP Prudential U.S. Emerging Growth Portfolio (Class I)	AST Preservation Asset Allocation Portfolio
Prudential SP International Growth Portfolio (Class I)	AST Fidelity Institutional AM℠ Quantitative Portfolio

A91

Note 1:    General (Continued)

AST Prudential Growth Allocation Portfolio	AST PIMCO Dynamic Bond Portfolio*
AST Advanced Strategies Portfolio	AST Legg Mason Diversified Growth Portfolio
AST T. Rowe Price Large-Cap Growth Portfolio	AST Bond Portfolio 2026
AST Government Money Market Portfolio	AST AB Global Bond Portfolio*
AST Small-Cap Growth Portfolio	AST Goldman Sachs Global Income Portfolio*
AST BlackRock/Loomis Sayles Bond Portfolio	AST Global Bond Portfolio
AST International Value Portfolio	(formerly AST Wellington Management Global Bond Portfolio)
AST International Growth Portfolio	AST Neuberger Berman Long/Short Portfolio*
AST Investment Grade Bond Portfolio	AST QMA International Core Equity Portfolio
AST Western Asset Core Plus Bond Portfolio	AST Managed Alternatives Portfolio*
AST Cohen & Steers Global Realty Portfolio	Blackrock Global Allocation V.I. Fund (Class III)
AST Emerging Markets Equity Portfolio	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)
(formerly AST Parametric Emerging Markets Equity Portfolio)	AST Bond Portfolio 2027
AST Goldman Sachs Small-Cap Value Portfolio	NVIT Emerging Markets Fund (Class D)
AST AllianzGI World Trends Portfolio	AST Bond Portfolio 2028****
AST J.P. Morgan Global Thematic Portfolio	AST Bond Portfolio 2029****
AST Goldman Sachs Multi-Asset Portfolio	AST American Funds Growth Allocation Portfolio
ProFund VP Consumer Services	AST Bond Portfolio 2030
ProFund VP Consumer Goods	AST BlackRock 80/20 Target Allocation ETF Portfolio
ProFund VP Financials	AST BlackRock 60/40 Target Allocation ETF Portfolio
ProFund VP Health Care	AST Dimensional Global Core Allocation Portfolio
ProFund VP Industrials	AST Bond Portfolio 2031
ProFund VP Mid-Cap Growth	MFS® International Growth Portfolio (Service Shares)
ProFund VP Mid-Cap Value	MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares)
ProFund VP Real Estate	MFS® Technology Portfolio (Service Shares)
ProFund VP Small-Cap Growth	MFS® Mid Cap Growth Series (Service Shares)
ProFund VP Small-Cap Value	MFS® New Discovery Series (Service Shares)
ProFund VP Telecommunications	MFS® Research Series (Service Shares)
ProFund VP Utilities	MFS® Total Return Bond Series (Service Shares)
ProFund VP Large-Cap Growth	MFS® Total Return Series (Service Shares)
ProFund VP Large-Cap Value	MFS® Utilities Series (Service Shares)
AST Bond Portfolio 2020***	American Funds IS Asset Allocation Fund (Class 4)
AST Jennison Large-Cap Growth Portfolio	American Funds IS Blue Chip
AST Bond Portfolio 2021	Income and Growth Fund (Class 4)
Wells Fargo VT International Equity Fund (Class 1)	American Funds IS Bond Fund (Class 4)
Wells Fargo VT Omega Growth Fund (Class 1)	American Funds IS Global Growth and Income Fund (Class 4)
AST Bond Portfolio 2022	American Funds IS Global Small Capitalization Fund (Class 4)
AST Quantitative Modeling Portfolio	American Funds IS Growth Fund (Class 4)
AST BlackRock Global Strategies Portfolio	American Funds IS Growth-Income Fund (Class 4)
Wells Fargo VT Opportunity Fund (Class 1)	American Funds IS International Fund (Class 4)
AST Prudential Core Bond Portfolio	American Funds IS New World Fund® (Class 4)
AST Bond Portfolio 2023	BlackRock Advantage Large Cap Core V.I. Fund (Class III)
AST MFS Growth Allocation Portfolio	BlackRock Advantage Large Cap Value V.I. Fund (Class III)
AST Western Asset Emerging Markets Debt Portfolio	BlackRock Capital Appreciation V.I. Fund (Class III)
AST MFS Large-Cap Value Portfolio	BlackRock Equity Dividend V.I. Fund (Class III)
AST Bond Portfolio 2024	BlackRock Large Cap Focus Growth V.I. Fund (Class III)
AST AQR Emerging Markets Equity Portfolio*	Fidelity® VIP Balanced Portfolio (Service Class 2)
AST ClearBridge Dividend Growth Portfolio	Fidelity® VIP Contrafund® Portfolio (Service Class 2)
AST Multi-Sector Fixed Income Portfolio	Fidelity® VIP Growth Opportunities Portfolio (Service Class 2)
AST AQR Large-Cap Portfolio*	Fidelity® VIP Health Care Portfolio (Service Class 2)
AST Large-Cap Core Portfolio	BlackRock Basic Value V.I. Fund (Class III)
(formerly AST QMA Large-Cap Portfolio)	American Funds IS Asset Allocation Fund (Class 1)**
AST Bond Portfolio 2025	American Funds IS Blue Chip Income and Growth Fund (Class 1)**
AST T. Rowe Price Growth Opportunities Portfolio	American Funds IS Bond Fund (Class 1)**
AST Goldman Sachs Global Growth Allocation Portfolio*	American Funds IS Growth Fund (Class 1)**
AST T. Rowe Price Diversified Real Growth Portfolio	American Funds IS Growth-Income Fund (Class 1)**
AST Prudential Flexible Multi-Strategy Portfolio	American Funds IS Ultra-Short Bond Fund (Class 1)**
AST Franklin Templeton K2 Global Absolute Return Portfolio*	American Funds IS U.S. Government/
AST Managed Equity Portfolio*	AAA-Rated Securities Fund (Class 1)**
AST Managed Fixed Income Portfolio*	AST Western Asset Corporate Bond Portfolio**
AST FQ Absolute Return Currency Portfolio*	AST T. Rowe Price Corporate Bond Portfolio**
AST Jennison Global Infrastructure Portfolio*	AST PIMCO Corporate Bond Portfolio**

A92

Note 1:    General (Continued)

AST Prudential Corporate Bond Portfolio**	ClearBridge Variable Mid Cap Portfolio (Class I)**
AST BlackRock Corporate Bond Portfolio**	ClearBridge Variable Small Cap Growth Portfolio (Class I)**
BlackRock Advantage Large Cap Core V.I. Fund (Class I)**	QS Variable Conservative Growth (Class I)**
BlackRock Basic Value V.I. Fund (Class I)**	QS Variable Growth (Class I)**
BlackRock Capital Appreciation V.I. Fund (Class I)**	QS Variable Moderate Growth (Class I)**
BlackRock Equity Dividend V.I. Fund (Class I)**	Western Asset Core Plus VIT Portfolio (Class I)**
BlackRock Global Allocation V.I. Fund (Class I)**	Western Asset Variable Global High Yield Bond Portfolio (Class I)**
BlackRock Large Cap Focus Growth V.I. Fund (Class I)**	MFS® Utilities Series (Initial Class)**
Prudential Conservative Balanced Portfolio**	MFS® Investors Trust Series (Initial Class)**
DFA VA Global Bond Portfolio**	MFS® New Discovery Series (Initial Class)**
DFA VA Global Moderate Allocation Portfolio**	MFS® Total Return Series (Initial Class)**
DFA VA International Small Portfolio**	MFS® Mid Cap Growth Series (Initial Class)**
DFA VA International Value Portfolio**	MFS® International Intrinsic Value Portfolio (Initial Class)**
DFA VA Short-Term Fixed Portfolio**	MFS® Massachusetts Investors Growth Stock Portfolio (Initial Class)**
DFA VA U.S. Large Value Portfolio**	MFS® Technology Portfolio (Initial Class)**
DFA VA U.S. Targeted Value Portfolio**	MFS® Investors Trust Series (Service Shares)**
Fidelity® VIP Balanced Portfolio (Initial Class)**	MFS® Total Return Bond Series (Initial Class)**
Fidelity® VIP Consumer Discretionary Portfolio (Initial Class)**	MFS® Value Series (Initial Class)**
Fidelity® VIP Contrafund℠ Portfolio (Initial Class)**	Prudential Natural Resources Portfolio (Class I)**
Fidelity® VIP Disciplined Small Cap Portfolio (Initial Class)**	Vanguard Equity Index Portfolio**
Fidelity® VIP Emerging Markets Portfolio (Initial Class)**	Vanguard Global Bond Index**
Fidelity® VIP Financial Services Portfolio (Initial Class)**	Vanguard Mid-Cap Index Portfolio**
Fidelity® VIP Floating Rate High Income Portfolio (Initial Class)**	Vanguard Real Estate Index Portfolio**
Fidelity® VIP Growth Opportunities Portfolio (Initial Class)**	Vanguard Total Bond Market Index Portfolio**
Fidelity® VIP Growth Portfolio (Initial Class)**	Vanguard Total International Stock Index Portfolio**
Fidelity® VIP Health Care Portfolio (Initial Class)**	Vanguard Total Stock Market Index Portfolio**
Fidelity® VIP High Income Portfolio (Initial Class)**	Vanguard Balanced Portfolio**
Fidelity® VIP Industrials Portfolio (Initial Class)**	Vanguard Capital Growth Portfolio**
Fidelity® VIP International Capital Appreciation Portfolio (Initial Class)**	Vanguard Conservative Allocation Portfolio**
Fidelity® VIP Investment Grade Bond Portfolio (Initial Class)**	Vanguard Diversified Value Portfolio**
Fidelity® VIP Mid Cap Portfolio (Initial Class)**	Vanguard Equity Income Portfolio**
Fidelity® VIP Strategic Income Portfolio (Initial Class)**	Vanguard Growth Portfolio**
Fidelity® VIP Technology Portfolio (Initial Class)**	Vanguard High Yield Bond Portfolio**
Fidelity® VIP Utilities Portfolio (Initial Class)**	Vanguard International Portfolio**
Prudential Flexible Managed Portfolio**	Vanguard Moderate Allocation Portfolio**
Prudential Government Income Portfolio**	Vanguard Short-Term Investment Grade Portfolio**
ClearBridge Variable Aggressive Growth Portfolio (Class I)**	Wells Fargo VT Small Cap Growth Fund (Class 1)**
ClearBridge Variable Appreciation Portfolio (Class I)**
ClearBridge Variable Dividend Strategy Portfolio (Class I)**
ClearBridge Variable Large Cap Growth Portfolio (Class I)**

*    Subaccount was no longer available for investment as of December 31, 2020.

**    Subaccount was available for investment but had no assets as of December 31, 2020, and had no activity during 2020.

***    Subaccount liquidated during the period ended December 31, 2020.

****    Subaccount was available for investment but had no assets as of December 31, 2020.

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, 2020 are reflected in the Statements of Changes in Net Assets as net transfers between subaccounts and purchases and sales in Note 5.

A93

Note 1:    General (Continued)

Merger Date	Removed Portfolio	Surviving Portfolio
April 24, 2020	AST Goldman Sachs Global Growth Allocation Portfolio	AST T. Rowe Price Diversified Real Growth Portfolio
April 24, 2020	AST Franklin Templeton K2 Global Absolute Return Portfolio	AST Prudential Flexible Multi-Strategy Portfolio
April 24, 2020	AST Managed Equity Portfolio	AST Government Money Market Portfolio
April 24, 2020	AST Managed Fixed Income Portfolio	AST Government Money Market Portfolio
April 24, 2020	AST Managed Alternatives Portfolio	AST Government Money Market Portfolio
August 14, 2020	AST AQR Large-Cap Portfolio	AST Large-Cap Core Portfolio
August 14, 2020	AST AQR Emerging Markets Equity Portfolio	AST Emerging Markets Equity Portfolio
August 14, 2020	AST FQ Absolute Return Currency Portfolio	AST Government Money Market Portfolio
August 14, 2020	AST Neuberger Berman Long/Short Portfolio	AST Government Money Market Portfolio
August 14, 2020	AST Jennison Global Infrastructure Portfolio	AST Government Money Market Portfolio
November 13, 2020	AST Templeton Global Bond Portfolio	AST Global Bond Portfolio
November 13, 2020	AST PIMCO Dynamic Bond Portfolio	AST Global Bond Portfolio
November 13, 2020	AST AB Global Bond Portfolio	AST Global Bond Portfolio
November 13, 2020	AST Goldman Sachs Global Income Portfolio	AST Global Bond 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 of certain 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 products and any optional benefits, if elected.

COVID-19 - Beginning in the first quarter of 2020, the outbreak of the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets, and 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, which may be materially adversely affected if the financial markets and/or the overall economy are impacted for an extended period.

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 accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the financial 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 the Portfolios. 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.

A94

Note 2:    Significant Accounting Policies (Continued)

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, 2020, 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 of New Jersey 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, 2020 were as follows:

	Purchases		Sales
Prudential Government Money Market Portfolio (Class I)	$	2,312,457	$	2,481,084
Prudential Diversified Bond Portfolio	235,150		1,807,696
Prudential Equity Portfolio (Class I)	36,012		2,941,616
Prudential Value Portfolio (Class I)	346,697		2,905,216
Prudential High Yield Bond Portfolio	245,806		1,993,198
Prudential Stock Index Portfolio	13,342,476		9,322,528
Prudential Global Portfolio	28,220		663,467
Prudential Jennison Portfolio (Class I)	189,650		6,732,202
Prudential Small Capitalization Stock Portfolio	2,444,981		2,057,631
T. Rowe Price International Stock Portfolio	63,789		372,342
T. Rowe Price Equity Income Portfolio (Equity Income Class)	89,925		811,140
Invesco V.I. Core Equity Fund (Series I)	102,882		1,280,250

A95

Note 5:    Purchases and Sales of Investments (Continued)

	Purchases		Sales
Janus Henderson VIT Research Portfolio (Institutional Shares)	$	21,611	$	1,450,491
Janus Henderson VIT Overseas Portfolio (Institutional Shares)	56,313		651,849
MFS® Research Series (Initial Class)	3,010		243,603
MFS® Growth Series (Initial Class)	211,904		1,555,222
American Century VP Value Fund (Class I)	44,658		293,004
Franklin Small-Mid Cap Growth VIP Fund (Class 2)	58,021		567,725
Prudential Jennison 20/20 Focus Portfolio (Class I)	10,236		404,856
Davis Value Portfolio	13,885		188,037
AB VPS Large Cap Growth Portfolio (Class B)	84,015		131,505
Prudential SP Small Cap Value Portfolio (Class I)	301,183		1,035,942
Janus Henderson VIT Research Portfolio (Service Shares)	2,172		100,948
SP Prudential U.S. Emerging Growth Portfolio (Class I)	69,139		1,518,982
Prudential SP International Growth Portfolio (Class I)	6,070		508,880
AST Cohen & Steers Realty Portfolio	14,861,334		15,988,078
AST J.P. Morgan Strategic Opportunities Portfolio	73,637,495		88,645,292
AST T. Rowe Price Large-Cap Value Portfolio	42,998,571		40,099,141
AST High Yield Portfolio	13,084,376		13,154,296
AST Small-Cap Growth Opportunities Portfolio	11,475,036		13,847,590
AST WEDGE Capital Mid-Cap Value Portfolio	6,267,393		5,816,881
AST Small-Cap Value Portfolio	9,522,194		10,385,115
AST Mid-Cap Growth Portfolio	28,420,368		38,690,588
AST Hotchkis & Wiley Large-Cap Value Portfolio	19,518,934		19,402,071
AST Loomis Sayles Large-Cap Growth Portfolio	24,058,896		35,812,243
AST MFS Growth Portfolio	12,990,296		15,303,457
AST Neuberger Berman/LSV Mid-Cap Value Portfolio	20,413,299		19,678,664
AST BlackRock Low Duration Bond Portfolio	16,379,452		13,931,161
AST QMA US Equity Alpha Portfolio	14,258,376		16,257,445
AST T. Rowe Price Natural Resources Portfolio	19,923,517		18,243,152
AST T. Rowe Price Asset Allocation Portfolio	427,703,372		525,844,197
AST MFS Global Equity Portfolio	17,063,026		19,012,216
AST J.P. Morgan International Equity Portfolio	18,038,065		18,201,862
AST Templeton Global Bond Portfolio	8,950,110		24,097,722
AST Wellington Management Hedged Equity Portfolio	78,630,982		84,866,097
AST Capital Growth Asset Allocation Portfolio	327,197,385		365,518,382
AST Academic Strategies Asset Allocation Portfolio	160,883,531		179,553,346
AST Balanced Asset Allocation Portfolio	232,199,085		288,781,466
AST Preservation Asset Allocation Portfolio	164,783,086		192,181,882
AST Fidelity Institutional AM℠ Quantitative Portfolio	170,359,316		197,387,434
AST Prudential Growth Allocation Portfolio	637,966,217		722,957,463
AST Advanced Strategies Portfolio	251,316,606		306,528,372
AST T. Rowe Price Large-Cap Growth Portfolio	43,609,862		57,801,099
AST Government Money Market Portfolio	91,801,130		61,803,010
AST Small-Cap Growth Portfolio	12,127,438		16,851,331
AST BlackRock/Loomis Sayles Bond Portfolio	108,690,459		113,736,150
AST International Value Portfolio	7,073,117		6,994,972
AST International Growth Portfolio	12,970,286		15,203,542

A96

Note 5:    Purchases and Sales of Investments (Continued)

	Purchases		Sales
AST Investment Grade Bond Portfolio	$	3,301,120,503	$	3,465,386,094
AST Western Asset Core Plus Bond Portfolio	70,930,867		71,413,269
AST Cohen & Steers Global Realty Portfolio	6,310,253		5,560,080
AST Emerging Markets Equity Portfolio	24,919,255		20,641,425
AST Goldman Sachs Small-Cap Value Portfolio	21,417,015		20,009,986
AST AllianzGI World Trends Portfolio	174,191,267		208,415,985
AST J.P. Morgan Global Thematic Portfolio	118,675,925		134,182,417
AST Goldman Sachs Multi-Asset Portfolio	126,125,831		139,669,433
ProFund VP Consumer Services	182,580		143,711
ProFund VP Consumer Goods	38,167		47,419
ProFund VP Financials	80,016		99,303
ProFund VP Health Care	104,191		97,646
ProFund VP Industrials	245,250		227,874
ProFund VP Mid-Cap Growth	66,214		98,438
ProFund VP Mid-Cap Value	173,561		238,190
ProFund VP Real Estate	41,922		21,269
ProFund VP Small-Cap Growth	33,939		82,143
ProFund VP Small-Cap Value	93,329		116,659
ProFund VP Telecommunications	8,366		6,621
ProFund VP Utilities	73,685		41,441
ProFund VP Large-Cap Growth	99,386		128,537
ProFund VP Large-Cap Value	96,715		106,818
AST Bond Portfolio 2020	3,679,775		14,699,081
AST Jennison Large-Cap Growth Portfolio	24,240,094		24,267,308
AST Bond Portfolio 2021	12,180,584		4,637,076
Wells Fargo VT International Equity Fund (Class 1)	2,487		31,415
Wells Fargo VT Omega Growth Fund (Class 1)	—		89,237
AST Bond Portfolio 2022	2,132,121		3,267,795
AST Quantitative Modeling Portfolio	13,763,417		7,398,570
AST BlackRock Global Strategies Portfolio	76,291,159		84,032,404
Wells Fargo VT Opportunity Fund (Class 1)	—		44,055
AST Prudential Core Bond Portfolio	22,999,356		16,224,076
AST Bond Portfolio 2023	61,783		102,103
AST MFS Growth Allocation Portfolio	52,627,825		49,245,225
AST Western Asset Emerging Markets Debt Portfolio	348,221		118,872
AST MFS Large-Cap Value Portfolio	12,480,933		10,588,053
AST Bond Portfolio 2024	1,620,405		2,565,529
AST AQR Emerging Markets Equity Portfolio	306,009		3,432,318
AST ClearBridge Dividend Growth Portfolio	10,697,630		9,432,714
AST Multi-Sector Fixed Income Portfolio	118,091,191		67,013,461
AST AQR Large-Cap Portfolio	278,773		2,426,840
AST Large-Cap Core Portfolio	2,980,313		358,503
AST Bond Portfolio 2025	1,836,022		2,401,311
AST T. Rowe Price Growth Opportunities Portfolio	195,451,614		181,173,425
AST Goldman Sachs Global Growth Allocation Portfolio	138,173		4,653,506
AST T. Rowe Price Diversified Real Growth Portfolio	5,572,433		1,502,792

A97

Note 5:    Purchases and Sales of Investments (Continued)

	Purchases		Sales
AST Prudential Flexible Multi-Strategy Portfolio	$	7,215,340	$	2,703,512
AST Franklin Templeton K2 Global Absolute Return Portfolio	170,947		2,714,595
AST Managed Equity Portfolio	34,091		3,222,178
AST Managed Fixed Income Portfolio	32,878		6,358,387
AST FQ Absolute Return Currency Portfolio	10,544		572,400
AST Jennison Global Infrastructure Portfolio	125,920		2,161,153
AST PIMCO Dynamic Bond Portfolio	1,497,839		3,444,020
AST Legg Mason Diversified Growth Portfolio	40,396,824		39,443,390
AST Bond Portfolio 2026	2,646,920		12,117,681
AST AB Global Bond Portfolio	449,276		2,506,809
AST Goldman Sachs Global Income Portfolio	709,459		1,587,867
AST Global Bond Portfolio	23,624,625		639,110
AST Neuberger Berman Long/Short Portfolio	217,737		2,584,394
AST QMA International Core Equity Portfolio	276,896		95,873
AST Managed Alternatives Portfolio	25,717		2,275,811
Blackrock Global Allocation V.I. Fund (Class III)	1,920,687		715,992
JPMorgan Insurance Trust Income Builder Portfolio (Class 2)	657,496		576,946
AST Bond Portfolio 2027	2,835,527		7,121,612
NVIT Emerging Markets Fund (Class D)	3,291		143,110
AST Bond Portfolio 2028	9,329		1,130,954
AST Bond Portfolio 2029	179,787		4,378,064
AST American Funds Growth Allocation Portfolio	56,258,769		48,408,347
AST Bond Portfolio 2030	31,245,763		25,289,278
AST BlackRock 80/20 Target Allocation ETF Portfolio	33,119,891		23,194,818
AST BlackRock 60/40 Target Allocation ETF Portfolio	15,944,750		9,282,713
AST Dimensional Global Core Allocation Portfolio	983,008		561,614
AST Bond Portfolio 2031	14,619,761		4,160,479
MFS® International Growth Portfolio (Service Shares)	272,858		70,747
MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares)	50,712		73
MFS® Technology Portfolio (Service Shares)	1,543,889		159,713
MFS® Mid Cap Growth Series (Service Shares)	471,995		91,090
MFS® New Discovery Series (Service Shares)	170,947		1,132
MFS® Research Series (Service Shares)	115,275		1,126
MFS® Total Return Bond Series (Service Shares)	2,664,752		883,376
MFS® Total Return Series (Service Shares)	588,880		112,495
MFS® Utilities Series (Service Shares)	649,632		5,649
American Funds IS Asset Allocation Fund (Class 4)	858,504		29,724
American Funds IS Blue Chip Income and Growth Fund (Class 4)	227,492		1,690
American Funds IS Bond Fund (Class 4)	244,908		642
American Funds IS Global Growth and Income Fund (Class 4)	77,601		33,923
American Funds IS Global Small Capitalization Fund (Class 4)	38,339		23
American Funds IS Growth Fund (Class 4)	1,736,819		15,562
American Funds IS Growth-Income Fund (Class 4)	399,755		67,450
American Funds IS International Fund (Class 4)	30,350		78
American Funds IS New World Fund® (Class 4)	281,307		52,012
BlackRock Advantage Large Cap Core V.I. Fund (Class III)	180,016		147
BlackRock Advantage Large Cap Value V.I. Fund (Class III)	31,760		70
BlackRock Capital Appreciation V.I. Fund (Class III)	136,658		268

A98

Note 5:    Purchases and Sales of Investments (Continued)

	Purchases		Sales
BlackRock Equity Dividend V.I. Fund (Class III)	$	226,596	$	68,458
BlackRock Large Cap Focus Growth V.I. Fund (Class III)	198,127		260
Fidelity® VIP Balanced Portfolio (Service Class 2)	1,519,891		54,441
Fidelity® VIP Contrafund® Portfolio (Service Class 2)	2,164,115		58,532
Fidelity® VIP Growth Opportunities Portfolio (Service Class 2)	1,294,221		31,688
Fidelity® VIP Health Care Portfolio (Service Class 2)	1,601,951		5,662
BlackRock Basic Value V.I. Fund (Class III)	50,840		49

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 Trust in 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 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 of the Investment Managers and an indirect, wholly-owned subsidiary of Prudential Financial, serves as the transfer agent of each portfolio of The Prudential Series Fund and the Advanced Series Trust.

Certain charges and fees of the portfolios of The Prudential Series Fund and 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 Fund and 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 Trust in which it invests, including the related party expenses disclosed above.

In 2016, Prudential Financial self-reported to the SEC and the U.S. Department of Labor (“DOL”), and notified other regulators, that in some cases it failed to maximize securities lending income for the

A99

Note 6:    Related Party Transactions (Continued)

benefit of certain portfolios of The Prudential Series Fund and the Advanced Series Trust due to a long-standing restriction benefitting Prudential Financial that limited the availability of loanable securities. Prudential Financial has removed the restriction and implemented a remediation plan for the benefit of customers. As part of Prudential Financial’s review of this matter, in 2018 it further self-reported to the SEC, and notified other regulators, that in some cases it failed to timely process foreign tax reclaims for certain portfolios of The Prudential Series Fund and the Advanced Series Trust. Prudential Financial has corrected the foreign tax reclaim process and has implemented a remediation plan for the benefit of customers. The DOL’s review of the securities lending matter is closed. In September 2019, Prudential Financial reached a settlement of these matters with the SEC. As part of the settlement Prudential Financial agreed to pay a fine of $5 million and disgorgement of $27.6 million, and consented to the entry of an Administrative Order containing findings that two subsidiaries of Prudential Financial violated certain sections of the Investment Advisers Act of 1940 and the Investment Advisers Act Rules and ordering the subsidiaries to cease and desist from committing or causing any violations and any future violations of those provisions. In reaching this settlement, Prudential Financial neither admitted nor denied the SEC’s findings.

Note 7:    Financial Highlights

Pruco Life of New Jersey sells a number of variable annuity 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 of New Jersey 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 of New Jersey.

A100

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
	Prudential Government Money Market Portfolio (Class I)
December 31, 2020	4,551	$	0.91	to	$	9.77	$	5,391	0.30	%	1.00	%	to	1.75	%	-1.38	%	to	-0.70	%
December 31, 2019	4,620	$	0.92	to	$	9.84	$	5,543	1.91	%	1.00	%	to	1.75	%	0.17	%	to	0.91	%
December 31, 2018	5,292	$	0.92	to	$	9.75	$	6,213	1.51	%	1.00	%	to	1.75	%	-0.24	%	to	0.52	%
December 31, 2017	6,350	$	0.92	to	$	9.70	$	7,457	0.55	%	1.00	%	to	1.75	%	-1.19	%	to	-0.44	%
December 31, 2016	7,027	$	0.93	to	$	9.74	$	8,291	0.09	%	1.00	%	to	1.75	%	-1.58	%	to	-0.90	%
	Prudential Diversified Bond Portfolio
December 31, 2020	3,863	$	2.72	to	$	3.16	$	12,186	0.00	%	1.35	%	to	1.40	%	6.95	%	to	7.01	%
December 31, 2019	4,326	$	2.40	to	$	2.95	$	12,762	0.00	%	1.35	%	to	1.65	%	9.10	%	to	9.42	%
December 31, 2018	4,972	$	2.20	to	$	2.70	$	13,399	0.00	%	1.35	%	to	1.65	%	-1.78	%	to	-1.49	%
December 31, 2017	5,697	$	2.24	to	$	2.74	$	15,603	0.00	%	1.35	%	to	1.65	%	5.27	%	to	5.58	%
December 31, 2016	6,274	$	2.12	to	$	2.60	$	16,285	0.00	%	1.35	%	to	1.65	%	3.88	%	to	4.19	%
	Prudential Equity Portfolio (Class I)
December 31, 2020	3,290	$	3.65	to	$	5.98	$	18,760	0.00	%	1.35	%	to	1.80	%	26.72	%	to	27.28	%
December 31, 2019	3,905	$	2.70	to	$	4.70	$	17,364	0.00	%	1.35	%	to	1.80	%	26.60	%	to	27.17	%
December 31, 2018	4,371	$	2.13	to	$	3.70	$	15,238	0.00	%	1.35	%	to	1.80	%	-6.55	%	to	-6.13	%
December 31, 2017	5,154	$	2.28	to	$	3.94	$	19,207	0.00	%	1.35	%	to	1.80	%	23.56	%	to	24.11	%
December 31, 2016	5,867	$	1.84	to	$	3.18	$	17,601	0.00	%	1.35	%	to	1.80	%	1.95	%	to	2.39	%
	Prudential Value Portfolio (Class I)
December 31, 2020	4,160	$	2.58	to	$	5.24	$	16,791	0.00	%	1.35	%	to	1.80	%	1.75	%	to	2.20	%
December 31, 2019	4,886	$	2.54	to	$	5.13	$	19,106	0.00	%	1.35	%	to	1.80	%	23.83	%	to	24.38	%
December 31, 2018	5,461	$	2.05	to	$	4.13	$	17,214	0.00	%	1.35	%	to	1.80	%	-11.48	%	to	-11.09	%
December 31, 2017	6,702	$	2.32	to	$	4.64	$	24,414	0.00	%	1.35	%	to	1.80	%	14.92	%	to	15.43	%
December 31, 2016	7,755	$	2.02	to	$	4.03	$	24,239	0.00	%	1.35	%	to	1.80	%	9.43	%	to	9.92	%
	Prudential High Yield Bond Portfolio
December 31, 2020	1,983	$	3.03	to	$	20.21	$	10,712	0.00	%	1.35	%	to	1.80	%	5.21	%	to	5.68	%
December 31, 2019	2,267	$	2.70	to	$	19.13	$	11,776	0.00	%	1.35	%	to	1.80	%	14.27	%	to	14.78	%
December 31, 2018	2,557	$	2.36	to	$	16.68	$	11,646	2.95	%	1.35	%	to	1.80	%	-3.02	%	to	-2.58	%
December 31, 2017	3,035	$	2.43	to	$	17.13	$	14,230	6.09	%	1.35	%	to	1.80	%	5.90	%	to	6.39	%
December 31, 2016	3,347	$	2.29	to	$	16.11	$	14,952	6.43	%	1.35	%	to	1.80	%	14.19	%	to	14.69	%
	Prudential Stock Index Portfolio
December 31, 2020	5,581	$	2.66	to	$	14.49	$	42,621	0.00	%	0.35	%	to	1.95	%	15.78	%	to	17.66	%
December 31, 2019	5,676	$	2.29	to	$	12.34	$	32,340	0.00	%	0.48	%	to	1.95	%	8.05	%	to	30.35	%
December 31, 2018	5,460	$	1.77	to	$	9.47	$	20,531	0.00	%	0.55	%	to	1.95	%	-6.26	%	to	-4.55	%
December 31, 2017	5,984	$	1.89	to	$	4.31	$	22,041	1.59	%	1.35	%	to	1.75	%	19.38	%	to	19.85	%
December 31, 2016	6,973	$	1.58	to	$	3.60	$	21,657	1.84	%	1.35	%	to	1.75	%	9.92	%	to	10.34	%
	Prudential Global Portfolio
December 31, 2020	1,056	$	2.01	to	$	4.41	$	4,186	0.00	%	1.40	%	to	1.75	%	13.84	%	to	14.24	%
December 31, 2019	1,263	$	1.77	to	$	3.86	$	4,321	0.00	%	1.40	%	to	1.75	%	28.15	%	to	28.59	%
December 31, 2018	1,456	$	1.38	to	$	3.00	$	3,779	0.00	%	1.40	%	to	1.75	%	-8.92	%	to	-8.60	%
December 31, 2017	1,895	$	1.51	to	$	3.28	$	5,464	0.00	%	1.40	%	to	1.75	%	22.70	%	to	23.12	%
December 31, 2016	2,057	$	1.23	to	$	2.67	$	4,846	0.00	%	1.35	%	to	1.75	%	2.65	%	to	3.06	%
	Prudential Jennison Portfolio (Class I)
December 31, 2020	3,508	$	3.46	to	$	10.11	$	30,868	0.00	%	1.35	%	to	1.80	%	53.44	%	to	54.12	%
December 31, 2019	4,496	$	2.25	to	$	6.56	$	25,179	0.00	%	1.35	%	to	1.80	%	30.99	%	to	31.57	%
December 31, 2018	5,052	$	1.71	to	$	4.99	$	21,649	0.00	%	1.35	%	to	1.80	%	-2.54	%	to	-2.11	%
December 31, 2017	6,090	$	1.75	to	$	5.10	$	26,906	0.00	%	1.35	%	to	1.80	%	34.29	%	to	34.88	%
December 31, 2016	7,092	$	1.30	to	$	3.78	$	23,229	0.00	%	1.35	%	to	1.80	%	-2.64	%	to	-2.22	%
	Prudential Small Capitalization Stock Portfolio
December 31, 2020	939	$	5.78	to	$	11.93	$	8,500	0.00	%	0.35	%	to	1.90	%	8.88	%	to	10.60	%
December 31, 2019	925	$	5.28	to	$	10.80	$	7,261	0.00	%	0.48	%	to	1.90	%	4.55	%	to	21.75	%
December 31, 2018	832	$	4.37	to	$	8.87	$	5,004	0.00	%	0.55	%	to	1.90	%	-11.25	%	to	-9.95	%
December 31, 2017	760	$	4.85	to	$	5.97	$	4,531	0.00	%	1.35	%	to	1.40	%	11.44	%	to	11.50	%
December 31, 2016	843	$	4.35	to	$	5.36	$	4,487	0.00	%	1.35	%	to	1.40	%	24.76	%	to	24.82	%

A101

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
	T. Rowe Price International Stock Portfolio
December 31, 2020	613	$	2.43	to	$	2.43	$	1,488	0.56	%	1.40	%	to	1.40	%	12.87	%	to	12.87	%
December 31, 2019	748	$	2.15	to	$	2.15	$	1,607	2.39	%	1.40	%	to	1.40	%	26.00	%	to	26.00	%
December 31, 2018	822	$	1.71	to	$	1.71	$	1,401	1.33	%	1.40	%	to	1.40	%	-15.40	%	to	-15.40	%
December 31, 2017	921	$	2.02	to	$	2.02	$	1,857	1.12	%	1.40	%	to	1.40	%	26.12	%	to	26.12	%
December 31, 2016	996	$	1.60	to	$	1.60	$	1,593	1.04	%	1.40	%	to	1.40	%	0.72	%	to	0.72	%
	T. Rowe Price Equity Income Portfolio (Equity Income Class)
December 31, 2020	1,252	$	3.01	to	$	4.48	$	5,604	2.32	%	1.35	%	to	1.40	%	-0.22	%	to	-0.17	%
December 31, 2019	1,408	$	3.01	to	$	4.48	$	6,314	2.32	%	1.35	%	to	1.40	%	24.65	%	to	24.71	%
December 31, 2018	1,464	$	2.41	to	$	3.60	$	5,269	1.98	%	1.35	%	to	1.40	%	-10.76	%	to	-10.71	%
December 31, 2017	1,672	$	2.70	to	$	4.03	$	6,739	1.73	%	1.35	%	to	1.40	%	14.42	%	to	14.48	%
December 31, 2016	1,844	$	2.36	to	$	3.52	$	6,453	2.31	%	1.35	%	to	1.40	%	17.53	%	to	17.59	%
	Invesco V.I. Core Equity Fund (Series I)
December 31, 2020	1,821	$	2.02	to	$	3.92	$	7,129	1.32	%	1.40	%	to	1.65	%	12.00	%	to	12.28	%
December 31, 2019	2,127	$	1.80	to	$	3.49	$	7,417	0.94	%	1.40	%	to	1.65	%	26.87	%	to	27.18	%
December 31, 2018	2,291	$	1.42	to	$	2.75	$	6,284	0.88	%	1.40	%	to	1.65	%	-10.88	%	to	-10.66	%
December 31, 2017	2,559	$	1.59	to	$	3.08	$	7,854	1.03	%	1.40	%	to	1.65	%	11.34	%	to	11.62	%
December 31, 2016	2,877	$	1.43	to	$	2.76	$	7,913	0.75	%	1.40	%	to	1.65	%	8.48	%	to	8.75	%
	Janus Henderson VIT Research Portfolio (Institutional Shares)
December 31, 2020	1,022	$	2.79	to	$	5.57	$	5,675	0.53	%	1.35	%	to	1.40	%	31.12	%	to	31.18	%
December 31, 2019	1,322	$	2.12	to	$	4.25	$	5,598	0.46	%	1.35	%	to	1.40	%	33.65	%	to	33.72	%
December 31, 2018	1,399	$	1.50	to	$	3.18	$	4,434	0.53	%	1.35	%	to	1.65	%	-4.17	%	to	-3.88	%
December 31, 2017	1,625	$	1.57	to	$	3.31	$	5,355	0.39	%	1.35	%	to	1.65	%	25.81	%	to	26.18	%
December 31, 2016	1,822	$	1.24	to	$	2.62	$	4,762	0.54	%	1.35	%	to	1.65	%	-1.13	%	to	-0.84	%
	Janus Henderson VIT Overseas Portfolio (Institutional Shares)
December 31, 2020	1,075	$	2.35	to	$	4.33	$	4,608	1.34	%	1.35	%	to	1.65	%	14.41	%	to	14.75	%
December 31, 2019	1,227	$	2.05	to	$	3.78	$	4,591	1.90	%	1.35	%	to	1.65	%	24.96	%	to	25.33	%
December 31, 2018	1,335	$	1.64	to	$	3.02	$	3,990	1.74	%	1.35	%	to	1.65	%	-16.33	%	to	-16.09	%
December 31, 2017	1,421	$	1.96	to	$	3.60	$	5,067	1.65	%	1.35	%	to	1.65	%	29.00	%	to	29.38	%
December 31, 2016	1,645	$	1.52	to	$	2.78	$	4,518	5.06	%	1.35	%	to	1.65	%	-7.96	%	to	-7.70	%
	MFS® Research Series (Initial Class)
December 31, 2020	315	$	4.91	to	$	4.91	$	1,548	0.72	%	1.40	%	to	1.40	%	14.98	%	to	14.98	%
December 31, 2019	369	$	4.27	to	$	4.27	$	1,576	0.78	%	1.40	%	to	1.40	%	31.11	%	to	31.11	%
December 31, 2018	387	$	3.26	to	$	3.26	$	1,262	0.69	%	1.40	%	to	1.40	%	-5.70	%	to	-5.70	%
December 31, 2017	423	$	3.46	to	$	3.46	$	1,462	1.34	%	1.40	%	to	1.40	%	21.67	%	to	21.67	%
December 31, 2016	497	$	2.84	to	$	2.84	$	1,412	0.77	%	1.40	%	to	1.40	%	7.24	%	to	7.24	%
	MFS® Growth Series (Initial Class)
December 31, 2020	1,115	$	3.86	to	$	6.92	$	7,717	0.00	%	1.35	%	to	1.40	%	30.03	%	to	30.10	%
December 31, 2019	1,331	$	2.97	to	$	5.32	$	7,084	0.00	%	1.35	%	to	1.40	%	36.24	%	to	36.31	%
December 31, 2018	1,421	$	2.06	to	$	3.91	$	5,550	0.09	%	1.35	%	to	1.65	%	0.99	%	to	1.29	%
December 31, 2017	1,744	$	2.04	to	$	3.86	$	6,727	0.10	%	1.35	%	to	1.65	%	29.28	%	to	29.66	%
December 31, 2016	1,932	$	1.58	to	$	2.98	$	5,752	0.04	%	1.35	%	to	1.65	%	0.78	%	to	1.08	%
	American Century VP Value Fund (Class I)
December 31, 2020	368	$	3.76	to	$	4.38	$	1,611	2.30	%	1.35	%	to	1.40	%	-0.42	%	to	-0.37	%
December 31, 2019	430	$	3.77	to	$	4.40	$	1,890	2.11	%	1.35	%	to	1.40	%	25.28	%	to	25.34	%
December 31, 2018	478	$	2.85	to	$	3.51	$	1,677	1.65	%	1.35	%	to	1.65	%	-10.63	%	to	-10.37	%
December 31, 2017	525	$	3.19	to	$	3.92	$	2,055	1.63	%	1.35	%	to	1.65	%	6.98	%	to	7.30	%
December 31, 2016	639	$	2.98	to	$	3.65	$	2,317	1.73	%	1.35	%	to	1.65	%	18.53	%	to	18.88	%
	Franklin Small-Mid Cap Growth VIP Fund (Class 2)
December 31, 2020	442	$	3.46	to	$	6.12	$	2,679	0.00	%	1.35	%	to	1.65	%	52.58	%	to	53.03	%
December 31, 2019	541	$	2.27	to	$	4.00	$	2,145	0.00	%	1.35	%	to	1.65	%	29.30	%	to	29.68	%
December 31, 2018	610	$	1.75	to	$	3.09	$	1,868	0.00	%	1.35	%	to	1.65	%	-6.92	%	to	-6.64	%
December 31, 2017	910	$	1.88	to	$	3.31	$	2,990	0.00	%	1.35	%	to	1.65	%	19.43	%	to	19.79	%
December 31, 2016	976	$	1.58	to	$	2.76	$	2,682	0.00	%	1.35	%	to	1.65	%	2.49	%	to	2.79	%

A102

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
	Prudential Jennison 20/20 Focus Portfolio (Class I)
December 31, 2020	737	$	4.98	to	$	5.08	$	3,743	0.00	%	1.35	%	to	1.40	%	29.12	%	to	29.18	%
December 31, 2019	821	$	3.63	to	$	3.94	$	3,231	0.00	%	1.35	%	to	1.65	%	26.83	%	to	27.21	%
December 31, 2018	945	$	2.87	to	$	3.09	$	2,921	0.00	%	1.35	%	to	1.65	%	-6.90	%	to	-6.62	%
December 31, 2017	1,058	$	3.08	to	$	3.32	$	3,500	0.00	%	1.35	%	to	1.65	%	28.18	%	to	28.56	%
December 31, 2016	1,190	$	2.40	to	$	2.58	$	3,064	0.00	%	1.35	%	to	1.65	%	-0.04	%	to	0.27	%
	Davis Value Portfolio
December 31, 2020	434	$	2.58	to	$	2.61	$	1,121	0.69	%	1.35	%	to	1.40	%	10.18	%	to	10.23	%
December 31, 2019	507	$	2.34	to	$	2.37	$	1,189	1.40	%	1.35	%	to	1.40	%	29.36	%	to	29.42	%
December 31, 2018	721	$	1.81	to	$	1.83	$	1,307	0.76	%	1.35	%	to	1.40	%	-14.80	%	to	-14.76	%
December 31, 2017	935	$	2.13	to	$	2.15	$	1,990	0.74	%	1.35	%	to	1.40	%	20.94	%	to	21.00	%
December 31, 2016	1,081	$	1.76	to	$	1.77	$	1,902	1.23	%	1.35	%	to	1.40	%	10.34	%	to	10.39	%
	AB VPS Large Cap Growth Portfolio (Class B)
December 31, 2020	202	$	2.64	to	$	2.64	$	532	0.00	%	1.40	%	to	1.40	%	33.28	%	to	33.28	%
December 31, 2019	224	$	1.98	to	$	1.98	$	443	0.00	%	1.40	%	to	1.40	%	32.51	%	to	32.51	%
December 31, 2018	254	$	1.49	to	$	1.49	$	379	0.00	%	1.40	%	to	1.40	%	0.90	%	to	0.90	%
December 31, 2017	563	$	1.48	to	$	1.48	$	833	0.00	%	1.40	%	to	1.40	%	29.86	%	to	29.86	%
December 31, 2016	683	$	1.14	to	$	1.14	$	779	0.00	%	1.40	%	to	1.40	%	0.95	%	to	0.95	%
	Prudential SP Small Cap Value Portfolio (Class I)
December 31, 2020	1,745	$	2.81	to	$	3.81	$	6,263	0.00	%	1.35	%	to	1.80	%	0.10	%	to	0.54	%
December 31, 2019	1,958	$	2.81	to	$	3.79	$	7,009	0.00	%	1.35	%	to	1.80	%	20.61	%	to	21.15	%
December 31, 2018	2,086	$	2.33	to	$	3.13	$	6,185	0.00	%	1.35	%	to	1.80	%	-15.33	%	to	-14.95	%
December 31, 2017	2,332	$	2.75	to	$	3.69	$	8,142	0.00	%	1.35	%	to	1.80	%	10.22	%	to	10.70	%
December 31, 2016	2,654	$	2.50	to	$	3.33	$	8,385	0.00	%	1.35	%	to	1.80	%	23.25	%	to	23.79	%
	Janus Henderson VIT Research Portfolio (Service Shares)
December 31, 2020	157	$	2.16	to	$	4.87	$	557	0.34	%	1.40	%	to	1.75	%	30.30	%	to	30.74	%
December 31, 2019	194	$	1.66	to	$	3.73	$	527	0.31	%	1.40	%	to	1.75	%	32.90	%	to	33.36	%
December 31, 2018	202	$	1.25	to	$	2.79	$	413	0.35	%	1.40	%	to	1.75	%	-4.52	%	to	-4.19	%
December 31, 2017	227	$	1.30	to	$	2.92	$	486	0.24	%	1.40	%	to	1.75	%	25.37	%	to	25.80	%
December 31, 2016	251	$	1.04	to	$	2.32	$	427	0.38	%	1.40	%	to	1.75	%	-1.45	%	to	-1.10	%
	SP Prudential U.S. Emerging Growth Portfolio (Class I)
December 31, 2020	1,305	$	3.77	to	$	8.44	$	8,185	0.00	%	1.35	%	to	1.80	%	44.86	%	to	45.51	%
December 31, 2019	1,596	$	2.60	to	$	5.80	$	6,881	0.00	%	1.35	%	to	1.80	%	35.27	%	to	35.88	%
December 31, 2018	1,768	$	1.92	to	$	4.27	$	5,686	0.00	%	1.35	%	to	1.80	%	-9.48	%	to	-9.08	%
December 31, 2017	2,026	$	2.12	to	$	4.70	$	7,242	0.00	%	1.35	%	to	1.80	%	20.27	%	to	20.81	%
December 31, 2016	2,245	$	1.76	to	$	3.89	$	6,710	0.00	%	1.35	%	to	1.80	%	2.48	%	to	2.93	%
	Prudential SP International Growth Portfolio (Class I)
December 31, 2020	632	$	1.57	to	$	3.92	$	1,805	0.00	%	1.35	%	to	1.80	%	29.78	%	to	30.35	%
December 31, 2019	826	$	1.21	to	$	3.01	$	1,845	0.00	%	1.35	%	to	1.80	%	30.04	%	to	30.62	%
December 31, 2018	965	$	0.93	to	$	2.30	$	1,629	0.00	%	1.35	%	to	1.80	%	-14.37	%	to	-13.98	%
December 31, 2017	1,093	$	1.08	to	$	2.68	$	2,110	0.00	%	1.35	%	to	1.80	%	33.42	%	to	34.00	%
December 31, 2016	1,283	$	0.81	to	$	2.00	$	1,815	0.00	%	1.35	%	to	1.80	%	-5.28	%	to	-4.86	%
	AST Cohen & Steers Realty Portfolio
December 31, 2020	1,245	$	9.87	to	$	35.58	$	27,821	0.00	%	0.35	%	to	2.45	%	-5.22	%	to	-3.18	%
December 31, 2019	1,279	$	10.22	to	$	37.33	$	30,263	0.00	%	0.35	%	to	2.85	%	1.14	%	to	30.49	%
December 31, 2018	1,360	$	10.86	to	$	29.01	$	25,132	0.00	%	0.55	%	to	2.85	%	-7.48	%	to	-5.28	%
December 31, 2017	1,478	$	11.50	to	$	31.05	$	29,303	0.00	%	0.55	%	to	2.85	%	3.23	%	to	5.66	%
December 31, 2016	1,423	$	10.92	to	$	29.79	$	27,148	0.00	%	0.55	%	to	2.85	%	1.84	%	to	4.24	%
	AST J.P. Morgan Strategic Opportunities Portfolio
December 31, 2020	10,391	$	14.42	to	$	19.31	$	168,536	0.00	%	0.55	%	to	2.45	%	8.62	%	to	10.74	%
December 31, 2019	11,394	$	13.14	to	$	17.59	$	167,939	0.00	%	0.55	%	to	2.85	%	11.34	%	to	13.98	%
December 31, 2018	11,259	$	11.64	to	$	15.56	$	147,331	0.00	%	0.55	%	to	2.85	%	-7.84	%	to	-5.65	%
December 31, 2017	12,622	$	12.45	to	$	16.63	$	177,660	0.00	%	0.55	%	to	2.85	%	8.95	%	to	11.53	%
December 31, 2016	13,084	$	11.26	to	$	15.04	$	167,396	0.00	%	0.55	%	to	2.85	%	0.89	%	to	3.27	%

A103

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, 2020	4,546	$	10.75	to	$	24.17	$	81,724	0.00	%	0.48	%	to	2.45	%	-0.41	%	to	1.60	%
December 31, 2019	4,342	$	10.60	to	$	24.14	$	77,915	0.00	%	0.48	%	to	2.85	%	6.16	%	to	25.28	%
December 31, 2018	962	$	10.15	to	$	19.53	$	13,956	0.00	%	0.55	%	to	2.70	%	-12.16	%	to	-10.21	%
December 31, 2017	853	$	11.32	to	$	22.06	$	14,172	0.00	%	0.55	%	to	2.70	%	13.41	%	to	15.91	%
December 31, 2016	817	$	9.78	to	$	19.29	$	11,983	0.00	%	0.55	%	to	2.70	%	3.27	%	to	5.55	%
	AST High Yield Portfolio
December 31, 2020	2,106	$	10.44	to	$	20.60	$	33,441	0.00	%	0.35	%	to	2.45	%	0.12	%	to	2.28	%
December 31, 2019	2,022	$	10.24	to	$	20.46	$	32,616	0.00	%	0.35	%	to	2.85	%	2.23	%	to	14.66	%
December 31, 2018	1,997	$	11.29	to	$	18.09	$	28,532	0.00	%	0.55	%	to	2.85	%	-4.79	%	to	-2.53	%
December 31, 2017	2,026	$	11.59	to	$	18.82	$	29,968	0.00	%	0.55	%	to	2.85	%	4.42	%	to	6.88	%
December 31, 2016	1,860	$	10.86	to	$	17.85	$	26,105	0.00	%	0.55	%	to	2.85	%	12.12	%	to	14.76	%
	AST Small-Cap Growth Opportunities Portfolio
December 31, 2020	722	$	14.64	to	$	49.23	$	24,342	0.00	%	0.48	%	to	2.45	%	31.88	%	to	34.54	%
December 31, 2019	822	$	10.90	to	$	37.13	$	20,944	0.00	%	0.48	%	to	2.70	%	8.73	%	to	35.73	%
December 31, 2018	772	$	10.82	to	$	27.73	$	14,871	0.00	%	0.55	%	to	2.70	%	-13.27	%	to	-11.34	%
December 31, 2017	865	$	12.22	to	$	31.72	$	19,309	0.00	%	0.55	%	to	2.70	%	24.25	%	to	26.99	%
December 31, 2016	865	$	9.64	to	$	25.32	$	15,464	0.00	%	0.55	%	to	2.70	%	4.80	%	to	7.11	%
	AST WEDGE Capital Mid-Cap Value Portfolio
December 31, 2020	501	$	9.56	to	$	27.24	$	9,774	0.00	%	0.35	%	to	2.45	%	-8.12	%	to	-6.14	%
December 31, 2019	448	$	10.22	to	$	29.48	$	9,383	0.00	%	0.35	%	to	2.70	%	1.67	%	to	18.49	%
December 31, 2018	437	$	10.58	to	$	25.23	$	7,800	0.00	%	0.55	%	to	2.70	%	-18.79	%	to	-16.99	%
December 31, 2017	496	$	12.78	to	$	30.81	$	10,792	0.00	%	0.55	%	to	2.70	%	15.34	%	to	17.88	%
December 31, 2016	540	$	10.88	to	$	26.50	$	10,080	0.00	%	0.55	%	to	2.70	%	10.93	%	to	13.37	%
	AST Small-Cap Value Portfolio
December 31, 2020	677	$	10.63	to	$	28.72	$	13,818	0.00	%	0.48	%	to	2.45	%	-1.61	%	to	0.38	%
December 31, 2019	734	$	10.61	to	$	29.03	$	15,038	0.00	%	0.48	%	to	2.85	%	5.76	%	to	21.31	%
December 31, 2018	708	$	11.20	to	$	24.26	$	12,086	0.00	%	0.55	%	to	2.85	%	-19.45	%	to	-17.53	%
December 31, 2017	805	$	13.62	to	$	29.83	$	16,837	0.00	%	0.55	%	to	2.85	%	4.30	%	to	6.76	%
December 31, 2016	774	$	12.80	to	$	28.33	$	15,415	0.00	%	0.55	%	to	2.85	%	25.53	%	to	28.49	%
	AST Mid-Cap Growth Portfolio
December 31, 2020	2,255	$	13.91	to	$	45.77	$	74,072	0.00	%	0.35	%	to	2.45	%	31.54	%	to	34.37	%
December 31, 2019	2,651	$	10.39	to	$	34.61	$	66,740	0.00	%	0.35	%	to	2.85	%	3.60	%	to	29.44	%
December 31, 2018	2,750	$	11.84	to	$	27.11	$	54,321	0.00	%	0.55	%	to	2.85	%	-7.09	%	to	-4.88	%
December 31, 2017	3,009	$	12.49	to	$	28.89	$	63,557	0.00	%	0.55	%	to	2.85	%	23.48	%	to	26.39	%
December 31, 2016	3,115	$	9.91	to	$	23.18	$	52,769	0.00	%	0.55	%	to	2.85	%	-1.25	%	to	1.09	%
	AST Hotchkis & Wiley Large-Cap Value Portfolio
December 31, 2020	1,783	$	10.63	to	$	30.51	$	38,727	0.00	%	0.35	%	to	2.45	%	-2.19	%	to	-0.08	%
December 31, 2019	1,732	$	10.67	to	$	31.02	$	38,666	0.00	%	0.35	%	to	2.85	%	6.16	%	to	28.81	%
December 31, 2018	1,743	$	11.60	to	$	24.42	$	30,541	0.00	%	0.55	%	to	2.85	%	-16.61	%	to	-14.63	%
December 31, 2017	1,683	$	13.63	to	$	29.00	$	34,897	0.00	%	0.55	%	to	2.45	%	16.28	%	to	18.54	%
December 31, 2016	1,645	$	11.53	to	$	24.81	$	29,101	0.00	%	0.55	%	to	2.45	%	16.96	%	to	19.23	%
	AST Loomis Sayles Large-Cap Growth Portfolio
December 31, 2020	1,549	$	14.06	to	$	53.96	$	60,330	0.00	%	0.48	%	to	2.85	%	27.84	%	to	30.96	%
December 31, 2019	1,897	$	10.76	to	$	41.81	$	58,793	0.00	%	0.48	%	to	2.85	%	8.21	%	to	30.91	%
December 31, 2018	1,915	$	14.30	to	$	32.38	$	46,002	0.00	%	0.55	%	to	2.85	%	-5.48	%	to	-3.23	%
December 31, 2017	2,374	$	14.82	to	$	33.93	$	59,639	0.00	%	0.55	%	to	2.85	%	29.21	%	to	32.26	%
December 31, 2016	2,615	$	11.24	to	$	26.01	$	50,429	0.00	%	0.55	%	to	2.85	%	2.57	%	to	5.00	%
	AST MFS Growth Portfolio
December 31, 2020	774	$	13.89	to	$	50.33	$	28,723	0.00	%	0.35	%	to	2.45	%	27.28	%	to	30.02	%
December 31, 2019	809	$	10.72	to	$	39.33	$	24,748	0.00	%	0.35	%	to	2.45	%	7.58	%	to	37.02	%
December 31, 2018	763	$	13.95	to	$	29.10	$	17,359	0.00	%	0.55	%	to	2.70	%	-0.62	%	to	1.59	%
December 31, 2017	764	$	13.78	to	$	29.05	$	17,631	0.00	%	0.55	%	to	2.70	%	27.19	%	to	29.99	%
December 31, 2016	776	$	10.63	to	$	22.66	$	13,999	0.00	%	0.55	%	to	2.70	%	-0.83	%	to	1.35	%

A104

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 Neuberger Berman/LSV Mid-Cap Value Portfolio
December 31, 2020	1,604	$	10.19	to	$	32.02	$	33,858	0.00	%	0.48	%	to	2.85	%	-4.58	%	to	-2.26	%
December 31, 2019	1,556	$	10.44	to	$	33.24	$	33,972	0.00	%	0.48	%	to	2.85	%	4.52	%	to	20.35	%
December 31, 2018	1,470	$	10.61	to	$	28.00	$	27,101	0.00	%	0.55	%	to	2.85	%	-18.84	%	to	-16.90	%
December 31, 2017	1,638	$	12.81	to	$	34.17	$	36,903	0.00	%	0.55	%	to	2.85	%	10.56	%	to	13.16	%
December 31, 2016	1,524	$	11.35	to	$	30.61	$	31,209	0.00	%	0.55	%	to	2.85	%	14.87	%	to	17.58	%
	AST BlackRock Low Duration Bond Portfolio
December 31, 2020	2,574	$	9.41	to	$	12.63	$	27,528	0.00	%	0.48	%	to	2.25	%	0.26	%	to	2.07	%
December 31, 2019	2,326	$	9.39	to	$	12.46	$	24,434	0.00	%	0.48	%	to	2.25	%	0.70	%	to	4.05	%
December 31, 2018	2,033	$	9.14	to	$	12.05	$	20,603	0.00	%	0.55	%	to	2.30	%	-1.58	%	to	0.19	%
December 31, 2017	2,081	$	9.17	to	$	12.10	$	21,184	0.00	%	0.55	%	to	2.45	%	-0.78	%	to	1.15	%
December 31, 2016	1,750	$	9.25	to	$	12.03	$	17,746	0.00	%	0.55	%	to	2.45	%	-0.85	%	to	1.08	%
	AST QMA US Equity Alpha Portfolio
December 31, 2020	1,093	$	10.18	to	$	35.67	$	28,576	0.00	%	0.35	%	to	2.30	%	-7.37	%	to	-5.52	%
December 31, 2019	1,169	$	10.81	to	$	38.35	$	33,140	0.00	%	0.48	%	to	2.70	%	8.35	%	to	23.78	%
December 31, 2018	1,138	$	13.04	to	$	31.42	$	26,070	0.00	%	0.55	%	to	2.70	%	-10.71	%	to	-8.72	%
December 31, 2017	1,143	$	14.33	to	$	34.90	$	28,835	0.00	%	0.55	%	to	2.45	%	19.26	%	to	21.58	%
December 31, 2016	1,042	$	11.82	to	$	29.10	$	22,155	0.00	%	0.55	%	to	2.45	%	12.04	%	to	14.21	%
	AST T. Rowe Price Natural Resources Portfolio
December 31, 2020	2,756	$	8.23	to	$	13.78	$	27,662	0.00	%	0.48	%	to	2.55	%	-4.65	%	to	-2.69	%
December 31, 2019	2,634	$	8.49	to	$	14.29	$	27,208	0.00	%	0.48	%	to	2.70	%	4.54	%	to	16.22	%
December 31, 2018	2,264	$	7.33	to	$	12.40	$	20,246	0.00	%	0.55	%	to	2.70	%	-18.92	%	to	-17.11	%
December 31, 2017	2,762	$	8.87	to	$	15.09	$	30,002	0.00	%	0.55	%	to	2.70	%	7.34	%	to	9.70	%
December 31, 2016	2,692	$	8.11	to	$	13.87	$	26,931	0.00	%	0.55	%	to	2.70	%	21.26	%	to	23.93	%
	AST T. Rowe Price Asset Allocation Portfolio
December 31, 2020	60,620	$	12.52	to	$	25.10	$	1,205,421	0.00	%	0.35	%	to	2.85	%	9.33	%	to	12.14	%
December 31, 2019	66,787	$	15.39	to	$	22.74	$	1,195,684	0.00	%	0.55	%	to	2.85	%	17.40	%	to	20.18	%
December 31, 2018	68,596	$	12.92	to	$	19.18	$	1,037,327	0.00	%	0.55	%	to	2.85	%	-8.04	%	to	-5.85	%
December 31, 2017	73,973	$	13.85	to	$	20.66	$	1,206,523	0.00	%	0.55	%	to	2.85	%	12.13	%	to	14.77	%
December 31, 2016	75,755	$	12.18	to	$	18.25	$	1,092,303	0.00	%	0.55	%	to	2.85	%	4.49	%	to	6.95	%
	AST MFS Global Equity Portfolio
December 31, 2020	1,528	$	11.95	to	$	33.53	$	38,256	0.00	%	0.35	%	to	2.55	%	11.34	%	to	13.78	%
December 31, 2019	1,615	$	10.53	to	$	29.94	$	36,538	0.00	%	0.35	%	to	2.85	%	6.47	%	to	29.24	%
December 31, 2018	1,710	$	11.72	to	$	23.49	$	30,215	0.00	%	0.55	%	to	2.85	%	-12.15	%	to	-10.05	%
December 31, 2017	1,835	$	13.07	to	$	26.48	$	36,466	0.00	%	0.55	%	to	2.85	%	20.32	%	to	23.16	%
December 31, 2016	1,738	$	10.65	to	$	21.80	$	28,494	0.00	%	0.55	%	to	2.85	%	4.07	%	to	6.52	%
	AST J.P. Morgan International Equity Portfolio
December 31, 2020	1,750	$	14.04	to	$	21.51	$	28,581	0.00	%	0.55	%	to	2.55	%	10.27	%	to	12.46	%
December 31, 2019	1,837	$	12.64	to	$	19.39	$	26,684	0.00	%	0.55	%	to	2.70	%	23.79	%	to	26.52	%
December 31, 2018	1,838	$	10.11	to	$	15.54	$	21,142	0.00	%	0.55	%	to	2.70	%	-19.71	%	to	-17.92	%
December 31, 2017	1,959	$	12.48	to	$	19.20	$	27,796	0.00	%	0.55	%	to	2.70	%	26.14	%	to	28.92	%
December 31, 2016	1,912	$	9.80	to	$	15.10	$	21,272	0.00	%	0.55	%	to	2.70	%	-0.81	%	to	1.37	%
	AST Templeton Global Bond Portfolio (Merged November 13, 2020)
December 31, 2020	—	$	8.62	to	$	11.80	$	—	0.00	%	0.48	%	to	2.30	%	-7.38	%	to	-5.88	%
December 31, 2019	1,541	$	8.81	to	$	12.61	$	15,926	0.00	%	0.48	%	to	2.85	%	-1.29	%	to	1.05	%
December 31, 2018	1,384	$	8.92	to	$	12.55	$	14,210	0.00	%	0.55	%	to	2.85	%	-0.92	%	to	1.44	%
December 31, 2017	1,577	$	9.01	to	$	12.45	$	16,051	0.00	%	0.55	%	to	2.85	%	-0.86	%	to	1.48	%
December 31, 2016	1,412	$	9.08	to	$	12.34	$	14,302	0.00	%	0.55	%	to	2.85	%	1.39	%	to	3.78	%
	AST Wellington Management Hedged Equity Portfolio
December 31, 2020	9,364	$	11.80	to	$	23.70	$	149,135	0.00	%	0.35	%	to	2.55	%	4.01	%	to	6.29	%
December 31, 2019	10,000	$	13.52	to	$	22.66	$	151,270	0.00	%	0.55	%	to	2.85	%	17.12	%	to	19.89	%
December 31, 2018	9,607	$	11.54	to	$	19.16	$	122,382	0.00	%	0.55	%	to	2.85	%	-7.72	%	to	-5.52	%
December 31, 2017	10,483	$	12.51	to	$	20.56	$	142,719	0.00	%	0.55	%	to	2.85	%	10.37	%	to	12.97	%
December 31, 2016	10,414	$	11.33	to	$	18.45	$	126,793	0.00	%	0.55	%	to	2.85	%	3.50	%	to	5.94	%

A105

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 Capital Growth Asset Allocation Portfolio
December 31, 2020	38,270	$	18.48	to	$	27.09	$	795,759	0.00	%	0.55	%	to	2.70	%	10.36	%	to	12.80	%
December 31, 2019	41,084	$	16.53	to	$	24.35	$	763,571	0.00	%	0.55	%	to	2.85	%	18.76	%	to	21.58	%
December 31, 2018	40,025	$	13.72	to	$	20.31	$	621,582	0.00	%	0.55	%	to	2.85	%	-8.91	%	to	-6.74	%
December 31, 2017	42,944	$	14.85	to	$	22.08	$	726,878	0.00	%	0.55	%	to	2.85	%	14.54	%	to	17.24	%
December 31, 2016	41,918	$	12.78	to	$	19.09	$	614,943	0.00	%	0.55	%	to	2.85	%	3.80	%	to	6.25	%
	AST Academic Strategies Asset Allocation Portfolio
December 31, 2020	17,949	$	12.80	to	$	17.83	$	257,724	0.00	%	0.55	%	to	2.50	%	1.67	%	to	3.65	%
December 31, 2019	19,467	$	12.46	to	$	17.44	$	271,525	0.00	%	0.55	%	to	2.85	%	12.75	%	to	15.42	%
December 31, 2018	18,241	$	10.90	to	$	15.32	$	222,318	0.00	%	0.55	%	to	2.85	%	-10.77	%	to	-8.64	%
December 31, 2017	23,441	$	12.04	to	$	17.01	$	317,415	0.00	%	0.55	%	to	2.85	%	9.39	%	to	11.97	%
December 31, 2016	24,273	$	10.85	to	$	15.40	$	297,040	0.00	%	0.55	%	to	2.85	%	3.31	%	to	5.75	%
	AST Balanced Asset Allocation Portfolio
December 31, 2020	40,432	$	12.29	to	$	23.74	$	774,354	0.00	%	0.35	%	to	2.70	%	8.75	%	to	11.38	%
December 31, 2019	43,887	$	11.03	to	$	21.65	$	762,061	0.00	%	0.35	%	to	2.85	%	10.20	%	to	18.76	%
December 31, 2018	44,995	$	12.98	to	$	18.48	$	667,892	0.00	%	0.55	%	to	2.85	%	-7.66	%	to	-5.46	%
December 31, 2017	48,857	$	13.86	to	$	19.82	$	778,162	0.00	%	0.55	%	to	2.85	%	11.64	%	to	14.28	%
December 31, 2016	50,063	$	12.23	to	$	17.59	$	708,457	0.00	%	0.55	%	to	2.85	%	3.28	%	to	5.71	%
	AST Preservation Asset Allocation Portfolio
December 31, 2020	29,998	$	11.81	to	$	18.93	$	485,013	0.00	%	0.35	%	to	2.85	%	5.97	%	to	8.70	%
December 31, 2019	31,603	$	13.31	to	$	17.70	$	475,783	0.00	%	0.55	%	to	2.85	%	11.47	%	to	14.11	%
December 31, 2018	32,524	$	11.77	to	$	15.72	$	433,759	0.00	%	0.55	%	to	2.85	%	-5.62	%	to	-3.38	%
December 31, 2017	36,076	$	12.29	to	$	16.50	$	505,272	0.00	%	0.55	%	to	2.85	%	7.00	%	to	9.53	%
December 31, 2016	35,110	$	11.32	to	$	15.27	$	457,043	0.00	%	0.55	%	to	2.85	%	2.53	%	to	4.95	%
	AST Fidelity Institutional AM℠ Quantitative Portfolio
December 31, 2020	23,006	$	14.48	to	$	21.68	$	388,502	0.00	%	0.85	%	to	2.85	%	5.66	%	to	7.83	%
December 31, 2019	25,119	$	13.63	to	$	20.32	$	394,718	0.00	%	0.85	%	to	2.85	%	16.58	%	to	18.98	%
December 31, 2018	25,093	$	11.63	to	$	17.27	$	335,136	0.00	%	0.55	%	to	2.85	%	-10.39	%	to	-8.25	%
December 31, 2017	27,846	$	12.92	to	$	19.08	$	410,656	0.00	%	0.55	%	to	2.85	%	13.16	%	to	15.83	%
December 31, 2016	28,026	$	11.35	to	$	16.70	$	362,213	0.00	%	0.55	%	to	2.85	%	1.29	%	to	3.68	%
	AST Prudential Growth Allocation Portfolio
December 31, 2020	59,219	$	11.48	to	$	23.47	$	1,106,366	0.00	%	0.35	%	to	2.85	%	2.84	%	to	5.49	%
December 31, 2019	65,525	$	14.36	to	$	22.61	$	1,168,279	0.00	%	0.55	%	to	2.85	%	15.78	%	to	18.52	%
December 31, 2018	64,493	$	12.34	to	$	19.34	$	981,859	0.00	%	0.55	%	to	2.85	%	-10.24	%	to	-8.11	%
December 31, 2017	74,417	$	13.67	to	$	21.34	$	1,248,726	0.00	%	0.55	%	to	2.85	%	12.80	%	to	15.46	%
December 31, 2016	44,092	$	12.06	to	$	18.74	$	649,227	0.00	%	0.55	%	to	2.85	%	6.96	%	to	9.49	%
	AST Advanced Strategies Portfolio
December 31, 2020	32,733	$	12.37	to	$	25.76	$	650,283	0.00	%	0.35	%	to	2.85	%	7.53	%	to	10.29	%
December 31, 2019	36,240	$	15.66	to	$	23.73	$	658,749	0.00	%	0.55	%	to	2.85	%	18.39	%	to	21.19	%
December 31, 2018	37,243	$	13.04	to	$	19.85	$	567,375	0.00	%	0.55	%	to	2.85	%	-8.58	%	to	-6.41	%
December 31, 2017	41,197	$	14.06	to	$	21.51	$	680,482	0.00	%	0.55	%	to	2.85	%	13.60	%	to	16.28	%
December 31, 2016	42,484	$	12.20	to	$	18.75	$	612,274	0.00	%	0.55	%	to	2.85	%	4.06	%	to	6.52	%
	AST T. Rowe Price Large-Cap Growth Portfolio
December 31, 2020	2,941	$	14.92	to	$	64.30	$	125,572	0.00	%	0.35	%	to	2.45	%	36.38	%	to	39.32	%
December 31, 2019	3,187	$	10.74	to	$	46.89	$	106,330	0.00	%	0.35	%	to	2.85	%	7.75	%	to	27.52	%
December 31, 2018	3,097	$	15.05	to	$	37.28	$	84,917	0.00	%	0.55	%	to	2.85	%	0.89	%	to	3.29	%
December 31, 2017	3,188	$	14.62	to	$	36.60	$	86,682	0.00	%	0.55	%	to	2.85	%	33.97	%	to	37.13	%
December 31, 2016	3,130	$	10.69	to	$	27.06	$	63,382	0.00	%	0.55	%	to	2.85	%	-0.22	%	to	2.13	%
	AST Government Money Market Portfolio
December 31, 2020	5,655	$	7.93	to	$	10.00	$	53,123	0.12	%	0.48	%	to	2.45	%	-2.23	%	to	-0.26	%
December 31, 2019	2,484	$	8.11	to	$	10.02	$	23,074	1.68	%	0.48	%	to	2.45	%	-0.80	%	to	1.13	%
December 31, 2018	2,871	$	8.17	to	$	9.92	$	26,432	1.32	%	0.55	%	to	2.45	%	-1.20	%	to	0.74	%
December 31, 2017	1,958	$	8.08	to	$	9.86	$	17,759	0.34	%	0.55	%	to	2.55	%	-2.15	%	to	-0.21	%
December 31, 2016	2,162	$	8.25	to	$	9.90	$	19,816	0.00	%	0.55	%	to	2.55	%	-2.48	%	to	-0.56	%

A106

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 Small-Cap Growth Portfolio
December 31, 2020	903	$	15.31	to	$	55.97	$	33,902	0.00	%	0.35	%	to	2.45	%	44.76	%	to	47.87	%
December 31, 2019	1,038	$	10.38	to	$	38.45	$	27,923	0.00	%	0.35	%	to	2.85	%	3.62	%	to	29.40	%
December 31, 2018	1,038	$	11.94	to	$	30.13	$	22,087	0.00	%	0.55	%	to	2.85	%	-11.03	%	to	-8.91	%
December 31, 2017	1,070	$	13.15	to	$	33.54	$	25,377	0.00	%	0.55	%	to	2.85	%	20.39	%	to	23.24	%
December 31, 2016	1,134	$	10.70	to	$	27.59	$	22,257	0.00	%	0.55	%	to	2.85	%	8.89	%	to	11.46	%
	AST BlackRock/Loomis Sayles Bond Portfolio
December 31, 2020	15,205	$	10.81	to	$	16.76	$	199,391	0.00	%	0.35	%	to	2.85	%	4.31	%	to	6.99	%
December 31, 2019	15,500	$	10.13	to	$	15.79	$	191,075	0.00	%	0.35	%	to	2.85	%	0.97	%	to	8.62	%
December 31, 2018	15,039	$	9.94	to	$	14.62	$	171,480	0.00	%	0.55	%	to	2.85	%	-3.51	%	to	-1.21	%
December 31, 2017	17,408	$	10.15	to	$	14.89	$	203,122	0.00	%	0.55	%	to	2.85	%	1.40	%	to	3.79	%
December 31, 2016	16,578	$	9.87	to	$	14.43	$	188,386	0.00	%	0.55	%	to	2.85	%	1.26	%	to	3.66	%
	AST International Value Portfolio
December 31, 2020	1,159	$	10.29	to	$	16.69	$	14,824	0.00	%	0.48	%	to	2.55	%	-3.08	%	to	-1.08	%
December 31, 2019	1,154	$	10.53	to	$	17.12	$	14,999	0.00	%	0.48	%	to	2.70	%	7.85	%	to	19.36	%
December 31, 2018	1,024	$	8.93	to	$	14.54	$	11,239	0.00	%	0.55	%	to	2.70	%	-18.41	%	to	-16.60	%
December 31, 2017	1,067	$	10.84	to	$	17.68	$	14,123	0.00	%	0.55	%	to	2.70	%	19.51	%	to	22.14	%
December 31, 2016	1,019	$	8.98	to	$	14.68	$	11,047	0.00	%	0.55	%	to	2.70	%	-2.13	%	to	0.03	%
	AST International Growth Portfolio
December 31, 2020	1,291	$	14.20	to	$	29.31	$	28,471	0.00	%	0.48	%	to	2.55	%	28.06	%	to	30.69	%
December 31, 2019	1,444	$	10.89	to	$	22.75	$	24,732	0.00	%	0.48	%	to	2.55	%	10.22	%	to	31.38	%
December 31, 2018	1,476	$	10.39	to	$	17.56	$	19,291	0.00	%	0.55	%	to	2.55	%	-15.50	%	to	-13.81	%
December 31, 2017	1,388	$	12.16	to	$	20.65	$	21,230	0.00	%	0.55	%	to	2.55	%	32.07	%	to	34.68	%
December 31, 2016	1,400	$	9.09	to	$	15.55	$	15,906	0.00	%	0.55	%	to	2.55	%	-6.17	%	to	-4.31	%
	AST Investment Grade Bond Portfolio
December 31, 2020	4,906	$	12.60	to	$	20.94	$	84,251	0.00	%	0.35	%	to	2.25	%	13.85	%	to	16.06	%
December 31, 2019	7,404	$	11.08	to	$	18.19	$	109,751	0.00	%	0.55	%	to	2.25	%	8.73	%	to	10.62	%
December 31, 2018	50,427	$	10.16	to	$	16.54	$	611,859	0.00	%	0.55	%	to	2.25	%	-2.52	%	to	-0.82	%
December 31, 2017	6,925	$	10.39	to	$	16.78	$	94,733	0.00	%	0.85	%	to	2.25	%	1.97	%	to	3.43	%
December 31, 2016	18,562	$	10.16	to	$	16.27	$	239,554	0.00	%	0.55	%	to	2.25	%	1.87	%	to	3.63	%
	AST Western Asset Core Plus Bond Portfolio
December 31, 2020	9,362	$	11.05	to	$	16.23	$	137,138	0.00	%	0.35	%	to	2.85	%	5.03	%	to	7.73	%
December 31, 2019	9,418	$	10.29	to	$	15.16	$	128,739	0.00	%	0.35	%	to	2.85	%	2.43	%	to	11.68	%
December 31, 2018	9,301	$	10.58	to	$	13.64	$	114,486	0.00	%	0.55	%	to	2.85	%	-5.07	%	to	-2.80	%
December 31, 2017	5,999	$	10.92	to	$	14.09	$	76,488	0.00	%	0.55	%	to	2.85	%	3.29	%	to	5.72	%
December 31, 2016	5,382	$	10.37	to	$	13.39	$	65,782	0.00	%	0.55	%	to	2.85	%	2.16	%	to	4.57	%
	AST Cohen & Steers Global Realty Portfolio
December 31, 2020	552	$	10.03	to	$	25.10	$	9,327	0.00	%	0.48	%	to	2.45	%	-5.32	%	to	-3.41	%
December 31, 2019	490	$	10.41	to	$	26.37	$	8,790	0.00	%	0.48	%	to	2.85	%	3.77	%	to	24.44	%
December 31, 2018	476	$	10.44	to	$	21.49	$	6,999	0.00	%	0.55	%	to	2.85	%	-7.44	%	to	-5.24	%
December 31, 2017	563	$	11.05	to	$	22.99	$	8,894	0.00	%	0.55	%	to	2.85	%	7.73	%	to	10.28	%
December 31, 2016	557	$	10.05	to	$	21.14	$	8,056	0.00	%	0.55	%	to	2.85	%	-1.97	%	to	0.34	%
	AST Emerging Markets Equity Portfolio
December 31, 2020	2,954	$	9.35	to	$	15.77	$	32,397	0.00	%	0.48	%	to	2.85	%	1.09	%	to	3.56	%
December 31, 2019	2,446	$	9.24	to	$	15.45	$	25,714	0.00	%	0.48	%	to	2.85	%	5.94	%	to	12.72	%
December 31, 2018	2,114	$	8.22	to	$	13.89	$	19,786	0.00	%	0.55	%	to	2.85	%	-16.51	%	to	-14.52	%
December 31, 2017	2,536	$	9.64	to	$	16.48	$	28,053	0.00	%	0.55	%	to	2.85	%	22.79	%	to	25.68	%
December 31, 2016	2,293	$	7.70	to	$	13.30	$	20,397	0.00	%	0.55	%	to	2.85	%	9.17	%	to	11.74	%
	AST Goldman Sachs Small-Cap Value Portfolio
December 31, 2020	1,573	$	10.65	to	$	32.49	$	36,840	0.00	%	0.48	%	to	2.45	%	-0.07	%	to	1.94	%
December 31, 2019	1,475	$	10.47	to	$	32.33	$	34,289	0.00	%	0.48	%	to	2.70	%	4.13	%	to	21.96	%
December 31, 2018	1,371	$	11.49	to	$	26.88	$	26,493	0.00	%	0.55	%	to	2.70	%	-16.40	%	to	-14.54	%
December 31, 2017	1,537	$	13.48	to	$	31.89	$	35,213	0.00	%	0.55	%	to	2.70	%	9.17	%	to	11.57	%
December 31, 2016	1,476	$	12.12	to	$	28.98	$	30,919	0.00	%	0.55	%	to	2.70	%	20.96	%	to	23.63	%

A107

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 AllianzGI World Trends Portfolio
December 31, 2020	24,257	$	14.67	to	$	20.89	$	411,855	0.00	%	0.55	%	to	2.85	%	10.85	%	to	13.47	%
December 31, 2019	26,975	$	13.17	to	$	18.66	$	406,370	0.00	%	0.55	%	to	2.85	%	14.68	%	to	17.40	%
December 31, 2018	27,004	$	11.42	to	$	16.12	$	350,824	0.00	%	0.55	%	to	2.85	%	-10.54	%	to	-8.41	%
December 31, 2017	30,616	$	12.70	to	$	17.84	$	439,420	0.00	%	0.55	%	to	2.85	%	12.93	%	to	15.59	%
December 31, 2016	31,176	$	11.19	to	$	15.65	$	391,848	0.00	%	0.55	%	to	2.85	%	1.84	%	to	4.24	%
	AST J.P. Morgan Global Thematic Portfolio
December 31, 2020	12,962	$	16.37	to	$	24.03	$	237,986	0.00	%	0.55	%	to	2.45	%	10.39	%	to	12.54	%
December 31, 2019	14,054	$	14.68	to	$	21.65	$	231,136	0.00	%	0.55	%	to	2.85	%	16.03	%	to	18.77	%
December 31, 2018	13,554	$	12.47	to	$	18.48	$	190,855	0.00	%	0.55	%	to	2.85	%	-10.03	%	to	-7.88	%
December 31, 2017	14,487	$	13.66	to	$	20.34	$	224,714	0.00	%	0.55	%	to	2.85	%	13.63	%	to	16.31	%
December 31, 2016	13,671	$	11.85	to	$	17.73	$	185,732	0.00	%	0.55	%	to	2.85	%	2.23	%	to	4.64	%
	AST Goldman Sachs Multi-Asset Portfolio
December 31, 2020	14,922	$	13.53	to	$	18.46	$	220,059	0.00	%	0.55	%	to	2.45	%	6.30	%	to	8.37	%
December 31, 2019	16,100	$	12.67	to	$	17.27	$	220,936	0.00	%	0.55	%	to	2.85	%	12.72	%	to	15.38	%
December 31, 2018	14,916	$	11.08	to	$	15.17	$	179,187	0.00	%	0.55	%	to	2.85	%	-9.72	%	to	-7.57	%
December 31, 2017	17,514	$	12.10	to	$	16.65	$	231,540	0.00	%	0.55	%	to	2.85	%	9.09	%	to	11.67	%
December 31, 2016	14,821	$	10.93	to	$	15.11	$	179,412	0.00	%	0.55	%	to	2.85	%	2.26	%	to	4.68	%
	ProFund VP Consumer Services
December 31, 2020	15	$	14.30	to	$	45.14	$	537	0.00	%	0.35	%	to	1.50	%	26.45	%	to	27.89	%
December 31, 2019	14	$	11.18	to	$	35.37	$	387	0.00	%	0.35	%	to	1.50	%	12.25	%	to	23.95	%
December 31, 2018	11	$	25.39	to	$	28.53	$	272	0.00	%	0.55	%	to	1.50	%	-0.88	%	to	0.06	%
December 31, 2017	10	$	25.61	to	$	28.51	$	265	0.00	%	0.55	%	to	1.50	%	16.62	%	to	17.72	%
December 31, 2016	8	$	21.96	to	$	21.96	$	173	0.00	%	1.50	%	to	1.50	%	2.65	%	to	2.65	%
	ProFund VP Consumer Goods
December 31, 2020	3	$	26.98	to	$	26.98	$	81	0.77	%	1.50	%	to	1.50	%	29.12	%	to	29.12	%
December 31, 2019	3	$	20.89	to	$	20.89	$	73	1.47	%	1.50	%	to	1.50	%	24.69	%	to	24.69	%
December 31, 2018	6	$	16.76	to	$	16.76	$	101	1.22	%	1.50	%	to	1.50	%	-16.07	%	to	-16.07	%
December 31, 2017	8	$	19.22	to	$	19.96	$	156	0.82	%	1.50	%	to	1.90	%	12.92	%	to	13.36	%
December 31, 2016	14	$	17.02	to	$	17.61	$	243	1.10	%	1.50	%	to	1.90	%	1.62	%	to	2.02	%
	ProFund VP Financials
December 31, 2020	23	$	13.22	to	$	24.02	$	316	0.65	%	0.55	%	to	1.90	%	-3.60	%	to	-2.31	%
December 31, 2019	22	$	13.71	to	$	24.59	$	338	0.52	%	0.55	%	to	1.90	%	27.84	%	to	29.55	%
December 31, 2018	26	$	10.72	to	$	18.98	$	311	0.38	%	0.55	%	to	1.90	%	-12.11	%	to	-10.92	%
December 31, 2017	24	$	12.20	to	$	21.31	$	328	0.34	%	0.55	%	to	1.90	%	15.99	%	to	17.54	%
December 31, 2016	27	$	10.52	to	$	18.13	$	308	0.36	%	0.55	%	to	1.90	%	13.17	%	to	14.69	%
	ProFund VP Health Care
December 31, 2020	13	$	12.61	to	$	36.55	$	413	0.00	%	0.35	%	to	1.90	%	12.30	%	to	14.04	%
December 31, 2019	13	$	11.06	to	$	32.12	$	357	0.00	%	0.35	%	to	1.90	%	10.35	%	to	18.71	%
December 31, 2018	9	$	24.11	to	$	27.06	$	216	0.00	%	0.55	%	to	1.90	%	2.48	%	to	3.86	%
December 31, 2017	9	$	23.53	to	$	26.05	$	224	0.00	%	0.55	%	to	1.90	%	18.67	%	to	20.25	%
December 31, 2016	10	$	19.83	to	$	21.66	$	197	0.00	%	0.55	%	to	1.90	%	-5.84	%	to	-4.58	%
	ProFund VP Industrials
December 31, 2020	17	$	12.84	to	$	24.03	$	408	0.21	%	0.35	%	to	1.90	%	14.58	%	to	16.35	%
December 31, 2019	17	$	19.95	to	$	20.89	$	352	0.00	%	1.50	%	to	1.90	%	28.06	%	to	28.56	%
December 31, 2018	27	$	15.58	to	$	16.25	$	432	0.11	%	1.50	%	to	1.90	%	-14.40	%	to	-14.06	%
December 31, 2017	31	$	18.20	to	$	18.90	$	587	0.20	%	1.50	%	to	1.90	%	20.12	%	to	20.59	%
December 31, 2016	32	$	15.15	to	$	15.68	$	493	0.17	%	1.50	%	to	1.90	%	15.36	%	to	15.81	%
	ProFund VP Mid-Cap Growth
December 31, 2020	4	$	24.05	to	$	25.28	$	112	0.00	%	1.50	%	to	1.90	%	18.64	%	to	19.11	%
December 31, 2019	7	$	20.27	to	$	21.23	$	140	0.00	%	1.50	%	to	1.90	%	21.93	%	to	22.41	%
December 31, 2018	11	$	16.63	to	$	17.34	$	195	0.00	%	1.50	%	to	1.90	%	-13.63	%	to	-13.29	%
December 31, 2017	15	$	19.25	to	$	20.00	$	309	0.00	%	1.50	%	to	1.90	%	16.11	%	to	16.56	%
December 31, 2016	18	$	16.58	to	$	17.16	$	304	0.00	%	1.50	%	to	1.90	%	10.78	%	to	11.21	%

A108

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 Mid-Cap Value
December 31, 2020	12	$	18.39	to	$	19.33	$	232	0.44	%	1.50	%	to	1.90	%	0.39	%	to	0.79	%
December 31, 2019	17	$	18.32	to	$	19.18	$	316	0.21	%	1.50	%	to	1.90	%	21.77	%	to	22.25	%
December 31, 2018	14	$	15.04	to	$	15.69	$	215	0.10	%	1.50	%	to	1.90	%	-14.92	%	to	-14.58	%
December 31, 2017	12	$	17.68	to	$	18.37	$	229	0.31	%	1.50	%	to	1.90	%	8.55	%	to	8.98	%
December 31, 2016	15	$	16.29	to	$	16.85	$	245	0.11	%	1.50	%	to	1.90	%	22.03	%	to	22.51	%
	ProFund VP Real Estate
December 31, 2020	10	$	14.53	to	$	14.53	$	151	1.65	%	1.50	%	to	1.50	%	-7.68	%	to	-7.68	%
December 31, 2019	9	$	15.74	to	$	15.74	$	137	1.69	%	1.50	%	to	1.50	%	24.89	%	to	24.89	%
December 31, 2018	9	$	12.60	to	$	12.60	$	118	2.16	%	1.50	%	to	1.50	%	-7.10	%	to	-7.10	%
December 31, 2017	10	$	13.56	to	$	13.56	$	130	0.98	%	1.50	%	to	1.50	%	6.46	%	to	6.46	%
December 31, 2016	9	$	12.74	to	$	12.74	$	116	1.77	%	1.50	%	to	1.50	%	4.17	%	to	4.17	%
	ProFund VP Small-Cap Growth
December 31, 2020	3	$	25.47	to	$	26.78	$	87	0.00	%	1.50	%	to	1.90	%	15.20	%	to	15.66	%
December 31, 2019	6	$	22.11	to	$	23.15	$	135	0.00	%	1.50	%	to	1.90	%	16.90	%	to	17.36	%
December 31, 2018	9	$	18.92	to	$	19.73	$	174	0.00	%	1.50	%	to	1.90	%	-7.52	%	to	-7.15	%
December 31, 2017	9	$	20.45	to	$	21.25	$	197	0.00	%	1.50	%	to	1.90	%	10.87	%	to	11.30	%
December 31, 2016	11	$	18.45	to	$	19.09	$	209	0.00	%	1.50	%	to	1.90	%	18.00	%	to	18.46	%
	ProFund VP Small-Cap Value
December 31, 2020	10	$	18.79	to	$	19.75	$	196	0.03	%	1.50	%	to	1.90	%	-0.82	%	to	-0.43	%
December 31, 2019	12	$	18.94	to	$	19.83	$	228	0.00	%	1.50	%	to	1.90	%	20.28	%	to	20.75	%
December 31, 2018	9	$	15.75	to	$	16.42	$	154	0.00	%	1.50	%	to	1.90	%	-15.82	%	to	-15.49	%
December 31, 2017	2	$	18.71	to	$	19.43	$	47	0.01	%	1.50	%	to	1.90	%	7.67	%	to	8.09	%
December 31, 2016	4	$	17.38	to	$	20.65	$	69	0.00	%	0.55	%	to	1.90	%	26.38	%	to	28.07	%
	ProFund VP Telecommunications
December 31, 2020	2	$	12.28	to	$	12.28	$	25	0.90	%	1.50	%	to	1.50	%	1.63	%	to	1.63	%
December 31, 2019	2	$	12.08	to	$	12.08	$	23	3.39	%	1.50	%	to	1.50	%	13.07	%	to	13.07	%
December 31, 2018	3	$	10.69	to	$	10.69	$	35	5.90	%	1.50	%	to	1.50	%	-16.37	%	to	-16.37	%
December 31, 2017	4	$	12.78	to	$	12.78	$	48	4.52	%	1.50	%	to	1.50	%	-3.57	%	to	-3.57	%
December 31, 2016	5	$	13.25	to	$	13.25	$	61	1.62	%	1.50	%	to	1.50	%	19.86	%	to	19.86	%
	ProFund VP Utilities
December 31, 2020	11	$	17.49	to	$	17.49	$	191	1.71	%	1.50	%	to	1.50	%	-3.84	%	to	-3.84	%
December 31, 2019	9	$	18.19	to	$	18.19	$	159	1.76	%	1.50	%	to	1.50	%	21.06	%	to	21.06	%
December 31, 2018	5	$	15.03	to	$	15.03	$	72	2.05	%	1.50	%	to	1.50	%	1.36	%	to	1.36	%
December 31, 2017	5	$	14.27	to	$	14.83	$	76	2.25	%	1.50	%	to	1.90	%	8.58	%	to	9.01	%
December 31, 2016	6	$	13.15	to	$	13.60	$	83	1.65	%	1.50	%	to	1.90	%	12.94	%	to	13.38	%
	ProFund VP Large-Cap Growth
December 31, 2020	8	$	15.05	to	$	32.03	$	256	0.00	%	0.35	%	to	1.90	%	28.49	%	to	30.47	%
December 31, 2019	9	$	23.71	to	$	24.83	$	231	0.00	%	1.50	%	to	1.90	%	26.49	%	to	26.99	%
December 31, 2018	9	$	18.75	to	$	19.55	$	172	0.00	%	1.50	%	to	1.90	%	-3.70	%	to	-3.32	%
December 31, 2017	10	$	19.47	to	$	20.22	$	206	0.00	%	1.50	%	to	1.90	%	22.96	%	to	23.45	%
December 31, 2016	9	$	15.83	to	$	16.38	$	148	0.05	%	1.50	%	to	1.90	%	3.06	%	to	3.47	%
	ProFund VP Large-Cap Value
December 31, 2020	13	$	15.93	to	$	16.74	$	217	1.19	%	1.50	%	to	1.90	%	-1.92	%	to	-1.54	%
December 31, 2019	14	$	16.24	to	$	17.01	$	240	1.06	%	1.50	%	to	1.90	%	27.35	%	to	27.86	%
December 31, 2018	9	$	12.75	to	$	13.30	$	124	0.86	%	1.50	%	to	1.90	%	-12.30	%	to	-11.96	%
December 31, 2017	11	$	14.54	to	$	15.11	$	163	1.07	%	1.50	%	to	1.90	%	11.32	%	to	11.76	%
December 31, 2016	10	$	13.06	to	$	13.52	$	133	1.16	%	1.50	%	to	1.90	%	13.28	%	to	13.73	%
	AST Bond Portfolio 2020 (Liquidated December 31, 2020)
December 31, 2020	—	$	10.90	to	$	12.11	$	—	0.00	%	1.90	%	to	2.85	%	-1.54	%	to	-0.54	%
December 31, 2019	916	$	11.05	to	$	12.18	$	10,875	0.00	%	1.90	%	to	2.85	%	0.55	%	to	1.57	%
December 31, 2018	128	$	10.88	to	$	12.00	$	1,490	0.00	%	1.90	%	to	2.85	%	-2.58	%	to	-1.59	%
December 31, 2017	106	$	11.05	to	$	12.20	$	1,255	0.00	%	1.90	%	to	2.85	%	-1.98	%	to	-0.99	%
December 31, 2016	321	$	11.16	to	$	12.32	$	3,882	0.00	%	1.90	%	to	2.85	%	-0.94	%	to	0.06	%

A109

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 Jennison Large-Cap Growth Portfolio
December 31, 2020	1,206	$	16.83	to	$	53.20	$	48,527	0.00	%	0.48	%	to	2.25	%	50.58	%	to	53.30	%
December 31, 2019	1,133	$	11.00	to	$	34.75	$	32,555	0.00	%	0.48	%	to	2.70	%	10.47	%	to	31.87	%
December 31, 2018	1,077	$	13.70	to	$	26.47	$	24,467	0.00	%	0.55	%	to	2.70	%	-4.28	%	to	-2.15	%
December 31, 2017	1,073	$	14.05	to	$	27.17	$	25,541	0.00	%	0.55	%	to	2.70	%	32.17	%	to	35.08	%
December 31, 2016	1,031	$	10.43	to	$	20.20	$	18,697	0.00	%	0.55	%	to	2.70	%	-4.12	%	to	-2.01	%
	AST Bond Portfolio 2021
December 31, 2020	922	$	11.98	to	$	13.63	$	11,870	0.00	%	1.75	%	to	2.70	%	0.37	%	to	1.38	%
December 31, 2019	322	$	11.75	to	$	13.45	$	4,076	0.00	%	1.75	%	to	2.85	%	2.07	%	to	3.26	%
December 31, 2018	496	$	11.52	to	$	13.02	$	5,938	0.00	%	1.75	%	to	2.85	%	-2.80	%	to	-1.66	%
December 31, 2017	628	$	11.85	to	$	13.24	$	7,715	0.00	%	1.75	%	to	2.85	%	-1.31	%	to	-0.16	%
December 31, 2016	892	$	12.00	to	$	13.27	$	11,124	0.00	%	1.75	%	to	2.85	%	-0.87	%	to	0.28	%
	Wells Fargo VT International Equity Fund (Class 1)
December 31, 2020	1	$	18.07	to	$	18.07	$	22	2.65	%	1.75	%	to	1.75	%	3.08	%	to	3.08	%
December 31, 2019	3	$	17.53	to	$	17.53	$	50	4.13	%	1.75	%	to	1.75	%	13.52	%	to	13.52	%
December 31, 2018	3	$	15.44	to	$	15.44	$	39	11.56	%	1.75	%	to	1.75	%	-18.30	%	to	-18.30	%
December 31, 2017	2	$	18.90	to	$	18.90	$	46	3.04	%	1.75	%	to	1.75	%	22.72	%	to	22.72	%
December 31, 2016	3	$	15.40	to	$	15.40	$	40	3.17	%	1.75	%	to	1.75	%	1.48	%	to	1.48	%
	Wells Fargo VT Omega Growth Fund (Class 1)
December 31, 2020	91	$	7.51	to	$	7.85	$	689	0.00	%	1.50	%	to	1.75	%	40.94	%	to	41.29	%
December 31, 2019	104	$	5.33	to	$	5.56	$	558	0.00	%	1.50	%	to	1.75	%	35.03	%	to	35.36	%
December 31, 2018	105	$	3.95	to	$	4.11	$	414	0.00	%	1.50	%	to	1.75	%	-1.22	%	to	-0.98	%
December 31, 2017	106	$	4.00	to	$	4.15	$	423	0.24	%	1.50	%	to	1.75	%	32.64	%	to	32.96	%
December 31, 2016	107	$	3.01	to	$	3.12	$	322	0.00	%	1.50	%	to	1.75	%	-0.96	%	to	-0.72	%
	AST Bond Portfolio 2022
December 31, 2020	190	$	11.33	to	$	12.49	$	2,328	0.00	%	1.90	%	to	2.85	%	2.01	%	to	3.01	%
December 31, 2019	284	$	11.11	to	$	12.12	$	3,323	0.00	%	1.90	%	to	2.85	%	2.87	%	to	3.88	%
December 31, 2018	429	$	10.80	to	$	11.67	$	4,816	0.00	%	1.90	%	to	2.85	%	-3.01	%	to	-2.05	%
December 31, 2017	617	$	11.13	to	$	11.92	$	7,200	0.00	%	1.90	%	to	2.85	%	-1.32	%	to	-0.36	%
December 31, 2016	721	$	11.28	to	$	11.96	$	8,478	0.00	%	1.90	%	to	2.85	%	-1.07	%	to	-0.10	%
	AST Quantitative Modeling Portfolio
December 31, 2020	4,800	$	11.69	to	$	20.02	$	81,046	0.00	%	0.48	%	to	2.40	%	8.96	%	to	11.04	%
December 31, 2019	4,024	$	10.55	to	$	18.04	$	66,031	0.00	%	0.48	%	to	2.40	%	5.73	%	to	20.54	%
December 31, 2018	3,832	$	11.57	to	$	14.97	$	52,994	0.00	%	0.55	%	to	2.40	%	-8.73	%	to	-7.04	%
December 31, 2017	2,824	$	12.49	to	$	16.10	$	42,014	0.00	%	0.55	%	to	2.40	%	15.43	%	to	17.54	%
December 31, 2016	1,960	$	10.66	to	$	13.70	$	24,699	0.00	%	0.55	%	to	2.40	%	3.84	%	to	5.74	%
	AST BlackRock Global Strategies Portfolio
December 31, 2020	10,816	$	11.34	to	$	15.59	$	151,787	0.00	%	0.35	%	to	2.35	%	2.33	%	to	4.37	%
December 31, 2019	11,474	$	12.62	to	$	14.97	$	155,803	0.00	%	0.55	%	to	2.55	%	14.70	%	to	16.97	%
December 31, 2018	11,402	$	11.00	to	$	12.79	$	133,698	0.00	%	0.55	%	to	2.55	%	-7.65	%	to	-5.80	%
December 31, 2017	12,231	$	11.91	to	$	13.58	$	153,792	0.00	%	0.55	%	to	2.55	%	9.82	%	to	11.99	%
December 31, 2016	11,986	$	10.85	to	$	12.13	$	136,040	0.00	%	0.55	%	to	2.55	%	4.31	%	to	6.37	%
	Wells Fargo VT Opportunity Fund (Class 1)
December 31, 2020	5	$	30.20	to	$	30.90	$	147	0.70	%	1.50	%	to	1.75	%	19.24	%	to	19.53	%
December 31, 2019	6	$	25.33	to	$	25.85	$	164	0.55	%	1.50	%	to	1.75	%	29.54	%	to	29.86	%
December 31, 2018	6	$	19.55	to	$	19.91	$	127	0.43	%	1.50	%	to	1.75	%	-8.54	%	to	-8.31	%
December 31, 2017	8	$	21.38	to	$	21.71	$	171	0.87	%	1.50	%	to	1.75	%	18.65	%	to	18.95	%
December 31, 2016	9	$	18.01	to	$	18.25	$	168	2.27	%	1.50	%	to	1.75	%	10.59	%	to	10.86	%
	AST Prudential Core Bond Portfolio
December 31, 2020	3,604	$	10.68	to	$	13.51	$	44,784	0.00	%	0.48	%	to	2.70	%	3.19	%	to	5.54	%
December 31, 2019	2,968	$	10.14	to	$	12.81	$	35,623	0.00	%	0.48	%	to	2.70	%	1.09	%	to	9.15	%
December 31, 2018	2,551	$	10.03	to	$	11.74	$	28,280	0.00	%	0.55	%	to	2.70	%	-3.51	%	to	-1.36	%
December 31, 2017	2,337	$	10.40	to	$	11.90	$	26,414	0.00	%	0.55	%	to	2.70	%	2.82	%	to	5.09	%
December 31, 2016	1,830	$	10.11	to	$	11.32	$	19,811	0.00	%	0.55	%	to	2.70	%	1.40	%	to	3.64	%

A110

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 Bond Portfolio 2023
December 31, 2020	51	$	10.31	to	$	11.51	$	539	0.00	%	1.30	%	to	2.55	%	4.12	%	to	5.40	%
December 31, 2019	54	$	9.90	to	$	10.92	$	543	0.00	%	1.30	%	to	2.55	%	3.86	%	to	5.14	%
December 31, 2018	110	$	9.53	to	$	10.39	$	1,090	0.00	%	1.30	%	to	2.55	%	-2.76	%	to	-1.55	%
December 31, 2017	131	$	9.80	to	$	10.55	$	1,333	0.00	%	1.30	%	to	2.55	%	-0.83	%	to	0.39	%
December 31, 2016	181	$	9.88	to	$	10.51	$	1,835	0.00	%	1.30	%	to	2.55	%	-0.62	%	to	0.61	%
	AST MFS Growth Allocation Portfolio
December 31, 2020	5,117	$	12.37	to	$	18.48	$	84,184	0.00	%	0.35	%	to	2.85	%	6.74	%	to	9.49	%
December 31, 2019	4,961	$	11.30	to	$	16.91	$	75,361	0.00	%	0.35	%	to	2.85	%	12.85	%	to	22.09	%
December 31, 2018	4,069	$	11.85	to	$	13.85	$	51,311	0.00	%	0.55	%	to	2.85	%	-10.90	%	to	-8.78	%
December 31, 2017	4,641	$	13.30	to	$	15.18	$	64,866	0.00	%	0.55	%	to	2.85	%	13.18	%	to	15.85	%
December 31, 2016	4,533	$	11.72	to	$	13.11	$	55,405	0.00	%	0.55	%	to	2.85	%	1.36	%	to	3.75	%
	AST Western Asset Emerging Markets Debt Portfolio
December 31, 2020	110	$	10.92	to	$	13.36	$	1,344	0.00	%	0.48	%	to	1.95	%	5.35	%	to	6.93	%
December 31, 2019	89	$	10.28	to	$	12.52	$	1,035	0.00	%	0.48	%	to	1.95	%	2.98	%	to	14.22	%
December 31, 2018	72	$	9.21	to	$	10.99	$	728	0.00	%	0.55	%	to	1.95	%	-8.50	%	to	-7.18	%
December 31, 2017	68	$	10.06	to	$	11.86	$	749	0.00	%	0.55	%	to	1.95	%	7.18	%	to	8.70	%
December 31, 2016	43	$	9.39	to	$	10.93	$	435	0.00	%	0.55	%	to	1.95	%	8.45	%	to	10.00	%
	AST MFS Large-Cap Value Portfolio
December 31, 2020	1,176	$	10.94	to	$	23.17	$	23,229	0.00	%	0.48	%	to	2.45	%	1.35	%	to	3.40	%
December 31, 2019	1,033	$	10.60	to	$	22.43	$	20,655	0.00	%	0.48	%	to	2.45	%	6.32	%	to	28.64	%
December 31, 2018	893	$	11.87	to	$	17.44	$	14,199	0.00	%	0.55	%	to	2.85	%	-12.73	%	to	-10.65	%
December 31, 2017	972	$	13.33	to	$	19.51	$	17,578	0.00	%	0.55	%	to	2.85	%	14.01	%	to	16.70	%
December 31, 2016	926	$	11.45	to	$	16.72	$	14,586	0.00	%	0.55	%	to	2.85	%	10.22	%	to	12.82	%
	AST Bond Portfolio 2024
December 31, 2020	22	$	10.40	to	$	11.44	$	242	0.00	%	1.30	%	to	2.45	%	5.99	%	to	7.26	%
December 31, 2019	107	$	9.81	to	$	10.66	$	1,098	0.00	%	1.30	%	to	2.45	%	5.31	%	to	6.57	%
December 31, 2018	434	$	9.32	to	$	10.00	$	4,129	0.00	%	1.30	%	to	2.45	%	-3.09	%	to	-1.93	%
December 31, 2017	432	$	9.61	to	$	10.20	$	4,241	0.00	%	1.30	%	to	2.45	%	-0.80	%	to	0.38	%
December 31, 2016	39	$	9.69	to	$	10.16	$	387	0.00	%	1.30	%	to	2.45	%	-0.58	%	to	0.60	%
	AST AQR Emerging Markets Equity Portfolio (Merged August 14, 2020)
December 31, 2020	—	$	10.49	to	$	13.80	$	—	0.00	%	0.48	%	to	1.90	%	-2.21	%	to	-1.34	%
December 31, 2019	264	$	10.73	to	$	14.01	$	3,165	0.00	%	0.48	%	to	1.90	%	9.66	%	to	17.16	%
December 31, 2018	231	$	9.29	to	$	11.98	$	2,366	0.00	%	0.55	%	to	1.90	%	-20.50	%	to	-19.40	%
December 31, 2017	193	$	11.68	to	$	14.89	$	2,447	0.00	%	0.55	%	to	1.90	%	32.39	%	to	34.21	%
December 31, 2016	66	$	8.82	to	$	11.12	$	635	0.00	%	0.55	%	to	1.90	%	11.22	%	to	12.74	%
	AST ClearBridge Dividend Growth Portfolio
December 31, 2020	972	$	10.95	to	$	22.06	$	19,094	0.00	%	0.48	%	to	2.45	%	2.16	%	to	4.23	%
December 31, 2019	894	$	10.53	to	$	21.18	$	17,386	0.00	%	0.48	%	to	2.85	%	5.92	%	to	30.31	%
December 31, 2018	770	$	13.08	to	$	16.26	$	11,691	0.00	%	0.55	%	to	2.85	%	-7.49	%	to	-5.29	%
December 31, 2017	931	$	13.85	to	$	17.16	$	15,029	0.00	%	0.55	%	to	2.85	%	15.04	%	to	17.75	%
December 31, 2016	1,026	$	11.80	to	$	14.58	$	14,260	0.00	%	0.55	%	to	2.85	%	11.63	%	to	14.26	%
	AST Multi-Sector Fixed Income Portfolio
December 31, 2020	182,479	$	13.40	to	$	14.28	$	2,445,519	0.00	%	1.10	%	to	1.90	%	10.51	%	to	11.41	%
December 31, 2019	174,543	$	12.13	to	$	12.82	$	2,116,572	0.00	%	1.10	%	to	1.90	%	16.46	%	to	17.41	%
December 31, 2018	137,940	$	10.41	to	$	10.92	$	1,436,314	0.00	%	1.10	%	to	1.90	%	-7.40	%	to	-6.64	%
December 31, 2017	113,950	$	11.24	to	$	11.70	$	1,281,280	0.00	%	1.10	%	to	1.90	%	6.66	%	to	7.53	%
December 31, 2016	96,517	$	10.54	to	$	10.88	$	1,017,452	0.00	%	1.10	%	to	1.90	%	6.86	%	to	7.73	%
	AST AQR Large-Cap Portfolio (Merged August 14, 2020)
December 31, 2020	—	$	10.77	to	$	19.96	$	—	0.00	%	0.48	%	to	1.95	%	-0.48	%	to	0.44	%
December 31, 2019	118	$	10.72	to	$	19.88	$	2,149	0.00	%	0.48	%	to	1.95	%	7.63	%	to	21.90	%
December 31, 2018	115	$	12.48	to	$	16.31	$	1,755	0.00	%	0.55	%	to	1.95	%	-9.94	%	to	-8.64	%
December 31, 2017	86	$	13.70	to	$	17.85	$	1,466	0.00	%	0.55	%	to	1.95	%	19.76	%	to	21.46	%
December 31, 2016	64	$	11.32	to	$	14.70	$	907	0.00	%	0.55	%	to	1.90	%	8.60	%	to	10.09	%

A111

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 Large-Cap Core Portfolio
December 31, 2020	267	$	11.89	to	$	23.03	$	4,940	0.00	%	0.48	%	to	1.95	%	8.98	%	to	10.61	%
December 31, 2019	96	$	10.77	to	$	20.84	$	1,804	0.00	%	0.48	%	to	1.95	%	7.89	%	to	24.50	%
December 31, 2018	75	$	12.76	to	$	16.74	$	1,197	0.00	%	0.55	%	to	1.95	%	-8.97	%	to	-7.66	%
December 31, 2017	63	$	13.85	to	$	18.13	$	1,090	0.00	%	0.55	%	to	1.95	%	19.05	%	to	20.74	%
December 31, 2016	48	$	11.49	to	$	15.01	$	698	0.00	%	0.55	%	to	1.95	%	8.70	%	to	10.25	%
	AST Bond Portfolio 2025
December 31, 2020	17	$	12.37	to	$	12.90	$	222	0.00	%	1.90	%	to	2.45	%	8.62	%	to	9.27	%
December 31, 2019	62	$	11.11	to	$	11.78	$	719	0.00	%	1.90	%	to	2.85	%	5.62	%	to	6.65	%
December 31, 2018	227	$	10.52	to	$	11.05	$	2,469	0.00	%	1.90	%	to	2.85	%	-3.58	%	to	-2.63	%
December 31, 2017	28	$	10.91	to	$	11.16	$	303	0.00	%	2.30	%	to	2.85	%	-1.07	%	to	-0.51	%
December 31, 2016	44	$	11.03	to	$	11.57	$	484	0.00	%	1.30	%	to	2.85	%	-0.44	%	to	1.16	%
	AST T. Rowe Price Growth Opportunities Portfolio
December 31, 2020	17,091	$	12.74	to	$	17.34	$	278,303	0.00	%	0.35	%	to	1.95	%	11.48	%	to	13.30	%
December 31, 2019	16,861	$	11.25	to	$	15.33	$	244,963	0.00	%	0.35	%	to	1.95	%	12.25	%	to	24.04	%
December 31, 2018	10,900	$	11.53	to	$	12.36	$	128,786	0.00	%	0.55	%	to	1.95	%	-9.45	%	to	-8.15	%
December 31, 2017	8,173	$	12.74	to	$	13.46	$	105,998	0.00	%	0.55	%	to	1.95	%	18.06	%	to	19.74	%
December 31, 2016	5,808	$	10.79	to	$	11.24	$	63,454	0.00	%	0.55	%	to	1.95	%	3.40	%	to	4.87	%
	AST Goldman Sachs Global Growth Allocation Portfolio (Merged April 24, 2020)
December 31, 2020	—	$	9.30	to	$	11.77	$	—	0.00	%	0.48	%	to	0.86	%	-11.60	%	to	-11.49	%
December 31, 2019	390	$	10.51	to	$	13.30	$	5,096	0.00	%	0.48	%	to	0.86	%	5.26	%	to	19.90	%
December 31, 2018	369	$	10.94	to	$	11.09	$	4,089	0.00	%	0.55	%	to	0.86	%	-10.25	%	to	-9.97	%
December 31, 2017	345	$	12.19	to	$	12.32	$	4,243	0.00	%	0.55	%	to	0.86	%	15.71	%	to	16.07	%
December 31, 2016	310	$	10.53	to	$	10.62	$	3,290	0.00	%	0.55	%	to	0.86	%	4.79	%	to	5.11	%
	AST T. Rowe Price Diversified Real Growth Portfolio
December 31, 2020	1,069	$	12.08	to	$	16.77	$	17,221	0.00	%	0.48	%	to	0.86	%	14.48	%	to	14.92	%
December 31, 2019	715	$	10.53	to	$	14.64	$	10,229	0.00	%	0.48	%	to	0.86	%	5.36	%	to	21.40	%
December 31, 2018	563	$	11.60	to	$	12.10	$	6,668	0.00	%	0.55	%	to	0.86	%	-7.91	%	to	-7.62	%
December 31, 2017	528	$	12.60	to	$	13.14	$	6,781	0.00	%	0.55	%	to	0.86	%	17.65	%	to	18.02	%
December 31, 2016	503	$	10.71	to	$	11.16	$	5,491	0.00	%	0.55	%	to	0.86	%	6.40	%	to	11.77	%
	AST Prudential Flexible Multi-Strategy Portfolio
December 31, 2020	1,588	$	11.33	to	$	14.98	$	22,540	0.00	%	0.48	%	to	0.86	%	7.81	%	to	8.23	%
December 31, 2019	1,170	$	10.49	to	$	13.85	$	15,829	0.00	%	0.48	%	to	0.86	%	5.03	%	to	14.24	%
December 31, 2018	1,077	$	11.40	to	$	12.12	$	12,900	0.00	%	0.55	%	to	0.86	%	-7.34	%	to	-7.05	%
December 31, 2017	922	$	12.30	to	$	13.04	$	11,889	0.00	%	0.55	%	to	0.86	%	15.96	%	to	16.32	%
December 31, 2016	761	$	10.61	to	$	11.21	$	8,453	0.00	%	0.55	%	to	0.86	%	6.54	%	to	6.87	%
	AST Franklin Templeton K2 Global Absolute Return Portfolio (Merged April 24, 2020)
December 31, 2020	—	$	9.17	to	$	9.83	$	—	0.00	%	0.48	%	to	0.86	%	-7.83	%	to	-7.72	%
December 31, 2019	273	$	9.95	to	$	10.67	$	2,759	0.00	%	0.48	%	to	0.86	%	3.62	%	to	5.47	%
December 31, 2018	297	$	9.44	to	$	10.13	$	2,845	0.00	%	0.55	%	to	0.86	%	-6.25	%	to	-5.96	%
December 31, 2017	299	$	10.05	to	$	10.79	$	3,041	0.00	%	0.55	%	to	0.86	%	6.59	%	to	6.92	%
December 31, 2016	284	$	9.42	to	$	10.11	$	2,702	0.00	%	0.55	%	to	0.86	%	1.47	%	to	1.79	%
	AST Managed Equity Portfolio (Merged April 24, 2020)
December 31, 2020	—	$	8.58	to	$	11.42	$	—	0.00	%	0.48	%	to	0.86	%	-19.76	%	to	-19.66	%
December 31, 2019	285	$	10.69	to	$	14.22	$	4,021	0.00	%	0.48	%	to	0.86	%	7.42	%	to	24.80	%
December 31, 2018	269	$	11.23	to	$	11.39	$	3,054	0.00	%	0.55	%	to	0.86	%	-12.87	%	to	-12.59	%
December 31, 2017	273	$	12.89	to	$	13.03	$	3,559	0.00	%	0.55	%	to	0.86	%	23.12	%	to	23.50	%
December 31, 2016	213	$	10.47	to	$	10.55	$	2,245	0.00	%	0.55	%	to	0.86	%	4.30	%	to	4.63	%
	AST Managed Fixed Income Portfolio (Merged April 24, 2020)
December 31, 2020	—	$	9.95	to	$	10.97	$	—	0.00	%	0.48	%	to	0.86	%	-1.71	%	to	-1.59	%
December 31, 2019	581	$	10.12	to	$	11.15	$	6,442	0.00	%	0.48	%	to	0.86	%	0.95	%	to	8.20	%
December 31, 2018	581	$	10.17	to	$	10.30	$	5,966	0.00	%	0.55	%	to	0.86	%	-1.70	%	to	-1.39	%
December 31, 2017	519	$	10.34	to	$	10.45	$	5,409	0.00	%	0.55	%	to	0.86	%	3.01	%	to	3.33	%
December 31, 2016	444	$	10.03	to	$	10.12	$	4,487	0.00	%	0.55	%	to	0.86	%	2.64	%	to	2.96	%

A112

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 FQ Absolute Return Currency Portfolio (Merged August 14, 2020)
December 31, 2020	—	$	11.29	to	$	12.49	$	—	0.00	%	0.55	%	to	0.86	%	24.90	%	to	25.14	%
December 31, 2019	49	$	9.03	to	$	9.99	$	452	0.00	%	0.55	%	to	0.86	%	-4.03	%	to	0.45	%
December 31, 2018	51	$	9.40	to	$	10.40	$	486	0.00	%	0.55	%	to	0.86	%	-6.28	%	to	-5.98	%
December 31, 2017	52	$	10.01	to	$	11.08	$	529	0.00	%	0.55	%	to	0.86	%	-3.86	%	to	-3.56	%
December 31, 2016	43	$	10.39	to	$	11.51	$	454	0.00	%	0.55	%	to	0.86	%	14.14	%	to	14.49	%
	AST Jennison Global Infrastructure Portfolio (Merged August 14, 2020)
December 31, 2020	—	$	10.32	to	$	13.41	$	—	0.00	%	0.48	%	to	0.86	%	-2.24	%	to	-2.01	%
December 31, 2019	155	$	10.55	to	$	13.69	$	2,108	0.00	%	0.48	%	to	0.86	%	6.20	%	to	27.63	%
December 31, 2018	153	$	10.66	to	$	10.73	$	1,645	0.00	%	0.55	%	to	0.86	%	-9.35	%	to	-9.06	%
December 31, 2017	143	$	11.74	to	$	11.81	$	1,683	0.00	%	0.55	%	to	0.73	%	17.99	%	to	18.20	%
December 31, 2016	106	$	9.95	to	$	10.01	$	1,054	0.00	%	0.55	%	to	0.73	%	7.32	%	to	7.52	%
	AST PIMCO Dynamic Bond Portfolio (Merged November 13, 2020)
December 31, 2020	—	$	9.88	to	$	10.35	$	—	0.00	%	0.48	%	to	0.86	%	1.57	%	to	1.91	%
December 31, 2019	191	$	9.72	to	$	10.16	$	1,898	0.00	%	0.48	%	to	0.86	%	1.52	%	to	4.74	%
December 31, 2018	115	$	9.29	to	$	9.69	$	1,085	0.00	%	0.55	%	to	0.86	%	-1.17	%	to	-0.86	%
December 31, 2017	83	$	9.38	to	$	9.79	$	788	0.00	%	0.55	%	to	0.86	%	-1.16	%	to	-0.86	%
December 31, 2016	64	$	9.47	to	$	9.89	$	619	0.00	%	0.55	%	to	0.86	%	0.18	%	to	0.49	%
	AST Legg Mason Diversified Growth Portfolio
December 31, 2020	4,165	$	12.86	to	$	14.02	$	55,186	0.00	%	0.55	%	to	1.95	%	4.00	%	to	5.49	%
December 31, 2019	4,211	$	12.36	to	$	13.29	$	53,392	0.00	%	0.55	%	to	1.95	%	15.95	%	to	17.60	%
December 31, 2018	3,258	$	10.66	to	$	11.30	$	35,438	0.00	%	0.55	%	to	1.95	%	-8.01	%	to	-6.69	%
December 31, 2017	3,031	$	11.59	to	$	12.00	$	35,642	0.00	%	0.85	%	to	1.95	%	12.38	%	to	13.63	%
December 31, 2016	1,809	$	10.31	to	$	10.63	$	18,833	0.00	%	0.55	%	to	1.95	%	6.80	%	to	8.32	%
	AST Bond Portfolio 2026
December 31, 2020	126	$	10.96	to	$	11.80	$	1,426	0.00	%	1.30	%	to	2.55	%	7.93	%	to	9.26	%
December 31, 2019	978	$	9.97	to	$	10.80	$	10,189	0.00	%	1.30	%	to	2.85	%	6.89	%	to	8.62	%
December 31, 2018	1,788	$	9.33	to	$	9.94	$	17,164	0.00	%	1.30	%	to	2.85	%	-3.88	%	to	-2.32	%
December 31, 2017	1,676	$	9.70	to	$	10.18	$	16,629	0.00	%	1.30	%	to	2.85	%	-0.49	%	to	1.11	%
December 31, 2016	2,384	$	9.75	to	$	10.07	$	23,603	0.00	%	1.30	%	to	2.85	%	-0.83	%	to	0.77	%
	AST AB Global Bond Portfolio (Merged November 13, 2020)
December 31, 2020	—	$	10.28	to	$	11.70	$	—	0.00	%	0.48	%	to	0.86	%	2.31	%	to	2.65	%
December 31, 2019	176	$	10.03	to	$	11.40	$	1,988	0.00	%	0.48	%	to	0.86	%	0.15	%	to	6.56	%
December 31, 2018	171	$	10.46	to	$	10.70	$	1,821	0.00	%	0.55	%	to	0.86	%	-0.50	%	to	-0.19	%
December 31, 2017	149	$	10.51	to	$	10.72	$	1,596	0.00	%	0.55	%	to	0.86	%	1.67	%	to	1.98	%
December 31, 2016	120	$	10.34	to	$	10.51	$	1,261	0.00	%	0.55	%	to	0.86	%	4.26	%	to	4.58	%
	AST Goldman Sachs Global Income Portfolio (Merged November 13, 2020)
December 31, 2020	—	$	10.73	to	$	12.22	$	—	0.00	%	0.48	%	to	0.86	%	6.63	%	to	6.99	%
December 31, 2019	72	$	10.05	to	$	11.42	$	814	0.00	%	0.48	%	to	0.86	%	0.32	%	to	9.04	%
December 31, 2018	49	$	10.25	to	$	10.48	$	506	0.00	%	0.55	%	to	0.86	%	-1.14	%	to	-0.83	%
December 31, 2017	47	$	10.37	to	$	10.57	$	495	0.00	%	0.55	%	to	0.86	%	1.22	%	to	1.54	%
December 31, 2016	21	$	10.24	to	$	10.41	$	214	0.00	%	0.55	%	to	0.86	%	2.56	%	to	2.88	%
	AST Global Bond Portfolio
December 31, 2020	2,228	$	10.06	to	$	11.95	$	24,090	0.00	%	0.48	%	to	2.30	%	0.59	%	to	3.99	%
December 31, 2019	76	$	9.96	to	$	11.50	$	861	0.00	%	0.48	%	to	0.86	%	-0.78	%	to	6.40	%
December 31, 2018	65	$	10.47	to	$	10.81	$	697	0.00	%	0.55	%	to	0.86	%	2.58	%	to	2.90	%
December 31, 2017	44	$	10.28	to	$	10.51	$	456	0.00	%	0.55	%	to	0.86	%	1.53	%	to	1.84	%
December 31, 2016	32	$	10.13	to	$	10.32	$	329	0.00	%	0.55	%	to	0.86	%	1.79	%	to	2.10	%
	AST Neuberger Berman Long/Short Portfolio (Merged August 14, 2020)
December 31, 2020	—	$	10.62	to	$	12.54	$	—	0.00	%	0.48	%	to	0.86	%	3.88	%	to	4.12	%
December 31, 2019	195	$	10.21	to	$	12.06	$	2,298	0.00	%	0.48	%	to	0.86	%	2.35	%	to	15.18	%
December 31, 2018	175	$	10.19	to	$	10.49	$	1,804	0.00	%	0.55	%	to	0.86	%	-7.60	%	to	-7.31	%
December 31, 2017	89	$	11.00	to	$	11.34	$	995	0.00	%	0.55	%	to	0.86	%	12.18	%	to	12.52	%
December 31, 2016	70	$	9.79	to	$	10.09	$	701	0.00	%	0.55	%	to	0.86	%	2.46	%	to	2.78	%

A113

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 QMA International Core Equity Portfolio
December 31, 2020	113	$	11.22	to	$	12.67	$	1,362	0.00	%	0.48	%	to	0.86	%	5.66	%	to	6.07	%
December 31, 2019	94	$	10.60	to	$	11.97	$	1,085	0.00	%	0.48	%	to	0.86	%	6.98	%	to	16.21	%
December 31, 2018	90	$	9.66	to	$	10.32	$	886	0.00	%	0.55	%	to	0.86	%	-16.16	%	to	-15.89	%
December 31, 2017	66	$	11.50	to	$	12.29	$	779	0.00	%	0.55	%	to	0.86	%	23.52	%	to	23.90	%
December 31, 2016	29	$	9.29	to	$	9.94	$	278	0.00	%	0.55	%	to	0.86	%	-0.27	%	to	0.04	%
	AST Managed Alternatives Portfolio (Merged April 24, 2020)
December 31, 2020	—	$	10.07	to	$	10.30	$	—	0.00	%	0.48	%	to	0.73	%	1.90	%	to	1.98	%
December 31, 2019	222	$	9.88	to	$	10.10	$	2,216	0.00	%	0.48	%	to	0.73	%	1.30	%	to	4.69	%
December 31, 2018	203	$	9.45	to	$	9.58	$	1,933	0.00	%	0.55	%	to	0.73	%	-4.10	%	to	-3.93	%
December 31, 2017	164	$	9.85	to	$	9.99	$	1,619	0.00	%	0.55	%	to	0.86	%	1.68	%	to	1.99	%
December 31, 2016	107	$	9.67	to	$	9.81	$	1,040	0.00	%	0.55	%	to	0.86	%	0.06	%	to	0.38	%
	Blackrock Global Allocation V.I. Fund (Class III)
December 31, 2020	533	$	12.61	to	$	15.04	$	7,828	1.46	%	0.48	%	to	0.86	%	19.67	%	to	20.13	%
December 31, 2019	427	$	10.52	to	$	12.53	$	5,332	1.18	%	0.48	%	to	0.86	%	5.41	%	to	17.11	%
December 31, 2018	495	$	10.59	to	$	10.70	$	5,280	0.84	%	0.55	%	to	0.86	%	-8.38	%	to	-8.09	%
December 31, 2017	336	$	11.55	to	$	11.64	$	3,900	1.35	%	0.55	%	to	0.86	%	12.73	%	to	13.08	%
December 31, 2016	308	$	10.25	to	$	10.29	$	3,165	1.57	%	0.55	%	to	0.86	%	2.92	%	to	3.24	%
	JPMorgan Insurance Trust Income Builder Portfolio (Class 2)
December 31, 2020	208	$	10.75	to	$	13.18	$	2,647	3.26	%	0.48	%	to	0.86	%	4.31	%	to	4.71	%
December 31, 2019	199	$	10.29	to	$	12.60	$	2,482	3.10	%	0.48	%	to	0.86	%	2.82	%	to	13.64	%
December 31, 2018	195	$	10.97	to	$	11.08	$	2,159	0.00	%	0.55	%	to	0.86	%	-5.74	%	to	-5.44	%
December 31, 2017	123	$	11.64	to	$	11.72	$	1,434	3.85	%	0.55	%	to	0.86	%	10.75	%	to	11.09	%
December 31, 2016	106	$	10.51	to	$	10.55	$	1,115	3.99	%	0.55	%	to	0.86	%	5.29	%	to	5.62	%
	AST Bond Portfolio 2027 (Available January 4, 2016)
December 31, 2020	144	$	11.01	to	$	11.84	$	1,649	0.00	%	1.30	%	to	2.70	%	8.85	%	to	10.43	%
December 31, 2019	532	$	10.06	to	$	10.72	$	5,539	0.00	%	1.30	%	to	2.85	%	7.53	%	to	9.27	%
December 31, 2018	1,345	$	9.35	to	$	9.81	$	12,857	0.00	%	1.30	%	to	2.85	%	-4.09	%	to	-2.53	%
December 31, 2017	1,311	$	9.75	to	$	10.07	$	12,983	0.00	%	1.30	%	to	2.85	%	-0.23	%	to	1.37	%
December 31, 2016	2,001	$	9.77	to	$	9.93	$	19,710	0.00	%	1.30	%	to	2.85	%	-2.26	%	to	-0.69	%
	NVIT Emerging Markets Fund (Class D) (Available August 5, 2016)
December 31, 2020	26	$	14.58	to	$	14.81	$	384	1.64	%	1.40	%	to	1.75	%	10.98	%	to	11.36	%
December 31, 2019	37	$	13.14	to	$	13.30	$	485	2.31	%	1.40	%	to	1.75	%	20.47	%	to	20.89	%
December 31, 2018	35	$	10.91	to	$	11.00	$	378	0.35	%	1.40	%	to	1.75	%	-19.13	%	to	-18.85	%
December 31, 2017	34	$	13.49	to	$	13.55	$	462	0.89	%	1.40	%	to	1.75	%	38.68	%	to	39.15	%
December 31, 2016	46	$	9.73	to	$	9.74	$	445	0.80	%	1.40	%	to	1.75	%	-3.95	%	to	-3.81	%
	AST Bond Portfolio 2028 (Available January 3, 2017)
December 31, 2020	—	$	11.60	to	$	11.86	$	—	0.00	%	1.90	%	to	2.45	%	11.87	%	to	12.50	%
December 31, 2019	101	$	10.37	to	$	10.68	$	1,062	0.00	%	1.50	%	to	2.45	%	8.86	%	to	9.94	%
December 31, 2018	510	$	9.52	to	$	9.72	$	4,901	0.00	%	1.50	%	to	2.45	%	-4.47	%	to	-3.51	%
December 31, 2017	5	$	9.97	to	$	9.97	$	46	0.00	%	2.45	%	to	2.45	%	-0.30	%	to	-0.30	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST Bond Portfolio 2029 (Available January 2, 2018)
December 31, 2020	—	$	11.91	to	$	12.29	$	—	0.00	%	1.50	%	to	2.55	%	13.40	%	to	14.57	%
December 31, 2019	377	$	10.51	to	$	10.73	$	4,002	0.00	%	1.50	%	to	2.55	%	9.51	%	to	10.64	%
December 31, 2018	16	$	9.60	to	$	9.65	$	150	0.00	%	1.90	%	to	2.45	%	-4.02	%	to	-3.48	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST American Funds Growth Allocation Portfolio (Available April 30, 2018)
December 31, 2020	6,928	$	13.52	to	$	14.04	$	95,070	0.00	%	0.55	%	to	1.95	%	19.63	%	to	21.33	%
December 31, 2019	6,509	$	11.30	to	$	11.57	$	74,239	0.00	%	0.55	%	to	1.95	%	19.92	%	to	21.63	%
December 31, 2018	2,482	$	9.42	to	$	9.51	$	23,479	0.00	%	0.55	%	to	1.95	%	-5.28	%	to	-4.38	%
December 31, 2017	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A114

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 Bond Portfolio 2030 (Available January 2, 2019)
December 31, 2020	759	$	12.40	to	$	12.77	$	9,566	0.00	%	1.30	%	to	2.70	%	11.42	%	to	13.04	%
December 31, 2019	173	$	11.16	to	$	11.29	$	1,942	0.00	%	1.30	%	to	2.45	%	11.60	%	to	12.93	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST BlackRock 80/20 Target Allocation ETF Portfolio (Available January 28, 2019)
December 31, 2020	2,971	$	14.07	to	$	14.38	$	42,221	0.00	%	0.85	%	to	1.95	%	16.06	%	to	17.36	%
December 31, 2019	2,254	$	12.12	to	$	12.25	$	27,463	0.00	%	0.85	%	to	1.95	%	15.93	%	to	17.13	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST BlackRock 60/40 Target Allocation ETF Portfolio (Available January 28, 2019)
December 31, 2020	2,108	$	13.28	to	$	13.58	$	28,277	0.00	%	0.85	%	to	1.95	%	13.50	%	to	14.78	%
December 31, 2019	1,561	$	11.70	to	$	11.83	$	18,354	0.00	%	0.85	%	to	1.95	%	12.97	%	to	14.14	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST Dimensional Global Core Allocation Portfolio (Available November 18, 2019)
December 31, 2020	42	$	11.65	to	$	11.73	$	484	0.00	%	0.85	%	to	1.45	%	13.07	%	to	13.75	%
December 31, 2019	1	$	10.30	to	$	10.30	$	9	0.00	%	1.45	%	to	1.45	%	3.02	%	to	3.02	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST Bond Portfolio 2031 (Available January 2, 2020)
December 31, 2020	936	$	11.04	to	$	11.17	$	10,389	0.00	%	1.30	%	to	2.55	%	10.40	%	to	11.76	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® International Growth Portfolio (Service Shares) (Available April 27, 2020)
December 31, 2020	16	$	13.47	to	$	13.48	$	216	0.18	%	0.48	%	to	0.55	%	32.65	%	to	32.71	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares) (Available April 27, 2020)
December 31, 2020	4	$	13.54	to	$	13.56	$	56	0.00	%	0.48	%	to	0.66	%	33.26	%	to	33.42	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Technology Portfolio (Service Shares) (Available April 27, 2020)
December 31, 2020	103	$	14.58	to	$	14.62	$	1,506	0.00	%	0.48	%	to	0.86	%	44.68	%	to	45.06	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Mid Cap Growth Series (Service Shares) (Available April 27, 2020)
December 31, 2020	30	$	14.77	to	$	14.79	$	443	0.00	%	0.48	%	to	0.73	%	44.43	%	to	44.67	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A115

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® New Discovery Series (Service Shares) (Available April 27, 2020)
December 31, 2020	12	$	16.71	to	$	16.74	$	207	0.00	%	0.48	%	to	0.73	%	61.84	%	to	62.11	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Research Series (Service Shares) (Available April 27, 2020)
December 31, 2020	9	$	12.97	to	$	12.99	$	122	0.05	%	0.48	%	to	0.68	%	27.88	%	to	28.06	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Total Return Bond Series (Service Shares) (Available April 27, 2020)
December 31, 2020	169	$	10.71	to	$	10.74	$	1,814	0.55	%	0.48	%	to	0.86	%	7.38	%	to	7.66	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Total Return Series (Service Shares) (Available April 27, 2020)
December 31, 2020	43	$	11.99	to	$	12.01	$	518	1.77	%	0.48	%	to	0.73	%	18.37	%	to	18.58	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Utilities Series (Service Shares) (Available April 27, 2020)
December 31, 2020	58	$	12.13	to	$	12.16	$	703	1.18	%	0.48	%	to	0.86	%	19.22	%	to	19.53	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Asset Allocation Fund (Class 4) (Available August 17, 2020)
December 31, 2020	79	$	10.87	to	$	10.88	$	864	2.46	%	0.48	%	to	0.86	%	8.38	%	to	8.53	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Blue Chip Income and Growth Fund (Class 4) (Available August 17, 2020)
December 31, 2020	22	$	11.12	to	$	11.13	$	246	2.26	%	0.48	%	to	0.73	%	11.08	%	to	11.18	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Bond Fund (Class 4) (Available August 17, 2020)
December 31, 2020	24	$	10.12	to	$	10.13	$	247	3.15	%	0.48	%	to	0.73	%	1.25	%	to	1.34	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A116

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 Global Growth and Income Fund (Class 4) (Available August 17, 2020)
December 31, 2020	5	$	11.35	to	$	11.35	$	55	1.00	%	0.48	%	to	0.55	%	13.12	%	to	13.15	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Global Small Capitalization Fund (Class 4) (Available August 17, 2020)
December 31, 2020	3	$	12.45	to	$	12.45	$	40	0.00	%	0.55	%	to	0.66	%	23.41	%	to	23.46	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Growth Fund (Class 4) (Available August 17, 2020)
December 31, 2020	157	$	12.23	to	$	12.25	$	1,918	0.00	%	0.48	%	to	0.73	%	20.39	%	to	20.50	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS Growth-Income Fund (Class 4) (Available August 17, 2020)
December 31, 2020	32	$	11.06	to	$	11.07	$	349	2.12	%	0.48	%	to	0.73	%	10.18	%	to	10.28	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS International Fund (Class 4) (Available August 17, 2020)
December 31, 2020	3	$	11.99	to	$	11.99	$	36	0.41	%	0.66	%	to	0.66	%	19.50	%	to	19.50	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	American Funds IS New World Fund® (Class 4) (Available August 17, 2020)
December 31, 2020	21	$	11.92	to	$	11.93	$	249	0.00	%	0.48	%	to	0.73	%	18.51	%	to	18.62	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	BlackRock Advantage Large Cap Core V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	17	$	11.22	to	$	11.23	$	191	1.92	%	0.48	%	to	0.66	%	11.63	%	to	11.70	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	BlackRock Advantage Large Cap Value V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	3	$	11.25	to	$	11.27	$	36	2.03	%	0.48	%	to	0.86	%	12.64	%	to	12.80	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A117

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
	BlackRock Capital Appreciation V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	12	$	11.59	to	$	11.60	$	143	0.00	%	0.48	%	to	0.73	%	14.95	%	to	15.06	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	BlackRock Equity Dividend V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	15	$	11.26	to	$	11.27	$	174	1.13	%	0.48	%	to	0.66	%	12.85	%	to	12.92	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	BlackRock Large Cap Focus Growth V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	19	$	11.39	to	$	11.40	$	212	0.00	%	0.48	%	to	0.73	%	12.78	%	to	12.88	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Fidelity® VIP Balanced Portfolio (Service Class 2) (Available August 17, 2020)
December 31, 2020	139	$	11.16	to	$	11.17	$	1,554	2.32	%	0.48	%	to	0.73	%	11.35	%	to	11.46	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Fidelity® VIP Contrafund® Portfolio (Service Class 2) (Available August 17, 2020)
December 31, 2020	200	$	10.98	to	$	10.99	$	2,199	0.00	%	0.48	%	to	0.73	%	8.94	%	to	9.04	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Fidelity® VIP Growth Opportunities Portfolio (Service Class 2) (Available August 17, 2020)
December 31, 2020	112	$	12.37	to	$	12.38	$	1,389	0.00	%	0.48	%	to	0.73	%	22.35	%	to	22.47	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Fidelity® VIP Health Care Portfolio (Service Class 2) (Available August 17, 2020)
December 31, 2020	151	$	10.89	to	$	10.90	$	1,640	1.02	%	0.48	%	to	0.73	%	7.68	%	to	7.78	%
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	%
December 31, 2016	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	BlackRock Basic Value V.I. Fund (Class III) (Available August 17, 2020)
December 31, 2020	5	$	11.50	to	$	11.50	$	60	3.74	%	0.48	%	to	0.48	%	15.31	%	to	15.31	%
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	%
December 31, 2016	—	$	—	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 and administration charges, that result in direct reductions in the unit values. The

A118

Note 7:    Financial Highlights (Continued)

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 risk and administration charges, 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.

***    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, 2020 or from the effective date of the subaccount through the end of the reporting period.

Note 8:    Charges and Expenses

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

A.Mortality and Expense Risk Charges

The mortality and expense risk charges are applied daily against the net assets of each subaccount. Mortality risk is the risk that contract owners may live longer than estimated and expense risk is the risk that the cost of issuing and administering the contracts may exceed related charges assessed by Pruco Life of New Jersey. These charges are assessed through a reduction in unit values.

B.Administration Charge

The administration charge is applied daily against the net assets of each subaccount. Administration charges include costs associated with issuing the contracts, establishing and maintaining records, and providing reports to contract owners. This charge is assessed through a reduction in unit values.

The following are the base and maximum combined mortality and expense risk and administration charges of the respective contracts.

A119

Note 8:    Charges and Expenses (Continued)

Products	Base	Maximum
Discovery Choice	1.35%	1.65%
Discovery Select	1.40%	1.40%
Prudential Defined Income Annuity	1.10%	1.90%
Prudential MyRock Advisor New York Variable Annuity	0.25%	1.20%
Prudential Premier Advisor Variable Annuity Series(1)	0.35% / 0.55%	1.55%
Prudential Premier Investment Variable Annuity B Series(2)	0.48% / 0.55%	0.73%
Prudential Premier Investment Variable Annuity C Series	0.68%	0.86%
Prudential Premier Retirement Variable Annuity	0.85%	0.85%
Prudential Premier Retirement Variable Annuity B Series	1.30%	2.30%
Prudential Premier Retirement Variable Annuity C Series	1.30%	2.75%
Prudential Premier Retirement Variable Annuity L Series	1.30%	2.70%
Prudential Premier Retirement Variable Annuity X Series	1.30%	2.85%
Prudential Premier Variable Annuity B Series	1.15%	2.15%
Prudential Premier Variable Annuity Bb Series	0.95%	1.95%
Prudential Premier Variable Annuity L Series	1.50%	2.50%
Prudential Premier Variable Annuity X Series	1.55%	2.55%
Strategic Partners Advisor	1.40%	2.25%
Strategic Partners FlexElite	1.60%	2.45%
Strategic Partners FlexElite 2	1.65%	2.50%
Strategic Partners Plus	1.40%	2.40%
Strategic Partners Plus 3	1.40%	2.35%
Strategic Partners Select	1.52%	1.52%
Strategic Partners Variable Annuity One	1.40%	2.40%
Strategic Partners Variable Annuity One 3	1.40%	2.35%

(1)    Effective February 25, 2019, the base charge on Prudential Premier Advisor Variable Annuity Series product was reduced to 0.35%. Contracts issued under this product on or after February 25, 2019 will have a base charge of 0.35%.

(2)    Effective September 16, 2019, the base charge on Prudential Premier Investment Variable Annuity B Series product was reduced to 0.48%. Contracts issued under this product on or after September 16, 2019 will have a base charge of 0.48%.

C.Withdrawal Charges

A withdrawal charge may be assessed upon full or partial contract owner redemptions. These charges relate to the expenses of selling and distributing the contracts, including sales commissions, printing of prospectuses, sales administration, preparation of sales literature and other promotional activities. No withdrawal charge is imposed whenever earnings are withdrawn. The range for withdrawal charges is 0%-9%. The charge is assessed through the redemption of units.

D.Other Related Charges

For certain products with Highest Daily Lifetime Seven benefit options, the optional benefit fee is a percentage of the protected withdrawal value and is deducted pro rata from the subaccounts on a quarterly basis.

For certain products with Highest Daily Lifetime Income, Highest Daily Lifetime Six Plus, and Highest Daily Lifetime Seven Plus benefit options, the optional benefit fee is assessed against the greater of the unadjusted account value or the protected withdrawal value and is deducted pro rata from the subaccounts on a quarterly basis.

An annual maintenance fee is charged if purchase payments or account value is less than a stated amount (varies by product).

A120

Note 8:    Charges and Expenses (Continued)

A quarterly premium-based charge is applicable to certain products, which ranges from 0.15% to 0.84% annualized.

These other related charges are assessed through the redemption of units.

Note 9:    Other

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

Contract owner net payments represent contract owner contributions, net of applicable deductions, charges, and state premium taxes, including transfers from the general account as a remittance of remediation credits to contract owners.

Annuity payments represent transfers to the general account at the time of contract annuitization which are used to establish the fixed payout account from which future annuity payments are distributed under the terms of the contracts.

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

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 guaranteed interest account and market value adjustment account.

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.

A121

Report of Independent Registered Public Accounting Firm

Tothe Board of Directors ofPruco Life Insurance Company of New Jersey and

the Contract Owners of Pruco Life of New Jersey Flexible Premium Variable Annuity Account

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity Account indicated in the table below as of the dates indicated in the table below, and the related statements of operationsand 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 of New Jersey Flexible Premium Variable Annuity 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.

Prudential Government Money Market Portfolio (Class I) (1)	AST Bond Portfolio 2020 (3)
Prudential Diversified Bond Portfolio (1)	AST Jennison Large-Cap Growth Portfolio (1)
Prudential Equity Portfolio (Class I) (1)	AST Bond Portfolio 2021 (1)
Prudential Value Portfolio (Class I) (1)	Wells Fargo VT International Equity Fund (Class 1) (1)
Prudential High Yield Bond Portfolio (1)	Wells Fargo VT Omega Growth Fund (Class 1) (1)
Prudential Stock Index Portfolio (1)	AST Bond Portfolio 2022 (1)
Prudential Global Portfolio (1)	AST Quantitative Modeling Portfolio (1)
Prudential Jennison Portfolio (Class I) (1)	AST BlackRock Global Strategies Portfolio (1)
Prudential Small Capitalization Stock Portfolio (1)	Wells Fargo VT Opportunity Fund (Class 1) (1)
T. Rowe Price International Stock Portfolio (1)	AST Prudential Core Bond Portfolio (1)
T. Rowe Price Equity Income Portfolio (Equity Income Class) (1)	AST Bond Portfolio 2023 (1)
Invesco V.I. Core Equity Fund (Series I) (1)	AST MFS Growth Allocation Portfolio (1)
Janus Henderson VIT Research Portfolio (Institutional Shares) (1)	AST Western Asset Emerging Markets Debt Portfolio (1)
Janus Henderson VIT Overseas Portfolio (Institutional Shares) (1)	AST MFS Large-Cap Value Portfolio (1)
MFS® Research Series (Initial Class) (1)	AST Bond Portfolio 2024 (1)
MFS® Growth Series (Initial Class) (1)	AST AQR Emerging Markets Equity Portfolio (4)
American Century VP Value Fund (Class I) (1)	AST ClearBridge Dividend Growth Portfolio (1)
Franklin Small-Mid Cap Growth VIP Fund (Class 2) (1)	AST Multi-Sector Fixed Income Portfolio (1)
Prudential Jennison 20/20 Focus Portfolio (Class I) (1)	AST AQR Large-Cap Portfolio (4)
Davis Value Portfolio (1)	AST Large-Cap Core Portfolio (1)
AB VPS Large Cap Growth Portfolio (Class B) (1)	AST Bond Portfolio 2025 (1)
Prudential SP Small Cap Value Portfolio (Class I) (1)	AST T. Rowe Price Growth Opportunities Portfolio (1)
Janus Henderson VIT Research Portfolio (Service Shares) (1)	AST Goldman Sachs Global Growth Allocation Portfolio (5)
SP Prudential U.S. Emerging Growth Portfolio (Class I) (1)	AST T. Rowe Price Diversified Real Growth Portfolio (1)
Prudential SP International Growth Portfolio (Class I) (1)	AST Prudential Flexible Multi-Strategy Portfolio (1)
AST Cohen & Steers Realty Portfolio (1)	AST Franklin Templeton K2 Global Absolute Return Portfolio (5)
AST J.P. Morgan Strategic Opportunities Portfolio (1)	AST Managed Equity Portfolio (5)
AST T. Rowe Price Large-Cap Value Portfolio (1)	AST Managed Fixed Income Portfolio (5)
AST High Yield Portfolio (1)	AST FQ Absolute Return Currency Portfolio (4)
AST Small-Cap Growth Opportunities Portfolio (1)	AST Jennison Global Infrastructure Portfolio (4)
AST WEDGE Capital Mid-Cap Value Portfolio (1)	AST PIMCO Dynamic Bond Portfolio (2)
AST Small-Cap Value Portfolio (1)	AST Legg Mason Diversified Growth Portfolio (1)
AST Mid-Cap Growth Portfolio (1)	AST Bond Portfolio 2026 (1)
AST Hotchkis & Wiley Large-Cap Value Portfolio (1)	AST AB Global Bond Portfolio (2)
AST Loomis Sayles Large-Cap Growth Portfolio (1)	AST Goldman Sachs Global Income Portfolio (2)
AST MFS Growth Portfolio (1)	AST Global Bond Portfolio (1)
AST Neuberger Berman/LSV Mid-Cap Value Portfolio (1)	AST Neuberger Berman Long/Short Portfolio (4)
AST BlackRock Low Duration Bond Portfolio (1)	AST QMA International Core Equity Portfolio (1)
AST QMA US Equity Alpha Portfolio (1)	AST Managed Alternatives Portfolio (5)
AST T. Rowe Price Natural Resources Portfolio (1)	Blackrock Global Allocation V.I. Fund (Class III) (1)
AST T. Rowe Price Asset Allocation Portfolio (1)	JPMorgan Insurance Trust Income Builder Portfolio (Class 2) (1)
AST MFS Global Equity Portfolio (1)	AST Bond Portfolio 2027 (1)
AST J.P. Morgan International Equity Portfolio (1)	NVIT Emerging Markets Fund (Class D) (1)

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AST Templeton Global Bond Portfolio (2)	AST Bond Portfolio 2028 (1)
AST Wellington Management Hedged Equity Portfolio (1)	AST Bond Portfolio 2029 (1)
AST Capital Growth Asset Allocation Portfolio (1)	AST American Funds Growth Allocation Portfolio (1)
AST Academic Strategies Asset Allocation Portfolio (1)	AST Bond Portfolio 2030 (1)
AST Balanced Asset Allocation Portfolio (1)	AST BlackRock 80/20 Target Allocation ETF Portfolio (1)
AST Preservation Asset Allocation Portfolio (1)	AST BlackRock 60/40 Target Allocation ETF Portfolio (1)
AST Fidelity Institutional AM℠ Quantitative Portfolio (1)	AST Dimensional Global Core Allocation Portfolio (1)
AST Prudential Growth Allocation Portfolio (1)	AST Bond Portfolio 2031 (6)
AST Advanced Strategies Portfolio (1)	MFS® International Growth Portfolio (Service Shares) (7)
AST T. Rowe Price Large-Cap Growth Portfolio (1)	MFS® Massachusetts Investors Growth Stock Portfolio (Service Shares) (7)
AST Government Money Market Portfolio (1)	MFS® Technology Portfolio (Service Shares) (7)
AST Small-Cap Growth Portfolio (1)	MFS® Mid Cap Growth Series (Service Shares) (7)
AST BlackRock/Loomis Sayles Bond Portfolio (1)	MFS® New Discovery Series (Service Shares) (7)
AST International Value Portfolio (1)	MFS® Research Series (Service Shares) (7)
AST International Growth Portfolio (1)	MFS® Total Return Bond Series (Service Shares) (7)
AST Investment Grade Bond Portfolio (1)	MFS® Total Return Series (Service Shares) (7)
AST Western Asset Core Plus Bond Portfolio (1)	MFS® Utilities Series (Service Shares) (7)
AST Cohen & Steers Global Realty Portfolio (1)	American Funds IS Asset Allocation Fund (Class 4) (8)
AST Emerging Markets Equity Portfolio (1)	American Funds IS Blue Chip Income and Growth Fund (Class 4) (8)
AST Goldman Sachs Small-Cap Value Portfolio (1)	American Funds IS Bond Fund (Class 4) (8)
AST AllianzGI World Trends Portfolio (1)	American Funds IS Global Growth and Income Fund (Class 4) (8)
AST J.P. Morgan Global Thematic Portfolio (1)	American Funds IS Global Small Capitalization Fund (Class 4) (8)
AST Goldman Sachs Multi-Asset Portfolio (1)	American Funds IS Growth Fund (Class 4) (8)
ProFund VP Consumer Services (1)	American Funds IS Growth-Income Fund (Class 4) (8)
ProFund VP Consumer Goods (1)	American Funds IS International Fund (Class 4) (8)
ProFund VP Financials (1)	American Funds IS New World Fund® (Class 4) (8)
ProFund VP Health Care (1)	BlackRock Advantage Large Cap Core V.I. Fund (Class III) (8)
ProFund VP Industrials (1)	BlackRock Advantage Large Cap Value V.I. Fund (Class III) (8)
ProFund VP Mid-Cap Growth (1)	BlackRock Capital Appreciation V.I. Fund (Class III) (8)
ProFund VP Mid-Cap Value (1)	BlackRock Equity Dividend V.I. Fund (Class III) (8)
ProFund VP Real Estate (1)	BlackRock Large Cap Focus Growth V.I. Fund (Class III) (8)
ProFund VP Small-Cap Growth (1)	Fidelity® VIP Balanced Portfolio (Service Class 2) (8)
ProFund VP Small-Cap Value (1)	Fidelity® VIP Contrafund® Portfolio (Service Class 2) (8)
ProFund VP Telecommunications (1)	Fidelity® VIP Growth Opportunities Portfolio (Service Class 2) (8)
ProFund VP Utilities (1)	Fidelity® VIP Health Care Portfolio (Service Class 2) (8)
ProFund VP Large-Cap Growth (1)	BlackRock Basic Value V.I. Fund (Class III) (8)
ProFund VP Large-Cap Value (1)
(1) Statement of net assets as of December 31, 2020, statement of operations for the year ended December 31, 2020 and statement of changes in net assets for the years ended December 31, 2020 and 2019.
(2) Statement of net assets as of November 13, 2020 (date of merger), statement of operations for the period January 1, 2020 to November 13, 2020 and statement of changes in net assets for the period January 1, 2020 to November 13, 2020 and for the year ended December 31, 2019.
(3) Statement of net assets as of December 31, 2020 (date of liquidation), statement of operations for the year ended December 31, 2020 and statement of changes in net assets for the years ended December 31, 2020 and 2019.
(4) Statement of net assets as of August 14, 2020 (date of merger), statement of operations for the period January 1, 2020 to August 14, 2020 and statement of changes in net assets for the period January 1, 2020 to August 14, 2020 and for the year ended December 31, 2019.
(5) Statement of net assets as of April 24, 2020 (date of merger), statement of operations for the period January 1, 2020 to April 24, 2020 and statement of changes in net assets for the period January 1, 2020 to April 24, 2020 and for the year ended December 31, 2019.
(6) Statement of net assets as of December 31, 2020, statement of operations and statement of changes in net assets for the period January 2, 2020 (commencement of operations) to December 31, 2020.
(7) Statement of net assets as of December 31, 2020, statement of operations and statement of changes in net assets for the period April 27, 2020 (commencement of operations) to December 31, 2020.
(8) Statement of net assets as of December 31, 2020, statement of operations and statement of changes in net assets for the period August 17, 2020 (commencement of operations) to December 31, 2020.

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Basis for Opinions

These financial statements are the responsibility of the Pruco Life Insurance Company of New Jersey management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity 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 of New Jersey Flexible Premium Variable Annuity 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 of December 31, 2020 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 7, 2021

We have served as the auditor of one or more of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity Account since 1996.

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PART C

OTHER INFORMATION

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS:

(a)    Financial Statements

(1)    Financial Statements of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity Account (Registrant) consisting of the Statements of Net Assets as of the dates presented, and the Statements of Operations and the Statements of Changes in Net Assets for each of the periods presented, and the Notes relating thereto appear at the end of the Statement of Additional Information (Part B of the Registration Statement).

(2)    Financial Statements of Pruco Life Insurance Company of New Jersey (Depositor) consisting of the Statements of Financial Position as of December 31, 2020 and 2019, and the related Statements of Operations and Comprehensive Income, of Equity and of Cash Flows for each of the three years in the period ended December 31, 2020, including the related Notes and Financial Statement Schedule appear at the end of the Statement of Additional Information (Part B of the Registration Statement).

(b)    Exhibits:

(1)    Resolution of the Board of Directors of Pruco Life Insurance Company of New Jersey establishing the Pruco Life of New Jersey Flexible Premium Variable Annuity Account. Incorporated by reference to Form N-4, Registration No. 333-18117, filed December 18, 1996 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(2)    Not Applicable.

(3) (a)    Distribution and Underwriting Agreement by and among Pruco Life Insurance Company of New Jersey (Depositor) and Prudential Annuities Distributors, Inc. "PAD" (Underwriter). Incorporated by reference to Post-Effective Amendment No. 9, Form N-4, Registration No. 333-131035, filed December 18, 2007 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(b) (1)    Specimen Affiliated Insurer Amendment to Selling Agreement. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration No. 333-162678, filed February 3, 2010 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(b) (2)    List of Broker Dealers selling under Original Selling Agreement. Incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-162678, filed April 19, 2010 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(b) (3)    List of Broker Dealers that executed Amendment to Selling Agreement. Incorporated by reference to Post-Effective Amendment No. 1 to Registration No. 333-162678, filed April 19, 2010 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(a)    Specimen Variable Annuity Contract (including schedule pages) (P-BBND(2/13)-NY). Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-184542, filed January 31, 2013 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(b)    Specimen Lifetime Income with Death Benefit Rider (P-RID-LI-DB(5/14)-NY). Incorporated by reference to Post-Effective Amendment No. 2 to Form N-4, Registration No. 333-184542, filed January 28. 2014 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(c)    Specimen Medically Related Surrender Endorsement (P-END-MRS(2/13)-NY). Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-184542, filed January 31, 2013 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(d)    Specimen Individual Retirement Annuity Endorsement P-END-IRA (2/10) - NY. Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-162678, as filed February 3, 2010 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(e)    Specimen Roth Individual Retirement Annuity Endorsement P-END-ROTH (2/10) - NY. Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-162678, as filed February 3, 2010 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(f)    Specimen Beneficiary Individual Retirement Annuity Endorsement P-END-IRABEN (2/10) - NY. Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-162678, as filed February 3, 2010 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(g)    Specimen Beneficiary Roth Individual Retirement Annuity Endorsement P-END-ROTHBEN (2/10) - NY. Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-162678, as filed February 3, 2010 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(h)    Specimen 403(b) Annuity Endorsement (P-END-403 (2/10) - NY. Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-162678, as filed February 3, 2010 on behalf of the Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(4)(i)    Amendatory Tax Endorsement. Incorporated by reference to Post-Effective Amendment No. 1 to Form N-4, Registration No. 333-184542, filed April 12, 2013 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(5)    Application for Variable Annuity Contract (including schedule pages) (P-BBND-APP(2/13)-NY). Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4, Registration No. 333-184542, filed January 31, 2013 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(6) (a)    Articles of Incorporation of Pruco Life of New Jersey Insurance Company, as amended. Incorporated by reference to Form S-6, Registration No. 002-89780, filed April 28,1997 on behalf of the Pruco Life of New Jersey Variable Appreciable Account.

(b)    By-laws of Pruco Life Insurance Company of New Jersey. Incorporated by reference to Form S-6, Registration No. 333-85117 filed August 13, 1999 on behalf of the Pruco Life of New Jersey Variable Appreciable Account.

(c)    Certificate of Amendment to the Certificate of Incorporation dated October 1, 2012. Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 2013, filed March 15, 2013, on behalf of Pruco Life Insurance Company of New Jersey.

(d)    Certificate of Amendment to Certificate of Incorporation dated September 3, 2019. Incorporated by reference to the Annual Report on Form 10-K for the year ended December 31, 2019, filed March 5, 2020, on behalf of Pruco Life Insurance Company of New Jersey.

(7)    Not applicable.

(8)    Other material contracts performed in whole or in part after the date the registration statement is filed:

(a)    Fund Participation Agreement dated May 1, 2005, as amended and restated June 8, 2005, by and among Pruco Life Insurance Company of New Jersey, American Skandia Trust, American Skandia Investment Services, Inc., Prudential Investments LLC, American Skandia Marketing, Inc., and Prudential Investment Management Services LLC. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration No. 333-162678, filed February 3, 2010 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(b)    Shareholder Information Agreement (Sample Rule 22C-2). Incorporated by reference to Post-Effective Amendment No. 3, Form N-4, Registration No. 333-131035, filed April 19, 2007 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(c)    Amendment effective as of February 25, 2013 to Fund Participation Agreement between Advanced Series Trust, Prudential Investments LLC, AST Investment Services, Inc., Prudential Annuities Distributors, Inc., Prudential Investment Management Services LLC and Pruco Life Insurance Company of New Jersey. Incorporated by reference to Post-Effective Amendment No. 1 to Form N-4, Registration No. 333-184542, filed April 12, 2013 on behalf of Pruco Life of New Jersey Flexible Premium Variable Annuity Account.

(9)    Opinion of Counsel. Filed Herewith

(10)    Written Consent of Independent Registered Public Accounting Firm. Filed Herewith

(11)    Not Applicable.

(12)    Not Applicable.

(13)    Powers of Attorney:

    (a) Dylan J. Tyson. Filed Herewith

    (b) Susan M. Mann. Filed Herewith

(c)    Markus Coombs. Filed Herewith

    (d) Nandini Mongia. Filed Herewith

    (e) Candace J. Woods. Filed Herewith

    (f) Salene Hitchcock-Gear. Filed Herewith

    (g) Caroline A. Feeney. Filed Herewith

ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR:

NAME AND PRINCIPAL BUSINESS ADDRESS	POSITION AND OFFICES WITH DEPOSITOR
Dylan J. Tyson One Corporate Drive Shelton, Connecticut 06484-6208	President & Chief Executive Officer and Director
Susan M. Mann 213 Washington Street Newark, New Jersey 07102-2917	Vice President, Director, Chief Accounting Officer, and Chief Financial Officer
Markus Coombs 213 Washington Street Newark, New Jersey 07102-2917	Vice President and Director
Lynn Stone One Corporate Drive Shelton, Connecticut 06484-6208	Vice President, Chief Legal Officer, and Secretary
Candace J. Woods 751 Broad Street Newark, New Jersey 07102-3714	Director
Salene Hitchcock-Gear 213 Washington Street Newark, New Jersey 07102-2917	Director
Caroline A. Feeney 213 Washington Street Newark, New Jersey 07102-2917	Director
Nandini Mongia Three Gateway Center Newark, New Jersey 07102-4061	Director and Treasurer
Todd Bryden 280 Trumbull Street Hartford, Connecticut 06103	Chief Actuary and Senior Vice President

ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR REGISTRANT:

The Registrant separate account may be deemed to be under common control (or where indicated, identical to) the following separate accounts that are sponsored either by the depositor or an insurer that is an affiliate of the depositor: The Prudential Discovery Premier Group Variable Contract Account, The Prudential Variable Appreciable Account, The Prudential Individual Variable Contract Account, The Prudential Variable Contract Account GI-2, The Prudential Qualified Individual Variable Contract Account, The Prudential Variable Contract Account-24, The Prudential Discovery Select Group Variable Annuity Contract Account (separate accounts of Prudential); the Pruco Life Flexible Premium Variable Annuity Account; the Pruco Life PRUvider Variable Appreciable Account; the Pruco Life Variable Universal Account, the Pruco Life Variable Insurance Account, the Pruco Life Variable Appreciable Account, the Pruco Life Single Premium Variable Life Account, the Pruco Life Single Premium Variable Annuity Account (separate accounts of Pruco Life Insurance Company ("Pruco Life"); the Pruco Life of New Jersey Flexible Premium Variable Annuity Account; the Pruco Life of New Jersey Variable Insurance Account, the Pruco Life of New Jersey Variable Appreciable Account, the Pruco Life of New Jersey Single Premium Variable Life Account, and the Pruco Life of New Jersey Single Premium Variable Annuity Account (separate accounts of Pruco Life Insurance Company of New Jersey ("Pruco Life of New Jersey"). Pruco Life, a life insurance company organized under the laws of Arizona, is a direct wholly-owned subsidiary of The Prudential Insurance Company of America and an indirect wholly-owned subsidiary of Prudential Financial, Inc. Pruco Life of New Jersey, a life insurance company organized under the laws of New Jersey, is a direct wholly-owned subsidiary of Pruco Life, and an indirect wholly-owned subsidiary of Prudential Financial, Inc.

The subsidiaries of Prudential Financial Inc. ("PFI") are listed under Exhibit 21.1 of the Annual Report on Form 10-K of PFI (Registration No. 001-16707), filed on February 19, 2021, the text of which is hereby incorporated by reference. In addition to those subsidiaries, Prudential holds all of the voting securities of Prudential's Gibraltar Fund, Inc., a Maryland corporation, in three of its separate accounts. Prudential's Gibraltar Fund, Inc. is registered as an open-end, diversified, management investment company under the Investment Company Act of 1940 (the "Act"). The separate accounts listed above are registered as unit investment trusts under the Act. Registrant may also be deemed to be under common control with The Prudential Variable Contract Account-2, The Prudential Variable Contract Account-10, and The Prudential Variable Account Contract Account-11, (separate accounts of The Prudential Insurance Company of America which are registered as open-end, diversified management investment companies).

ITEM 27. NUMBER OF CONTRACT OWNERS: As of January 31, 2021, there were 9,529 Qualified contract owners and 4,110 Non-Qualified contract owners.

ITEM 28. INDEMNIFICATION:

The Registrant, in conjunction with certain of its affiliates, maintains insurance on behalf of any person who is or was a trustee, director, officer, employee, or agent of the Registrant, or who is or was serving at the request of the Registrant as a trustee, director, officer, employee or agent of

such other affiliated trust or corporation, against any liability asserted against and incurred by him or her arising out of his or her position with such trust or corporation.

New Jersey, being the state of organization of Pruco Life Insurance Company of New Jersey ("PLNJ"), permits entities organized under its jurisdiction to indemnify directors and officers with certain limitations. The relevant provisions of New Jersey law permitting indemnification can be found in Section 14A:3-5 of the New Jersey Statutes Annotated. The text of PLNJ's By-law, Article V, which relates to indemnification of officers and directors, is incorporated by reference to Exhibit 1A(6)(c) to Form S-6 filed August 13, 1999 on behalf of the Pruco Life of New Jersey Variable Appreciable Account.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

ITEM 29. PRINCIPAL UNDERWRITERS:

(a)    Prudential Annuities Distributors, Inc. (PAD)

PAD serves as principal underwriter for variable annuities issued by each of Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, and Prudential Annuities Life Assurance Corporation. Each of those insurers is part of Prudential Annuities, a business unit of Prudential Financial, that primarily issues individual variable annuity contracts. The separate accounts of those insurance companies, through which the bulk of the variable annuities are issued, are the Pruco Life Flexible Premium Variable Annuity Account, the Pruco Life of New Jersey Flexible Premium Variable Annuity Account, and Prudential Annuities Life Assurance Corporation Variable Account B.

(b)    Information concerning the directors and officers of PAD is set forth below:

NAME	POSITIONS AND OFFICES WITH UNDERWRITER
James F. Mullery 213 Washington Street Newark, New Jersey 07102-2917	President & Chief Executive Officer and Director
Anju Nanda One Corporate Drive Shelton, Connecticut 06484-6208	Senior Vice President and Director
Susan M. Mann 213 Washington Street Newark, New Jersey 07102-2917	Senior Vice President and Director
Dianne D. Bogoian One Corporate Drive Shelton, Connecticut 06484-6208	Senior Vice President and Director
Elizabeth Guerrera One Corporate Drive Shelton, Connecticut 06484-6208	Chief Administrative Officer, Vice President and Director
Patricia L. O'Shea 213 Washington Street Newark, New Jersey 07102-2917	Chief Operating Officer
Kevin M. Brayton 280 Trumbull Street Hartford, Connecticut 06103-3509	Senior Vice President and Director
Francine B. Boucher Three Gateway Center Newark, New Jersey 07102-4061	Chief Legal Officer, Vice President and Secretary
Kevin Chaillet 213 Washington Street Newark, New Jersey 07102-2917	Treasurer
Robert P. Smit Three Gateway Center Newark, New Jersey 07102-4061	Chief Financial Officer and Controller
Shane T. McGrath 280 Trumbull Street Hartford, Connecticut 06103-3509	Chief Compliance Officer and Vice President
Lynn Stone One Corporate Drive Shelton, Connecticut 06484-6208	Vice President and Assistant Secretary
Jessica Conley 2101 Welsh Road Dresher, Pennsylvania 19025-5000	Vice President

Scott Haggerty One Corporate Drive Shelton, Connecticut 06484-6208	Vice President
Charles H. Smith Three Gateway Center Newark, New Jersey 07102-4061	Anti-Money Laundering Officer

ITEM 29. PRINCIPAL UNDERWRITERS:

(c)    Commissions received by PAD during 2020 with respect to all individual annuities issued by Pruco Life of New Jersey.

NAME OF PRINCIPAL UNDERWRITER	NET UNDERWRITING DISCOUNTS AND COMMISSIONS	COMPENSATION ON REDEMPTION	BROKERAGE COMMISSIONS	COMPENSATION
Prudential Annuities Distributors, Inc.*	52,509,751.30	$-0-	$-0-	$-0-

* PAD did not retain any of these commissions.

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

All accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Registrant through The Prudential Insurance Company of America, at its offices in Shelton, Connecticut and Fort Washington, Pennsylvania.

ITEM 31. MANAGEMENT SERVICES

Summary of any contract not discussed in Part A and Part B of the registration statement under which management-related services are provided to the Registrant—Not applicable.

ITEM 32. UNDERTAKINGS

(a)    Registrant undertakes to file a post-effective amendment to this Registrant Statement as frequently as is necessary to ensure that the audited financial statements in the Registration Statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted.

(b)    Registrant undertakes to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a statement of additional information, or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a statement of additional information.

(c)    Registrant undertakes to deliver any statement of additional information and any financial statements required to be made available under this Form promptly upon written or oral request.

(d)    Restrictions on withdrawal under Section 403(b) Contracts are imposed in reliance upon, and in compliance with, a no-action letter issued by the Chief of the Office of Insurance Products and Legal Compliance of the U.S. Securities and Exchange Commission to the American Council of Life Insurance on November 28, 1988.

(e)    Pruco Life of New Jersey hereby represents that the fees and charges deducted under the contracts described in this Registration Statement are in the aggregate reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Pruco Life of New Jersey.

EXHIBITS

Exhibit No. Description

(9)    Opinion of Counsel.

(10)    Written Consent of Independent Registered Public Accounting Firm.

(13)    Powers of Attorney:

     (a) Dylan J. Tyson.

     (b) Susan M. Mann.

(c)     Markus Coombs.

     (d) Nandini Mongia.

     (e) Candace J. Woods.

     (f) Salene Hitchcock-Gear.

     (g) Caroline A. Feeney.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Registration Statement, and has duly caused this post-effective amendment to be signed on its behalf in the City of Newark and the State of New Jersey on this 7th day of April 2021.

PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

REGISTRANT

BY: PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

DEPOSITOR

By:	Dylan J. Tyson*
	Dylan J. Tyson President and Chief Executive Officer

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

DEPOSITOR

By:	Dylan J. Tyson*
	Dylan J. Tyson President and Chief Executive Officer

SIGNATURES

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

SIGNATURE	TITLE
Dylan J. Tyson*	Director, President and Chief Executive Officer	April 7, 2021
Dylan J. Tyson
Susan M. Mann*	Chief Financial Officer, Chief Accounting Officer, Vice President and Director	April 7, 2021
Susan M. Mann
Markus Coombs*	Director and Vice President	April 7, 2021
Markus Coombs
Nandini Mongia*	Director and Treasurer	April 7, 2021
Nandini Mongia
Candace J. Woods*	Director	April 7, 2021
Candace J. Woods
Salene Hitchcock-Gear*	Director	April 7, 2021
Salene Hitchcock-Gear
Caroline A. Feeney*	Director	April 7, 2021
Caroline A. Feeney

By:	/s/ Elizabeth L. Gioia
	Elizabeth L. Gioia

* Executed by Elizabeth Gioia on behalf of those indicated pursuant to Power of Attorney.

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

FINANCIAL STATEMENTS INDEX

	Page
Management’s Annual Report on Internal Control Over Financial Reporting	B-2
Statements of Financial Position as of December 31, 2020 and 2019	B-3
Statements of Operations and Comprehensive Income for the years ended December 31, 2020, 2019 and 2018	B-4
Statements of Equity for the years ended December 31, 2020, 2019 and 2018	B-5
Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018	B-6
Notes to Financial Statements:	B-8
1      Business and Basis of Presentation	B-8
2      Significant Accounting Policies and Pronouncements	B-9
3      Investments	B-22
4     Derivatives and Hedging	B-31
5      Fair Value of Assets and Liabilities	B-37
6      Deferred Policy Acquisition Costs	B-49
7      Policyholders’ Liabilities	B-49
8      Certain Long-duration Contracts with Guarantees	B-50
9     Reinsurance	B-53
10    Income Taxes	B-57
11    Equity	B-59
12    Statutory Net Income and Surplus and Dividend Restriction	B-63
13    Related Party Transactions	B-63
14    Commitments, Contingent Liabilities and Litigation and Regulatory Matters	B-66
15    Quarterly Results of Operations (Unaudited)	B-67
16    Revision to Prior Year Information	B-67
Report of Independent Registered Public Accounting Firm	B-69

B-1

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Pruco Life Insurance Company of New Jersey (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, 2020, 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, 2020.

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 19, 2021

B-2

Pruco Life Insurance Company of New Jersey

Statements of Financial Position

December 31, 2020 and 2019 (in thousands, except share amounts)

	December 31, 2020		December 31, 2019
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2020-$0) (amortized cost: 2020 – $1,635,870; 2019 – $1,437,796)	$	1,894,195	$	1,550,096
Fixed maturities, trading, at fair value (amortized cost: 2020 – $17,718; 2019 – $14,221)	19,269		13,700
Equity securities, at fair value (cost: 2020 – $4,660; 2019 – $5,139)	6,218		7,512
Policy loans	212,163		211,986
Commercial mortgage and other loans (net of $440 and $165 allowance for credit losses at December 31, 2020 and December 31, 2019, respectively)(1)	133,115		143,098
Other invested assets (includes $17,581 and $24,726 measured at fair value at December 31, 2020 and 2019, respectively)	97,509		89,536
Total investments	2,362,469		2,015,928
Cash and cash equivalents	68,527		55,924
Deferred policy acquisition costs	224,425		178,813
Accrued investment income	21,248		19,539
Reinsurance recoverables	3,860,612		3,200,642
Receivables from parent and affiliates	31,061		32,820
Income taxes receivable	0		6,268
Other assets	23,007		21,203
Separate account assets	17,117,510		15,904,208
TOTAL ASSETS	$	23,708,859	$	21,435,345
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits	2,976,575		2,302,959
Policyholders' account balances	2,532,766		2,424,120
Cash collateral for loaned securities	2,725		2,481
Income taxes payable(1)	10,821		0
Short-term debt to affiliates	0		89
Payables to parent and affiliates	16,250		24,958
Other liabilities(1)	187,620		140,628
Separate account liabilities	17,117,510		15,904,208
Total liabilities	$	22,844,267	$	20,799,443
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 14)
EQUITY
Common stock ($5 par value; 400,000 shares authorized; issued and outstanding)	2,000		2,000
Additional paid-in capital	348,735		268,021
Retained earnings	328,450		280,246
Accumulated other comprehensive income (loss)	185,407		85,635
Total equity	864,592		635,902
TOTAL LIABILITIES AND EQUITY	$	23,708,859	$	21,435,345

(1)December 31, 2020 amounts include the impacts of the January 1, 2020 adoption of ASU 2016-13. See Note 2 for details.

See Notes to Financial Statements

B-3

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Operations and Comprehensive Income

Years Ended December 31, 2020, 2019 and 2018 (in thousands)

	2020		2019		2018
REVENUES
Premiums	$	21,660	$	12,931	$	13,007
Policy charges and fee income	74,202		65,735		62,567
Net investment income	82,995		76,788		67,811
Asset administration fees	6,744		5,844		5,356
Other income	6,365		4,622		1,004
Realized investment gains (losses), net	1,871		(17,388)		(9,273)
TOTAL REVENUES	193,837		148,532		140,472
BENEFITS AND EXPENSES
Policyholders’ benefits	41,887		25,613		19,829
Interest credited to policyholders’ account balances	44,096		37,746		35,936
Amortization of deferred policy acquisition costs	18,119		14,850		15,972
General, administrative and other expenses	47,703		36,980		37,507
TOTAL BENEFITS AND EXPENSES	151,805		115,189		109,244
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	42,032		33,343		31,228
Income tax expense (benefit)	(6,339)		(3,412)		(53)
NET INCOME (LOSS)	$	48,371	$	36,755	$	31,281
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	250		10		(1,187)
Net unrealized investment gains (losses)	126,043		126,575		(67,692)
Total	126,293		126,585		(68,879)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	26,521		26,583		(14,464)
Other comprehensive income (loss), net of taxes	99,772		100,002		(54,415)
Comprehensive income (loss)	$	148,143	$	136,757	$	(23,134)

See Notes to Financial Statements

B-4

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Equity

Years Ended December 31, 2020, 2019 and 2018 (in thousands)

	Common   Stock		Additional   Paid-in Capital		Retained Earnings		Accumulated Other   Comprehensive  Income		Total Equity
Balance, December 31, 2017	$	2,000	$	211,961	$	218,067	$	34,330	$	466,358
Cumulative effect of adoption of ASU 2016-01					372		(175)		197
Cumulative effect of adoption of ASU 2018-02					(5,893)		5,893
Contributed capital			1,300						1,300
Contributed (distributed) capital- parent/child asset transfers			0						0
Comprehensive income:
Net income (loss)					31,281				31,281
Other comprehensive income (loss), net of tax							(54,415)		(54,415)
Total comprehensive income (loss)									(23,134)
Balance, December 31, 2018	2,000		213,261		243,827		(14,367)		444,721
Cumulative effect of adoption of accounting changes(1)					(336)				(336)
Contributed capital			59,536						59,536
Contributed (distributed) capital- parent/child asset transfers			(4,776)						(4,776)
Comprehensive income:
Net income (loss)					36,755				36,755
Other comprehensive income (loss), net of tax							100,002		100,002
Total comprehensive income (loss)									136,757
Balance, December 31, 2019	2,000		268,021		280,246		85,635		635,902
Cumulative effect of adoption of accounting changes(2)					(167)				(167)
Contributed capital			85,112						85,112
Contributed (distributed) capital- parent/child asset transfers			(4,398)						(4,398)
Comprehensive income:
Net income (loss)					48,371				48,371
Other comprehensive income (loss), net of tax							99,772		99,772
Total comprehensive income (loss)									148,143
Balance, December 31, 2020	$	2,000	$	348,735	$	328,450	$	185,407	$	864,592

(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 Financial Statements

B-5

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Cash Flows

Years Ended December 31, 2020, 2019 and 2018 (in thousands)

	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	48,371	$	36,755	$	31,281
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Policy charges and fee income(1)	(24,935)		(17,100)		(15,393)
Interest credited to policyholders’ account balances	44,096		37,746		35,936
Realized investment (gains) losses, net	(1,871)		17,388		9,273
Amortization and other non-cash items	(16,951)		(10,762)		(7,850)
Change in:
Future policy benefits	289,417		256,062		201,654
Reinsurance recoverables	(272,450)		(246,914)		(209,954)
Accrued investment income	(1,709)		(1,775)		(1,184)
Net payables to/receivables from parent and affiliates	(8,567)		5,723		856
Deferred policy acquisition costs	(58,425)		(24,349)		(14,771)
Income taxes	(8,215)		(12,357)		(4,963)
Derivatives, net	5,305		1,194		(4,777)
Other, net	7,484		(3,014)		21,047
Cash flows from (used in) operating activities	1,550		38,597		41,155
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	60,422		72,095		73,692
Equity securities	3,591		3,353		1,939
Policy loans	26,439		27,022		23,009
Ceded policy loans	(1,434)		(1,576)		(1,990)
Commercial mortgage and other loans	14,559		9,788		4,209
Other invested assets	1,908		1,679		2,502
Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(181,796)		(166,382)		(167,311)
Fixed maturities, trading	(3,497)		(6,776)		0
Equity securities	(2)		(50)		(2,002)
Policy loans	(19,774)		(24,529)		(28,537)
Ceded policy loans	3,602		2,337		2,734
Commercial mortgage and other loans	(3,978)		(33,817)		(1,595)
Other invested assets	(11,046)		(16,980)		(7,186)
Notes receivable from parent and affiliates, net	1,391		6,362		455
Derivatives, net	505		(561)		161
Other, net	149		(410)		(282)
Cash flows from (used in) investing activities	(108,961)		(128,445)		(100,202)

B-6

CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	529,874		553,804		555,153
Ceded policyholders’ account deposits	(347,786)		(342,648)		(337,536)
Policyholders’ account withdrawals	(327,130)		(342,230)		(311,159)
Ceded policyholders’ account withdrawals	248,680		224,910		187,237
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities	244		(221)		(12,505)
Contributed (distributed) capital - parent/child asset transfers	(165)		0		0
Net change in financing arrangements (maturities 90 days or less)	(89)		89		0
Drafts outstanding	9,111		(9,040)		10,067
Other, net(1)	7,275		(9,333)		(6,387)
Cash flows from (used in) financing activities	120,014		75,331		84,870
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12,603		(14,517)		25,823
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	55,924		70,441		44,618
CASH AND CASH EQUIVALENTS, END OF YEAR	$	68,527	$	55,924	$	70,441
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refund)	$	1,880	$	8,946	$	4,910
Interest paid	$	18	$	100	$	5

(1) Prior period amounts have been revised to correct an error. See Note 16 for details.

Significant Non-Cash Transactions

For the years ended December 31, 2020 and 2019, the Company received $85 million and $60 million, respectively, of non-cash assets from its parent, Pruco Life Insurance Company. See Note 13 for additional information. There were no significant non-cash transactions for the year ended December 31, 2018.

See Notes to Financial Statements

B-7

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company of New Jersey (“PLNJ”) is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”). Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). 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, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

The 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 cost ("DAC") and related amortization; policyholders' account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life products; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments ("OTTI"); 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

Beginning in the first quarter of 2020, the outbreak of the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets, and 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 the Company's 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 the Company's insurance liabilities and certain related balances (e.g., DAC, etc.). The Company cannot predict what impact the COVID-19 pandemic will ultimately have on the global economy, markets or its businesses.

Revision to Prior Period Financial Statements

The Company identified an error in the presentation of certain cash flow activity related to policyholders' account balances that impacted several line items within previously issued Statements of Cash Flows. Prior period amounts have been revised in the financial statements to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements. See Note 16 for a more detailed description of the revision and for comparisons of amounts previously reported to the revised amounts.

Reclassifications

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

B-8

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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 to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. 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, the credit impairment will be measured as the extent to which the amortized cost exceeds the net present value. The net present value 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.

Credit impairment is recognized as an allowance for credit losses and reported in “Realized investment gains (losses), net.” 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.

The Company adopted Accounting Standards Update ("ASU") 2016-13, and related ASUs, effective January 1, 2020. See “Recent Accounting Pronouncements” in this Note for additional information about the adoption. Prior to the adoption of ASU 2016-13, credit impairments were recognized as a direct write down to the cost basis of the security.

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. Prior to the adoption of ASU 2016-13, the effective yield was adjusted prospectively unless an impairment was recorded in the current period.

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 and the amount of impairment recognized in earnings and other comprehensive income (loss) (“OCI”).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-9

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The Company may use the estimated fair value of collateral, if any, as a proxy for the net present value if it believes that the security is dependent on the liquidation of collateral for recovery of its investment. If the net present value is less than the amortized cost of the investment, an allowance for losses is recognized in earnings for the difference between amortized cost and the net present value and is limited to the difference between amortized cost and fair value of the AFS debt security. Any difference between the fair value and the net present value of the debt security at the impairment measurement date remains in OCI. Changes in the allowance for losses are reported in “Realized investment gains (losses), net.”

When an AFS debt security’s fair value is below amortized cost and (1) the Company has the intent to sell the AFS debt security, or (2) 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 impairment is reported in “Realized investment gains (losses), net.”

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 that are 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 that are 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.

Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities using a modified retrospective method. Adoption of this ASU impacted the Company’s accounting and presentation related to equity investments. The most significant impact is that the changes in fair value of equity securities previously classified as “available-for-sale” are reported in net income within “Other income” in the Statements of Operations. The impact of this standard resulted in an increase to retained earnings of $372 thousand, a reduction to AOCI of $175 thousand, and an increase to equity of $197 thousand upon adoption on January 1, 2018.

Policy loans represent 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 consist 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 consist 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.”

B-10

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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 times indicate 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 times 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 costs 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.

B-11

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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 with changes in fair value reported in “Other income”. 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 include 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.

B-12

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Deferred policy acquisition costs are 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.

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. 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 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 include: (i) 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, and are reported on the Statements of Financial Position net of the CECL allowance. 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.

Other assets consist primarily of premiums due and deferred loss on reinsurance with affiliates.

B-13

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Separate account assets represent 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 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 include liabilities related to certain long-duration life and annuity contracts, which are discussed more fully in Note 8. 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 includes amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Cash collateral for loaned securities represent 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.”

Income taxes receivable/payable primarily represent the net deferred tax asset or liability and the Company’s estimated taxes receivable/payable for the current year and open audit years.

B-14

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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 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.

In December of 2017, SEC staff issued "SAB 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act" ("SAB 118"), which allowed registrants to record provisional amounts during a 'measurement period' not to extend beyond one year. Under the relief provided by SAB 118, a company could recognize provisional amounts when it did not have the necessary information available, prepared or analyzed in reasonable detail to complete its accounting for the change in tax law. See Note 10 for a discussion of refinements to the provisional amount related to The United States Tax Cuts and Jobs Act of 2017 ("Tax Act of 2017") included in “Income tax expense (benefit)” in 2018.

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.

Effective January 1, 2018, the Company adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Loss), which allowed a reclassification from AOCI to retained earnings for stranded effects resulting from the Tax Act of 2017. The Company elected to apply the ASU subsequent to recording the adoption impacts of ASU 2016-01 as described above. As a result, the Company reclassified stranded effects resulting from the Tax Act of 2017 by increasing AOCI and decreasing retained earnings, each by $5.9 million upon adoption on January 1, 2018. Stranded effects unrelated to the Tax Act of 2017 are generally released from AOCI when an entire portfolio of the type of item related to the stranded effect is liquidated, sold or extinguished (i.e., portfolio approach).

B-15

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Securities sold under agreements to repurchase represent 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.”

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 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.

Other liabilities consist primarily of accrued expenses, reinsurance payables and technical overdrafts.

Separate account liabilities primarily represent the contractholders’ account balance 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.

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.

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.

B-16

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 includes amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain 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.

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 seek 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 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.

B-17

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 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 Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

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 “Fixed maturities, trading, at fair value" or "Equity securities, at fair value".

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 Prudential Insurance under a coinsurance and modified coinsurance agreement. 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”. Changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.

B-18

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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, 2020, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Adoption of ASU 2016-13

The Company adopted ASU 2016-13, and related ASUs, effective January 1, 2020 using the modified retrospective method for certain financial assets carried at amortized cost and certain off-balance sheet exposures. The modified retrospective method results in a cumulative effect adjustment to opening retained earnings. The Company adopted the guidance related to fixed maturities, available-for-sale on a prospective basis.

This ASU requires the use of a new CECL model to account for expected credit losses on certain financial assets reported at amortized cost (e.g., loans held for investment, reinsurance receivables, etc.) and certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans and certain loan commitments). The guidance requires an entity to estimate lifetime credit losses related to such financial assets and credit exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that may affect the collectability of the reported amounts. The standard also modifies the OTTI guidance for fixed maturities, available-for-sale requiring the use of an allowance rather than a direct write-down of the investment.

The impacts of this ASU on the Company’s Financial Statements primarily include (1) A Cumulative Effect Adjustment Upon Adoption; (2) Changes to the Presentation of the Statements of Financial Position and Statements of Operations; and (3) Changes to Accounting Policies. Each of these impacts is described below.

(1) Cumulative Effect Adjustment Upon Adoption

Adoption of the standard resulted in a cumulative effect adjustment to opening retained earnings in the amount of $0.2 million, primarily related to commercial mortgage and other loans. The impact of adoption is not material to the following financial statement line items: income taxes payable 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.

(2) Changes to the Presentation of the Statements of Financial Position and Statements of Operations

The allowance for credit losses is presented parenthetically on relevant line items in the Statements of Financial Position. In the Statements of Operations, realized investment gains (losses), net are presented on one line item and will no longer reflect the breakout of OTTI on fixed maturity securities; OTTI on fixed maturity securities transferred to OCI; and other realized investment gains (losses), net. The presentation of this detail in prior periods is immaterial.

(3) Changes to Accounting Policies

The narrative description of our significant accounting policies at the beginning of this Note reflects our policies as of December 31, 2020, including the policies associated with the adoption of ASU 2016-13.

B-19

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Other ASUs adopted during the year ended December 31, 2020

Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	This ASU provides optional relief for certain contracts impacted by reference rate reform. The standard permits an entity to consider contract modification due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The ASU also temporarily (until December 31, 2022) allows hedge relationships to continue without de-designation upon changes due to reference rate reform.	March 12, 2020 to December 31, 2022 using the prospective method.	This ASU did not have a significant impact on the Company’s Financial Statements and Notes to the Financial Statements. The Company made the election under ASU 2020-04 for all applicable contracts as they converted from the current reference rate to the new reference rate.

ASU issued but not yet adopted as of December 31, 2020 — ASU 2018-12

ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB on August 15, 2018 and is expected to have a significant impact on the Financial Statements and Notes to the Financial Statements. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. As a result of the COVID-19 pandemic, in November 2020 the FASB issued ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023. 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. Outlined below are four key areas of change, although there are other less significant changes not noted below. In addition to the impacts to the balance sheet upon adoption, the Company also expects an impact to how earnings emerge thereafter.

B-20

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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 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 AOCI or (2) a full retrospective transition method.	The options for method of adoption and the impacts of such methods are 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.	Upon adoption, under either transition method, 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 options for method of adoption and the impacts of such methods are under assessment. 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 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.	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 ("GMDB") 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-21

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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, 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	$	10,638	$	1,017	$	0	$	0	$	11,655
Obligations of U.S. states and their political subdivisions	162,227		20,399		0		0		182,626
Foreign government bonds	79,318		13,347		29		0		92,636
U.S. public corporate securities	791,616		158,087		118		0		949,585
U.S. private corporate securities	222,279		23,564		225		0		245,618
Foreign public corporate securities	60,376		10,022		51		0		70,347
Foreign private corporate securities	148,103		17,892		640		0		165,355
Asset-backed securities(1)	16,535		666		12		0		17,189
Commercial mortgage-backed securities	141,564		13,854		0		0		155,418
Residential mortgage-backed securities(2)	3,214		552		0		0		3,766
Total fixed maturities, available-for-sale	$	1,635,870	$	259,400	$	1,075	$	0	$	1,894,195

(1)Includes credit-tranched securities collateralized by loan obligations and education loans.

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

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	14,983	$	1,032	$	0	$	16,015	$	0
Obligations of U.S. states and their political subdivisions	123,505		10,172		0		133,677		0
Foreign government bonds	70,287		6,993		0		77,280		0
U.S. public corporate securities	627,880		70,167		527		697,520		0
U.S. private corporate securities	222,952		10,416		153		233,215		0
Foreign public corporate securities	53,115		4,958		80		57,993		0
Foreign private corporate securities	161,597		4,505		2,210		163,892		0
Asset-backed securities(1)	17,816		753		27		18,542		0
Commercial mortgage-backed securities	141,593		5,796		0		147,389		0
Residential mortgage-backed securities(2)	4,068		509		4		4,573		(50)
Total fixed maturities, available-for-sale	$	1,437,796	$	115,301	$	3,001	$	1,550,096	$	(50)

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

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

(3)Represents the amount of unrealized losses remaining in AOCI, from the impairment measurement date. Amount excludes $0.1 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.

B-22

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The following table sets 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 date indicated:

	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:
Foreign government bonds	$	2,122	$	29	$	0	$	0	$	2,122	$	29
U.S. public corporate securities	10,416		118		0		0		10,416		118
U.S. private corporate securities	9,635		225		0		0		9,635		225
Foreign public corporate securities	1,611		51		0		0		1,611		51
Foreign private corporate securities	0		0		12,017		640		12,017		640
Asset-backed securities	988		2		3,941		10		4,929		12
Residential mortgage-backed securities	0		0		0		0		0		0
Total fixed maturities, available-for-sale	$	24,772	$	425	$	15,958	$	650	$	40,730	$	1,075

The following table sets forth the fair value and gross unrealized losses on fixed maturity securities aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the date indicated:

	December 31, 2019
	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:
Foreign government bonds	$	0	$	0	$	400	$	0	$	400	$	0
U.S. public corporate securities	16,892		190		1,073		337		17,965		527
U.S. private corporate securities	7,350		140		4,757		13		12,107		153
Foreign public corporate securities	2,054		23		2,427		57		4,481		80
Foreign private corporate securities	10,659		281		27,048		1,929		37,707		2,210
Asset-backed securities	1,488		12		2,985		15		4,473		27
Residential mortgage-backed securities	91		4		0		0		91		4
Total fixed maturities, available-for-sale	$	38,534	$	650	$	38,690	$	2,351	$	77,224	$	3,001

As of December 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $0.4 million related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $0.7 million related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2020, the $0.7 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance and consumer non-cyclical sectors.

As of December 31, 2019, the gross unrealized losses on fixed maturity securities were composed of $2.4 million related to “1” highest quality or “2” high quality securities based on the NAIC or equivalent rating and $0.6 million related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2019, the $2.4 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and energy sectors.

B-23

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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, 2020. These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of December 31, 2020, 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, 2020
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	18,747	$	19,000
Due after one year through five years	200,909		214,388
Due after five years through ten years	205,745		228,272
Due after ten years	1,049,156		1,256,162
Asset-backed securities	16,535		17,189
Commercial mortgage-backed securities	141,564		155,418
Residential mortgage-backed securities	3,214		3,766
Total fixed maturities, available-for-sale	$	1,635,870	$	1,894,195

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,
	2020		2019		2018
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	4,085	$	12,801	$	3,530
Proceeds from maturities/prepayments	57,837		59,294		70,152
Gross investment gains from sales and maturities	(4)		164		172
Gross investment losses from sales and maturities	(43)		(709)		(219)
OTTI recognized in earnings(2)	N/A		(5,474)		(125)
Write-downs recognized in earnings(3)	(625)		N/A		N/A
(Addition to) release of allowance for credit losses(4)	0		N/A		N/A

(1)Includes $1.5 million, $0.0 million and $0.0 million of non-cash related proceeds due to the timing of trade settlements for the years ended December 31, 2020, 2019 and 2018, respectively.

(2)For the years ended December 31, 2019 and 2018, amounts exclude 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)For the year ended December 31, 2020, amounts represent write-downs on credit adverse securities, write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale.

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

For the year ended December 31, 2020, there was no activity in the allowance for credit losses for fixed maturity securities.

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

B-24

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income,” was $(0.8) million, $0.6 million and $(1.0) million during the years ended December 31, 2020, 2019 and 2018, 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, 2020				December 31, 2019
	Amount (in thousands)		% of Total		Amount (in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	46,755	35.0	%	$	47,568	33.2	%
Hospitality	14,031		10.5		14,266		10.0
Industrial	13,936		10.4		18,907		13.2
Office	23,649		17.7		24,035		16.7
Other	16,929		12.7		18,853		13.2
Retail	15,857		11.9		16,174		11.3
Total commercial mortgage loans	131,157		98.2		139,803		97.6
Agricultural property loans	2,398		1.8		3,460		2.4
Total commercial mortgage and agricultural property loans	133,555		100.0	%	143,263		100.0	%
Allowance for credit losses	(440)				(165)
Total net commercial mortgage and agricultural property loans	$	133,115			$	143,098

As of December 31, 2020, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in New York (14%), Florida (10%), Illinois (9%) and Texas (9%)) and included loans secured by properties in Europe (11%).

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, 2017	$	179	$	1	$	180
Addition to (release of) allowance for credit losses	(29)		0		(29)
Balance at December 31, 2018	$	150	$	1	$	151
Addition to (release of) allowance for credit losses	14		0		14
Balance at December 31, 2019	$	164	$	1	$	165
Cumulative effect of adoption of ASU 2016-13	204		0		204
Addition to (release of) allowance for expected losses	72		(1)		71
Balance at December 31, 2020	$	440	$	0	$	440

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

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.

B-25

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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, 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%	$	0	$	6,285	$	0	$	6,349	$	9,731	$	45,261	$	67,626
60%-69.99%	2,198		27,970		1,478		5,381		3,191		18,533		58,751
70%-79.99%	0		1,870		0		0		0		1,931		3,801
80% or greater	0		0		0		979		0		0		979
Total	$	2,198	$	36,125	$	1,478	$	12,709	$	12,922	$	65,725	$	131,157
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	2,198	$	31,751	$	1,478	$	11,730	$	11,872	$	60,499	$	119,528
1.0 - 1.2x	0		3,364		0		979		1,050		5,226		10,619
Less than 1.0x	0		1,010		0		0		0		0		1,010
Total	$	2,198	$	36,125	$	1,478	$	12,709	$	12,922	$	65,725	$	131,157
Agricultural Property Loans
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	0	$	0	$	0	$	2,398	$	2,398
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	$	0	$	0	$	2,398	$	2,398
Debt Service Coverage Ratio:
Greater or Equal to 1.2x	$	0	$	0	$	0	$	0	$	0	$	2,398	$	2,398
1.0 - 1.2x	0		0		0		0		0		0		0
Less than 1.0x	0		0		0		0		0		0		0
Total	$	0	$	0	$	0	$	0	$	0	$	2,398	$	2,398

Commercial mortgage loans
	December 31, 2019
	Debt Service Coverage Ratio
	> 1.2X		1.0X to <1.2X		< 1.0X		Total
	(in thousands)
Loan-to-Value Ratio:
0%-59.99%	$	89,855	$	1,131	$	0	$	90,986
60%-69.99%	42,726		1,877		0		44,603
70%-79.99%	2,695		1,519		0		4,214
80% or greater	0		0		0		0
Total commercial mortgage loans	$	135,276	$	4,527	$	0	$	139,803

B-26

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Agricultural property loans
	December 31, 2019
	Debt Service Coverage Ratio
	> 1.2X		1.0X to <1.2X		< 1.0X		Total
	(in thousands)
Loan-to-Value Ratio:
0%-59.99%	$	3,460	$	0	$	0	$	3,460
60%-69.99%	0		0		0		0
70%-79.99%	0		0		0		0
80% or greater	0		0		0		0
Total agricultural property loans	$	3,460	$	0	$	0	$	3,460

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, 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	$	131,157	$	0	$	0	$	0	$	131,157	$	0
Agricultural property loans	2,398		0		0		0		2,398		0
Total	$	133,555	$	0	$	0	$	0	$	133,555	$	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.

	December 31, 2019
	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	$	139,803	$	0	$	0	$	0	$	139,803	$	0
Agricultural property loans	3,460		0		0		0		3,460		0
Total	$	143,263	$	0	$	0	$	0	$	143,263	$	0

(1)As of December 31, 2019, 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.

There were no loans on non-accrual status as of December 31, 2020. Loans that were in non-accrual status did not recognize interest income for the year ended December 31, 2020.

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

For both the years ended December 31, 2020 and 2019, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

B-27

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Other Invested Assets

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

	December 31,
	2020		2019
	(in thousands)
Company's investment in separate accounts	$	3,269	$	3,418
LPs/LLCs:
Equity method:
Private equity	38,261		26,609
Hedge funds	33,773		30,629
Real estate-related	4,625		4,154
Subtotal equity method	76,659		61,392
Fair value:
Private equity	590		774
Hedge funds	69		78
Real estate-related	2,141		2,490
Subtotal fair value	2,800		3,342
Total LPs/LLCs	79,459		64,734
Derivative instruments	14,781		21,384
Total other invested assets	$	97,509	$	89,536

Equity Method Investments

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

	December 31,
	2020		2019
	(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	1,806,040	$	1,629,207
Total liabilities	$	0	$	0
Partners’ capital	1,806,040		1,629,207
Total liabilities and partners’ capital	$	1,806,040	$	1,629,207
Total liabilities and partners’ capital included above	$	33,773	$	30,629
Equity in LP/LLC interests not included above	42,886		30,763
Carrying value	$	76,659	$	61,392

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

B-28

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31,
	2020		2019		2018
	(in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	168,120	$	125,685	$	(511)
Total expenses	0		0		0
Net earnings (losses)	$	168,120	$	125,685	$	(511)
Equity in net earnings (losses) included above	$	3,144	$	2,363	$	(10)
Equity in net earnings (losses) of LP/LLC interests not included above	3,858		801		751
Total equity in net earnings (losses)	$	7,002	$	3,164	$	741

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

Accrued Investment Income

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

	December 31, 2020
	(in thousands)
Fixed maturities	$	15,178
Equity securities	1
Commercial mortgage and other loans	372
Policy loans	5,688
Short-term investments and cash equivalents	9
Total accrued investment income	$	21,248

There were no write-downs on accrued investment income for the year ended December 31, 2020.

Net Investment Income

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

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Fixed maturities, available-for-sale	$	61,250	$	57,518	$	52,235
Fixed maturities, trading	542		376		322
Equity securities	363		363		364
Commercial mortgage and other loans	5,485		5,130		5,006
Policy loans	11,597		11,458		11,071
Other invested assets	7,509		4,459		1,869
Short-term investments and cash equivalents	431		997		655
Gross investment income	87,177		80,301		71,522
Less: investment expenses	(4,182)		(3,513)		(3,711)
Net investment income	$	82,995	$	76,788	$	67,811

The carrying value of non-income producing assets included $0.4 million in available-for-sale fixed maturities, as of December 31, 2020. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2020.

B-29

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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,
	2020		2019		2018
	(in thousands)
Fixed maturities(1)	$	(672)	$	(6,019)	$	(172)
Commercial mortgage and other loans	(71)		(14)		29
Other invested assets	(51)		(519)		49
Derivatives	2,721		(10,839)		(9,178)
Short-term investments and cash equivalents	(56)		3		(1)
Realized investment gains (losses), net	$	1,871	$	(17,388)	$	(9,273)

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

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,
	2020		2019		2018
	(in thousands)
Fixed maturity securities, available-for-sale — with OTTI(1)	$ N/A		$	51	$	143
Fixed maturity securities, available-for-sale — all other(1)	N/A		112,249		(20,211)
Fixed maturity securities, available-for-sale with an allowance	0		N/A		N/A
Fixed maturity securities, available-for-sale without an allowance	258,325		N/A		N/A
Derivatives designated as cash flow hedges(2)	(2,998)		3,193		1,793
Affiliated notes	254		480		509
Other investments	143		66		145
Net unrealized gains (losses) on investments	$	255,724	$	116,039	$	(17,621)

(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.

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, 2020 and 2019, 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, 2020						December 31, 2019
	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)
Foreign public corporate securities	$	2,725	$	0	$	2,725	$	2,481	$	0	$	2,481
Total cash collateral for loaned securities(1)	$	2,725	$	0	$	2,725	$	2,481	$	0	$	2,481

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

Securities Pledged, Restricted Assets and Special Deposits

B-30

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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,
	2020		2019
	(in thousands)
Pledged collateral:
Fixed maturity securities, available-for-sale	$	2,525	$	2,427
Total securities pledged	$	2,525	$	2,427
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities	$	2,725	$	2,481
Total liabilities supported by the pledged collateral	$	2,725	$	2,481

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, 2020 and 2019, there was no collateral that could be sold or repledged.

As of both December 31, 2020 and 2019, there were available-for-sale fixed maturities of $0.5 million, on deposit with governmental authorities or trustees as required by certain insurance laws.

4. DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

Interest Rate Contracts

Interest rate swaps 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.

Equity Contracts

Equity options 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.

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.

B-31

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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 and index-linked universal life), which may include guaranteed benefit features that are accounted for as embedded derivatives. Related to certain of these derivatives, the Company has entered into reinsurance agreements with an affiliate, Prudential Insurance, effective April 1, 2016. See Note 9 for additional information on the reinsurance agreements.

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.

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.

B-32

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2020						December 31, 2019
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
Foreign Currency Swaps	$	126,806	$	2,404	$	(7,017)	$	131,212	$	4,653	$	(1,504)
Total Derivatives Designated as Hedge Accounting Instruments:	$	126,806	$	2,404	$	(7,017)	$	131,212	$	4,653	$	(1,504)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	30,200	$	4,535	$	0	$	32,075	$	3,005	$	(5)
Credit
Credit Default Swaps	713		0		(6)		0		0		0
Currency/Interest Rate
Foreign Currency Swaps	33,224		2,374		(1,650)		33,224		2,691		(579)
Foreign Currency
Foreign Currency Forwards	3,087		0		(96)		1,858		0		(36)
Equity
Equity Options	441,725		41,582		(27,350)		379,350		24,064		(10,919)
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	508,949	$	48,491	$	(29,102)	$	446,507	$	29,760	$	(11,539)
Total Derivatives(1)(2)	$	635,755	$	50,895	$	(36,119)	$	577,719	$	34,413	$	(13,043)

(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 $1,195 million and $761 million as of December 31, 2020 and 2019, respectively included in “Future policy benefits” and $154 million and $134 million as of December 31, 2020 and 2019, respectively included in “Policyholders’ account balances". The fair value of the related reinsurance, included in "Reinsurance recoverables" or "Other liabilities" was an asset of $1,195 million and $761 million as of December 31, 2020 and 2019, respectively.

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

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 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 Statements of Financial Position. 

B-33

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2020
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives(1)	$	50,895	$	(36,114)	$	14,781	$	(14,572)	$	209
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	50,895	$	(36,114)	$	14,781	$	(14,572)	$	209
Offsetting of Financial Liabilities:
Derivatives(1)	$	36,119	$	(36,119)	$	0	$	0	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	36,119	$	(36,119)	$	0	$	0	$	0

	December 31, 2019
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives(1)	$	34,413	$	(13,029)	$	21,384	$	(21,384)	$	0
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	34,413	$	(13,029)	$	21,384	$	(21,384)	$	0
Offsetting of Financial Liabilities:
Derivatives(1)	$	13,043	$	(13,043)	$	0	$	0	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	13,043	$	(13,043)	$	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 Financial Statements.

Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency 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 and equity derivatives in any of its cash flow hedge accounting relationships.

B-34

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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, 2020
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		AOCI(1)
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	106	$	1,868	$	(1,016)	$	(6,191)
Total cash flow hedges	106		1,868		(1,016)		(6,191)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	1,919		0		0		0
Currency	(174)		0		0		0
Currency/Interest Rate	(894)		0		(25)		0
Credit	(88)		0		0		0
Equity	4,603		0		0		0
Embedded Derivatives	(2,751)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	2,615		0		(25)		0
Total	$	2,721	$	1,868	$	(1,041)	$	(6,191)

	Year Ended December 31, 2019
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		AOCI(1)
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	569	$	1,693	$	(418)	$	1,391
Total cash flow hedges	569		1,693		(418)		1,391
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	1,393		0		0		0
Currency	38		0		0		0
Currency/Interest Rate	216		0		(9)		0
Credit	(1)		0		0		0
Equity	10,544		0		0		0
Embedded Derivatives	(23,598)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(11,408)		0		(9)		0
Total	$	(10,839)	$	1,693	$	(427)	$	1,391

B-35

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2018
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		AOCI(1)
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	(305)	$	1,360	$	638	$	6,829
Total cash flow hedges	(305)		1,360		638		6,829
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(583)		0		0		0
Currency	98		0		0		0
Currency/Interest Rate	1,682		0		13		0
Credit	(2)		0		0		0
Equity	(3,793)		0		0		0
Embedded Derivatives	(6,275)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(8,873)		0		13		0
Total	$	(9,178)	$	1,360	$	651	$	6,829

(1)Net change in AOCI.

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

	(in thousands)
Balance, December 31, 2017	$	(5,036)
Amount recorded in AOCI
Currency/Interest Rate	8,522
Total amount recorded in AOCI	8,522
Amount reclassified from AOCI to income
Currency/Interest Rate	(1,693)
Total amount reclassified from AOCI to income	(1,693)
Balance, December 31, 2018	$	1,793
Cumulative-effect adjustment from the adoption of ASU 2017-12(1)	9
Amount recorded in AOCI
Currency/Interest Rate	3,235
Total amount recorded in AOCI	3,235
Amount reclassified from AOCI to income
Currency/Interest Rate	(1,844)
Total amount reclassified from AOCI to income	(1,844)
Balance, December 31, 2019	$	3,193
Amount recorded in AOCI
Currency/Interest Rate	(5,233)
Total amount recorded in AOCI	(5,233)
Amount reclassified from AOCI to income
Currency/Interest Rate	(958)
Total amount reclassified from AOCI to income	(958)
Balance, December 31, 2020	$	(2,998)

(1)See Note 2 for details.

B-36

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2020 values, it is estimated that a pre-tax gain of $1.5 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2021.

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.

Credit Derivatives

The Company has no exposure from credit derivative positions where it has written credit protection as of December 31, 2020 and 2019.

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 $0.7 million and $0 million reported as of December 31, 2020 and 2019, respectively with a fair value of $0 million for both periods.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparty 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.

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, and certain OTC derivatives.

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-37

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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, 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	$	11,655	$	0	$	0	$	11,655
Obligations of U.S. states and their political subdivisions	0		182,626		0		0		182,626
Foreign government bonds	0		92,636		0		0		92,636
U.S. corporate public securities	0		949,585		0		0		949,585
U.S. corporate private securities	0		245,194		424		0		245,618
Foreign corporate public securities	0		70,347		0		0		70,347
Foreign corporate private securities	0		141,734		23,621		0		165,355
Asset-backed securities(2)	0		17,189		0		0		17,189
Commercial mortgage-backed securities	0		155,418		0		0		155,418
Residential mortgage-backed securities	0		3,766		0		0		3,766
Subtotal	0		1,870,150		24,045		0		1,894,195
Fixed maturities, trading	0		19,269		0		0		19,269
Equity securities	0		123		6,095		0		6,218
Cash equivalents	0		60,879		0		0		60,879
Other invested assets(3)	0		50,895		0		(36,114)		14,781
Reinsurance recoverables	0		0		1,195,469		0		1,195,469
Receivables from parent and affiliates	0		815		0		0		815
Subtotal excluding separate account assets	0		2,002,131		1,225,609		(36,114)		3,191,626
Separate account assets(4)(5)	0		15,044,796		0		0		15,044,796
Total assets	$	0	$	17,046,927	$	1,225,609	$	(36,114)	$	18,236,422
Future policy benefits(6)	$	0	$	0	$	1,195,469	$	0	$	1,195,469
Policyholders' account balances	0		0		153,937		0		153,937
Payables to parent and affiliates	0		36,119		0		(36,119)		0
Total liabilities	$	0	$	36,119	$	1,349,406	$	(36,119)	$	1,349,406

B-38

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2019
	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	$	16,015	$	0	$	0	$	16,015
Obligations of U.S. states and their political subdivisions	0		133,677		0		0		133,677
Foreign government bonds	0		77,280		0		0		77,280
U.S. corporate public securities	0		697,520		0		0		697,520
U.S. corporate private securities	0		232,903		312		0		233,215
Foreign corporate public securities	0		57,993		0		0		57,993
Foreign corporate private securities	0		163,026		866		0		163,892
Asset-backed securities(2)	0		18,542		0		0		18,542
Commercial mortgage-backed securities	0		147,389		0		0		147,389
Residential mortgage-backed securities	0		4,573		0		0		4,573
Subtotal	0		1,548,918		1,178		0		1,550,096
Fixed maturities, trading	0		13,700		0		0		13,700
Equity securities	0		207		7,305		0		7,512
Cash equivalents	0		55,896		0		0		55,896
Other invested assets(3)	0		34,413		0		(13,029)		21,384
Reinsurance recoverables	0		0		760,558		0		760,558
Receivables from parent and affiliates	0		2,433		0		0		2,433
Subtotal excluding separate account assets	0		1,655,567		769,041		(13,029)		2,411,579
Separate account assets(4)(5)	0		13,927,275		0		0		13,927,275
Total assets	$	0	$	15,582,842	$	769,041	$	(13,029)	$	16,338,854
Future policy benefits(6)	$	0	$	0	$	760,558	$	0	$	760,558
Policyholders' account balances	0		0		133,793		0		133,793
Payables to parent and affiliates	0		13,043		0		(13,043)		0
Total liabilities	$	0	$	13,043	$	894,351	$	(13,043)	$	894,351

(1)“Netting” amounts represent cash collateral of $0.0 million as of both December 31, 2020 and 2019, 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, 2020 and 2019, the fair values of such investments were $2.8 million and $3.3 million, respectively.

(4)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, 2020 and 2019, the fair value of such investments was $2,073 million and $1,977 million respectively.

(5)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 Statements of Financial Position.

(6)As ofDecember 31, 2020, the net embedded derivative liability position of $1,195 million includes $51 million of embedded derivatives in an asset position and $1,246 million of embedded derivatives in a liability position. As of December 31, 2019, the net embedded derivative liability position of $761 million includes $60 million of embedded derivatives in an asset position and $821 million of embedded derivatives in a liability position.

B-39

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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”, 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-40

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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 values 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 single name 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.

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.

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.

B-41

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 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.

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, 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)	$	24,045	Discounted cash flow	Discount rate	1.84	%	6.55	%	2.32	%	Decrease
Reinsurance recoverables	$	1,195,469	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(3)	$	1,195,469	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over LIBOR(6)	0.06	%	1.17	%			Decrease
				Utilization rate(7)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(4)	$	153,937	Discounted cash flow	Lapse rate(5)	1	%	6	%			Decrease
				Spread over LIBOR(6)	0.06	%	1.17	%			Decrease
				Mortality rate(9)	0	%	24	%			Decrease
				Equity volatility curve	15	%	30	%			Increase

B-42

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2019
	Fair Value		Valuation  Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Reinsurance recoverables	$	760,558	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(3)	$	760,558	Discounted cash flow	Lapse rate(5)	1	%	18	%		Decrease
				Spread over LIBOR(6)	0.10	%	1.23	%		Decrease
				Utilization rate(7)	43	%	97	%		Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%		Decrease
				Equity volatility curve	13	%	23	%		Increase
Policyholders' account balances(4)	$	133,793	Discounted cash flow	Lapse rate(5)	1	%	6	%		Decrease
				Spread over LIBOR(6)	0.10	%	1.23	%		Decrease
				Mortality rate(9)	0	%	24	%		Decrease
				Equity volatility curve	10	%	23	%		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.

(3)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.

(4)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life 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.

(5)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.

(6)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.

(7)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.

(8)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 December 31, 2020 and 2019, the minimum withdrawal rate assumption is 76% and 78%, respectively. As of both December 31, 2020 and 2019, 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-43

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

(9)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.

Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally 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 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.

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, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)	$	1,178	$	3,315	$	0	$	(860)	$	0	$	(22)	$	0	$	20,434	$	0	$	24,045	$	3,320
Structured securities(4)	0		2		0		(2)		0		0		0		0		0		0		0
Other assets:
Equity securities	7,305		2,290		0		(3,500)		0		0		0		0		0		6,095		1,100
Reinsurance recoverables	760,558		326,083		108,828		0		0		0		0		0		0		1,195,469		349,277
Receivables from parent and affiliates	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(760,558)		(326,083)		0		0		(108,828)		0		0		0		0		(1,195,469)		(349,277)
Policyholders' account balances(5)	(133,793)		(3,200)		0		0		(16,944)		0		0		0		0		(153,937)		1,307

B-44

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	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)(6)
	(in thousands)
Fixed maturities, available-for-sale	$	34	$	0	$	3,275	$	8	$	0	$	0	$	3,320
Other assets:
Equity securities	0		2,290		0		0		0		1,100		0
Reinsurance recoverables	326,083		0		0		0		349,277		0		0
Receivables from parent and affiliates	0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(326,083)		0		0		0		(349,277)		0		0
Policyholders' account balances	(3,200)		0		0		0		1,307		0		0

B-45

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2019
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)	$	2,882	$	(2,133)	$	428	$	0	$	0	$	(638)	$	0	$	639	$	0	$	1,178	$	(4,880)
Structured securities(4)	0		442		0		(10)		0		(68)		0		24,960		(25,324)		0		0
Other assets:
Equity securities	6,622		683		0		0		0		0		0		0		0		7,305		683
Reinsurance recoverables	488,825		174,913		96,820		0		0		0		0		0		0		760,558		191,215
Receivables from parent and affiliates	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(488,825)		(174,913)		0		0		(96,820)		0		0		0		0		(760,558)		(191,215)
Policyholders' account balances(5)	(1,949)		(108,588)		0		0		(23,256)		0		0		0		0		(133,793)		(107,158)

	Year Ended December 31, 2019
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	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	$	(4,895)	$	0	$	3,018	$	186	$	(4,880)	$	0
Other assets:
Equity securities	0		683		0		0		0		683
Reinsurance recoverables	174,913		0		0		0		191,215		0
Receivables from parent and affiliates	0		0		0		0		0		0
Liabilities:
Future policy benefits	(174,913)		0		0		0		(191,215)		0
Policyholders' account balances	(108,588)		0		0		0		(107,158)		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, 2018, 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, 2018.

B-46

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2018
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	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	$	160	$	0	$	(3,222)	$	153	$	0	$	0
Other assets:
Equity securities	0		(806)		0		0		0		(806)
Reinsurance recoverables	(70,180)		0		0		0		(54,376)		0
Receivables from parent and affiliates	0		0		(18)		0		0		0
Liabilities:
Future policy benefits	70,180		0		0		0		54,376		0
Policyholders' account balances	3,567		0		0		0		3,567		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.

(2)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.

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

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

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

(6)Effective January 1, 2020, the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period were added prospectively due to adoption of ASU 2018-13. Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.

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 Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

	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	$	140,921	$	140,921	$	133,115
Policy loans	0		0		212,163		212,163		212,163
Cash and cash equivalents	7,648		0		0		7,648		7,648
Accrued investment income	0		21,248		0		21,248		21,248
Reinsurance recoverables	0		0		28,654		28,654		26,915
Receivables from parent and affiliates	0		30,246		0		30,246		30,246
Other assets	0		6,205		0		6,205		6,205
Total assets	$	7,648	$	57,699	$	381,738	$	447,085	$	437,540
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	220,527	$	41,341	$	261,868	$	260,128
Cash collateral for loaned securities	0		2,725		0		2,725		2,725
Short-term debt to affiliates	0		0		0		0		0
Payables to parent and affiliates	0		16,250		0		16,250		16,250
Other liabilities	0		50,335		0		50,335		50,335
Total liabilities	$	0	$	289,837	$	41,341	$	331,178	$	329,438

B-47

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2019
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	148,855	$	148,855	$	143,098
Policy loans	0		0		211,986		211,986		211,986
Cash and cash equivalents	28		0		0		28		28
Accrued investment income	0		19,539		0		19,539		19,539
Reinsurance recoverables	0		0		26,400		26,400		26,286
Receivables from parent and affiliates	0		30,387		0		30,387		30,387
Other assets	0		3,071		0		3,071		3,071
Total assets	$	28	$	52,997	$	387,241	$	440,266	$	434,395
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	192,239	$	40,475	$	232,714	$	232,600
Cash collateral for loaned securities	0		2,481		0		2,481		2,481
Short-term debt to affiliates	0		89		0		89		89
Payables to parent and affiliates	0		24,958		0		24,958		24,958
Other liabilities	0		41,310		0		41,310		41,310
Total liabilities	$	0	$	261,077	$	40,475	$	301,552	$	301,438

(1)Carrying values presented herein differ from those in the Company’s 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.

Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates and Other Assets

The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: cash and cash equivalent instruments, accrued investment income, and other assets that meet the definition of financial instruments, including receivables, unsettled trades and accounts receivable.

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-48

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

Short-term Debt to Affiliates

The fair value of short-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 and payables to parent and affiliates are primarily payables, such as unsettled trades, drafts, escrow deposits and 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:

	2020		2019		2018
	(in thousands)
Balance, beginning of year	$	178,813	$	165,478	$	145,451
Capitalization of commissions, sales and issue expenses	76,544		39,199		30,742
Amortization-Impact of assumption and experience unlocking and true-ups	(6,688)		(5,341)		(6,328)
Amortization-All other	(11,431)		(9,509)		(9,644)
Change due to unrealized investment gains and losses	(12,813)		(11,014)		5,257
Balance, end of year	$	224,425	$	178,813	$	165,478

7. POLICYHOLDERS’ LIABILITIES

Future Policy Benefits

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

	2020		2019
	(in thousands)
Life insurance	$	1,735,376	$	1,505,953
Individual annuities and supplementary contracts	41,072		32,057
Other contract liabilities	1,200,127		764,949
Total future policy benefits	$	2,976,575	$	2,302,959

Life insurance liabilities include reserves for death benefits. Individual annuities and supplementary contract liabilities include reserves for life contingent immediate annuities. Other contract liabilities include unearned premiums 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

B-49

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 2.3% to 7.0%.

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 0.0% to 7.3%.

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 remaining liabilities for guaranteed benefits are primarily reflected with the underlying contract. The interest rates used in the determination of the present values range from 0.3% to 2.6%. 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:

	2020		2019
	(in thousands)
Interest-sensitive life contracts	$	1,930,925	$	1,851,262
Individual annuities	363,333		360,497
Guaranteed interest accounts	17,970		20,111
Other	220,538		192,250
Total policyholders’ account balances	$	2,532,766	$	2,424,120

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 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 1.9% to 4.6%. Interest crediting rates for individual annuities range from 0.0% to 4.9%. Interest crediting rates for guaranteed interest accounts range from 1.0% to 3.8%. Interest crediting rates range from 0.5% to 3.5% for other.

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 issues 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 issued fixed deferred annuity contracts without MVA that have a guaranteed credited rate and annuity benefit.

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.

B-50

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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, 2020 and 2019, the Company had the following guarantees associated with these contracts, by product and guarantee type:

	December 31, 2020				December 31, 2019
	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	$	9,917,698	N/A		$	9,457,044	N/A
Net amount at risk	$	1,339	N/A		$	2,624	N/A
Average attained age of contractholders	68 years		N/A		67 years		N/A
Minimum return or contract value
Account value	$	1,974,247	$	11,090,944	$	1,974,634	$	10,662,525
Net amount at risk	$	1,720	$	157,115	$	1,784	$	174,773
Average attained age of contractholders	69 years		68 years		69 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, 2020		December 31, 2019
	In the Event of Death(1)
	(in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
Separate account value	$	921,646	$	866,213
General account value	$	1,117,645	$	1,040,548
Net amount at risk	$	18,179,223	$	18,594,133
Average attained age of contractholders	56 years		54 years

(1)Balances are gross of reinsurance.

B-51

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	December 31, 2020(1)		December 31, 2019(1)
	(in thousands)
Equity funds	$	6,015,019	$	5,909,051
Bond funds	5,387,645		5,016,141
Money market funds	148,848		167,616
Total	$	11,551,512	$	11,092,808

(1)Balances are gross of reinsurance.

In addition to the amounts invested in separate account investment options above, $340 million at December 31, 2020 and $339 million at December 31, 2019 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, 2020, 2019 and 2018, there were no transfers of assets, other than cash, from the general account to any separate account, and accordingly no gains or losses recorded.

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.

	GMDB				GMIB		GMWB/GMIWB/GMAB		Total
	Variable Annuity		Variable Life, Variable Universal Life & Universal Life		Variable Annuity
	(in thousands)
Balance at December 31, 2017	$	11,535	$	196,241	$	537	$	472,156	$	680,469
Incurred guarantee benefits(1)	1,913		52,918		10		16,669		71,510
Paid guarantee benefits	(964)		(5,636)		0		0		(6,600)
Change in unrealized investment gains and losses	(216)		(18,681)		(4)		0		(18,901)
Balance at December 31, 2018	12,268		224,842		543		488,825		726,478
Incurred guarantee benefits(1)	2,846		115,994		68		271,733		390,641
Paid guarantee benefits	63		(15,638)		(50)		0		(15,625)
Change in unrealized investment gains and losses	459		51,351		5		0		51,815
Balance at December 31, 2019	15,636		376,549		566		760,558		1,153,309
Incurred guarantee benefits(1)	7,843		107,670		(266)		434,911		550,158
Paid guarantee benefits	(518)		(27,229)		(46)		0		(27,793)
Change in unrealized investment gains and losses	1,214		56,823		2		0		58,039
Balance at December 31, 2020	$	24,175	$	513,813	$	256	$	1,195,469	$	1,733,713

(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.

B-52

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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. 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.

There were no deferred sales inducements balances at December 31, 2020 and 2019 because they were fully ceded.

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 Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”), its parent companies, Pruco Life and 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.

B-53

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 a reinsurance agreement to transfer the risk related to living benefit guarantees on variable annuities 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 Statements of Financial Position as of December 31, were as follows:

	2020		2019
	(in thousands)
Reinsurance recoverables	$	3,860,612	$	3,200,642
Policy loans	(21,466)		(18,627)
Deferred policy acquisition costs	(661,732)		(736,575)
Deferred sales inducements	(40,980)		(47,423)
Other assets	15,172		16,540
Other liabilities	127,234		93,557

Reinsurance recoverables by counterparty are broken out below:

	December 31, 2020		December 31, 2019
	(in thousands)
Prudential Insurance	$	1,726,545	$	1,245,450
PAR U	1,119,545		1,027,304
PARCC	448,884		458,441
PAR Term	236,561		219,757
Term Re	232,398		190,633
DART	69,268		38,651
Pruco Life	24,744		16,428
Unaffiliated	2,667		3,978
Total reinsurance recoverables	$	3,860,612	$	3,200,642

B-54

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	2020		2019		2018
	(in thousands)
Premiums:
Direct	$	249,426	$	248,613	$	238,622
Ceded	(227,766)		(235,682)		(225,615)
Net premiums	21,660		12,931		13,007
Policy charges and fee income:
Direct	407,449		405,167		361,697
Ceded(1)	(333,247)		(339,432)		(299,130)
Net policy charges and fee income	74,202		65,735		62,567
Net investment income:
Direct	83,800		77,462		68,467
Ceded	(805)		(674)		(656)
Net investment income	82,995		76,788		67,811
Asset administration fees:
Direct	39,773		38,013		36,214
Ceded	(33,029)		(32,169)		(30,858)
Net asset administration fees	6,744		5,844		5,356
Realized investment gains (losses), net:
Direct	(324,737)		(184,219)		70,414
Ceded	326,608		166,831		(79,687)
Realized investment gains (losses), net	1,871		(17,388)		(9,273)
Policyholders’ benefits (including change in reserves):
Direct	470,557		436,729		296,335
Ceded(2)	(428,670)		(411,116)		(276,506)
Net policyholders’ benefits (including change in reserves)	41,887		25,613		19,829
Interest credited to policyholders’ account balances:
Direct	75,609		67,354		67,490
Ceded	(31,513)		(29,608)		(31,554)
Net interest credited to policyholders’ account balances	44,096		37,746		35,936
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization	$	(176,420)	$	(182,460)	$	(161,905)

(1)Includes $(4) million of unaffiliated activity for each of the years ended December 31, 2020, 2019 and 2018.

(2)Includes $(1) million, $(2) million and $(4) million of unaffiliated activity for the years ended December 31, 2020, 2019 and 2018, respectively.

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

	2020		2019		2018
	(in thousands)
Direct gross life insurance face amount in force	$	154,173,267	$	148,591,760	$	140,943,939
Reinsurance ceded	(139,478,523)		(135,331,837)		(128,863,466)
Net life insurance face amount in force	$	14,694,744	$	13,259,923	$	12,080,473

B-55

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Information regarding significant affiliated reinsurance agreements is described below.

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 was terminated for certain new business, primarily Universal Life business, and such business was reinsured to Pruco Life under a yearly renewable term reinsurance agreement. As of January 1, 2020, the remaining portions of new business (specifically Term policies) ceased being reinsured by the Company to Prudential Insurance, and a separate yearly renewable term reinsurance agreement was established with Pruco Life for Term policies. Effective April 1, 2016, the Company entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between Prudential Insurance and the Company.

PAR U

Effective July 1, 2012, the Company reinsures an amount equal to 95% of all 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.

PARCC

The Company reinsures 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.

PAR Term

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.

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.

Pruco Life

Effective July 1, 2017, the Company entered into a yearly renewable term reinsurance agreement with Pruco Life for new business, primarily covering Universal Life policies. Effective January 1, 2020, the Company entered in a similar yearly renewable term reinsurance agreement with Pruco Life for new business relating to Term policies. Under these agreements the majority of all mortality risk is ceded to Pruco Life. The Company also reinsures certain Corporate Owned Life Insurance (“COLI”) policies with Pruco Life. Through March 31, 2016, the Company reinsured Prudential Defined Income ("PDI") living benefit guarantees with Pruco Life. Effective April 1, 2016, the Company recaptured PDI living benefit guarantees from Pruco Life and reinsured them, together with the related variable annuity base contracts, with Prudential Insurance.

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.

B-56

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to 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,
	2020		2019		2018
	(in thousands)
Current tax expense (benefit):
U.S. federal	$	(34,698)	$	7,030	$	8,435
Total	(34,698)		7,030		8,435
Deferred tax expense (benefit):
U.S. federal	28,359		(10,442)		(8,488)
Total	28,359		(10,442)		(8,488)
Income tax expense (benefit) from operations	(6,339)		(3,412)		(53)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	26,521		26,583		(14,464)
Total income tax expense (benefit)	$	20,182	$	23,171	$	(14,517)

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 2020, 2019 and 2018, and the reported income tax expense (benefit) are summarized as follows:

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Expected federal income tax expense	$	8,827		$	7,002		$	6,559
Non-taxable investment income	(5,819)			(6,578)			(5,171)
Tax credits	(2,451)			(3,689)			(3,525)
Changes in tax law	(6,941)			0			(61)
Settlements with taxing authorities	0			0			2,098
Other	45			(147)			47
Reported income tax expense (benefit)	$	(6,339)		$	(3,412)		$	(53)
Effective tax rate	(15.1)		%	(10.2)		%	(0.2)		%

The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes.” The Company’s effective tax rate for fiscal years 2020, 2019 and 2018 was (15.1)%, (10.2)% and (0.2)%, 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 2020, 2019 and 2018, 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 $5 million of the total $6 million of 2020 non-taxable investment income, $6 million of the total $7 million of 2019 non-taxable investment income, and $5 million of the total $5 million of 2018 non-taxable investment income. The DRD for the current period was estimated using information from 2018, 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-57

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

Tax Act of 2017. On December 22, 2017, the Tax Act of 2017 was enacted into U.S. law. During 2018, the Company completed the collection, preparation and analysis of data relevant to the Tax Act of 2017, and interpreted any additional guidance issued by the IRS, U.S. Department of the Treasury, or other standard-setting organizations, and recognized a $0.1 million reduction in income tax expense primarily related to refinements of our provisional estimates.

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 2018, 2019, or 2020 to carry back those losses up to five years. For 2020, the Company has recorded an income tax benefit of $7 million from carrying the estimated 2020 NOL back to tax years that have a 35% tax rate.

Settlements with taxing authorities. During 2018, the Company reached an agreement with the IRS to resolve outstanding tax audit issues for tax years 2015 and 2016 and partially for 2017 which resulted in a $2 million increase to our income tax expense for 2018.

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,
	2020		2019
	(in thousands)
Deferred tax assets:
Insurance reserves	$	10,248	$	29,213
Deferred policy acquisition cost	5,713		9,720
Employee benefits	0		840
Other	0		393
Deferred tax assets	15,961		40,166
Deferred tax liabilities:
Net unrealized gain on securities	54,332		23,698
Investments	4,326		5,677
Other	179		0
Deferred tax liabilities	58,837		29,375
Net deferred tax asset (liability)	$	(42,876)	$	10,791

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, 2020, and 2019. 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" includes income from domestic operations of $42 million, $33 million and $31 million for the years ended December 31, 2020, 2019 and 2018, respectively.

B-58

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated.

	2020		2019		2018
	(in thousands)
Balance at January 1,	$	0	$	0	$	3,019
Increases in unrecognized tax benefits-prior years	0		0		0
(Decreases) in unrecognized tax benefits-prior years	0		0		0
Increases in unrecognized tax benefits-current year	0		0		0
(Decreases) in unrecognized tax benefits-current year	0		0		0
Settlements with taxing authorities	0		0		(3,019)
Balance at December 31,	$	0	$	0	$	0
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate	$	0	$	0	$	0

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.

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, 2020, the Company remains subject to examination in the U.S. for tax years 2014 through 2020.

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 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:

B-59

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	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, 2017	$	(42)	$	34,372	$	34,330
Change in OCI before reclassifications	(1,187)		(66,171)		(67,358)
Amounts reclassified from AOCI	0		(1,521)		(1,521)
Income tax benefit (expense)	248		14,216		14,464
Cumulative effect of adoption of ASU 2016-01	0		(175)		(175)
Cumulative effect of adoption of ASU 2018-02	(8)		5,901		5,893
Balance, December 31, 2018	(989)		(13,378)		(14,367)
Change in OCI before reclassifications	10		122,400		122,410
Amounts reclassified from AOCI	0		4,175		4,175
Income tax benefit (expense)	(2)		(26,581)		(26,583)
Balance, December 31, 2019	(981)		86,616		85,635
Change in OCI before reclassifications	250		126,329		126,579
Amounts reclassified from AOCI	0		(286)		(286)
Income tax benefit (expense)	(52)		(26,469)		(26,521)
Balance, December 31, 2020	$	(783)	$	186,190	$	185,407

(1)Includes cash flow hedges of $(3) million, $3 million and $2 million as of December 31, 2020, 2019 and 2018, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	958	$	1,844	$	1,693
Net unrealized investment gains (losses) on available-for-sale securities(4)	(672)		(6,019)		(172)
Total net unrealized investment gains (losses)	286		(4,175)		1,521
Total reclassifications for the period	$	286	$	(4,175)	$	1,521

(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.

(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 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” 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 recognized, and all other net unrealized investment gains (losses), are as follows:

B-60

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI had been previously recognized

	Net Unrealized Gains (Losses) on Investments		DAC and Other Costs(2)		Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3)		Deferred Income Tax (Liability) Benefit		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2017	$	162	$	(63)	$	109	$	(70)	$	138
Net unrealized investment gains (losses) on investments arising during the period	3		0		0		(1)		2
Reclassification adjustment for (gains) losses included in net income	(22)		0		0		5		(17)
Reclassification adjustment for OTTI losses excluded from net income(1)	0		0		0		0		0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0		9		0		(2)		7
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities	0		0		(67)		14		(53)
Balance, December 31, 2018	143		(54)		42		(54)		77
Net unrealized investment gains (losses) on investments arising during the period	(532)		0		0		112		(420)
Reclassification adjustment for (gains) losses included in net income	647		0		0		(136)		511
Reclassification adjustment for OTTI losses excluded from net income	(207)		0		0		43		(164)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0		22		0		(5)		17
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities	0		0		(8)		2		(6)
Balance, December 31, 2019	51		(32)		34		(38)		15
Reclassification due to implementation of ASU 2016-13(4)	(51)		32		(34)		38		(15)
Balance, December 31, 2020	$	0	$	0	$	0	$	0	$	0

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

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

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

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

B-61

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized and All Other

	Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized (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)		Deferred Income Tax (Liability) Benefit		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
			(in thousands)
Balance, December 31, 2017	$	0	$	52,537	$	35	$	(1,754)	$	(16,584)	$	34,234
Net unrealized investment gains (losses) on investments arising during the period	0		(68,532)		0		0		14,392		(54,140)
Reclassification adjustment for (gains) losses included in net income	0		(1,499)		0		0		315		(1,184)
Reclassification adjustment for OTTI losses excluded from net income(2)	0		0		0		0		0		0
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0		0		3,134		0		(658)		2,476
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities	0		0		0		(718)		151		(567)
Cumulative effect of adoption of ASU 2016-01	0		(270)		0		0		95		(175)
Cumulative effect of adoption of ASU 2018-02	0		0		0		0		5,901		5,901
Balance, December 31, 2018	0		(17,764)		3,169		(2,472)		3,612		(13,455)
Net unrealized investment gains (losses) on investments arising during the period	0		130,017		0		0		(27,303)		102,714
Reclassification adjustment for (gains) losses included in net income	0		3,528		0		0		(741)		2,787
Reclassification adjustment for OTTI losses excluded from net income	0		207		0		0		(43)		164
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0		0		5,836		0		(1,226)		4,610
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities	0		0		0		(12,935)		2,716		(10,219)
Balance, December 31, 2019	0		115,988		9,005		(15,407)		(22,985)		86,601
Reclassification due to implementation of ASU 2016-13(6)	0		51		(32)		34		(38)		15
Net unrealized investment gains (losses) on investments arising during the period	0		139,971		0		0		(29,394)		110,577
Reclassification adjustment for (gains) losses included in net income	0		(286)		0		0		61		(225)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0		0		19,268		0		(4,047)		15,221

B-62

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities	0		0		0		(32,910)		6,911		(25,999)
Balance, December 31, 2020	$	0	$	255,724	$	28,241	$	(48,283)	$	(49,492)	$	186,190

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

(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 New Jersey Department of Banking and Insurance. 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) of the Company amounted to $(85) million, $38 million and $33 million for the years ended December 31, 2020, 2019 and 2018, respectively. Statutory surplus of the Company amounted to $322 million and $339 million at December 31, 2020 and 2019, respectively.

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 New Jersey law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the New Jersey Department of Banking and Insurance. 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. Based on these limitations, there is a capacity to pay a dividend of $32 million in 2021 without prior approval. The Company did not pay dividends to Pruco Life in 2020, 2019, and 2018 respectively.

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 $0.1 million for each of the years ended December 31, 2020, 2019 and 2018. The expense charged to the Company for the deferred compensation program was $0.6 million, $0.6 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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 $2 million, $2 million and $3 million for each of the years ended December 31, 2020, 2019 and 2018, respectively.

B-63

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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 $2 million, $3 million and $3 million for the years ended December 31, 2020, 2019 and 2018, 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 $1 million for each of the years ended December 31, 2020, 2019 and 2018.

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 $53 million, $78 million and $73 million for the years ended December 31, 2020, 2019 and 2018, 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 $9 million, $13 million and $8 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Corporate-Owned Life Insurance

The Company has sold three 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 $3,071 million at December 31, 2020 and $2,743 million at December 31, 2019. Fees related to these COLI policies were $27 million, $26 million and $25 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company retains 10% of the mortality risk associated with these COLI policies up to $0.1 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 $3 million, $2 million and $2 million for the years ended December 31, 2020, 2019 and 2018, respectively. These expenses are recorded as “Net investment income” in the 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 $41 million and $37 million as of December 31, 2020 and 2019, respectively. "Net investment income" related to these ventures includes gains of $4 million, $2 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, 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 $33 million, $32 million and $31 million for the years ended December 31, 2020, 2019 and 2018, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income.

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 $6 million, $6 million and $5 million for the years ended December 31, 2020, 2019 and 2018, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income.

B-64

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Affiliated Notes Receivable

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

	Maturity Dates			Interest Rates				2020		2019
								(in thousands)
U.S. dollar fixed rate notes	2026	-	2027	0.00%	-	14.85	%	$	815	$	2,433
Total long-term notes receivable - affiliated(1)								$	815	$	2,433

(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 $0.0 million and $0.0 million for the years end December 31, 2020 and 2019, respectively, and is included in “Other assets.” Revenues related to these loans were $0.1 million, $0.2 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in “Other 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, 2020 and 2019:

Affiliate	Date	Transaction	Security Type	Fair Value		Book Value		APIC, Net of Tax Increase/(Decrease)		Realized Investment Gain (Loss)
				(in thousands)
Prudential Annuities Life Assurance Corporation	April 2019	Sale	Equity Securities	$	3,293	$	2,995	$	0	$	298
Prudential Insurance	April 2020	Purchase	Fixed Maturities	$	3,485	$	3,320	$	(130)	$	0

Debt Agreements

The Company is authorized to borrow funds up to $200 million from affiliates to meet its capital and other funding needs. There was no debt outstanding for 2020. The short-term debt was $0.1 million as of December 31, 2019.

The total interest expense to the Company related to loans payable to affiliates was $0.0 million, $0.1 million and $0.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Contributed Capital and Dividends

In March 2020, the Company received a capital contribution in the amount of $85 million from Pruco Life. In December 2019, the Company received a capital contribution in the amount of $60 million from Pruco Life. In March 2018, the Company received a capital contribution in the amount of $1 million from Pruco Life.

Through 2020, 2019 and 2018, the Company did not pay any dividends.

Reinsurance with Affiliates

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

B-65

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

14. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Company has made commitments to fund commercial mortgage loans. As of December 31, 2020 there were no outstanding commitments to fund commercial loans, and $4 million as of December 31, 2019. The amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was a change of $0.0 million for the twelve months ended December 31, 2020. The Company has made commitments to purchase or fund investments, mostly private fixed maturities. As of December 31, 2020 and 2019, $74 million and $48 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 the twelve months ended December 31, 2020.

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. For additional discussion of these matters, see “Litigation and Regulatory Matters” below.

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.

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, 2020, 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 $10 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.

B-66

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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.

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 position. 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 position.

15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 are summarized in the table below:

	Three Months Ended
	March 31		June 30		September 30		December 31
	(in thousands)
2020
Total revenues	$	58,809	$	39,729	$	51,131	$	44,168
Total benefits and expenses	42,563		37,792		30,848		40,602
Income (loss) from operations before income taxes	16,246		1,937		20,283		3,566
Net income (loss)	$	14,545	$	10,362	$	19,000	$	4,464
2019
Total revenues	$	38,475	$	43,080	$	36,173	$	30,804
Total benefits and expenses	27,353		33,388		27,560		26,888
Income (loss) from operations before income taxes	11,122		9,692		8,613		3,916
Net income (loss)	$	10,545	$	10,497	$	8,366	$	7,347

16.    REVISION TO PRIOR YEAR INFORMATION

Revision to 2019 and 2018 Financial Statements

The Company identified an error in the presentation of certain cash flow activity related to policyholders' account balances that impacted several line items within previously issued Statements of Cash Flows. While these items affect the cash flows from operating and financing activities, they had no impact on the net increase (decrease) in cash and cash equivalents for the previously reported periods. Prior period amounts have been revised in the financial statements to correct this error as shown below.

B-67

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Management assessed the materiality of the misstatement described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the financial statements for the years ended December 31, 2019 and 2018, which are presented herein, have been revised.

The following are selected line items from the financial statements illustrating the effects of these revisions:

Statements of Cash Flows

	Year Ended December 31, 2019
	As Previously Reported		Revision		As Revised
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Policy charges and fee income	$	(26,433)	$	9,333	$	(17,100)
Cash flows from (used in) operating activities	29,264		9,333		38,597
CASH FLOWS FROM FINANCING ACTIVITIES:
Other, net	0		(9,333)		(9,333)
Cash flows from (used in) financing activities	84,664		(9,333)		75,331

	Year Ended December 31, 2018
	As Previously Reported		Revision		As Revised
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Policy charges and fee income	$	(21,780)	$	6,387	$	(15,393)
Cash flows from (used in) operating activities	34,768		6,387		41,155
CASH FLOWS FROM FINANCING ACTIVITIES:
Other, net	0		(6,387)		(6,387)
Cash flows from (used in) financing activities	91,257		(6,387)		84,870

B-68

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of financial position of Pruco Life Insurance Company of New Jersey (the "Company") as of December 31, 2020 and 2019, and the related statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2020 including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Changes in Accounting Principles

As discussed in Note 2 to the financial statements, the Company changed the manner in which it accounts for credit losses on certain financial assets reported at amortized cost, certain off-balance sheet exposures, and impairments for fixed maturities, available-for-sale in 2020, and the manner in which it accounts for certain financial assets and liabilities and in which it accounts for certain tax effects originally recognized in accumulated other comprehensive income in 2018.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s 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 financial 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 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 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. 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 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 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 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.

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

As described in Notes 2, 5, 7 and 8 to the financial statements, the Company issues certain life insurance products that include certain contract features, including no-lapse guarantees. The liability for no-lapse guarantee features is grouped with guaranteed minimum death benefit ("GMDB") features in Note 8. For GMDB contract features, additional policyholder liabilities are established when associated assessments are recognized. As of December 31, 2020, the additional liability for these contract features included in the liability for future policy benefits was $514 million. As disclosed by management, this liability is established using current best estimate assumptions, including mortality rates, lapse 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.

B-69

The principal considerations for our determination that performing procedures relating to the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits is a critical audit matter are (i) the significant judgment by management to determine the aforementioned assumptions for the additional policyholder liabilities, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the aforementioned assumptions used in the valuation of the 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 financial statements. These procedures included testing the effectiveness of controls relating to the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits, including controls over the development of the assumptions used in the valuation of the liabilities for the GMDB features. These procedures also included, among others, testing management’s process for determining the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits, which included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the appropriateness of management’s models and (ii) evaluating 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

As described in Notes 2 and 6 to the financial statements, the Company defers acquisition costs that relate directly to the successful acquisition of new and renewal insurance business to the extent such costs are deemed recoverable from future profits. As of December 31, 2020, a significant portion of the $224 million of deferred policy acquisition costs ("DAC") are associated with universal life and variable life products. DAC related to universal life and variable life 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. 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.

The principal considerations for our determination that performing procedures relating to the valuation of DAC related to universal life and variable life 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, 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 financial statements. These procedures included testing the effectiveness of controls relating to the valuation of DAC related to universal life and variable life 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, which included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the appropriateness of management’s models, and (ii) evaluating 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 19, 2021

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

B-70

EX-9

	Elizabeth L. Gioia Vice President, Corporate Counsel
	The Prudential Insurance Company of America 751 Broad Street, Newark, NJ 07102-3777 Tel 203 402-1624  elizabeth.gioia@prudential.com

April 7, 2021

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:    Pruco Life Insurance Company of New Jersey (“Depositor”)

    Pruco Life of New Jersey Flexible Premium Variable Annuity Account (“Registrant”)

    Post-Effective Amendment No. 17 to Registration Statement on Form N-4

    File Nos. 333-184542 and 811-07975

Members of the Commission:

I have acted as counsel to Pruco Life Insurance Company of New Jersey (the “Company”), in connection with the filing of Post-Effective Amendment No. 17 to the above-referenced Registration Statement on Form N-4 under the Securities Act of 1933. Such registration statement relates to the contracts, riders, and endorsements (collectively, the “Contracts”) for the variable annuity contracts to be sold through certain selling broker-dealers.

I have examined or caused to be examined such documents and reviewed or caused to be reviewed such questions of law as I considered necessary and appropriate for the purpose of rendering this opinion. On the basis of such examination and review, it is my opinion that:

1. The Company is a corporation duly organized and validly existing as a stock life insurance company under the laws of the State of New Jersey and is duly authorized by the Insurance Department of that state to issue the Contracts.

2. The separate account through which the Contracts are issued is a duly authorized and existing separate account established pursuant to the provisions of applicable state law.

3. To the extent so provided under the Contracts, that portion of the assets of the separate account equal to the reserves and other contract liabilities with respect to the separate account will not be chargeable with liabilities arising out of any other business that the Company may conduct.

4. The Contracts, when issued in accordance with the Registration Statement on Form N-4, will constitute legal, validly-issued and binding obligations of the Company.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Very truly yours,

/s/Elizabeth L. Gioia

Elizabeth L. Gioia

Vice President, Corporate Counsel

EX-10

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 17 to the Registration Statement on Form N-4 (No. 333-184542) (the “Registration Statement”) of our report dated March 19, 2021 relating to the financial statements of Pruco Life Insurance Company of New Jersey and consent to the use in the Registration Statement of our report dated April 7, 2021 relating to the financial statements of each of the subaccounts of Pruco Life of New Jersey Flexible Premium Variable Annuity Account indicated in our report. We also consent to the reference to us under the heading “Experts” in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, NY

April 7, 2021

EX-13.A

POWER OF ATTORNEY

The undersigned, being a director and officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 22nd day of March, 2021.

/s/ Dylan J. Tyson

Dylan J. Tyson

Director, President and

Chief Executive Officer

EX-13.B

POWER OF ATTORNEY

The undersigned, being a director and officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 26th day of March, 2021.

/s/ Susan M. Mann

Susan M. Mann

Director, Chief Financial Officer, Chief

Accounting Officer and Vice President

EX-13.C

POWER OF ATTORNEY

The undersigned, being a director or officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 22nd day of March, 2021.

/s/ Markus Coombs

Markus Coombs

Director and Vice President

EX-13.D

POWER OF ATTORNEY

The undersigned, being a director or officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 22nd day of March, 2021.

/s/ Nandini Mongia

Nandini Mongia

Director and Treasurer

EX-13.E

POWER OF ATTORNEY

The undersigned, being a director or officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.:333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035333-162678333-184542

333-184889333-184891333-184892

333-192702333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 22nd day of March, 2021.

/s/ Candace Woods

Candace J. Woods

Director

EX-13.F

POWER OF ATTORNEY

The undersigned, being a director or officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of March, 2021.

/s/ Salene Hitchcock-Gear

Salene Hitchcock-Gear

Director

EX-13.G

POWER OF ATTORNEY

The undersigned, being a director or officer of Pruco Life Insurance Company of New Jersey ("PLNJ"), constitutes and appoints Elizabeth L. Gioia, Richard H. Kirk, Douglas E. Scully, and Lynn K. Stone, and each of them severally, his or her true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his or her name, place and stead, in any and all capacities, and to do any and all things and execute any and all instruments that such attorneys-in-fact may deem necessary or advisable under any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with where applicable: Registration statements of the appropriate forms prescribed by the Securities and Exchange Commission, and any other periodic documents and reports required under the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all amendments thereto executed on behalf of PLNJ filed with the Securities and Exchange Commission for the Registrations listed below:

Pruco Life Insurance Company of New Jersey

Market Value Adjusted Fixed Allocation Investment Options Registration Nos.:

333-249227 333-249228

Market Value Adjusted Individual Annuity Contracts Registration No.: 333-249295

Pruco Life of New Jersey Flexible Premium Variable Annuity Account Registration No. 811-07975

and its Flexible Premium Deferred Annuity Contracts Registration Nos.:

333-131035 333-162678 333-184542

333-184889 333-184891 333-184892

333-192702 333-248527

IN WITNESS WHEREOF, I have hereunto set my hand this 24th day of March, 2021.

/s/ Caroline Feeney

Caroline A. Feeney

Director