8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

  FORM 8-K

___________________________

CURRENT REPORT

 Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2020

 ___________________________

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 ___________________________

New Jersey	001-16707	22-3703799
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

751 Broad Street

Newark, NJ 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

 ___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, Par Value $.01	PRU	New York Stock Exchange
5.75% Junior Subordinated Notes	PJH	New York Stock Exchange
5.70% Junior Subordinated Notes	PRH	New York Stock Exchange
5.625% Junior Subordinated Notes	PRS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

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

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Item 2.02    Results of Operations and Financial Condition.

Prudential Financial, Inc. (the "Company") furnishes herewith, as Exhibit 99.1, a news release announcing first quarter 2020 results.

Item 7.01    Regulation FD Disclosure.

A.	Quarterly Financial Supplement. The Company furnishes herewith, as Exhibit 99.2, the Quarterly Financial Supplement for first quarter 2020.
B.	Conference Call and Related Materials. Members of the Company's senior management will hold a conference call on Wednesday, May 6, 2020 at 11:00 A.M. ET, to discuss the Company's first quarter 2020 results. Related materials are available on the Company's Investor Relations website at www.investor.prudential.com.

Investors and others should note that the Company routinely uses its Investor Relations website to post presentations to investors and other important information, including information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at www.investor.prudential.com. Interested parties may register to receive automatic email alerts when presentations and other information are posted to the Investor Relations website by clicking on “Subscribe to Email Alerts" at www.investor.prudential.com and following the instructions provided.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	News release of Prudential Financial, Inc. dated May 5, 2020, announcing first quarter 2020 results (furnished and not filed).
99.2	Quarterly Financial Supplement for Prudential Financial, Inc. for first quarter 2020 (furnished and not filed).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 5, 2020

PRUDENTIAL FINANCIAL, INC.
By:	/s/ Robert D. Axel
	Name: Robert D. Axel Title:   Senior Vice President and Principal Accounting Officer

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EX-99.1

Exhibit 99.1

May 5, 2020

Prudential Financial, Inc. Announces

First Quarter 2020 Results

• Net loss attributable to Prudential Financial, Inc. of $271 million or $0.70 per Common share versus net income of $932 million or $2.22 per share for the year-ago quarter.

• After-tax adjusted operating income of $939 million or $2.32 per Common share versus $1.259 billion or $3.00 per share for the year-ago quarter.

• Book value per Common share of $152.45 versus $132.83 per share for the year-ago; adjusted book value per Common share of $99.71 versus $96.76 per share for the year-ago.     

• Capital returned to shareholders of $945 million in the quarter versus $915 million for the year-ago quarter, including dividends of $1.10 per Common share, representing a 4% yield on adjusted book value.

• Parent company highly liquid assets of $5.3 billion versus $5.5 billion for the year-ago.

◦ Completed $1.5 billion senior debt issuance, including $0.5 billion Green Bond, intended to cover maturities through 2021.

• Assets under management amounted to $1.481 trillion versus $1.456 trillion for the year-ago.

Charles Lowrey, Chairman and CEO, commented on results:

“First, we would like to share our thanks and gratitude to all of the emergency and medical responders who are on the front lines of the global pandemic crisis. The health and security of our employees and their families remain our utmost priority. Their wellbeing enables us to address the evolving health and financial needs of our customers and our community as the pandemic and its economic impact reverberates more broadly.

While market turbulence related to the pandemic adversely impacted our first quarter financial results, Prudential remains 'Rock' solid with robust risk management, a strong balance sheet, and significant resources to continue to fulfill the promises we have made.

Looking ahead, execution of our key initiatives remains on track, and we are accelerating a number of our actions.

Backed by our financial strength and guided by our purpose, we strive to solve the financial challenges of our changing world in support of an inclusive global recovery.”

NEWARK, N.J. - Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net loss attributable to Prudential Financial, Inc. was $271 million ($0.70 per Common share) for the first quarter of 2020, compared to net income of $932 million ($2.22 per Common share) for the first quarter of 2019. After-tax adjusted operating income was $939 million ($2.32 per Common share) for the first quarter of 2020, compared to $1.259 billion ($3.00 per Common share) for the first quarter of 2019.

Consolidated adjusted operating income, adjusted book value, and adjusted operating return on equity are non-GAAP measures. These measures are discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.

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Prudential Financial, Inc. First Quarter 2020 Earnings Release Page 2

RESULTS OF ONGOING OPERATIONS

The Company’s ongoing operations include PGIM, U.S. Businesses (consisting of U.S. Workplace Solutions, U.S. Individual Solutions, and Assurance IQ), International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported adjusted operating income of $164 million in the first quarter of 2020, compared to $214 million in the year-ago quarter. The decrease reflects lower Other Related Revenue, driven by lower strategic investment earnings, and higher expenses, partially offset by higher asset management fees from an increase in average assets under management.

PGIM assets under management of $1.296 trillion were up 4% from the year-ago quarter, reflecting market appreciation and fixed income inflows, partially offset by equity outflows.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $619 million for the first quarter of 2020, compared to $881 million in the year-ago quarter. The decrease reflects lower underwriting results, a favorable impact from changes in market conditions on estimates of profitability in the year-ago quarter, lower net fee income, and lower net investment spread results.

U.S. Workplace Solutions, consisting of Retirement and Group Insurance, reported adjusted operating income of $289 millionfor the first quarter of 2020, compared to $304 million in the year-ago quarter.

Retirement:

• Reported adjusted operating income of $245 million in the current quarter, compared to $251 million in the year-ago quarter. The decrease reflects lower reserve gains, partially offset by lower expenses and higher fee income.

• Account values of $466 billion were up 3% from the year-ago quarter, primarily driven by pension risk transfer transactions. Net flows in the current quarter totaled $1.7 billion with $1.4 billion from Institutional Investment Products and $0.3 billion from Full Service.

Group Insurance:

• Reported adjusted operating income of $44 million in the current quarter, compared to $53 million in the year-ago quarter. The decrease reflects lower variable investment income.

• Reported earned premiums, policy charges, and fees of $1.3 billion in the current quarter were consistent with the year-ago quarter.

U.S. Individual Solutions, consisting of Individual Annuities and Individual Life, reported adjusted operating income of $353 million for the first quarter of 2020, compared to $577 million in the year-ago quarter.

Individual Annuities:

• Reported adjusted operating income of $373 million in the current quarter, compared to $472 million in the year-ago quarter. The decrease reflects lower fee income, net of distribution expenses and other associated costs, lower net investment spread results, and a favorable impact from changes in market conditions on estimates of profitability in the year-ago quarter.

• Account values of $144 billion were down 11% from the year-ago quarter, reflecting net outflows and equity market depreciation in the first quarter of 2020. Gross sales of $1.9 billion in the current quarter reflect our continued diversification strategy with approximately 64% of sales coming from less equity market sensitive products.

Individual Life:

• Reported a loss on an adjusted operating income basis of $20 million in the current quarter, compared to adjusted operating income of $105 million in the year-ago quarter. The decrease reflects less favorable underwriting results, a favorable impact from changes in market conditions on estimates of profitability in the year-ago quarter, and lower net investment spread results.

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Prudential Financial, Inc. First Quarter 2020 Earnings Release Page 3

• Sales of $187 million in the current quarter were up 15% from the year-ago quarter, primarily reflecting higher variable life sales.

Assurance IQ reported a loss, on an adjusted operating income basis, of $23 million in the current quarter.

International Businesses

International Businesses,consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $751 million for the first quarter of 2020, compared to $922 million in the year-ago quarter. The decrease reflects lower net investment spread results, higher expenses, lower earnings from joint venture investments due to market performance, and less favorable underwriting results. These items were partially offset by business growth.

Life Planner:

• Reported adjusted operating income of $417 million in the current quarter, compared to $481 million in the year-ago quarter. The decrease reflects lower net investment spread results, higher expenses, and less favorable underwriting results. These items were partially offset by business growth.

• Constant dollar basis sales of $386 million in the current quarter decreased 5% from the year-ago quarter, primarily reflecting lower sales in Japan, partially offset by growth in other countries.

Gibraltar Life & Other:

• Reported adjusted operating income of $334 million in the current quarter, compared to $441 million in the year-ago quarter. The decrease primarily reflects lower net investment spread results, and lower earnings from joint venture investments due to market performance.

• Constant dollar basis sales of $309 million in the current quarter decreased 5% from the year-ago quarter, primarily reflecting lower U.S. dollar-denominated fixed annuity sales in the Life Consultant channel, partially offset by growth in the Bank channel.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $342 million in the first quarter of 2020, compared to a loss of $412 million in the year-ago quarter. The lower loss from the year-ago quarter reflects lower expenses and higher income from pension and other employee benefit plans, partially offset by lower net investment income.

NET INCOME

Net loss in the current quarter included $698 million of pre-tax net realized investment losses and related charges and adjustments,including $224 million from impairment related losses, and $947 million of pre-tax losses related to market experience updates.

Net income for the year-ago quarter included $587 million of pre-tax net realized investment losses and related charges and adjustments, including $67 million from impairment related losses.

FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES⁽¹⁾

Certain of the statements included in this release, including those regarding our key initiatives constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Statements regarding our key initiatives are subject to the risk that we will be unable to execute our strategy because of market or competitive conditions or other factors, including the impact of the COVID-19 pandemic. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

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Prudential Financial, Inc. First Quarter 2020 Earnings Release Page 4

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

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. Adjusted return on equity is a useful measure of the operating return the Company achieves in relation to the capital available to our businesses. However, these non-GAAP measures are not substitutes for income, equity, and return on equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at www.investor.prudential.com.

EARNINGS CONFERENCE CALL

Members of Prudential's senior management will host a conference call on Wednesday, May 6, 2020, at 11:00 a.m. ET, to discuss with the investment community the Company's first quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in the Q&A by dialing one of the following numbers: (877) 336-4437 (domestic) or (234) 720-6985 (international) and using access code 2805600. All others may join the conference call in listen-only mode by dialing one of the above numbers. A replay will remain on the Investor Relations website through May 20. To access a replay via phone starting at 4:00 p.m. ET on May 6 through May 13, dial (866) 207-1041 (domestic) or (402) 970-0847 (international) and use replay code 5477753.

(1) Description of Non-GAAP Measures:

Adjusted operating income is the measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.

Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. However, the effectiveness of our hedging program will ultimately be reflected in adjusted operating income over time. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, are excluded from adjusted operating income beginning with the second quarter of 2019, which we believe enhances the understanding of underlying performance trends.

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Prudential Financial, Inc. First Quarter 2020 Earnings Release Page 5

Adjusted operating income excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations. Discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP, are also excluded from adjusted operating income. Adjusted operating income also excludes other items, such as certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments. Adjusted operating return on equity is equal to the annualized year-to-date after-tax adjusted operating income divided by the average adjusted book value. Return on equity based on GAAP balances is calculated using after-tax net income and equity.

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

Prudential Financial, Inc. (NYSE: PRU),a financial wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of March 31, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com

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Financial Highlights
(in millions, unaudited)
	Three Months Ended
	March 31
	2020			2019
Adjusted operating income (loss) before income taxes (1):
PGIM	$	164		$	214
U.S. Businesses:
U.S. Workplace Solutions division	289			304
U.S. Individual Solutions division	353			577
Assurance IQ division	(23		)	—
Total U.S. Businesses	619			881
International Businesses	751			922
Corporate and Other	(342		)	(412		)
Total adjusted operating income before income taxes	$	1,192		$	1,605
Reconciling Items:
Realized investment losses, net, and related charges and adjustments (2)	$	(698	)	$	(587	)
Market experience updates	(947		)	—
Divested and Run-off Businesses:
Closed Block division	(1		)	(19		)
Other Divested and Run-off Businesses	80			174
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests	(9		)	(33		)
Other adjustments (3)	45			—
Total reconciling items, before income taxes	(1,530		)	(465		)
Income (loss) before income taxes and equity in earnings of operating joint ventures	$	(338	)	$	1,140
Income Statement Data:
Net income (loss) attributable to Prudential Financial, Inc.	$	(271	)	$	932
Income attributable to noncontrolling interests	1			5
Net income (loss)	(270		)	937
Less: Earnings attributable to noncontrolling interests	1			5
Income (loss) attributable to Prudential Financial, Inc.	(271		)	932
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests	9			24
Income (loss) (after-tax) before equity in earnings of operating joint ventures	(280		)	908
Less: Total reconciling items, before income taxes	(1,530		)	(465		)
Less: Income taxes, not applicable to adjusted operating income	(311		)	(114		)
Total reconciling items, after income taxes	(1,219		)	(351		)
After-tax adjusted operating income (1)	939			1,259
Income taxes, applicable to adjusted operating income	253			346
Adjusted operating income before income taxes (1)	$	1,192		$	1,605
See footnotes on last page.

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Financial Highlights
(in millions, except per share data, unaudited)
	Three Months Ended
	March 31
	2020			2019
Earnings per share of Common Stock (diluted):
Net income (loss) attributable to Prudential Financial, Inc.	$	(0.70	)	$	2.22
Less: Reconciling Items:
Realized investment losses, net, and related charges and adjustments (2)	(1.75		)	(1.41		)
Market experience updates	(2.37		)	—
Divested and Run-off Businesses:
Closed Block division	—			(0.05		)
Other Divested and Run-off Businesses	0.20			0.42
Difference in earnings allocated to participating unvested share-based payment awards	0.02			0.01
Other adjustments (3)	0.11			—
Total reconciling items, before income taxes	(3.79		)	(1.03		)
Less: Income taxes, not applicable to adjusted operating income	(0.77		)	(0.25		)
Total reconciling items, after income taxes	(3.02		)	(0.78		)
After-tax adjusted operating income	$	2.32		$	3.00
Weighted average number of outstanding common shares (basic)	397.0			409.2
Weighted average number of outstanding common shares (diluted)	399.6			417.6
For earnings per share of Common Stock calculation:
Net income (loss) attributable to Prudential Financial, Inc.	$	(271	)	$	932
Earnings related to interest, net of tax, on exchangeable surplus notes	—			5
Less: Earnings allocated to participating unvested share-based payment awards	5			10
Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	$	(276	)	$	927
After-tax adjusted operating income (1)	$	939		$	1,259
Earnings related to interest, net of tax, on exchangeable surplus notes	—			5
Less: Earnings allocated to participating unvested share-based payment awards	11			13
After-tax adjusted operating income for earnings per share of Common Stock calculation (1)	$	928		$	1,251
Prudential Financial, Inc. Equity (as of end of period):
GAAP book value (total PFI equity) at end of period	$	60,447		$	55,010
Less: Accumulated other comprehensive income (AOCI)	22,600			17,218
GAAP book value excluding AOCI	37,847			37,792
Less: Cumulative effect of foreign exchange rate remeasurement and currency
translation adjustments corresponding to realized gains/losses	(1,687		)	(2,142		)
Adjusted book value	39,534			39,934
End of period number of common shares (diluted) (4)	396.5			417.9
GAAP book value per common share - diluted (5)	152.45			132.83
GAAP book value excluding AOCI per share - diluted (5)	95.45			91.63
Adjusted book value per common share - diluted (5)	99.71			96.76
See footnotes on last page.

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Financial Highlights
(in millions, or as otherwise noted, unaudited)
	Three Months Ended
	March 31
	2020			2019
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of end of period):
Institutional customers	$	524.8		$	524.0
Retail customers (6)	282.4			279.1
General account	488.5			441.0
Total PGIM	$	1,295.7		$	1,244.1
Institutional Customers - Assets Under Management (in billions):
Gross additions, other than money market	$	20.6		$	15.1
Net additions, other than money market	$	4.2		$	1.0
Retail Customers - Assets Under Management (in billions):
Gross additions, other than money market	$	23.6		$	14.1
Net additions (withdrawals), other than money market	$	(1.3	)	$	0.4
U.S. Workplace Solutions Division:
Retirement:
Full Service:
Deposits and sales	$	8,952		$	9,567
Net additions	$	284		$	462
Total account value at end of period	$	238,435		$	251,071
Institutional Investment Products:
Gross additions	$	6,893		$	2,247
Net additions (withdrawals)	$	1,383		$	(1,402	)
Total account value at end of period	$	227,346		$	203,101
Group Insurance:
Group Insurance Annualized New Business Premiums (7):
Group life	$	173		$	174
Group disability	108			119
Total	$	281		$	293
U.S. Individual Solutions Division:
Individual Annuities:
Fixed and Variable Annuity Sales and Account Values:
Gross sales	$	1,927		$	2,307
Sales, net of full surrenders and death benefits	$	(592	)	$	367
Total account value at end of period	$	143,976		$	161,890
Individual Life:
Individual Life Insurance Annualized New Business Premiums (7):
Term life	$	40		$	51
Guaranteed universal life	29			21
Other universal life	30			30
Variable life	88			61
Total	$	187		$	163
International Businesses:
International Businesses:
International Businesses Annualized New Business Premiums (7)(8):
Actual exchange rate basis	$	685		$	727
Constant exchange rate basis	$	695		$	733
See footnotes on last page.

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Financial Highlights
(in billions, as of end of period, unaudited)
	Three Months Ended
	March 31
	2020		2019
Assets and Assets Under Management Information:
Total assets	$	873.7	$	849.3
Assets under management (at fair market value):
PGIM (6)	1,295.7		1,244.1
U.S. Businesses:
U.S. Workplace Solutions division	87.7		89.4
U.S. Individual Solutions division (6)	65.7		90.6
Total U.S. Businesses	153.4		180.0
International Businesses	32.3		31.4
Total assets under management	1,481.4		1,455.5
Client assets under administration	262.1		250.8
Total assets under management and administration	$	1,743.5	$	1,706.3
See footnotes on last page.

Page 4

(1)	Adjusted operating income is a non-GAAP measure of performance. See FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280.
(2)	Effective fourth quarter of 2019, realized investment gains (losses), net, and related charges and adjustments now includes results previously disclosed as investment gains (losses) on assets supporting experience rated contractholder liabilities, net and change in experience rated contractholder liabilities due to asset value changes. Prior period amounts have been reclassified to conform to current period presentation.
(3)	Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
(4)	Diluted shares as of March 31, 2019 include 6.1 million shares due to the dilutive impact of conversion of exchangeable surplus notes (“ESNs”) when book value per common share (i.e., book value per common share, book value excluding AOCI per common share, and adjusted book value per common share) is greater than $82.16. The $500 million of ESNs were converted into 6.2 million shares of Common Stock in the third quarter of 2019.
(5)	The exchangeable surplus notes are subject to customary antidilution adjustments and the exchange rate is accordingly revalued. In order to calculate book value per common share as of March 31, 2019, equity is increased by $500 million and diluted shares include 6.1 million shares reflecting the dilutive impact of ESNs when book value per common share is greater than $82.16. The $500 million of ESNs were converted into 6.2 million shares of Common Stock in the third quarter of 2019.
(6)	Effective first quarter of 2020, certain assets have been reclassified from U.S. Individual Solutions division to PGIM. Prior period amounts have been reclassified to conform to current period presentation.
(7)	Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the Company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit.
(8)	Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar and Korean won 1,090 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 5

EX-99.2

Exhibit 99.2

Prudential Financial, Inc. (PRU)
Quarterly Financial Supplement
First Quarter 2020
Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and
Exchange Commission for general information, and consolidated financial information. All
financial information in this document is unaudited.
	May 5, 2020

i

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	TABLE OF CONTENTS
			Page
	HIGHLIGHTS
	Financial Metrics Summary		1
	Financial Highlights		2
	Other Financial Highlights		3
	Operations Highlights		4
	Combined Statements of Operations		5
	Consolidated Balance Sheets		6
	Combining Balance Sheets		7
	Short-Term and Long-Term Debt - Unaffiliated		8
	PGIM
	Statements of Operations		9
	Supplementary Revenue and Assets Under Management Information		10
	Supplementary Assets Under Management Information		11
	U.S.BUSINESSES
	Combined Statements of Operations		12
	U.S. WORKPLACE SOLUTIONS DIVISION
	Combined Statements of Operations		13
	Statements of Operations - Retirement		14
	Retirement Sales Results and Account Values		15
	Statements of Operations - Group Insurance		16
	Group Insurance Supplementary Information		17
	U.S. INDIVIDUAL SOLUTIONS DIVISION
	Combined Statements of Operations		18
	Statements of Operations - Individual Annuities		19
	Individual Annuities Sales Results and Account Values		20
	Individual Annuities Account Value Activity		21
	Individual Annuities Living Benefit Features		22
	Individual Annuities Death Benefit Features		23
	Statements of Operations - Individual Life		24
	Individual Life Supplementary Information		25
	ASSURANCE IQ DIVISION
	Statements of Operations		26
	INTERNATIONAL BUSINESSES
	Combined Statements of Operations		27
	Statements of Operations - Life Planner		28
	Statements of Operations - Gibraltar Life and Other		29
	Sales Results and Supplementary Information		30
	CORPORATE AND OTHER
	Statements of Operations		32
	INVESTMENT PORTFOLIO
	Investment Portfolio Composition		33
	Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations		34
	Investment Results		35
	Investment Results - Japanese Insurance Operations		36
	Investment Results - Excluding Japanese Insurance Operations		37
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES		38
	KEY DEFINITIONS AND FORMULAS		40
	RATINGS AND INVESTOR INFORMATION		43

ii

	Prudential Financial, Inc.
	Quarterly Financial Supplement
	First Quarter 2020
		FINANCIAL METRICS SUMMARY
		(in millions, except per share data)
			2019								2020		Year-to-date
			1Q		2Q		3Q		4Q		1Q		2019			2020		% change
Earnings
	Adjusted operating income (loss) before income taxes:
		PGIM	214		264		232		288		164		214			164		-23%
		U.S. Businesses:
		U.S. Workplace Solutions division	304		548		392		342		289		304			289		-5%
		U.S. Individual Solutions division	577		327		518		508		353		577			353		-39%
		Assurance IQ division	—		—		—		(9	)	(23	)	—			(23	)	-
		Total U.S. Businesses	881		875		910		841		619		881			619		-30%
		International Businesses	922		849		791		797		751		922			751		-19%
		Corporate and Other	(412	)	(335	)	(281	)	(738	)	(342	)	(412	)		(342	)	17%
	Total adjusted operating income before income taxes		1,605		1,653		1,652		1,188		1,192		1,605			1,192		-26%
	Income taxes, applicable to adjusted operating income		346		346		323		238		253		346			253		-27%
	After-tax adjusted operating income		1,259		1,307		1,329		950		939		1,259			939		-25%
	Income (loss) attributable to Prudential Financial, Inc.		932		708		1,418		1,128		(271	)	932			(271	)	-129%
Return on Equity
	Operating Return on Average Equity (based on adjusted operating income) (1)		12.6	%	13.1	%	13.3	%	9.4	%	9.3	%	12.6	%		9.3	%
	Return on Average Equity (based on net income (loss))		7.2	%	4.9	%	8.9	%	7.0	%	-1.8	%	7.2	%		-1.8	%
Distributions to Shareholders
	Dividends paid		415		411		412		406		445		415			445		7%
	Share repurchases		500		500		1,000		500		500		500			500		—%
	Total capital returned		915		911		1,412		906		945		915			945		3%
Per Share Data
	Net income (loss) (diluted)		2.22		1.71		3.44		2.76		(0.70	)	2.22			(0.70	)	-132%
	Adjusted Operating Income (diluted)		3.00		3.14		3.22		2.33		2.32		3.00			2.32		-23%
	Shareholder dividends		1.00		1.00		1.00		1.00		1.10		1.00			1.10		10%
	Book value		132.83		150.04		163.19		155.88		152.45
	Book value excluding AOCI and FX (2)		96.76		97.15		99.67		101.04		99.71
Shares Outstanding
	Weighted average number of common shares (basic)		409.2		405.3		404.1		400.7		397.0		409.2			397.0		-3%
	Weighted average number of common shares (diluted)		417.6		413.9		408.5		403.7		399.6		417.6			399.6		-4%
	End of period common shares (basic)		407.3		403.0		398.3		398.8		393.8
	End of period common shares (diluted)		417.9		414.3		403.2		404.9		396.5
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
(2) AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.

Page 1

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	FINANCIAL HIGHLIGHTS
	(in millions, except per share data)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	Earnings per share of Common Stock (diluted):
	After-tax adjusted operating income	3.00		3.14		3.22		2.33		2.32			3.00		2.32
	Reconciling items:
	Realized investment gains (losses), net, and related charges and adjustments (1)	(1.41	)	(1.59	)	0.54		0.33		(1.75	)		(1.41	)	(1.75	)
	Market experience updates	—		(0.50	)	(0.77	)	0.15		(2.37	)		—		(2.37	)
	Divested and Run-off Businesses:
	Closed Block division	(0.05	)	(0.05	)	0.11		0.08		—			(0.05	)	—
	Other Divested and Run-off Businesses	0.42		0.27		0.38		0.03		0.20			0.42		0.20
	Difference in earnings allocated to participating unvested share-based payment awards	0.01		0.02		—		—		0.02			0.01		0.02
	Other adjustments (2)	—		—		—		(0.12	)	0.11			—		0.11
	Total reconciling items, before income taxes	(1.03	)	(1.85	)	0.26		0.47		(3.79	)		(1.03	)	(3.79	)
	Income taxes, not applicable to adjusted operating income	(0.25	)	(0.42	)	0.04		0.04		(0.77	)		(0.25	)	(0.77	)
	Total reconciling items, after income taxes	(0.78	)	(1.43	)	0.22		0.43		(3.02	)		(0.78	)	(3.02	)
	Net income (loss) attributable to Prudential Financial, Inc.	2.22		1.71		3.44		2.76		(0.70	)		2.22		(0.70	)
	Weighted average number of outstanding common shares (basic)	409.2		405.3		404.1		400.7		397.0			409.2		397.0
	Weighted average number of outstanding common shares (diluted)	417.6		413.9		408.5		403.7		399.6			417.6		399.6
	For earnings per share of Common Stock calculation:
	Net income (loss) attributable to Prudential Financial, Inc.	932		708		1,418		1,128		(271	)		932		(271	)
	Earnings related to interest, net of tax, on exchangeable surplus notes	5		6		1		—		—			5		—
	Less: Earnings allocated to participating unvested share-based payment awards	10		8		15		12		5			10		5
	Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	927		706		1,404		1,116		(276	)		927		(276	)
	After-tax adjusted operating income	1,259		1,307		1,329		950		939			1,259		939
	Earnings related to interest, net of tax, on exchangeable surplus notes	5		6		1		—		—			5		—
	Less: Earnings allocated to participating unvested share-based payment awards	13		15		14		11		11			13		11
	After-tax adjusted operating income for earnings per share of Common Stock calculation	1,251		1,298		1,316		939		928			1,251		928
	___________
	(1) The amounts for first, second and third quarters of 2019 have been reclassified to conform to current period presentation.
	(2) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.

Page 2

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	OTHER FINANCIAL HIGHLIGHTS
	(in millions, except per share data)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019	2020
	Capitalization Data (1):
	Senior Debt:
	Short-term Debt	2,549		2,659		1,490		1,933		2,539
	Long-term Debt	10,741		10,269		11,577		11,071		12,571
	Junior Subordinated Long-term Debt	7,568		7,572		7,574		7,575		7,578
	Prudential Financial, Inc. Equity:
	Including accumulated other comprehensive income	55,010		61,660		65,798		63,115		60,447
	Excluding accumulated other comprehensive income (2)	37,792		37,678		38,240		39,076		37,847
	Amount included above for remeasurement of foreign currency (3)	(2,142	)	(2,070	)	(1,946	)	(1,835	)	(1,687	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)	39,934		39,748		40,186		40,911		39,534
	Book Value per Share of Common Stock:
	Including accumulated other comprehensive income (4)	132.83		150.04		163.19		155.88		152.45
	Excluding accumulated other comprehensive income (2)(4)	91.63		92.15		94.84		96.51		95.45
	Amount included above for remeasurement of foreign currency (3)	(5.13	)	(5.00	)	(4.83	)	(4.53	)	(4.26	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)(4)	96.76		97.15		99.67		101.04		99.71
	End of period number of common shares (diluted) (5)	417.9		414.3		403.2		404.9		396.5
	Common Stock Price Range (based on closing price):
	High	97.25		105.71		103.27		95.27		97.10			97.25	97.10
	Low	81.27		92.38		78.29		84.95		39.22			81.27	39.22
	Close	91.88		101.00		89.95		93.74		52.14			91.88	52.14
	Common Stock market capitalization (1)	37,423		40,703		35,827		37,384		20,533
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
(4) Book value per share of Common Stock (including AOCI, excluding AOCI, and excluding AOCI and remeasurement of foreign currency) as of the second quarter of 2019 includes a $500 million increase in equity and a 6.2 million increase in diluted shares reflecting the dilutive impact of exchangeable surplus notes when book value per share of Common Stock is greater than $80.73. As of first quarter of 2019, book value per share of Common Stock includes a $500 million increase in equity and 6.1 million increase in diluted shares, reflecting the dilutive impact of exchangeable surplus notes when book value per share of Common Stock is greater than $82.16. The $500 million of exchangeable surplus notes were converted into 6.2 million shares of Common Stock in the third quarter of 2019.
(5) The number of diluted shares at the end of prior periods through the second quarter of 2019 includes the impact of exchangeable surplus notes due to the dilutive impact of conversion. The exchangeable surplus notes were converted to Common Stock in the third quarter of 2019.

Page 3

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	OPERATIONS HIGHLIGHTS
		2019				2020		Year-to-date
		1Q	2Q	3Q	4Q	1Q		2019	2020
	Assets Under Management and Administration ($ billions) (1)(2):
	PGIM:
	Institutional customers	524.0	534.9	539.8	552.8	524.8
	Retail customers (3)	279.1	287.9	291.3	305.6	282.4
	General account	441.0	459.8	474.7	472.6	488.5
	Total PGIM	1,244.1	1,282.6	1,305.8	1,331.0	1,295.7
	U.S. Businesses:
	U.S. Workplace Solutions division	89.4	90.9	90.7	91.6	87.7
	U.S. Individual Solutions division (3)	90.6	92.4	91.4	95.6	65.7
	Total U.S. Businesses	180.0	183.3	182.1	187.2	153.4
	International Businesses	31.4	31.5	30.9	32.7	32.3
	Total assets under management	1,455.5	1,497.4	1,518.8	1,550.9	1,481.4
	Client assets under administration	250.8	273.0	273.5	291.6	262.1
	Total assets under management and administration	1,706.3	1,770.4	1,792.3	1,842.5	1,743.5
	Assets managed or administered for customers outside of the United States	389.4	403.4	410.5	420.3	405.4
	Distribution Representatives (1):
	Prudential Advisors	3,075	3,132	3,161	3,048	3,040
	International Life Planners	8,094	8,170	8,280	8,418	8,472
	Gibraltar Life Consultants	7,997	7,767	7,633	7,403	7,205
	Prudential Advisor productivity ($ thousands)	53	62	65	84	61		53	61
	__________
	(1) As of end of period.
	(2) At fair market value.
	(3) Prior period amounts have been reclassified to conform to current period presentation.

Page 4

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
COMBINED STATEMENTS OF OPERATIONS
(in millions)
	2019								2020		Year-to-date
	1Q		2Q		3Q		4Q		1Q		2019			2020		% change
Revenues (1):
Premiums	7,256		7,439		6,306		10,531		7,076		7,256			7,076		-2%
Policy charges and fee income	1,542		1,518		1,563		1,584		1,526		1,542			1,526		-1%
Net investment income	3,546		3,698		3,732		3,826		3,554		3,546			3,554		—%
Asset management fees, commissions and other income	1,304		1,451		1,327		1,509		1,178		1,304			1,178		-10%
Total revenues	13,648		14,106		12,928		17,450		13,334		13,648			13,334		-2%
Benefits and Expenses (1):
Insurance and annuity benefits	7,520		7,823		6,773		11,072		7,561		7,520			7,561		1%
Interest credited to policyholders' account balances	948		955		984		984		951		948			951		—%
Interest expense	386		392		377		385		387		386			387		—%
Deferral of acquisition costs	(759	)	(712	)	(746	)	(740	)	(739	)	(759	)		(739	)	3%
Amortization of acquisition costs	540		736		529		529		579		540			579		7%
General and administrative expenses	3,408		3,259		3,359		4,032		3,403		3,408			3,403		—%
Total benefits and expenses	12,043		12,453		11,276		16,262		12,142		12,043			12,142		1%
Adjusted operating income before income taxes	1,605		1,653		1,652		1,188		1,192		1,605			1,192		-26%
Income taxes, applicable to adjusted operating income	346		346		323		238		253		346			253		-27%
After-tax adjusted operating income	1,259		1,307		1,329		950		939		1,259			939		-25%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (2)	(587	)	(656	)	221		133		(698	)	(587	)		(698	)	-19%
Market experience updates	—		(208	)	(314	)	60		(947	)	—			(947	)	-
Divested and Run-off Businesses:
Closed Block division	(19	)	(21	)	45		31		(1	)	(19	)		(1	)	95%
Other Divested and Run-off Businesses	174		112		155		11		80		174			80		-54%
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests	(33	)	(4	)	(34	)	(32	)	(9	)	(33	)		(9	)	73%
Other adjustments (3)	—		—		—		(47	)	45		—			45		-
Total reconciling items, before income taxes	(465	)	(777	)	73		156		(1,530	)	(465	)		(1,530	)	-229%
Income taxes, not applicable to adjusted operating income	(114	)	(184	)	9		(17	)	(311	)	(114	)		(311	)	-173%
Total reconciling items, after income taxes	(351	)	(593	)	64		173		(1,219	)	(351	)		(1,219	)	-247%
Income (loss) before income taxes and equity in earnings of operating joint ventures	1,140		876		1,725		1,344		(338	)	1,140			(338	)	-130%
Income tax expense (benefit)	232		162		332		221		(58	)	232			(58	)	-125%
Income (loss) before equity in earnings of operating joint ventures	908		714		1,393		1,123		(280	)	908			(280	)	-131%
Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests	24		(6	)	25		5		9		24			9		-63%
Income (loss) attributable to Prudential Financial, Inc.	932		708		1,418		1,128		(271	)	932			(271	)	-129%
Earnings attributable to noncontrolling interests	5		30		7		10		1		5			1		-80%
Net income (loss)	937		738		1,425		1,138		(270	)	937			(270	)	-129%
Less: Income attributable to noncontrolling interests	5		30		7		10		1		5			1		-80%
Net income (loss) attributable to Prudential Financial, Inc.	932		708		1,418		1,128		(271	)	932			(271	)	-129%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, revenues of Divested and Run-off Businesses, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition, and include revenues representing equity in earnings of operating joint ventures other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates. See pages 38 and 39 for reconciliation.
(2) The amounts for first, second and third quarters of 2019 have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.

Page 5

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	CONSOLIDATED BALANCE SHEETS
	(in millions)
		03/31/2019	06/30/2019	09/30/2019	12/31/2019	03/31/2020
	Assets:
	Investments:
	Fixed maturities, available-for-sale, at fair value
	(amortized cost $333,648; $340,564; $342,567; $346,574; $349,665; net of allowance for credit losses at 03/31/2020 $158)	365,928	383,390	391,657	391,096	389,714
	Fixed maturities, held-to-maturity, at amortized cost
	(fair value $2,365; $2,410; $2,359; $2,302; $2,249; net of allowance for credit losses at 03/31/2020 $9) (1)	1,982	2,009	1,958	1,933	1,895
	Fixed maturities, trading, at fair value
	(amortized cost $3,512; $3,807; $3,873; $3,917; $3,931)	3,435	3,755	3,779	3,884	3,621
	Assets supporting experience-rated contractholder liabilities, at fair value	21,668	21,843	22,267	21,597	21,580
	Equity securities, at fair value
	(cost $5,230; $5,205; $5,363; $5,560; $5,695)	6,778	6,804	7,014	7,522	6,176
	Commercial mortgage and other loans
	(net of allowance for credit losses $120; $120; $121; $121; $240) (1)	60,875	61,228	61,833	63,559	63,559
	Policy loans	11,986	12,030	12,022	12,096	12,099
	Other invested assets
	(net of allowance for credit losses at 03/31/2020 $1) (1)	14,840	15,081	15,654	15,606	18,071
	Short-term investments
	(net of allowance for credit losses at 03/31/2020 $4)	6,911	5,872	7,320	5,467	7,961
	Total investments	494,403	512,012	523,504	522,760	524,676
	Cash and cash equivalents	14,699	15,421	18,289	16,327	31,646
	Accrued investment income	3,233	3,355	3,248	3,330	3,221
	Deferred policy acquisition costs (1)	19,978	19,540	19,484	19,912	19,738
	Value of business acquired	1,575	1,227	1,106	1,110	1,070
	Other assets (1)	18,192	18,690	18,761	20,832	20,694
	Separate account assets	297,244	303,580	301,234	312,281	272,667
	Total assets	849,324	873,825	885,626	896,552	873,712
	Liabilities:
	Future policy benefits	277,085	285,527	291,742	293,527	310,817
	Policyholders' account balances	151,224	151,428	152,527	152,110	155,898
	Securities sold under agreements to repurchase	9,873	9,741	9,241	9,681	10,557
	Cash collateral for loaned securities	4,093	4,235	4,728	4,213	3,396
	Income taxes (1)	10,031	11,485	12,664	11,378	11,117
	Senior short-term debt	2,549	2,659	1,490	1,933	2,539
	Senior long-term debt	10,741	10,269	11,577	11,071	12,571
	Junior subordinated long-term debt	7,568	7,572	7,574	7,575	7,578
	Other liabilities (1)	22,241	23,930	25,302	27,790	24,249
	Notes issued by consolidated variable interest entities	1,225	1,246	1,233	1,274	1,251
	Separate account liabilities	297,244	303,580	301,234	312,281	272,667
	Total liabilities	793,874	811,672	819,312	832,833	812,640
	Equity:
	Accumulated other comprehensive income	17,218	23,982	27,558	24,039	22,600
	Other equity	37,792	37,678	38,240	39,076	37,847
	Total Prudential Financial, Inc. equity	55,010	61,660	65,798	63,115	60,447
	Noncontrolling interests	440	493	516	604	625
	Total equity	55,450	62,153	66,314	63,719	61,072
	Total liabilities and equity	849,324	873,825	885,626	896,552	873,712
	__________
	(1) March 31, 2020 amounts include the impacts of the January 1, 2020 adoption of ASU 2016-13, Financial Instruments - Credit losses.

Page 6

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINING BALANCE SHEETS
	(in millions)
		As of March 31, 2020
		Consolidated PFI	Closed Block Division		PFI Excluding Closed Block Division	PGIM		U.S. Workplace Solutions Division	U.S. Individual Solutions Division	Assurance IQ Division		International Businesses	Corporate and Other
	Assets:
	Total investments	524,676	58,607		466,069	4,987		141,931	78,715	79		216,652	23,705
	Deferred policy acquisition costs	19,738	228		19,510	—		301	10,582	—		8,985	(358	)
	Other assets	56,631	1,047		55,584	3,130		8,853	28,251	2,539		13,500	(689	)
	Separate account assets	272,667	—		272,667	38,982		80,613	154,182	—		3,875	(4,985	)
	Total assets	873,712	59,882		813,830	47,099		231,698	271,730	2,618		243,012	17,673
	Liabilities:
	Future policy benefits	310,817	47,352		263,465	—		72,397	48,397	—		134,071	8,600
	Policyholders' account balances	155,898	4,942		150,956	—		62,182	38,221	—		50,557	(4	)
	Debt	22,688	—		22,688	1,974		668	7,402	89		97	12,458
	Other liabilities	50,570	9,182		41,388	3,170		5,178	9,733	160		19,377	3,770
	Separate account liabilities	272,667	—		272,667	38,982		80,613	154,182	—		3,875	(4,985	)
	Total liabilities	812,640	61,476		751,164	44,126		221,038	257,935	249		207,977	19,839
	Equity:
	Accumulated other comprehensive income (loss)	22,600	21		22,579	(118	)	3,654	3,041	(1	)	17,979	(1,976	)
	Other equity	37,847	(1,629	)	39,476	2,059		6,939	10,733	2,370		16,990	385
	Total Prudential Financial, Inc. equity	60,447	(1,608	)	62,055	1,941		10,593	13,774	2,369		34,969	(1,591	)
	Noncontrolling interests	625	14		611	1,032		67	21	—		66	(575	)
	Total equity	61,072	(1,594	)	62,666	2,973		10,660	13,795	2,369		35,035	(2,166	)
	Total liabilities and equity	873,712	59,882		813,830	47,099		231,698	271,730	2,618		243,012	17,673
		As of December 31, 2019
		Consolidated PFI	Closed Block Division		PFI Excluding Closed Block Division	PGIM		U.S. Workplace Solutions Division	U.S. Individual Solutions Division	Assurance IQ Division		International Businesses	Corporate and Other
	Assets:
	Total investments	522,760	60,331		462,429	4,606		142,114	73,910	101		216,678	25,020
	Deferred policy acquisition costs	19,912	235		19,677	—		300	10,809	—		8,949	(381	)
	Other assets	41,599	761		40,838	3,424		9,586	16,248	2,538		11,189	(2,147	)
	Separate account assets	312,281	—		312,281	39,625		89,865	184,145	—		4,255	(5,609	)
	Total assets	896,552	61,327		835,225	47,655		241,865	285,112	2,639		241,071	16,883
	Liabilities:
	Future policy benefits	293,527	47,614		245,913	—		72,890	32,568	—		131,987	8,468
	Policyholders' account balances	152,110	4,973		147,137	—		57,634	37,669	—		51,825	9
	Debt	20,579	—		20,579	1,751		665	7,421	64		95	10,583
	Other liabilities	54,336	10,379		43,957	3,288		8,691	8,849	197		18,798	4,134
	Separate account liabilities	312,281	—		312,281	39,625		89,865	184,145	—		4,255	(5,609	)
	Total liabilities	832,833	62,966		769,867	44,664		229,745	270,652	261		206,960	17,585
	Equity:
	Accumulated other comprehensive income (loss)	24,039	(12	)	24,051	(53	)	5,349	2,691	—		18,143	(2,079	)
	Other equity	39,076	(1,641	)	40,717	2,047		6,704	11,748	2,378		15,900	1,940
	Total Prudential Financial, Inc. equity	63,115	(1,653	)	64,768	1,994		12,053	14,439	2,378		34,043	(139	)
	Noncontrolling interests	604	14		590	997		67	21	—		68	(563	)
	Total equity	63,719	(1,639	)	65,358	2,991		12,120	14,460	2,378		34,111	(702	)
	Total liabilities and equity	896,552	61,327		835,225	47,655		241,865	285,112	2,639		241,071	16,883

Page 7

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
	(in millions)
		As of March 31, 2020				As of December 31, 2019
		Senior Debt				Senior Debt
		Short-term Debt	Long-term Debt	Junior Subordinated Long-term Debt	Total Debt	Short-term Debt	Long-term Debt		Junior Subordinated Long-term Debt	Total Debt
	Borrowings by use of proceeds:
	Capital Debt	651	6,353	7,578	14,582	—	7,001		7,575	14,576
	Operating Debt	1,680	5,562	—	7,242	1,728	3,425		—	5,153
	Limited recourse and non-recourse borrowing	208	656	—	864	205	645		—	850
	Total Debt	2,539	12,571	7,578	22,688	1,933	11,071		7,575	20,579
		As of March 31, 2020				As of December 31, 2019
			The Prudential				The Prudential
		Prudential	Insurance Co.	Other		Prudential	Insurance Co.		Other
		Financial, Inc.	of America (1)(2)	Affiliates	Total Debt	Financial, Inc.	of America (1)(2)		Affiliates	Total Debt
	Borrowings by sources:
	Capital Debt	14,082	442	58	14,582	14,078	441		57	14,576
	Operating Debt	6,470	772	—	7,242	4,557	596		—	5,153
	Limited recourse and non-recourse borrowing	—	548	316	864	—	537		313	850
	Total Debt	20,552	1,762	374	22,688	18,635	1,574		370	20,579
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at Prudential Insurance Co. of America includes $342 million of surplus notes as of March 31, 2020 and December 31, 2019, respectively.

Page 8

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - PGIM
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019			2020		% change
	Revenues (1):
	Premiums	—		—		—		—		—		—			—		-
	Policy charges and fee income	—		—		—		—		—		—			—		-
	Net investment income	63		33		28		76		4		63			4		-94%
	Asset management fees, commissions and other income	807		893		827		862		774		807			774		-4%
	Total revenues	870		926		855		938		778		870			778		-11%
	Benefits and Expenses (1):
	Insurance and annuity benefits	—		—		—		—		—		—			—		-
	Interest credited to policyholders' account balances	—		—		—		—		—		—			—		-
	Interest expense	12		12		12		13		11		12			11		-8%
	Deferral of acquisition costs	(1	)	(2	)	(2	)	(2	)	(2	)	(1	)		(2	)	-100%
	Amortization of acquisition costs	2		1		2		1		2		2			2		—%
	General and administrative expenses	643		651		611		638		603		643			603		-6%
	Total benefits and expenses	656		662		623		650		614		656			614		-6%
	Adjusted operating income before income taxes	214		264		232		288		164		214			164		-23%
	Total revenues	870		926		855		938		778		870			778		-11%
	Less: Passthrough distribution revenue	27		28		28		29		29		27			29		7%
	Less: Revenue associated with consolidations	34		50		10		11		(36	)	34			(36	)	-206%
	Total adjusted revenues (2)	809		848		817		898		785		809			785		-3%
	Adjusted operating margin (2)(3)	26.5	%	31.1	%	28.4	%	32.1	%	20.9	%	26.5	%		20.9	%
	__________
	(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests.
	(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
	(3) Reported Operating Margin based on total revenues is 21.1%, 30.7%, 27.1%, 28.5%,and 24.6%, for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

Page 9

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
		2019				2020	Year-to-date
		1Q	2Q	3Q	4Q	1Q	2019	2020	% change
	Supplementary Revenue Information (in millions):
	Analysis of revenues by type:
	Asset management fees	644	671	676	691	693	644	693	8%
	Other related revenues (1)	100	115	50	115	22	100	22	-78%
	Service, distribution and other revenues	126	140	129	132	63	126	63	-50%
	Total PGIM revenues	870	926	855	938	778	870	778	-11%
	Analysis of asset management fees by source:
	Institutional customers	312	319	323	329	328	312	328	5%
	Retail customers	209	220	223	226	229	209	229	10%
	General account	123	132	130	136	136	123	136	11%
	Total asset management fees	644	671	676	691	693	644	693	8%
	Supplementary Assets Under Management Information (at fair market value) (in billions) (2):
		March 31, 2020
		Public Equity	Public Fixed Income	Real Estate	Private Credit and Other Alternatives	Multi-Asset	Total
	Institutional customers	45.3	402.9	49.2	23.3	4.1	524.8
	Retail customers	82.9	131.7	1.8	0.4	65.6	282.4
	General account	3.5	347.4	65.4	72.2	—	488.5
	Total	131.7	882.0	116.4	95.9	69.7	1,295.7
		March 31, 2019
		Public Equity	Public Fixed Income	Real Estate	Private Credit and Other Alternatives	Multi-Asset	Total
	Institutional customers	55.2	393.9	48.8	22.6	3.5	524.0
	Retail customers	105.3	110.9	1.9	0.4	60.6	279.1
	General account	4.0	306.9	61.7	68.4	—	441.0
	Total	164.5	811.7	112.4	91.4	64.1	1,244.1
__________
(1) Other related revenues, net of related expenses and charges associated with a joint venture in first quarter 2019 are ($1) million, $80 million, $31 million, $57 million, and $61 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.
(2) Prior period amounts have been reclassified to conform to current period presentation.

Page 10

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
	(in billions)
			2019								2020			Year-to-date
			1Q		2Q		3Q		4Q		1Q			2019		2020
		Institutional Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force:
		Beginning assets under management	443.6		471.0		479.1		483.2		494.6			443.6		494.6
		Additions	15.1		14.5		14.8		16.4		20.6			15.1		20.6
		Withdrawals	(14.1	)	(20.5	)	(17.0	)	(15.7	)	(16.4	)		(14.1	)	(16.4	)
		Change in market value	21.0		14.5		8.8		9.8		(27.0	)		21.0		(27.0	)
		Net money market flows	4.3		(0.6	)	(2.1	)	0.4		(0.5	)		4.3		(0.5	)
		Other	1.1		0.2		(0.4	)	0.5		(0.5	)		1.1		(0.5	)
		Ending assets under management	471.0		479.1		483.2		494.6		470.8			471.0		470.8
		Affiliated institutional assets under management	53.0		55.8		56.6		58.2		54.0			53.0		54.0
		Total assets managed for institutional customers at end of period	524.0		534.9		539.8		552.8		524.8			524.0		524.8
		Net institutional additions (withdrawals), excluding money market activity	1.0		(6.0	)	(2.2	)	0.7		4.2			1.0		4.2
		Retail Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force:
		Beginning assets under management	154.2		169.0		175.6		179.0		189.7			154.2		189.7
		Additions	14.1		13.0		14.5		19.6		23.6			14.1		23.6
		Withdrawals	(13.7	)	(11.9	)	(11.5	)	(18.4	)	(24.9	)		(13.7	)	(24.9	)
		Change in market value	14.4		5.4		0.3		9.1		(17.5	)		14.4		(17.5	)
		Net money market flows	—		0.1		0.3		0.2		0.1			—		0.1
		Other	—		—		(0.2	)	0.2		(0.4	)		—		(0.4	)
		Ending assets under management	169.0		175.6		179.0		189.7		170.6			169.0		170.6
		Affiliated retail assets under management (1)	110.1		112.3		112.3		115.9		111.8			110.1		111.8
		Total assets managed for retail customers at end of period	279.1		287.9		291.3		305.6		282.4			279.1		282.4
		Net retail additions (withdrawals), excluding money market activity	0.4		1.1		3.0		1.2		(1.3	)		0.4		(1.3	)
__________
		(1) Prior period amounts have been reclassified to conform to current period presentation.

Page 11

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	2,677		3,536		2,158		6,433		2,408		2,677		2,408		-10%
	Policy charges and fee income	1,429		1,416		1,450		1,469		1,404		1,429		1,404		-2%
	Net investment income	2,018		2,141		2,152		2,154		2,063		2,018		2,063		2%
	Asset management fees, commissions and other income	673		750		719		850		724		673		724		8%
	Total revenues	6,797		7,843		6,479		10,906		6,599		6,797		6,599		-3%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,558		4,418		3,133		7,460		3,471		3,558		3,471		-2%
	Interest credited to policyholders' account balances	712		731		751		759		718		712		718		1%
	Interest expense	226		230		250		239		240		226		240		6%
	Deferral of acquisition costs	(309	)	(330	)	(335	)	(339	)	(312	)	(309	)	(312	)	-1%
	Amortization of acquisition costs	215		469		222		229		240		215		240		12%
	General and administrative expenses	1,514		1,450		1,548		1,717		1,623		1,514		1,623		7%
	Total benefits and expenses	5,916		6,968		5,569		10,065		5,980		5,916		5,980		1%
	Adjusted operating income before income taxes	881		875		910		841		619		881		619		-30%
___________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 12

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	2,345		3,208		1,870		6,165		2,137		2,345		2,137		-9%
	Policy charges and fee income	229		226		246		225		240		229		240		5%
	Net investment income	1,292		1,362		1,360		1,348		1,303		1,292		1,303		1%
	Asset management fees, commissions and other income	214		251		223		250		181		214		181		-15%
	Total revenues	4,080		5,047		3,699		7,988		3,861		4,080		3,861		-5%
	Benefits and Expenses (1):
	Insurance and annuity benefits	2,791		3,526		2,349		6,652		2,624		2,791		2,624		-6%
	Interest credited to policyholders' account balances	447		443		454		445		428		447		428		-4%
	Interest expense	14		10		12		12		10		14		10		-29%
	Deferral of acquisition costs	(13	)	(9	)	(7	)	(13	)	(2	)	(13	)	(2	)	85%
	Amortization of acquisition costs	9		10		7		19		7		9		7		-22%
	General and administrative expenses	528		519		492		531		505		528		505		-4%
	Total benefits and expenses	3,776		4,499		3,307		7,646		3,572		3,776		3,572		-5%
	Adjusted operating income before income taxes	304		548		392		342		289		304		289		-5%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes.

Page 13

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	1,243		2,098		794		5,083		1,038		1,243		1,038		-16	%
	Policy charges and fee income	66		63		71		72		67		66		67		2	%
	Net investment income	1,141		1,200		1,198		1,199		1,168		1,141		1,168		2	%
	Asset management fees, commissions and other income	189		225		198		224		164		189		164		-13	%
	Total revenues	2,639		3,586		2,261		6,578		2,437		2,639		2,437		-8	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,704		2,448		1,304		5,605		1,534		1,704		1,534		-10	%
	Interest credited to policyholders' account balances	377		370		374		382		370		377		370		-2	%
	Interest expense	13		10		11		12		9		13		9		-31	%
	Deferral of acquisition costs	(9	)	(9	)	(7	)	(12	)	(2	)	(9	)	(2	)	78	%
	Amortization of acquisition costs	8		8		5		17		6		8		6		-25	%
	General and administrative expenses	295		292		272		293		275		295		275		-7	%
	Total benefits and expenses	2,388		3,119		1,959		6,297		2,192		2,388		2,192		-8	%
	Adjusted operating income before income taxes	251		467		302		281		245		251		245		-2	%
	__________
	(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes.

Page 14

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT SALES RESULTS AND ACCOUNT VALUES
	(in millions)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	Full Service:
	Beginning total account value	231,669		251,071		262,133		259,946		272,448			231,669		272,448
	Deposits and sales	9,567		11,047		7,458		8,322		8,952			9,567		8,952
	Withdrawals and benefits	(9,105	)	(7,259	)	(10,758	)	(8,584	)	(8,668	)		(9,105	)	(8,668	)
	Change in market value, interest credited, interest income and other activity	18,940		7,274		1,113		12,764		(34,297	)		18,940		(34,297	)
	Ending total account value	251,071		262,133		259,946		272,448		238,435			251,071		238,435
	Net additions (withdrawals)	462		3,788		(3,300	)	(262	)	284			462		284
	Stable value account values included above	50,202		50,601		51,429		51,293		52,461
	Institutional Investment Products:
	Beginning total account value	200,759		203,101		215,978		217,580		227,596			200,759		227,596
	Additions	2,247		15,044		5,235		8,575		6,893			2,247		6,893
	Withdrawals and benefits	(3,649	)	(4,161	)	(4,626	)	(4,307	)	(5,510	)		(3,649	)	(5,510	)
	Change in market value, interest credited and interest income	2,644		2,826		2,406		1,213		2,435			2,644		2,435
	Other (1)	1,100		(832	)	(1,413	)	4,535		(4,068	)		1,100		(4,068	)
	Ending total account value	203,101		215,978		217,580		227,596		227,346			203,101		227,346
	Net additions (withdrawals)	(1,402	)	10,883		609		4,268		1,383			(1,402	)	1,383
	Amounts included in ending total account value above:
	Investment-only stable value wraps	68,922		69,674		69,977		69,150		70,831			68,922		70,831
	Longevity reinsurance (2)	45,500		57,169		58,481		66,074		61,324			45,500		61,324
	Group annuities and other products	88,679		89,135		89,122		92,372		95,191			88,679		95,191
	Ending total account value	203,101		215,978		217,580		227,596		227,346			203,101		227,346
_________
(1) "Other" activity includes the effect of foreign exchange rate changes associated with our United Kingdom longevity reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts which have not been significantly pre-funded.

Page 15

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE
	(in millions)
		2019						2020	Year-to-date
		1Q		2Q	3Q	4Q		1Q	2019		2020	% change
	Revenues (1):
	Premiums	1,102		1,110	1,076	1,082		1,099	1,102		1,099	—%
	Policy charges and fee income	163		163	175	153		173	163		173	6%
	Net investment income	151		162	162	149		135	151		135	-11%
	Asset management fees, commissions and other income	25		26	25	26		17	25		17	-32%
	Total revenues	1,441		1,461	1,438	1,410		1,424	1,441		1,424	-1%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,087		1,078	1,045	1,047		1,090	1,087		1,090	—%
	Interest credited to policyholders' account balances	70		73	80	63		58	70		58	-17%
	Interest expense	1		—	1	—		1	1		1	—%
	Deferral of acquisition costs	(4	)	—	—	(1	)	—	(4	)	—	100%
	Amortization of acquisition costs	1		2	2	2		1	1		1	—%
	General and administrative expenses	233		227	220	238		230	233		230	-1%
	Total benefits and expenses	1,388		1,380	1,348	1,349		1,380	1,388		1,380	-1%
	Adjusted operating income before income taxes	53		81	90	61		44	53		44	-17%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 16

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES -U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE SUPPLEMENTARY INFORMATION
	(dollar amounts in millions)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	Group life	174		17		42		21		173			174		173
	Group disability	119		16		18		6		108			119		108
	Total	293		33		60		27		281			293		281
	Future Policy Benefits (1)(2):
	Group life	2,212		2,227		2,162		2,404		2,305
	Group disability	29		19		10		3		27
	Total	2,241		2,246		2,172		2,407		2,332
	Policyholders' Account Balances (1):
	Group life	8,798		8,887		8,635		8,382		8,188
	Group disability	198		183		190		205		195
	Total	8,996		9,070		8,825		8,587		8,383
	Separate Account Liabilities (1):
	Group life	24,809		26,048		26,361		26,325		26,426
	Group Life Insurance:
	Gross premiums, policy charges and fee income (3)	1,068		1,075		989		1,025		1,034			1,068		1,034
	Earned premiums	847		842		806		822		832			847		832
	Earned policy charges and fee income	149		150		162		140		158			149		158
	Benefits ratio (4)	89.0	%	88.5	%	84.7	%	85.5	%	88.4	%		89.0	%	88.4	%
	Administrative operating expense ratio	11.7	%	12.2	%	13.1	%	13.9	%	12.4	%		11.7	%	12.4	%
	Persistency ratio	93.5	%	92.7	%	92.2	%	92.2	%	97.4	%
	Group Disability Insurance:
	Gross premiums, policy charges and fee income (3)	285		290		296		288		292			285		292
	Earned premiums	255		268		270		260		267			255		267
	Earned policy charges and fee income	14		13		13		13		15			14		15
	Benefits ratio (4)	74.6	%	74.5	%	79.4	%	82.2	%	76.0	%		74.6	%	76.0	%
	Administrative operating expense ratio	26.9	%	24.2	%	22.0	%	23.3	%	24.8	%		26.9	%	24.8	%
	Persistency ratio	94.5	%	94.4	%	93.9	%	93.6	%	90.6	%
	Total Group Insurance:
	Benefits ratio (4)	85.9	%	85.5	%	83.5	%	84.8	%	85.6	%		85.9	%	85.6	%
	Administrative operating expense ratio	14.9	%	14.8	%	15.2	%	16.0	%	15.1	%		14.9	%	15.1	%
__________
(1) As of end of period.
(2) The amounts shown exclude liabilities for unpaid claims and claim adjustment expenses.
(3) Before returns of premiums to participating policyholders for favorable claims experience.
(4) Benefit ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefit ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 90.2%, 65.3% and 84.7% for the three months ended June 30, 2019, respectively.

Page 17

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	332		328		288		268		271		332		271		-18%
	Policy charges and fee income	1,200		1,190		1,204		1,244		1,164		1,200		1,164		-3%
	Net investment income	726		779		792		806		760		726		760		5%
	Asset management fees, commissions and other income	459		499		496		499		483		459		483		5%
	Total revenues	2,717		2,796		2,780		2,817		2,678		2,717		2,678		-1%
	Benefits and Expenses (1):
	Insurance and annuity benefits	767		892		784		808		847		767		847		10%
	Interest credited to policyholders' account balances	265		288		297		314		290		265		290		9%
	Interest expense	212		220		238		226		229		212		229		8%
	Deferral of acquisition costs	(296	)	(321	)	(328	)	(326	)	(310	)	(296	)	(310	)	-5%
	Amortization of acquisition costs	206		459		215		210		233		206		233		13%
	General and administrative expenses	986		931		1,056		1,077		1,036		986		1,036		5%
	Total benefits and expenses	2,140		2,469		2,262		2,309		2,325		2,140		2,325		9%
	Adjusted operating income before income taxes	577		327		518		508		353		577		353		-39%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 18

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	99		88		51		30		38		99		38		-62%
	Policy charges and fee income	669		687		677		671		619		669		619		-7%
	Net investment income	191		211		225		229		199		191		199		4%
	Asset management fees, commissions and other income	276		302		298		291		292		276		292		6%
	Total revenues	1,235		1,288		1,251		1,221		1,148		1,235		1,148		-7%
	Benefits and Expenses (1):
	Insurance and annuity benefits	119		134		100		82		92		119		92		-23%
	Interest credited to policyholders' account balances	78		87		84		85		81		78		81		4%
	Interest expense	18		28		43		33		34		18		34		89%
	Deferral of acquisition costs	(110	)	(127	)	(127	)	(101	)	(99	)	(110	)	(99	)	10%
	Amortization of acquisition costs	116		140		128		129		131		116		131		13%
	General and administrative expenses	542		564		564		543		536		542		536		-1%
	Total benefits and expenses	763		826		792		771		775		763		775		2%
	Adjusted operating income before income taxes	472		462		459		450		373		472		373		-21%
	__________
	(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 19

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES SALES RESULTS AND ACCOUNT VALUES
	(in millions)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	Variable Annuities:
	Beginning total account value	147,339		157,896		161,017		160,130		164,928			147,339		164,928
	Sales: Highest Daily Suite (1)	950		1,034		1,037		731		693			950		693
	Other variable annuities (2)	1,059		1,301		1,301		1,127		1,023			1,059		1,023
	Total sales	2,009		2,335		2,338		1,858		1,716			2,009		1,716
	Full surrenders and death benefits (3)	(1,914	)	(2,370	)	(2,539	)	(2,448	)	(2,491	)		(1,914	)	(2,491	)
	Sales, net of full surrenders and death benefits	95		(35	)	(201	)	(590	)	(775	)		95		(775	)
	Partial withdrawals and other benefit payments (3)	(1,142	)	(1,139	)	(1,141	)	(1,379	)	(1,301	)		(1,142	)	(1,301	)
	Net flows	(1,047	)	(1,174	)	(1,342	)	(1,969	)	(2,076	)		(1,047	)	(2,076	)
	Change in market value, interest credited, and other	12,498		5,210		1,378		7,689		(22,913	)		12,498		(22,913	)
	Policy charges	(894	)	(915	)	(923	)	(922	)	(892	)		(894	)	(892	)
	Ending total account value	157,896		161,017		160,130		164,928		139,047			157,896		139,047
	Variable Annuities Account Value by Product:
	Highest Daily Suite - risk retained by Prudential (1)	114,164		115,584		114,059		117,323		97,227			114,164		97,227
	Highest Daily Suite - externally reinsured living benefits	3,059		3,095		3,055		3,149		2,617			3,059		2,617
	Other variable annuities (2)	40,673		42,338		43,016		44,456		39,203			40,673		39,203
	Ending total account value	157,896		161,017		160,130		164,928		139,047			157,896		139,047
	Fixed Annuities and other products:
	Beginning total account value	3,741		3,994		4,296		4,568		4,753			3,741		4,753
	Sales	298		340		319		223		211			298		211
	Full surrenders and death benefits (3)	(26	)	(27	)	(29	)	(21	)	(28	)		(26	)	(28	)
	Sales, net of full surrenders and death benefits	272		313		290		202		183			272		183
	Partial withdrawals and other benefit payments (3)	(94	)	(90	)	(88	)	(90	)	(98	)		(94	)	(98	)
	Net flows	178		223		202		112		85			178		85
	Interest credited and other	75		79		70		74		91			75		91
	Policy charges	—		—		—		(1	)	—			—		—
	Ending total account value, gross	3,994		4,296		4,568		4,753		4,929			3,994		4,929
	Reinsurance ceded	—		—		—		(71	)	(145	)		—		(145	)
	Ending total account value, net	3,994		4,296		4,568		4,682		4,784			3,994		4,784
	SALES BY DISTRIBUTION CHANNEL:
	Variable and Fixed Annuities (4):
	Insurance Agents	680		735		724		676		674			680		674
	Wirehouses	452		533		465		310		310			452		310
	Independent Marketing Organization	—		—		6		30		43			—		43
	Independent Financial Planners	1,001		1,212		1,263		904		767			1,001		767
	Bank Distribution	174		195		199		161		133			174		133
	Total	2,307		2,675		2,657		2,081		1,927			2,307		1,927
__________
(1) Includes variable annuities with "Highest Daily" optional living benefits retained by Prudential and predecessor "Lifetime Five" feature.
(2) Includes Prudential Defined Income (PDI), Legacy Protection Plus (LPP) death benefit and products without guaranteed minimum income and withdrawal benefits.
(3) The amounts for the first quarter of 2019 have been reclassified to conform to current period presentation.
(4) Amounts represent gross sales.

Page 20

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES ACCOUNT VALUE ACTIVITY
	(in millions)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	Account Values in General Account (1):
	Beginning balance	10,298		10,429		10,696		10,971		11,043			10,298		11,043
	Premiums and deposits	466		522		507		354		337			466		337
	Full surrenders and death benefits (2)	(96	)	(108	)	(90	)	(82	)	(91	)		(96	)	(91	)
	Premiums and deposits net of full surrenders and death benefits	370		414		417		272		246			370		246
	Partial withdrawals and other benefit payments (2)	(163	)	(153	)	(151	)	(166	)	(168	)		(163	)	(168	)
	Net flows	207		261		266		106		78			207		78
	Interest credited and other	57		41		68		70		67			57		67
	Net transfers (to) from separate account	(133	)	(35	)	(59	)	(103	)	312			(133	)	312
	Policy charges	—		—		—		(1	)	—			—		—
	Ending balance, gross	10,429		10,696		10,971		11,043		11,500			10,429		11,500
	Reinsurance ceded	—		—		—		(71	)	(145	)		—		(145	)
	Ending balance, net	10,429		10,696		10,971		10,972		11,355			10,429		11,355
	Account Values in Separate Account (1):
	Beginning balance	140,782		151,461		154,617		153,727		158,638			140,782		158,638
	Premiums and deposits	1,841		2,153		2,150		1,727		1,590			1,841		1,590
	Full surrenders and death benefits (2)	(1,844	)	(2,289	)	(2,478	)	(2,387	)	(2,428	)		(1,844	)	(2,428	)
	Premiums and deposits net of full surrenders and death benefits	(3	)	(136	)	(328	)	(660	)	(838	)		(3	)	(838	)
	Partial withdrawals and other benefit payments (2)	(1,073	)	(1,076	)	(1,078	)	(1,303	)	(1,231	)		(1,073	)	(1,231	)
	Net flows	(1,076	)	(1,212	)	(1,406	)	(1,963	)	(2,069	)		(1,076	)	(2,069	)
	Change in market value, interest credited and other	12,516		5,248		1,380		7,693		(22,889	)		12,516		(22,889	)
	Net transfers (to) from general account	133		35		59		103		(312	)		133		(312	)
	Policy charges	(894	)	(915	)	(923	)	(922	)	(892	)		(894	)	(892	)
	Ending balance	151,461		154,617		153,727		158,638		132,476			151,461		132,476
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
(2) The amounts for the first quarter of 2019 have been reclassified to conform to current period presentation.

Page 21

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES LIVING BENEFIT FEATURES
(in millions)
	2019				2020
	1Q	2Q	3Q	4Q	1Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
Guaranteed minimum accumulation benefits	2,582	2,498	2,382	2,297	2,022
Guaranteed minimum withdrawal benefits	381	370	350	353	275
Guaranteed minimum income benefits	2,474	2,475	2,395	2,457	1,955
Guaranteed minimum withdrawal & income benefits - risk retained by Prudential	126,813	129,832	129,683	133,616	113,029
Guaranteed minimum withdrawal & income benefits - externally reinsured	3,059	3,096	3,055	3,150	2,617
Total	135,309	138,271	137,865	141,873	119,898
Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature - risk retained by Prudential	109,191	110,597	109,204	112,269	93,336
Account Values with Auto-Rebalancing Feature - externally reinsured	3,059	3,096	3,055	3,150	2,617
Account Values without Auto-Rebalancing Feature	23,059	24,578	25,606	26,454	23,945
Total	135,309	138,271	137,865	141,873	119,898
Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature - risk retained by Prudential	4,551	4,188	4,503	3,765	9,966
Net Amount at Risk without Auto-Rebalancing Feature	799	702	709	600	1,327
Total	5,350	4,890	5,212	4,365	11,293
__________
(1) At end of period.

Page 22

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES DEATH BENEFIT FEATURES
(in millions)
	2019				2020
	1Q	2Q	3Q	4Q	1Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
Return of net deposits:
Account value	124,019	126,897	126,642	130,465	110,258
Net amount at risk	316	254	258	235	1,465
Minimum return, anniversary contract value, or maximum contract value:
Account value	29,334	29,453	28,799	29,446	24,513
Net amount at risk	3,374	3,022	3,117	2,627	6,036
Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature	112,250	113,693	112,259	115,419	95,955
Account Values without Auto-Rebalancing Feature	41,103	42,657	43,182	44,492	38,816
Total	153,353	156,350	155,441	159,911	134,771
Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature	1,755	1,482	1,557	1,238	4,501
Net Amount at Risk without Auto-Rebalancing Feature	1,935	1,794	1,818	1,624	3,000
Total	3,690	3,276	3,375	2,862	7,501
__________
(1) At end of period.

Page 23

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - STATEMENTS OF OPERATIONS - INDIVIDUAL LIFE
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019			2020		% change
	Revenues (1):
	Premiums	233		240		237		238		233		233			233		—	%
	Policy charges and fee income	531		503		527		573		545		531			545		3	%
	Net investment income	535		568		567		577		561		535			561		5	%
	Asset management fees, commissions and other income	183		197		198		208		191		183			191		4	%
	Total revenues	1,482		1,508		1,529		1,596		1,530		1,482			1,530		3	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	648		758		684		726		755		648			755		17	%
	Interest credited to policyholders' account balances	187		201		213		229		209		187			209		12	%
	Interest expense	194		192		195		193		195		194			195		1	%
	Deferral of acquisition costs	(186	)	(194	)	(201	)	(225	)	(211	)	(186	)		(211	)	-13	%
	Amortization of acquisition costs	90		319		87		81		102		90			102		13	%
	General and administrative expenses	444		367		492		534		500		444			500		13	%
	Total benefits and expenses	1,377		1,643		1,470		1,538		1,550		1,377			1,550		13	%
	Adjusted operating income (loss) before income taxes	105		(135	)	59		58		(20	)	105			(20	)	-119	%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 24

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
	(in millions)
		2019								2020			Year-to-date
		1Q		2Q		3Q		4Q		1Q			2019		2020
	ANNUALIZED NEW BUSINESS PREMIUMS (1):
	Term life	51		53		49		47		40			51		40
	Guaranteed Universal life	21		24		24		26		29			21		29
	Other Universal life	30		48		35		42		30			30		30
	Variable life	61		56		67		94		88			61		88
	Total	163		181		175		209		187			163		187
	ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
	Prudential Advisors	34		39		38		40		35			34		35
	Third party distribution	129		142		137		169		152			129		152
	Total	163		181		175		209		187			163		187
	ACCOUNT VALUE ACTIVITY:
	Policyholders' Account Balances (2):
	Beginning balance	28,728		28,737		28,321		28,546		29,041			28,728		29,041
	Premiums and deposits	783		866		855		864		749			783		749
	Surrenders and withdrawals	(291	)	(345	)	(340	)	(318	)	(319	)		(291	)	(319	)
	Net sales	492		521		515		546		430			492		430
	Benefit payments	(103	)	(114	)	(120	)	(118	)	(139	)		(103	)	(139	)
	Net flows	389		407		395		428		291			389		291
	Interest credited and other	(24	)	(455	)	168		450		217			(24	)	217
	Net transfers from separate account	76		67		102		70		123			76		123
	Policy charges	(432	)	(435	)	(440	)	(453	)	(474	)		(432	)	(474	)
	Ending balance	28,737		28,321		28,546		29,041		29,198			28,737		29,198
	Separate Account Liabilities:
	Beginning balance	29,796		32,852		33,647		33,624		35,633			29,796		35,633
	Premiums and deposits	494		411		424		505		637			494		637
	Surrenders and withdrawals	(260	)	(258	)	(272	)	(311	)	(251	)		(260	)	(251	)
	Net sales	234		153		152		194		386			234		386
	Benefit payments	(95	)	(188	)	(16	)	(111	)	(124	)		(95	)	(124	)
	Net flows	139		(35	)	136		83		262			139		262
	Change in market value, interest credited and other	3,232		1,139		192		2,251		(5,654	)		3,232		(5,654	)
	Net transfers to general account	(76	)	(67	)	(102	)	(70	)	(123	)		(76	)	(123	)
	Policy charges	(239	)	(242	)	(249	)	(255	)	(259	)		(239	)	(259	)
	Ending balance	32,852		33,647		33,624		35,633		29,859			32,852		29,859
	FACE AMOUNT IN FORCE (3):
	Term life	795,539		803,327		808,979		814,217		817,323
	Guaranteed Universal life	146,751		147,885		148,777		150,080		151,068
	Other Universal life	51,100		52,140		52,839		53,522		54,089
	Variable life	164,118		165,215		166,405		170,701		168,992
	Total	1,157,508		1,168,567		1,177,000		1,188,520		1,191,472
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(3) At end of period; before reinsurance ceded.

Page 25

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	U.S. BUSINESSES - STATEMENTS OF OPERATIONS - ASSURANCE IQ DIVISION
	(in millions)
		2019					2020			Year-to-date
		1Q	2Q	3Q	4Q		1Q			2019	2020
	Revenues (1):
	Premiums				—		—				—
	Policy charges and fee income				—		—				—
	Net investment income				—		—				—
	Asset management fees, commissions and other income				101		60				60
	Total revenues				101		60				60
	Benefits and Expenses (1):
	Insurance and annuity benefits				—		—				—
	Interest credited to policyholders' account balances				—		—				—
	Interest expense				1		1				1
	Deferral of acquisition costs				—		—				—
	Amortization of acquisition costs				—		—				—
	General and administrative expenses				109		82				82
	Total benefits and expenses				110		83				83
	Adjusted operating loss before income taxes				(9	)	(23	)			(23	)
__________
(1) Revenues exclude changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods.

Page 26

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	4,585		3,906		4,150		4,101		4,672		4,585		4,672		2%
	Policy charges and fee income	127		114		127		126		137		127		137		8%
	Net investment income	1,333		1,377		1,396		1,452		1,314		1,333		1,314		-1%
	Asset management fees, commissions and other income	107		104		98		92		39		107		39		-64%
	Total revenues	6,152		5,501		5,771		5,771		6,162		6,152		6,162		—%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,950		3,400		3,637		3,596		4,084		3,950		4,084		3%
	Interest credited to policyholders' account balances	236		224		233		225		233		236		233		-1%
	Interest expense	6		8		7		4		3		6		3		-50%
	Deferral of acquisition costs	(463	)	(394	)	(421	)	(413	)	(443	)	(463	)	(443	)	4%
	Amortization of acquisition costs	334		278		317		310		348		334		348		4%
	General and administrative expenses	1,167		1,136		1,207		1,252		1,186		1,167		1,186		2%
	Total benefits and expenses	5,230		4,652		4,980		4,974		5,411		5,230		5,411		3%
	Adjusted operating income before income taxes	922		849		791		797		751		922		751		-19%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 27

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019			2020		% change
	Revenues (1):
	Premiums	2,446		2,123		2,131		2,170		2,510		2,446			2,510		3%
	Policy charges and fee income	94		75		95		93		101		94			101		7%
	Net investment income	581		596		615		629		590		581			590		2%
	Asset management fees, commissions and other income	54		58		50		54		43		54			43		-20%
	Total revenues	3,175		2,852		2,891		2,946		3,244		3,175			3,244		2%
	Benefits and Expenses (1):
	Insurance and annuity benefits	2,146		1,896		1,926		1,942		2,245		2,146			2,245		5%
	Interest credited to policyholders' account balances	68		56		66		59		71		68			71		4%
	Interest expense	3		4		4		2		2		3			2		-33%
	Deferral of acquisition costs	(260	)	(220	)	(231	)	(238	)	(256	)	(260	)		(256	)	2%
	Amortization of acquisition costs	171		136		158		151		178		171			178		4%
	General and administrative expenses	566		542		601		636		587		566			587		4%
	Total benefits and expenses	2,694		2,414		2,524		2,552		2,827		2,694			2,827		5%
	Adjusted operating income before income taxes	481		438		367		394		417		481			417		-13%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 28

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019			2020		% change
	Revenues (1):
	Premiums	2,139		1,783		2,019		1,931		2,162		2,139			2,162		1%
	Policy charges and fee income	33		39		32		33		36		33			36		9%
	Net investment income	752		781		781		823		724		752			724		-4%
	Asset management fees, commissions and other income	53		46		48		38		(4	)	53			(4	)	-108%
	Total revenues	2,977		2,649		2,880		2,825		2,918		2,977			2,918		-2%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,804		1,504		1,711		1,654		1,839		1,804			1,839		2%
	Interest credited to policyholders' account balances	168		168		167		166		162		168			162		-4%
	Interest expense	3		4		3		2		1		3			1		-67%
	Deferral of acquisition costs	(203	)	(174	)	(190	)	(175	)	(187	)	(203	)		(187	)	8%
	Amortization of acquisition costs	163		142		159		159		170		163			170		4%
	General and administrative expenses	601		594		606		616		599		601			599		—%
	Total benefits and expenses	2,536		2,238		2,456		2,422		2,584		2,536			2,584		2%
	Adjusted operating income before income taxes	441		411		424		403		334		441			334		-24%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 29

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
	(in millions)
		2019				2020		Year-to-date
		1Q	2Q	3Q	4Q	1Q		2019	2020
	Actual exchange rate basis (1):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	1,966	1,599	1,656	1,649	2,063		1,966	2,063
	Gibraltar Life	2,172	1,822	2,051	1,964	2,198		2,172	2,198
	All other countries	574	599	570	614	548		574	548
	Total	4,712	4,020	4,277	4,227	4,809		4,712	4,809
	Annualized new business premiums (2):
	Japan, excluding Gibraltar Life	292	186	186	201	247		292	247
	Gibraltar Life	323	296	312	282	307		323	307
	All other countries	112	116	131	168	131		112	131
	Total	727	598	629	651	685		727	685
	Annualized new business premiums by distribution channel (2):
	Life Planners	404	302	317	369	378		404	378
	Gibraltar Life Consultants	164	167	152	124	130		164	130
	Banks	108	85	119	115	132		108	132
	Independent Agency	51	44	41	43	45		51	45
	Total	727	598	629	651	685		727	685
	Constant exchange rate basis (3):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	2,041	1,653	1,686	1,692	2,117		2,041	2,117
	Gibraltar Life	2,248	1,876	2,085	2,010	2,250		2,248	2,250
	All other countries	580	619	606	642	605		580	605
	Total	4,869	4,148	4,377	4,344	4,972		4,869	4,972
	Annualized new business premiums:
	Japan, excluding Gibraltar Life	297	189	187	202	249		297	249
	Gibraltar Life	325	298	313	284	309		325	309
	All other countries	111	117	134	173	137		111	137
	Total	733	604	634	659	695		733	695
	Annualized new business premiums by distribution channel:
	Life Planners	408	306	321	375	386		408	386
	Gibraltar Life Consultants	166	169	152	126	131		166	131
	Banks	108	85	119	115	132		108	132
	Independent Agency	51	44	42	43	46		51	46
	Total	733	604	634	659	695		733	695
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) The amounts for the second quarter of 2019 have been revised to correct the previously reported amounts.
(3) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar and Korean won 1,090 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 30

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
		2019								2020
		1Q		2Q		3Q		4Q		1Q
	Face amount of individual policies in force at end of period (in billions) (1)(2):
	(Constant exchange rate basis)
	Japan, excluding Gibraltar Life	381		383		385		387		390
	Gibraltar Life	365		366		368		368		368
	All other countries	132		134		135		139		141
	Total	878		883		888		894		899
	Number of individual policies in force at end of period (in thousands) (2):
	Japan, excluding Gibraltar Life	3,975		4,015		4,060		4,106		4,159
	Gibraltar Life	7,214		7,198		7,189		7,166		7,150
	All other countries	2,152		2,194		2,200		2,243		2,268
	Total	13,341		13,407		13,449		13,515		13,577
	International life insurance policy persistency:
	Life Planner:
	13 months	92.5	%	91.6	%	91.9	%	92.2	%	92.7	%
	25 months	86.4	%	86.8	%	86.1	%	85.4	%	85.6	%
	Gibraltar Life (3):
	13 months	94.1	%	94.2	%	94.4	%	94.6	%	94.7	%
	25 months	87.1	%	87.3	%	87.5	%	87.8	%	88.1	%
	Number of Life Planners at end of period:
	Japan	4,337		4,287		4,366		4,356		4,476
	All other countries	3,757		3,883		3,914		4,062		3,996
	Total Life Planners	8,094		8,170		8,280		8,418		8,472
	Gibraltar Life Consultants	7,997		7,767		7,633		7,403		7,205
__________
	(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar and Korean won 1,090 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
	(2) Direct business only; policy count includes annuities.
	(3) Reflects business sold by Life Consultants and Independent Agents.

Page 31

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
	(in millions)
		2019								2020		Year-to-date
		1Q		2Q		3Q		4Q		1Q		2019		2020		% change
	Revenues (1):
	Premiums	(6	)	(3	)	(2	)	(3	)	(4	)	(6	)	(4	)	33%
	Policy charges and fee income	(14	)	(12	)	(14	)	(11	)	(15	)	(14	)	(15	)	-7%
	Net investment income	132		147		156		144		173		132		173		31%
	Asset management fees, commissions and other income	(283	)	(296	)	(317	)	(295	)	(359	)	(283	)	(359	)	-27%
	Total revenues	(171	)	(164	)	(177	)	(165	)	(205	)	(171	)	(205	)	-20%
	Benefits and Expenses (1):
	Insurance and annuity benefits	12		5		3		16		6		12		6		-50%
	Interest credited to policyholders' account balances	—		—		—		—		—		—		—		-
	Interest expense	142		142		108		129		133		142		133		-6%
	Deferral of acquisition costs	14		14		12		14		18		14		18		29%
	Amortization of acquisition costs	(11	)	(12	)	(12	)	(11	)	(11	)	(11	)	(11	)	—%
	General and administrative expenses	84		22		(7	)	425		(9	)	84		(9	)	-111%
	Total benefits and expenses	241		171		104		573		137		241		137		-43%
	Adjusted operating loss before income taxes	(412	)	(335	)	(281	)	(738	)	(342	)	(412	)	(342	)	17%
	Adjusted operating loss before income taxes comprised as follows:
	Interest income	44		42		48		36		28		44		28		-36%
	Interest expense	(199	)	(200	)	(189	)	(198	)	(198	)	(199	)	(198	)	1%
	Implementation costs	—		(19	)	(18	)	(364	)	(22	)	—		(22	)	-
	Long-term and deferred compensation expense	(107	)	(30	)	7		(18	)	(46	)	(107	)	(46	)	57%
	Other (2)	(150	)	(128	)	(129	)	(194	)	(104	)	(150	)	(104	)	31%
	Adjusted operating loss before income taxes	(412	)	(335	)	(281	)	(738	)	(342	)	(412	)	(342	)	17%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension and employee benefits and other corporate activities, including consolidating adjustments.

Page 32

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
			March 31, 2020								December 31, 2019
					PFI Excluding								PFI Excluding
			Total	Closed	Closed Block Division						Total	Closed	Closed Block Division
			Portfolio	Block	Amount	% of Total					Portfolio	Block	Amount		% of Total
		Fixed maturities:
		Public, available-for-sale, at fair value	327,574	29,226	298,348	65.1	%				325,393	29,011	296,382		64.9	%
		Public, held-to-maturity, at amortized cost, net of allowance (1)	1,672	—	1,672	0.4	%				1,705	—	1,705		0.4	%
		Private, available-for-sale, at fair value	61,598	11,309	50,289	11.0	%				65,115	12,365	52,750		11.6	%
		Private, held-to-maturity, at amortized cost, net of allowance (1)	223	—	223	0.1	%				228	—	228		0.1	%
		Fixed maturities, trading, at fair value	2,472	218	2,254	0.5	%				2,723	256	2,467		0.5	%
		Assets supporting experience-rated contractholder liabilities, at fair value	21,580	—	21,580	4.7	%				21,597	—	21,597		4.7	%
		Equity securities, at fair value	5,612	1,691	3,921	0.8	%				6,831	2,245	4,586		1.0	%
		Commercial mortgage and other loans, at book value, net of allowance	62,862	8,439	54,423	11.9	%				63,300	8,629	54,671		12.0	%
		Policy loans, at outstanding balance	12,099	4,210	7,889	1.7	%				12,096	4,264	7,832		1.7	%
		Other invested assets, net of allowance (2)	12,762	3,336	9,426	2.1	%				12,544	3,334	9,210		2.0	%
		Short-term investments, net of allowance	7,945	178	7,767	1.7	%				5,450	227	5,223		1.1	%
		Subtotal (3)	516,399	58,607	457,792	100.0	%				516,982	60,331	456,651		100.0	%
		Invested assets of other entities and operations (4)	8,277	—	8,277						5,778	—	5,778
		Total investments	524,676	58,607	466,069						522,760	60,331	462,429
	Fixed Maturities by Credit Quality (3)(5):		March 31, 2020								December 31, 2019
			PFI Excluding Closed Block Division								PFI Excluding Closed Block Division
				Gross	Gross							Gross	Gross
			Amortized	Unrealized	Unrealized	Allowance for		Fair			Amortized	Unrealized	Unrealized		Fair
			Cost	Gains	Losses	Credit Losses		Value	% of Total		Cost	Gains	Losses		Value		% of Total
		Public Fixed Maturities:
		NAIC Rating (6)
		1	219,231	39,085	890	—		257,426	86.3	%	221,567	35,494	232		256,829		86.1	%
		2	31,362	2,449	1,276	—		32,535	10.9	%	28,317	3,485	81		31,721		10.6	%
		Subtotal - High or Highest Quality Securities	250,593	41,534	2,166	—		289,961	97.2	%	249,884	38,979	313		288,550		96.7	%
		3	5,334	223	543	2		5,012	1.7	%	5,337	637	49		5,925		2.0	%
		4	2,849	99	446	60		2,442	0.8	%	2,659	191	57		2,793		0.9	%
		5	790	139	177	24		728	0.2	%	830	176	66		940		0.3	%
		6	233	19	13	34		205	0.1	%	223	27	16		234		0.1	%
		Subtotal - Other Securities	9,206	480	1,179	120		8,387	2.8	%	9,049	1,031	188		9,892		3.3	%
		Total	259,799	42,014	3,345	120		298,348	100.0	%	258,933	40,010	501		298,442		100.0	%
		Private Fixed Maturities:
		NAIC Rating (6)
		1	12,145	548	339	—		12,354	24.6	%	12,215	780	55		12,940		24.3	%
		2	31,385	863	1,412	—		30,836	61.3	%	30,987	1,731	303		32,415		61.2	%
		Subtotal - High or Highest Quality Securities	43,530	1,411	1,751	—		43,190	85.9	%	43,202	2,511	358		45,355		85.5	%
		3	4,648	46	354	—		4,340	8.6	%	4,696	217	44		4,869		9.2	%
		4	2,481	10	251	5		2,235	4.4	%	2,255	57	41		2,271		4.3	%
		5	546	15	53	22		486	1.0	%	450	20	17		453		0.9	%
		6	41	3	3	3		38	0.1	%	41	4	1		44		0.1	%
		Subtotal - Other Securities	7,716	74	661	30		7,099	14.1	%	7,442	298	103		7,637		14.5	%
		Total	51,246	1,485	2,412	30		50,289	100.0	%	50,644	2,809	461		52,992		100.0	%
	__________
	(1) On an amortized cost basis, net of allowance, as of March 31, 2020, includes $1,485 million (fair value, $1,803 million) and $223 million (fair value, $238 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $187 million (fair value, $208 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations.
	(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
	(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
	(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
	(5) Excludes fixed maturity securities classified as trading. Effective January 1, 2020, fixed maturities securities classified as held-to-maturity are excluded.
	(6) Reflects equivalent ratings for investments of the international operations. Includes, as of March 31, 2020 and December 31, 2019, 882 securities with amortized cost of $3,964 million (fair value $3,780 million) and 796 securities with amortized cost of $3,073 million (fair value $3,130 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 33

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
			March 31, 2020			December 31, 2019
			Amount	% of Total		Amount	% of Total
	Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	144,121	74.2	%	142,220	73.6	%
		Public, held-to-maturity, at amortized cost, net of allowance	1,672	0.9	%	1,705	0.9	%
		Private, available-for-sale, at fair value	18,290	9.4	%	19,189	10.0	%
		Private, held-to-maturity, at amortized cost, net of allowance	223	0.1	%	228	0.1	%
		Fixed maturities, trading, at fair value	431	0.2	%	492	0.3	%
		Assets supporting experience-rated contractholder liabilities, at fair value	2,463	1.3	%	2,777	1.4	%
		Equity securities, at fair value	1,855	1.0	%	2,185	1.1	%
		Commercial mortgage and other loans, at book value, net of allowance	18,987	9.8	%	19,138	9.9	%
		Policy loans, at outstanding balance	2,952	1.5	%	2,859	1.5	%
		Other invested assets (3)	2,618	1.3	%	2,187	1.1	%
		Short-term investments	519	0.3	%	165	0.1	%
		Total	194,131	100.0	%	193,145	100.0	%
			March 31, 2020			December 31, 2019
			Amount	% of Total		Amount	% of Total
	Excluding Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	154,227	58.5	%	154,162	58.5	%
		Public, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Private, available-for-sale, at fair value	31,999	12.1	%	33,561	12.7	%
		Private, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Fixed maturities, trading, at fair value	1,823	0.7	%	1,975	0.8	%
		Assets supporting experience-rated contractholder liabilities, at fair value	19,117	7.2	%	18,820	7.1	%
		Equity securities, at fair value	2,066	0.8	%	2,401	0.9	%
		Commercial mortgage and other loans, at book value, net of allowance	35,436	13.4	%	35,533	13.5	%
		Policy loans, at outstanding balance	4,937	1.9	%	4,973	1.9	%
		Other invested assets, net of allowance (3)	6,808	2.6	%	7,023	2.7	%
		Short-term investments, net of allowance	7,248	2.8	%	5,058	1.9	%
		Total	263,661	100.0	%	263,506	100.0	%
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

Page 34

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
INVESTMENT RESULTS (1)
(in millions)
		Three Months Ended March 31
		2020						2019
						Realized						Realized
		Investment Income				Gains		Investment Income				Gains
		Yield (5)		Amount		(Losses)		Yield (5)		Amount		(Losses)
General Account (2)
	Fixed maturities (3)	3.73	%	2,841		89		3.80	%	2,785		238
	Equity securities	1.57	%	17		—		1.90	%	19		—
	Commercial mortgage and other loans	4.03	%	491		6		3.94	%	447		(4	)
	Policy loans	4.70	%	92		—		4.66	%	88		—
	Short-term investments and cash equivalents	1.31	%	78		(4	)	2.71	%	103		1
	Gross investment income before investment expenses	3.61	%	3,519		91		3.78	%	3,442		235
	Investment expenses	-0.14	%	(153	)	—		-0.14	%	(174	)	—
	Subtotal	3.47	%	3,366		91		3.64	%	3,268		235
	Other investments (3)			54		1,106				89		(1,006	)
Investment results of other entities and operations (4)				237		214				296		(51	)
Less, investment income related to adjusted operating income reconciling items				(103	)					(107	)
	Total			3,554		1,411				3,546		(822	)
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Includes invested income of commercial loans, assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(5) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

Page 35

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
		Three Months Ended March 31
		2020					2019
						Realized					Realized
		Investment Income				Gains	Investment Income				Gains
		Yield (1)		Amount		(Losses)	Yield (1)		Amount		(Losses)
Japanese Insurance Operations:
	Fixed maturities (2)	2.76	%	946		172	2.83	%	937		218
	Equity securities	1.10	%	6		—	1.43	%	7		—
	Commercial mortgage and other loans	3.99	%	189		3	3.81	%	165		1
	Policy loans	3.99	%	29		—	3.85	%	26		—
	Short-term investments and cash equivalents	1.62	%	7		1	2.90	%	8		—
	Gross investment income before investment expenses	2.90	%	1,177		176	2.94	%	1,143		219
	Investment expenses	-0.14	%	(68	)	—	-0.13	%	(68	)	—
	Subtotal	2.76	%	1,109		176	2.81	%	1,075		219
	Other investments (2)			(27	)	897			51		176
	Total			1,082		1,073			1,126		395
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

Page 36

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
		Three Months Ended March 31
		2020						2019
						Realized							Realized
		Investment Income				Gains		Investment Income					Gains
		Yield (4)		Amount		(Losses)		Yield (4)			Amount		(Losses)
Excluding Japanese Insurance Operations (2):
	Fixed maturities (3)	4.52	%	1,895		(83	)	4.61	%		1,848		20
	Equity securities	2.00	%	11		—		2.37	%		12		—
	Commercial mortgage and other loans	4.05	%	302		3		4.03	%		282		(5	)
	Policy loans	5.12	%	63		—		5.11	%		62		—
	Short-term investments and cash equivalents	1.28	%	71		(5	)	2.70	%		95		1
	Gross investment income before investment expenses	4.13	%	2,342		(85	)	4.40	%		2,299		16
	Investment expenses	-0.14	%	(85	)	—		-0.15	%		(106	)	—
	Subtotal	3.99	%	2,257		(85	)	4.25	%		2,193		16
	Other investments (3)			81		209					38		(1,182	)
	Total			2,338		124					2,231		(1,166	)
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

Page 37

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
	(in millions)
		Three Months Ended March 31, 2020															Three Months Ended March 31, 2019
				Reconciling Items															Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Closed Block Division		Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)	U.S. GAAP (4)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Closed Block Division	Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		U.S. GAAP (4)
	Revenues:
	Premiums	7,076		—		—		480		108		—		—	7,664		7,256		—		526	118		—		7,900
	Policy charges and fee income	1,526		(62	)	25		—		—		—		—	1,489		1,542		(72	)	—	1		—		1,471
	Net investment income	3,554		(8	)	—		545		111		—		—	4,202		3,546		(10	)	563	117		—		4,216
	Realized investment gains (losses), net	250		1,189		(357	)	256		329		—		—	1,667		20		(910	)	56	68		—		(766	)
	Asset management fees, commissions and other income	928		(1,739	)	—		(604	)	(189	)	(12	)	58	(1,558	)	1,284		711		229	84		(38	)	2,270
	Total revenues	13,334		(620	)	(332	)	677		359		(12	)	58	13,464		13,648		(281	)	1,374	388		(38	)	15,091
	Benefits and Expenses:
	Insurance and annuity benefits	7,561		181		376		553		258		—		—	8,929		7,520		53		1,262	180		—		9,015
	Interest credited to policyholders' account balances	951		(630	)	39		32		—		—		—	392		948		360		32	5		—		1,345
	Interest expense	387		—		—		1		1		—		—	389		386		—		1	1		—		388
	Deferral of acquisition costs	(739	)	—		—		—		—		—		—	(739	)	(759	)	—		—	(2	)	—		(761	)
	Amortization of acquisition costs	579		208		163		7		—		—		—	957		540		(116	)	9	2		—		435
	General and administrative expenses	3,403		319		37		85		20		(3	)	13	3,874		3,408		9		89	28		(5	)	3,529
	Total benefits and expenses	12,142		78		615		678		279		(3	)	13	13,802		12,043		306		1,393	214		(5	)	13,951
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Prior period numbers have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. "Other adjustments" include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
(4) U.S. generally accepted accounting principles.

Page 38

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
	(in millions)
		Three Months Ended June 30, 2019															Three Months Ended September 30, 2019
				Reconciling Items															Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)		U.S. GAAP (4)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses			Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		U.S. GAAP (4)
	Revenues:
	Premiums	7,439		—		—		582	114		—		—		8,135		6,306		—		—		510	121			—		6,937
	Policy charges and fee income	1,518		(54	)	8		—	1		—		—		1,473		1,563		(62	)	18		—	—			—		1,519
	Net investment income	3,698		(9	)	—		574	127		—		—		4,390		3,732		(8	)	—		590	124			—		4,438
	Realized investment gains (losses), net	101		(564	)	(15	)	49	93		—		—		(336	)	128		329		(83	)	350	129			—		853
	Asset management fees, commissions and other income	1,350		312		—		96	1		(33	)	—		1,726		1,199		152		—		32	15			(40	)	1,358
	Total revenues	14,106		(315	)	(7	)	1,301	336		(33	)	—		15,388		12,928		411		(65	)	1,482	389			(40	)	15,105
	Benefits and Expenses:
	Insurance and annuity benefits	7,823		(7	)	112		1,194	192		—		—		9,314		6,773		(46	)	150		1,309	203			—		8,389
	Interest credited to policyholders' account balances	955		286		—		32	5		—		—		1,278		984		77		7		33	5			—		1,106
	Interest expense	392		—		—		2	1		—		—		395		377		—		—		3	1			—		381
	Deferral of acquisition costs	(712	)	—		—		—	(1	)	—		—		(713	)	(746	)	—		—		—	(2	)		—		(748	)
	Amortization of acquisition costs	736		(45	)	83		7	1		—		—		782		529		(19	)	72		7	2			—		591
	General and administrative expenses	3,259		107		6		87	26		(29	)	—		3,456		3,359		178		20		85	25			(6	)	3,661
	Total benefits and expenses	12,453		341		201		1,322	224		(29	)	—		14,512		11,276		190		249		1,437	234			(6	)	13,380
		Three Months Ended December 31, 2019
				Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)		U.S. GAAP (4)
	Revenues:
	Premiums	10,531		—		—		589	110		—		—		11,230
	Policy charges and fee income	1,584		(66	)	(4	)	—	1		—		—		1,515
	Net investment income	3,826		(9	)	—		596	128		—		—		4,541
	Realized investment gains (losses), net	52		(229	)	(1	)	66	(98	)	—		—		(210	)
	Asset management fees, commissions and other income	1,457		420		—		234	76		(35	)	(5	)	2,147
	Total revenues	17,450		116		(5	)	1,485	217		(35	)	(5	)	19,223
	Benefits and Expenses:
	Insurance and annuity benefits	11,072		(136	)	(62	)	1,329	173		—		—		12,376
	Interest credited to policyholders' account balances	984		132		(3	)	33	5		—		—		1,151
	Interest expense	385		—		—		1	1		—		—		387
	Deferral of acquisition costs	(740	)	—		—		—	(2	)	—		—		(742	)
	Amortization of acquisition costs	529		(1	)	(11	)	6	1		—		—		524
	General and administrative expenses	4,032		(12	)	11		85	28		(3	)	42		4,183
	Total benefits and expenses	16,262		(17	)	(65	)	1,454	206		(3	)	42		17,879
__________
(1) See page 40 for a definition of adjusted operating income.
(2) Prior period numbers have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. "Other adjustments" include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
(4) U.S. generally accepted accounting principles.

Page 39

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
KEY DEFINITIONS AND FORMULAS
1. Adjusted operating income before income taxes:
Adjusted operating income is a non-GAAP measure of performance that excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.
Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. However, the effectiveness of our hedging program will ultimately be reflected in adjusted operating income over time. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are classified as other trading account assets. Additionally, market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, are excluded from adjusted operating income beginning with the second quarter of 2019, which we believe enhances the understanding of underlying performance trends.
Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. In addition, adjusted operating income excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.
Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP but is the measure of profit or loss we use to evaluate segment performance. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.
2. After-tax adjusted operating income:
Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.
3. Annualized New Business Premiums:
Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international operations are included in annualized new business premiums based on a 10% credit. Amounts ascribed to Gibraltar Life Consultants include production by captive agents associated with consolidated joint venture of Gibraltar Life and Other operations.
4. Assets Under Management:
Fair market value or account value of assets which Prudential manages directly in proprietary products, such as mutual funds and variable annuities, in separate accounts, wrap-fee products and the general account, and assets invested in investment options included in the Company's products that are managed by third party sub-managers (i.e., the non-proprietary investment options in the Company's products).
5. Prudential Financial, Inc. Equity:
Amount of capital assigned to each of the Company's segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment's risks. Equity represents all of Prudential Financial, Inc. equity that is not attributable to noncontrolling interests.
6. Book value per share of Common Stock:
Equity attributed to Prudential Financial, Inc. divided by the number of common shares outstanding at end of period, on a diluted basis. Book value per share excluding Accumulated Other Comprehensive Income (Loss) (“AOCI”) and adjusted to remove amount included for remeasurement of foreign currency exchange rate is a non-GAAP measure. These items are excluded in order to highlight the book value attributable to our core business operations. This non-GAAP measure augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through AOCI under GAAP. However, book value per share excluding both AOCI and adjusted to remove amount included for foreign currency exchange rate remeasurement is not a substitute for book value per share including AOCI determined in accordance with GAAP, and the adjustments made to derive the measure are important to an understanding of our overall financial position.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
KEY DEFINITIONS AND FORMULAS
7. Borrowings - Capital Debt:
Borrowings that are or will be used for capital requirements at Prudential Financial, Inc as well as borrowings invested in equity or debt securities of direct or indirect subsidiaries of Prudential Financial, Inc., and subsidiary borrowings, utilized for capital requirements.
8. Borrowings - Operating Debt:
Debt issued to finance the operating needs of the businesses.
9. Client Assets:
Fair market value of assets in client accounts of International brokerage operations, Prudential Bank and mortgage loan servicing business, that are not included in Assets Under Management. Prudential does not receive a management or administrative fee on these assets, but may receive a fee for executing trades, custody or recordkeeping services.
10. Divested and Run-off Businesses:
Businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.
11. Earned Premiums:
The portion of a premium, net of any amount ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.
12. Full Service Retirement:
The Full Service Retirement line of business provides retirement plan products and services to public, private and not-for-profit organizations. This business provides recordkeeping, plan administration, actuarial advisory services, participant education and communication services, trustee services and institutional and retail investment funds. This business mainly services defined contribution and defined benefit plans; non-qualified plans are also serviced. For clients with both defined contribution and defined benefit plans, integrated recordkeeping services are available.
13. Full Service Stable Value:
Our Full Service Stable Value products represent fixed rate options on investment funds offered to Retirement customers. These products contain an obligation to pay interest at a specified rate for a specific period of time. Upon termination these products repay account balances at market value immediately or may be liquidated at book value over time. Substantially all of these products are either fully or partially participating, with annual or semi-annual resets giving effect to previous investment experience. These products are issued through the general account, separate accounts or client-owned trusts. Profits from partially participating general account products result from the spread between the rate of return on investment assets and the interest rates credited to the customer, less expenses. For fully participating products, generally subject to a minimum interest rate guarantee, we earn fee income.
14. General Account:
Invested assets and policyholder liabilities and reserves for which the Company bears the investment risk. Excludes assets recognized for statutory purposes that are specifically allocated to a separate account. General account assets also include assets of the parent company, Prudential Financial, Inc.
15. Gibraltar Life:
Includes results from consolidated joint venture operation of Gibraltar Life and Other operations.
16. Gibraltar Life Consultants:
Captive insurance agents for Gibraltar Life. Count and policy persistency do not include captive agents associated with consolidated joint venture of Gibraltar Life and Other operations.
17. Group Insurance Benefits Ratios:
Ratio of policyholder benefits to earned premiums, policy charges and fee income.
18. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:
Ratio of administrative operating expenses (excluding commissions) to gross premiums, policy charges and fee income.
19. Individual Annuity Account Values in General Account and Separate Account:
Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.
20. Individual Annuities - Net Amounts at Risk:
Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.
Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

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Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
KEY DEFINITIONS AND FORMULAS
21. Insurance and Annuity Benefits:
Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.
22. International Life Planners:
Captive insurance Advisors in our Life Planner operations.
23. Non-recourse and Limited-recourse Debt:
Limited and non-recourse borrowing is where the holder is entitled to collect only against the assets pledged to the debt as collateral or has only very limited rights to collect against other assets.
24. Other Related Revenues:
Other related revenues include incentive fees, transaction fees, strategic investing results, and commercial mortgage revenues.
25. PGIM Asset Under Management Classifications:
Public Equity - Represents stock ownership interest in a corporation or partnership (excluding hedge funds) or real estate investment trust.
Public Fixed Income - Represents debt instruments that pay interest and usually has a maturity (excluding mortgages).
Real Estate - Includes direct real estate equity and real estate mortgages.
Private Credit and Other Alternatives - Includes private credit, private equity, hedge funds, agricultural debt and equity and other alternative strategies.
Multi-Asset - Includes funds or products that invest in more than one asset class balancing equity and fixed income funds and target date funds.
26. Policy Persistency - Group Insurance:
Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers' Group Life Insurance and Prudential Employee Benefit Plan).
27. Policy Persistency - International Businesses:
13 month persistency represents the average percentage of face amount of policies that are still in force at their 13th policy month. 25 month persistency represents the average percentage of face amount of policies that are still in force at their 25th policy month.
28. Prudential Advisor Productivity:
Commissions on new sales of all products by Prudential Advisors under contract for the entire period, divided by the number of those Prudential Advisors. Excludes commissions on new sales by Prudential Advisors hired or departed during the period. For interim reporting periods, the productivity measures are annualized.
29. Prudential Advisors:
Captive financial professionals and field managers in our insurance operations in the United States.
30. Separate Accounts:
Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.
31. Variable Investment Income:
Consists of income from equity and alternative investments along with prepayment fee income.
32. Wrap-Fee Products:
Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

Page 42

Prudential Financial, Inc.
Quarterly Financial Supplement
First Quarter 2020
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of May 5, 2020
		Standard &		Fitch
	A.M. Best*	Poor's	Moody's*	Ratings*
The Prudential Insurance Company of America	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company of New Jersey	A+	AA-	NR	AA-
Prudential Annuities Life Assurance Corporation	A+	AA-	NR	AA-
Prudential Retirement Insurance and Annuity Company	A+	AA-	Aa3	AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	A+	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	A+	NR	NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd.	NR	A+	NR	NR
Prudential Life Insurance Co. of Taiwan, Inc. (1)	NR	twAAA	NR	NR
CREDIT RATINGS:
as of May 5, 2020
Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F1
Long-Term Senior Debt	a-	A	A3	A-
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa1	BBB
The Prudential Insurance Company of America:
Capital and surplus notes	a	A	A2	A
Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-1	F1+
Long-Term Senior Debt	a+	AA-	A1	A+
PRICOA Global Funding I:
Long-Term Senior Debt	aa-	AA-	Aa3	AA-
* NR indicates not rated.
(1) Prudential Life Insurance Co. of Taiwan was assigned a financial strength rating by Taiwan Ratings Corporation, an S&P Global Company.
INVESTOR INFORMATION:
Corporate Office:	Investor Information Hotline:
Prudential Financial, Inc.	Dial 877-998-ROCK for additional printed information or inquiries.
751 Broad Street
Newark, New Jersey 07102	Web Site:
	www.prudential.com
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.

Page 43

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Entity Information [Line Items]
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Document Period End Date	May 05, 2020
Entity Registrant Name	PRUDENTIAL FINANCIAL, INC.
Entity Central Index Key	0001137774
Entity Incorporation, State or Country Code	NJ
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Entity Tax Identification Number	22-3703799
Entity Address, Address Line One	751 Broad Street
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	802-6000
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