Exhibit 12.1

PRUDENTIAL FINANCIAL, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2013			2012		2011		2010		2009
				($ in millions)
Earnings:
Income (loss) from continuing operations before income taxes (1)	$	(1,712	)	$	737	$	5,191	$	4,233	$	3,657
Less:
Undistributed income (loss) of investees accounted for under the equity method		223			107		286		100		(172	)
Interest capitalized		—			—		—		—		—
Adjusted earnings		(1,935	)		630		4,905		4,133		3,829
Add fixed charges:
Interest credited to policyholders’ account balances		3,111			4,234		4,484		4,209		4,484
Gross interest expense (2)		1,419			1,389		1,315		1,224		1,168
Interest component of rental expense		85			96		93		69		69
Total fixed charges		4,615			5,719		5,892		5,502		5,721
Total earnings plus fixed charges	$	2,680		$	6,349	$	10,797	$	9,635	$	9,550
Ratio of earnings to fixed charges (3)		—			1.11		1.83		1.75		1.67

(1) Excludes earnings attributable to noncontrolling interests. The year ended December 31, 2009 includes a $2.247 billion pre-tax gain related to the sale of the Company’s minority joint venture interest in Wachovia Securities.

(2) Interest expense on short-term and long-term debt, including interest expense of securities businesses reported in “Net investment income” in the Consolidated Statements of Operations, capitalized interest and amortization of debt discounts and premiums. Interest expense does not include interest on liabilities recorded under the authoritative guidance on accounting for uncertainty in income taxes. The Company’s policy is to classify such interest in income tax provision in the consolidated statements of operations.

(3) Due to the Company’s loss for the twelve months ended December 31, 2013, the ratio coverage was less than 1:1 and is therefore not presented. Additional earnings of $1,935 million would have been required for the twelve months ended December 31, 2013 to achieve a ratio of 1:1.