FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	89,711,763	$	139,354,251	$	377,624,067	$	405,856,351	$	171,216,079
Net Assets	$	89,711,763	$	139,354,251	$	377,624,067	$	405,856,351	$	171,216,079
NET ASSETS, representing:
Accumulation units	$	89,711,763	$	139,354,251	$	377,624,067	$	405,856,351	$	171,216,079
	$	89,711,763	$	139,354,251	$	377,624,067	$	405,856,351	$	171,216,079
Units outstanding	35,092,734		36,809,365		12,564,233		18,923,284		10,883,463
Portfolio shares held	8,971,176		9,454,155		3,070,614		7,912,972		3,877,176
Portfolio net asset value per share	$	10.00	$	14.74	$	122.98	$	51.29	$	44.16
Investment in portfolio shares, at cost	$	89,711,761	$	119,302,545	$	83,665,962	$	140,125,589	$	66,864,966

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	4,190,787	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	205,504		357,506		1,981,816		2,378,112		983,213
Reimbursement for excess expenses	—		(5,687)		(197,584)		(699,800)		(231,362)
NET EXPENSES	205,504		351,819		1,784,232		1,678,312		751,851
NET INVESTMENT INCOME (LOSS)	3,985,283		(351,819)		(1,784,232)		(1,678,312)		(751,851)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		667,535		20,640,197		16,231,895		7,225,767
Net change in unrealized appreciation (depreciation) on investments	—		3,310,879		61,331,429		39,979,286		13,055,849
NET GAIN (LOSS) ON INVESTMENTS	—		3,978,414		81,971,626		56,211,181		20,281,616
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	3,985,283	$	3,626,595	$	80,187,394	$	54,532,869	$	19,529,765

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

A1

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	PSF PGIM High Yield Bond Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF PGIM Jennison Value Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Global Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	37,288,084	$	424,303,935	$	63,805,896	$	14,005,512	$	31,950,509
Net Assets	$	37,288,084	$	424,303,935	$	63,805,896	$	14,005,512	$	31,950,509
NET ASSETS, representing:
Accumulation units	$	37,288,084	$	424,303,935	$	63,805,896	$	14,005,512	$	31,950,509
	$	37,288,084	$	424,303,935	$	63,805,896	$	14,005,512	$	31,950,509
Units outstanding	5,532,781		24,444,003		2,599,648		922,737		4,392,337
Portfolio shares held	5,186,103		2,943,897		1,043,432		314,307		502,841
Portfolio net asset value per share	$	7.19	$	144.13	$	61.15	$	44.56	$	63.54
Investment in portfolio shares, at cost	$	29,292,536	$	239,520,895	$	29,028,671	$	10,591,642	$	15,907,740

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM High Yield Bond Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF PGIM Jennison Value Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	118,127		1,096,707		250,193		60,174		119,779
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	118,127		1,096,707		250,193		60,174		119,779
NET INVESTMENT INCOME (LOSS)	(118,127)		(1,096,707)		(250,193)		(60,174)		(119,779)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	428,414		11,482,737		1,749,285		317,094		989,531
Net change in unrealized appreciation (depreciation) on investments	2,382,555		68,660,249		9,018,618		290,890		3,166,177
NET GAIN (LOSS) ON INVESTMENTS	2,810,969		80,142,986		10,767,903		607,984		4,155,708
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	2,692,842	$	79,046,279	$	10,517,710	$	547,810	$	4,035,929

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

A2

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
ASSETS
Investment in the portfolios, at fair value	$	1,871,100	$	152,372,191	$	54,982,795	$	44,506	$	500,436
Net Assets	$	1,871,100	$	152,372,191	$	54,982,795	$	44,506	$	500,436
NET ASSETS, representing:
Accumulation units	$	1,871,100	$	152,372,191	$	54,982,795	$	44,506	$	500,436
	$	1,871,100	$	152,372,191	$	54,982,795	$	44,506	$	500,436
Units outstanding	429,254		9,213,857		2,554,736		24,875		98,097
Portfolio shares held	144,934		821,812		868,881		2,975		8,425
Portfolio net asset value per share	$	12.91	$	185.41	$	63.28	$	14.96	$	59.40
Investment in portfolio shares, at cost	$	1,809,455	$	51,748,378	$	37,346,816	$	43,198	$	267,115

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	432	$	134
EXPENSES
Charges for mortality and expense risk	11,093		529,053		177,656		411		1,896
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	11,093		529,053		177,656		411		1,896
NET INVESTMENT INCOME (LOSS)	(11,093)		(529,053)		(177,656)		21		(1,762)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		1,119		12,761
Net realized gain (loss) on shares redeemed	2,746		6,092,459		1,252,119		69		5,557
Net change in unrealized appreciation (depreciation) on investments	15,250		29,364,721		2,968,351		(176)		114,062
NET GAIN (LOSS) ON INVESTMENTS	17,996		35,457,180		4,220,470		1,012		132,380
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	6,903	$	34,928,127	$	4,042,814	$	1,033	$	130,618

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

A3

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		LVIP American Century Value Fund (Standard Class II)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		Janus Henderson VIT Research Portfolio (Service Shares)		PSF Mid-Cap Growth Portfolio (Class I)
ASSETS
Investment in the portfolios, at fair value	$	504,386	$	660,102	$	65,460	$	3,678,183	$	35,719,701
Net Assets	$	504,386	$	660,102	$	65,460	$	3,678,183	$	35,719,701
NET ASSETS, representing:
Accumulation units	$	504,386	$	660,102	$	65,460	$	3,678,183	$	35,719,701
	$	504,386	$	660,102	$	65,460	$	3,678,183	$	35,719,701
Units outstanding	115,331		105,267		20,225		567,726		3,746,533
Portfolio shares held	6,880		53,978		4,426		65,170		1,130,728
Portfolio net asset value per share	$	73.31	$	12.23	$	14.79	$	56.44	$	31.59
Investment in portfolio shares, at cost	$	335,611	$	490,344	$	72,315	$	2,107,998	$	17,198,257

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		LVIP American Century Value Fund (Standard Class II)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		Janus Henderson VIT Research Portfolio (Service Shares)		PSF Mid-Cap Growth Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	19,132	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	4,161		5,830		562		8,408		78,542
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	4,161		5,830		562		8,408		78,542
NET INVESTMENT INCOME (LOSS)	(4,161)		13,302		(562)		(8,408)		(78,542)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	35,742		36,643		—		98,995		—
Net realized gain (loss) on shares redeemed	4,185		4,319		(128)		97,038		1,277,745
Net change in unrealized appreciation (depreciation) on investments	81,552		(2,090)		6,673		779,981		3,169,539
NET GAIN (LOSS) ON INVESTMENTS	121,479		38,872		6,545		976,014		4,447,284
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	117,318	$	52,174	$	5,983	$	967,606	$	4,368,742

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

A4

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	Janus Henderson VIT Overseas Portfolio (Service Shares)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		M Large Cap Growth Fund		M International Equity Fund		M Large Cap Value Fund
ASSETS
Investment in the portfolios, at fair value	$	1,369,801	$	136,902	$	267,769	$	12,381	$	255,934
Net Assets	$	1,369,801	$	136,902	$	267,769	$	12,381	$	255,934
NET ASSETS, representing:
Accumulation units	$	1,369,801	$	136,902	$	267,769	$	12,381	$	255,934
	$	1,369,801	$	136,902	$	267,769	$	12,381	$	255,934
Units outstanding	102,606		22,944		2,741		496		4,943
Portfolio shares held	32,794		10,186		8,087		903		16,322
Portfolio net asset value per share	$	41.77	$	13.44	$	33.11	$	13.71	$	15.68
Investment in portfolio shares, at cost	$	1,158,410	$	128,297	$	220,340	$	11,501	$	212,974

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	Janus Henderson VIT Overseas Portfolio (Service Shares)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		M Large Cap Growth Fund		M International Equity Fund		M Large Cap Value Fund
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	17,876	$	1,287	$	—	$	367	$	4,768
EXPENSES
Charges for mortality and expense risk	1,330		258		—		—		—
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	1,330		258		—		—		—
NET INVESTMENT INCOME (LOSS)	16,546		1,029		—		367		4,768
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		10,640		24,908		—		20,517
Net realized gain (loss) on shares redeemed	20,843		294		2,733		70		2,873
Net change in unrealized appreciation (depreciation) on investments	28,165		9,900		26,719		63		12,282
NET GAIN (LOSS) ON INVESTMENTS	49,008		20,834		54,360		133		35,672
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	65,554	$	21,863	$	54,360	$	500	$	40,440

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

A5

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Conservative Multi-Asset Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST MFS Global Equity Portfolio
ASSETS
Investment in the portfolios, at fair value	$	6,404,867	$	54,092,069	$	—	$	—	$	8,951,417
Net Assets	$	6,404,867	$	54,092,069	$	—	$	—	$	8,951,417
NET ASSETS, representing:
Accumulation units	$	6,404,867	$	54,092,069	$	—	$	—	$	8,951,417
	$	6,404,867	$	54,092,069	$	—	$	—	$	8,951,417
Units outstanding	394,996		2,217,811		—		—		396,724
Portfolio shares held	357,614		2,191,737		—		—		281,846
Portfolio net asset value per share	$	17.91	$	24.68	$	—	$	—	$	31.76
Investment in portfolio shares, at cost	$	5,584,567	$	47,817,094	$	—	$	—	$	7,362,469

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Conservative Multi-Asset Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST MFS Global Equity Portfolio
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/13/2024**		12/13/2024**		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	26,227		101,115		2,670		17,714		17,704
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	26,227		101,115		2,670		17,714		17,704
NET INVESTMENT INCOME (LOSS)	(26,227)		(101,115)		(2,670)		(17,714)		(17,704)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	85,222		493,253		1,159,637		3,309,924		129,303
Net change in unrealized appreciation (depreciation) on investments	327,580		2,738,904		(756,448)		(1,652,205)		300,075
NET GAIN (LOSS) ON INVESTMENTS	412,802		3,232,157		403,189		1,657,719		429,378
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	386,575	$	3,131,042	$	400,519	$	1,640,005	$	411,674

**Subaccount was no longer available for investment as of the date presented in the Statement of Operations.

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

A6

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	M Capital Appreciation Fund		LVIP American Century Mid Cap Value Fund (Standard Class II)		AST Large-Cap Value Portfolio		AST Small-Cap Equity Portfolio		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
ASSETS
Investment in the portfolios, at fair value	$	191,080	$	1,280,480	$	31,479,054	$	11,145,498	$	2,255,038
Net Assets	$	191,080	$	1,280,480	$	31,479,054	$	11,145,498	$	2,255,038
NET ASSETS, representing:
Accumulation units	$	191,080	$	1,280,480	$	31,479,054	$	11,145,498	$	2,255,038
	$	191,080	$	1,280,480	$	31,479,054	$	11,145,498	$	2,255,038
Units outstanding	2,635		28,823		1,191,558		233,206		65,982
Portfolio shares held	7,774		65,141		598,575		139,041		41,506
Portfolio net asset value per share	$	24.58	$	19.66	$	52.59	$	80.16	$	54.33
Investment in portfolio shares, at cost	$	197,033	$	1,296,950	$	22,483,529	$	8,506,693	$	1,802,096

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	M Capital Appreciation Fund		LVIP American Century Mid Cap Value Fund (Standard Class II)		AST Large-Cap Value Portfolio		AST Small-Cap Equity Portfolio		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	3,772	$	32,294	$	—	$	—	$	7,661
EXPENSES
Charges for mortality and expense risk	—		1,273		65,634		13,004		3,973
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	—		1,273		65,634		13,004		3,973
NET INVESTMENT INCOME (LOSS)	3,772		31,021		(65,634)		(13,004)		3,688
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	12,390		59,505		—		—		13,174
Net realized gain (loss) on shares redeemed	67		3,531		873,115		834,181		41,217
Net change in unrealized appreciation (depreciation) on investments	1,324		10,923		1,898,040		182,135		377,309
NET GAIN (LOSS) ON INVESTMENTS	13,781		73,959		2,771,155		1,016,316		431,700
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	17,553	$	104,980	$	2,705,521	$	1,003,312	$	435,388

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

A7

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	MFS® Utilities Series (Initial Class)		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		AST Large-Cap Growth Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio
ASSETS
Investment in the portfolios, at fair value	$	7,625,614	$	2,889,631	$	104,751,098	$	—	$	90,480,122
Net Assets	$	7,625,614	$	2,889,631	$	104,751,098	$	—	$	90,480,122
NET ASSETS, representing:
Accumulation units	$	7,625,614	$	2,889,631	$	104,751,098	$	—	$	90,480,122
	$	7,625,614	$	2,889,631	$	104,751,098	$	—	$	90,480,122
Units outstanding	370,117		100,740		2,241,664		—		3,097,544
Portfolio shares held	222,841		72,079		1,110,240		—		3,229,126
Portfolio net asset value per share	$	34.22	$	40.09	$	94.35	$	—	$	28.02
Investment in portfolio shares, at cost	$	7,469,919	$	2,337,041	$	67,015,573	$	—	$	67,048,104

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Utilities Series (Initial Class)		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		AST Large-Cap Growth Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/6/2024**		12/31/2024
INVESTMENT INCOME
Dividend income	$	169,708	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	13,637		6,246		186,669		46,764		142,283
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	13,637		6,246		186,669		46,764		142,283
NET INVESTMENT INCOME (LOSS)	156,071		(6,246)		(186,669)		(46,764)		(142,283)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	209,419		128,498		—		—		—
Net realized gain (loss) on shares redeemed	14,567		21,403		1,867,206		6,445,290		1,287,122
Net change in unrealized appreciation (depreciation) on investments	411,979		427,147		18,860,743		(3,628,773)		5,184,220
NET GAIN (LOSS) ON INVESTMENTS	635,965		577,048		20,727,949		2,816,517		6,471,342
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	792,036	$	570,802	$	20,541,280	$	2,769,753	$	6,329,059

**Subaccount was no longer available for investment as of the date presented in the Statement of Operations.

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

A8

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	AST Preservation Asset Allocation Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		TOPS® Aggressive Growth ETF Portfolio (Class 2)
ASSETS
Investment in the portfolios, at fair value	$	8,352,100	$	43,601,303	$	6,464,163	$	722,673	$	15,089,053
Net Assets	$	8,352,100	$	43,601,303	$	6,464,163	$	722,673	$	15,089,053
NET ASSETS, representing:
Accumulation units	$	8,352,100	$	43,601,303	$	6,464,163	$	722,673	$	15,089,053
	$	8,352,100	$	43,601,303	$	6,464,163	$	722,673	$	15,089,053
Units outstanding	394,953		2,050,189		171,422		32,422		646,434
Portfolio shares held	392,486		1,761,669		223,906		35,356		730,705
Portfolio net asset value per share	$	21.28	$	24.75	$	28.87	$	20.44	$	20.65
Investment in portfolio shares, at cost	$	6,173,783	$	32,928,269	$	4,742,164	$	662,236	$	12,965,712

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	AST Preservation Asset Allocation Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		TOPS® Aggressive Growth ETF Portfolio (Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	3,985	$	170,002
EXPENSES
Charges for mortality and expense risk	16,981		87,981		15,317		1,373		25,871
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	16,981		87,981		15,317		1,373		25,871
NET INVESTMENT INCOME (LOSS)	(16,981)		(87,981)		(15,317)		2,612		144,131
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		9,441		117,753
Net realized gain (loss) on shares redeemed	147,983		536,346		83,918		4,186		110,336
Net change in unrealized appreciation (depreciation) on investments	448,174		4,533,194		533,279		58,917		891,823
NET GAIN (LOSS) ON INVESTMENTS	596,157		5,069,540		617,197		72,544		1,119,912
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	579,176	$	4,981,559	$	601,880	$	75,156	$	1,264,043

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

A9

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
ASSETS
Investment in the portfolios, at fair value	$	6,826,571	$	2,228,471	$	9,656,696	$	6,893,204	$	1,121,607
Net Assets	$	6,826,571	$	2,228,471	$	9,656,696	$	6,893,204	$	1,121,607
NET ASSETS, representing:
Accumulation units	$	6,826,571	$	2,228,471	$	9,656,696	$	6,893,204	$	1,121,607
	$	6,826,571	$	2,228,471	$	9,656,696	$	6,893,204	$	1,121,607
Units outstanding	423,949		150,376		445,748		375,120		68,344
Portfolio shares held	488,659		175,194		488,452		471,491		77,727
Portfolio net asset value per share	$	13.97	$	12.72	$	19.77	$	14.62	$	14.43
Investment in portfolio shares, at cost	$	6,621,463	$	2,178,047	$	8,269,723	$	6,282,196	$	1,388,350

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	134,102	$	52,848	$	121,185	$	119,936	$	28,740
EXPENSES
Charges for mortality and expense risk	12,823		4,154		17,709		13,662		2,282
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	12,823		4,154		17,709		13,662		2,282
NET INVESTMENT INCOME (LOSS)	121,279		48,694		103,476		106,274		26,458
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	30,768		15,870		17,299		91,965		—
Net realized gain (loss) on shares redeemed	26,887		3,755		77,544		151,736		(37,884)
Net change in unrealized appreciation (depreciation) on investments	167,978		45,716		606,469		177,069		72,963
NET GAIN (LOSS) ON INVESTMENTS	225,633		65,341		701,312		420,770		35,079
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	346,912	$	114,035	$	804,788	$	527,044	$	61,537

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

A10

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS® Growth Fund (Class 2)		American Funds IS® Growth-Income Fund (Class 2)		Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)
ASSETS
Investment in the portfolios, at fair value	$	2,846,963	$	2,879,786	$	46,859,271	$	22,222,620	$	15,710,357
Net Assets	$	2,846,963	$	2,879,786	$	46,859,271	$	22,222,620	$	15,710,357
NET ASSETS, representing:
Accumulation units	$	2,846,963	$	2,879,786	$	46,859,271	$	22,222,620	$	15,710,357
	$	2,846,963	$	2,879,786	$	46,859,271	$	22,222,620	$	15,710,357
Units outstanding	157,087		159,985		1,045,502		648,600		460,848
Portfolio shares held	220,524		212,061		372,520		324,987		283,069
Portfolio net asset value per share	$	12.91	$	13.58	$	125.79	$	68.38	$	55.50
Investment in portfolio shares, at cost	$	3,419,816	$	3,735,493	$	36,074,382	$	18,132,456	$	12,864,209

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS® Growth Fund (Class 2)		American Funds IS® Growth-Income Fund (Class 2)		Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	64,200	$	69,049	$	137,658	$	223,898	$	3,996
EXPENSES
Charges for mortality and expense risk	6,030		6,495		87,417		42,213		31,364
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	6,030		6,495		87,417		42,213		31,364
NET INVESTMENT INCOME (LOSS)	58,170		62,554		50,241		181,685		(27,368)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		907,294		812,140		1,811,223
Net realized gain (loss) on shares redeemed	(44,883)		(21,713)		618,841		121,091		157,659
Net change in unrealized appreciation (depreciation) on investments	164,602		142,698		9,170,457		2,807,237		1,691,562
NET GAIN (LOSS) ON INVESTMENTS	119,719		120,985		10,696,592		3,740,468		3,660,444
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	177,889	$	183,539	$	10,746,833	$	3,922,153	$	3,633,076

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

A11

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)
ASSETS
Investment in the portfolios, at fair value	$	15,935,056	$	579,648	$	62,527	$	1,328,612	$	1,129,726
Net Assets	$	15,935,056	$	579,648	$	62,527	$	1,328,612	$	1,129,726
NET ASSETS, representing:
Accumulation units	$	15,935,056	$	579,648	$	62,527	$	1,328,612	$	1,129,726
	$	15,935,056	$	579,648	$	62,527	$	1,328,612	$	1,129,726
Units outstanding	681,591		40,801		2,028		32,746		34,838
Portfolio shares held	449,128		46,446		1,208		60,064		48,800
Portfolio net asset value per share	$	35.48	$	12.48	$	51.76	$	22.12	$	23.15
Investment in portfolio shares, at cost	$	15,807,789	$	515,029	$	55,447	$	981,253	$	1,100,064

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	53,706	$	6,096	$	326	$	4,489	$	18,981
EXPENSES
Charges for mortality and expense risk	29,662		1,353		62		1,238		1,105
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	29,662		1,353		62		1,238		1,105
NET INVESTMENT INCOME (LOSS)	24,044		4,743		264		3,251		17,876
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	2,036,318		2,086		2,664		54,737		75,333
Net realized gain (loss) on shares redeemed	46,338		11,598		1,521		11,726		4,265
Net change in unrealized appreciation (depreciation) on investments	8,485		15,685		7,336		197,365		27,685
NET GAIN (LOSS) ON INVESTMENTS	2,091,141		29,369		11,521		263,828		107,283
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	2,115,185	$	34,112	$	11,785	$	267,079	$	125,159

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

A12

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	American Funds IS® International Fund (Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)		MFS® Total Return Bond Series (Initial Class)		MFS® Value Series (Initial Class)
ASSETS
Investment in the portfolios, at fair value	$	10,794,782	$	2,770,182	$	90,170	$	11,572,914	$	4,634,594
Net Assets	$	10,794,782	$	2,770,182	$	90,170	$	11,572,914	$	4,634,594
NET ASSETS, representing:
Accumulation units	$	10,794,782	$	2,770,182	$	90,170	$	11,572,914	$	4,634,594
	$	10,794,782	$	2,770,182	$	90,170	$	11,572,914	$	4,634,594
Units outstanding	790,077		168,722		5,111		991,965		205,319
Portfolio shares held	608,157		192,910		5,502		1,006,340		214,267
Portfolio net asset value per share	$	17.75	$	14.36	$	16.39	$	11.50	$	21.63
Investment in portfolio shares, at cost	$	11,312,441	$	2,831,316	$	99,242	$	12,303,093	$	4,531,893

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	American Funds IS® International Fund (Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)		MFS® Total Return Bond Series (Initial Class)		MFS® Value Series (Initial Class)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	129,799	$	128,721	$	1,796	$	474,990	$	69,014
EXPENSES
Charges for mortality and expense risk	23,116		5,378		179		21,669		9,870
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	23,116		5,378		179		21,669		9,870
NET INVESTMENT INCOME (LOSS)	106,683		123,343		1,617		453,321		59,144
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		10,546		1,868		—		312,567
Net realized gain (loss) on shares redeemed	1,469		(3,413)		(978)		(18,861)		15,314
Net change in unrealized appreciation (depreciation) on investments	104,307		32,471		7,010		(210,781)		28,954
NET GAIN (LOSS) ON INVESTMENTS	105,776		39,604		7,900		(229,642)		356,835
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	212,459	$	162,947	$	9,517	$	223,679	$	415,979

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

A13

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	American Funds IS® Washington Mutual Investors Fund (Class 2)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		Invesco V.I. Growth and Income Fund (Series I)		CVT Nasdaq 100 Index Portfolio (Class F)		CVT S&P MidCap 400® Index Portfolio (Class F)
ASSETS
Investment in the portfolios, at fair value	$	4,253,982	$	108,618,253	$	3,077,631	$	19,982,905	$	7,489,944
Net Assets	$	4,253,982	$	108,618,253	$	3,077,631	$	19,982,905	$	7,489,944
NET ASSETS, representing:
Accumulation units	$	4,253,982	$	108,618,253	$	3,077,631	$	19,982,905	$	7,489,944
	$	4,253,982	$	108,618,253	$	3,077,631	$	19,982,905	$	7,489,944
Units outstanding	157,141		3,049,201		126,125		710,364		455,634
Portfolio shares held	257,349		193,536		151,982		122,964		58,566
Portfolio net asset value per share	$	16.53	$	561.23	$	20.25	$	162.51	$	127.89
Investment in portfolio shares, at cost	$	3,675,123	$	75,729,566	$	2,989,329	$	15,067,217	$	6,932,411

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	American Funds IS® Washington Mutual Investors Fund (Class 2)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		Invesco V.I. Growth and Income Fund (Series I)		CVT Nasdaq 100 Index Portfolio (Class F)		CVT S&P MidCap 400® Index Portfolio (Class F)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	62,828	$	1,044,907	$	43,368	$	61,516	$	83,038
EXPENSES
Charges for mortality and expense risk	8,930		234,783		7,150		36,545		15,068
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	8,930		234,783		7,150		36,545		15,068
NET INVESTMENT INCOME (LOSS)	53,898		810,124		36,218		24,971		67,970
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	28,190		63,104		186,142		1,209,422		299,261
Net realized gain (loss) on shares redeemed	21,551		522,182		3,706		135,148		23,328
Net change in unrealized appreciation (depreciation) on investments	487,785		18,233,329		176,923		2,285,862		381,807
NET GAIN (LOSS) ON INVESTMENTS	537,526		18,818,615		366,771		3,630,432		704,396
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	591,424	$	19,628,739	$	402,989	$	3,655,403	$	772,366

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

A14

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	CVT EAFE International Index Portfolio (Class F)		AST Global Bond Portfolio		AST Core Fixed Income Portfolio		AST International Equity Portfolio		ClearBridge Variable Mid Cap Portfolio (Class II)
ASSETS
Investment in the portfolios, at fair value	$	3,411,098	$	3,731,143	$	19,014,627	$	35,319,976	$	8,393
Net Assets	$	3,411,098	$	3,731,143	$	19,014,627	$	35,319,976	$	8,393
NET ASSETS, representing:
Accumulation units	$	3,411,098	$	3,731,143	$	19,014,627	$	35,319,976	$	8,393
	$	3,411,098	$	3,731,143	$	19,014,627	$	35,319,976	$	8,393
Units outstanding	260,071		394,240		2,010,009		3,004,389		682
Portfolio shares held	35,963		320,545		1,416,887		1,314,966		348
Portfolio net asset value per share	$	94.85	$	11.64	$	13.42	$	26.86	$	24.15
Investment in portfolio shares, at cost	$	3,329,460	$	3,728,359	$	19,486,778	$	30,917,077	$	8,264

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	CVT EAFE International Index Portfolio (Class F)		AST Global Bond Portfolio		AST Core Fixed Income Portfolio		AST International Equity Portfolio		ClearBridge Variable Mid Cap Portfolio (Class II)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	90,395	$	—	$	—	$	—	$	19
EXPENSES
Charges for mortality and expense risk	6,614		5,942		38,146		80,971		2
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	6,614		5,942		38,146		80,971		2
NET INVESTMENT INCOME (LOSS)	83,781		(5,942)		(38,146)		(80,971)		17
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—		161
Net realized gain (loss) on shares redeemed	14,862		(3,392)		(42,945)		259,347		9
Net change in unrealized appreciation (depreciation) on investments	(40,383)		97,228		285,145		1,253,655		129
NET GAIN (LOSS) ON INVESTMENTS	(25,521)		93,836		242,200		1,513,002		299
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	58,260	$	87,894	$	204,054	$	1,432,031	$	316

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A15

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	Franklin Rising Dividends VIP Fund (Class 2)		Franklin Small Cap Value VIP Fund (Class 2)		MFS® Total Return Bond Series (Service Class)		MFS® Total Return Series (Service Class)		MFS® Utilities Series (Service Class)
ASSETS
Investment in the portfolios, at fair value	$	26,403	$	15,277	$	154,626	$	31,112	$	9,634
Net Assets	$	26,403	$	15,277	$	154,626	$	31,112	$	9,634
NET ASSETS, representing:
Accumulation units	$	26,403	$	15,277	$	154,626	$	31,112	$	9,634
	$	26,403	$	15,277	$	154,626	$	31,112	$	9,634
Units outstanding	2,180		1,175		14,073		2,655		777
Portfolio shares held	940		1,067		13,720		1,374		288
Portfolio net asset value per share	$	28.08	$	14.32	$	11.27	$	22.64	$	33.42
Investment in portfolio shares, at cost	$	26,871	$	15,839	$	158,972	$	32,409	$	10,167

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	Franklin Rising Dividends VIP Fund (Class 2)		Franklin Small Cap Value VIP Fund (Class 2)		MFS® Total Return Bond Series (Service Class)		MFS® Total Return Series (Service Class)		MFS® Utilities Series (Service Class)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	126	$	—	$	59	$	565	$	26
EXPENSES
Charges for mortality and expense risk	9		3		47		12		1
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	9		3		47		12		1
NET INVESTMENT INCOME (LOSS)	117		(3)		12		553		25
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	601		—		—		1,211		37
Net realized gain (loss) on shares redeemed	210		133		(15)		(12)		5
Net change in unrealized appreciation (depreciation) on investments	(468)		(562)		(4,346)		(1,297)		(533)
NET GAIN (LOSS) ON INVESTMENTS	343		(429)		(4,361)		(98)		(491)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	460	$	(432)	$	(4,349)	$	455	$	(466)

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A16

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	MFS® Value Series (Service Class)		T. Rowe Price Blue Chip Growth Portfolio (Class II)		T. Rowe Price Equity Income Portfolio (Class II)		T. Rowe Price Health Sciences Portfolio (Class II)		T. Rowe Price Mid-Cap Growth Portfolio (Class II)
ASSETS
Investment in the portfolios, at fair value	$	41,956	$	213,675	$	18,632	$	2,647	$	46,153
Net Assets	$	41,956	$	213,675	$	18,632	$	2,647	$	46,153
NET ASSETS, representing:
Accumulation units	$	41,956	$	213,675	$	18,632	$	2,647	$	46,153
	$	41,956	$	213,675	$	18,632	$	2,647	$	46,153
Units outstanding	3,479		14,268		1,507		243		3,780
Portfolio shares held	1,997		3,792		660		56		1,736
Portfolio net asset value per share	$	21.01	$	56.35	$	28.22	$	47.62	$	26.59
Investment in portfolio shares, at cost	$	43,011	$	218,349	$	20,438	$	3,072	$	50,867

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Value Series (Service Class)		T. Rowe Price Blue Chip Growth Portfolio (Class II)		T. Rowe Price Equity Income Portfolio (Class II)		T. Rowe Price Health Sciences Portfolio (Class II)		T. Rowe Price Mid-Cap Growth Portfolio (Class II)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	152	$	—	$	121	$	—	$	—
EXPENSES
Charges for mortality and expense risk	7		38		3		1		11
Reimbursement for excess expenses	—		—		—		—		—
NET EXPENSES	7		38		3		1		11
NET INVESTMENT INCOME (LOSS)	145		(38)		118		(1)		(11)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	806		8,609		1,224		212		4,498
Net realized gain (loss) on shares redeemed	(1)		92		—		1		239
Net change in unrealized appreciation (depreciation) on investments	(1,055)		(4,674)		(1,806)		(425)		(4,714)
NET GAIN (LOSS) ON INVESTMENTS	(250)		4,027		(582)		(212)		23
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(105)	$	3,989	$	(464)	$	(213)	$	12

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A17

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF NET ASSETS

December 31, 2024

	SUBACCOUNTS
	Franklin Global Real Estate VIP Fund (Class 2)		Templeton Global Bond VIP Fund (Class 2)		MFS® Investors Trust Series (Service Class)		MFS® New Discovery Series (Service Class)
ASSETS
Investment in the portfolios, at fair value	$	8,844	$	3,254	$	13,706	$	9,407
Net Assets	$	8,844	$	3,254	$	13,706	$	9,407
NET ASSETS, representing:
Accumulation units	$	8,844	$	3,254	$	13,706	$	9,407
	$	8,844	$	3,254	$	13,706	$	9,407
Units outstanding	769		333		1,044		775
Portfolio shares held	721		286		352		875
Portfolio net asset value per share	$	12.27	$	11.38	$	38.89	$	10.75
Investment in portfolio shares, at cost	$	9,349	$	3,469	$	14,023	$	9,922

STATEMENTS OF OPERATIONS

For the period ended December 31, 2024

	SUBACCOUNTS
	Franklin Global Real Estate VIP Fund (Class 2)		Templeton Global Bond VIP Fund (Class 2)		MFS® Investors Trust Series (Service Class)		MFS® New Discovery Series (Service Class)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024
INVESTMENT INCOME
Dividend income	$	—	$	—	$	—	$	—
EXPENSES
Charges for mortality and expense risk	1		1		2		2
Reimbursement for excess expenses	—		—		—		—
NET EXPENSES	1		1		2		2
NET INVESTMENT INCOME (LOSS)	(1)		(1)		(2)		(2)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Capital gains distributions received	—		—		—		—
Net realized gain (loss) on shares redeemed	—		(29)		1		—
Net change in unrealized appreciation (depreciation) on investments	(505)		(215)		(317)		(515)
NET GAIN (LOSS) ON INVESTMENTS	(505)		(244)		(316)		(515)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(506)	$	(245)	$	(318)	$	(517)

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A18

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	3,985,283	$	(351,819)	$	(1,784,232)	$	(1,678,312)	$	(751,851)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		667,535		20,640,197		16,231,895		7,225,767
Net change in unrealized appreciation (depreciation) on investments	—		3,310,879		61,331,429		39,979,286		13,055,849
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	3,985,283		3,626,595		80,187,394		54,532,869		19,529,765
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	104,723,216		6,840,416		4,170,778		7,098,345		3,908,550
Policy loans	(2,737,896)		(807,246)		(3,985,387)		(3,111,176)		(1,322,041)
Policy loan repayments and interest	337,129		663,753		3,633,781		3,673,599		1,666,530
Surrenders, withdrawals and death benefits	(976,420)		(1,735,618)		(19,047,407)		(19,280,446)		(8,695,124)
Net transfers between other subaccounts
or fixed rate option	(95,117,270)		6,462,957		(1,833,504)		(555,515)		753,072
Miscellaneous transactions	143,960		(8,415)		(159,054)		(151,609)		(70,259)
Other charges	(3,257,724)		(3,298,378)		(4,623,141)		(6,311,405)		(3,301,945)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	3,114,995		8,117,469		(21,843,934)		(18,638,207)		(7,061,217)
TOTAL INCREASE (DECREASE) IN NET ASSETS	7,100,278		11,744,064		58,343,460		35,894,662		12,468,548
NET ASSETS
Beginning of period	82,611,485		127,610,187		319,280,607		369,961,689		158,747,531
End of period	$	89,711,763	$	139,354,251	$	377,624,067	$	405,856,351	$	171,216,079
Beginning units	34,682,383		34,492,970		13,155,756		19,892,635		11,471,377
Units issued	22,941,261		3,413,140		334,511		189,811		190,434
Units redeemed	(22,530,910)		(1,096,745)		(926,034)		(1,159,162)		(778,348)
Ending units	35,092,734		36,809,365		12,564,233		18,923,284		10,883,463

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

A19

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM High Yield Bond Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF PGIM Jennison Value Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	(118,127)	$	(1,096,707)	$	(250,193)	$	(60,174)	$	(119,779)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	428,414		11,482,737		1,749,285		317,094		989,531
Net change in unrealized appreciation (depreciation) on investments	2,382,555		68,660,249		9,018,618		290,890		3,166,177
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,692,842		79,046,279		10,517,710		547,810		4,035,929
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,740,138		31,614,705		2,131,610		618,506		1,828,516
Policy loans	(361,338)		(3,323,929)		(659,771)		(264,754)		(487,899)
Policy loan repayments and interest	259,160		1,375,525		300,820		151,996		230,282
Surrenders, withdrawals and death benefits	(1,064,955)		(7,050,484)		(1,677,812)		(642,767)		(961,960)
Net transfers between other subaccounts
or fixed rate option	2,939,944		20,750,465		3,740,518		65,597		588,469
Miscellaneous transactions	(1,757)		(100,453)		(14,502)		(3,641)		(3,758)
Other charges	(1,203,406)		(10,944,598)		(1,227,342)		(319,114)		(790,367)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	3,307,786		32,321,231		2,593,521		(394,177)		403,283
TOTAL INCREASE (DECREASE) IN NET ASSETS	6,000,628		111,367,510		13,111,231		153,633		4,439,212
NET ASSETS
Beginning of period	31,287,456		312,936,425		50,694,665		13,851,879		27,511,297
End of period	$	37,288,084	$	424,303,935	$	63,805,896	$	14,005,512	$	31,950,509
Beginning units	4,923,420		21,645,880		2,486,680		931,420		4,425,838
Units issued	969,931		4,119,862		221,446		72,382		263,398
Units redeemed	(360,570)		(1,321,739)		(108,478)		(81,065)		(296,899)
Ending units	5,532,781		24,444,003		2,599,648		922,737		4,392,337

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

A20

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	(11,093)	$	(529,053)	$	(177,656)	$	21	$	(1,762)
Capital gains distributions received	—		—		—		1,119		12,761
Net realized gain (loss) on shares redeemed	2,746		6,092,459		1,252,119		69		5,557
Net change in unrealized appreciation (depreciation) on investments	15,250		29,364,721		2,968,351		(176)		114,062
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	6,903		34,928,127		4,042,814		1,033		130,618
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	52,972		5,979,860		3,046,239		—		715
Policy loans	(13,762)		(1,895,965)		(765,565)		—		—
Policy loan repayments and interest	12,164		999,256		492,790		—		—
Surrenders, withdrawals and death benefits	(30,242)		(4,886,548)		(1,956,319)		—		(5,023)
Net transfers between other subaccounts
or fixed rate option	25,321		6,560,537		3,494,443		—		—
Miscellaneous transactions	(235)		(44,037)		(8,508)		—		53
Other charges	(42,203)		(3,055,304)		(1,295,602)		(481)		(6,157)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	4,015		3,657,799		3,007,478		(481)		(10,412)
TOTAL INCREASE (DECREASE) IN NET ASSETS	10,918		38,585,926		7,050,292		552		120,206
NET ASSETS
Beginning of period	1,860,182		113,786,265		47,932,503		43,954		380,230
End of period	$	1,871,100	$	152,372,191	$	54,982,795	$	44,506	$	500,436
Beginning units	428,891		9,044,245		2,471,938		25,139		100,417
Units issued	23,651		793,830		243,348		—		196
Units redeemed	(23,288)		(624,218)		(160,550)		(264)		(2,516)
Ending units	429,254		9,213,857		2,554,736		24,875		98,097

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

A21

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		LVIP American Century Value Fund (Standard Class II)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		Janus Henderson VIT Research Portfolio (Service Shares)		PSF Mid-Cap Growth Portfolio (Class I)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	(4,161)	$	13,302	$	(562)	$	(8,408)	$	(78,542)
Capital gains distributions received	35,742		36,643		—		98,995		—
Net realized gain (loss) on shares redeemed	4,185		4,319		(128)		97,038		1,277,745
Net change in unrealized appreciation (depreciation) on investments	81,552		(2,090)		6,673		779,981		3,169,539
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	117,318		52,174		5,983		967,606		4,368,742
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	11,198		552		—		81,795		1,973,677
Policy loans	(1,271)		—		—		(46,562)		(690,504)
Policy loan repayments and interest	1,220		—		—		27,806		165,732
Surrenders, withdrawals and death benefits	—		—		—		(169,662)		(1,135,988)
Net transfers between other subaccounts
or fixed rate option	—		—		—		(5,244)		1,364,824
Miscellaneous transactions	(156)		—		—		(67)		3,142
Other charges	(10,224)		(9,835)		(214)		(61,490)		(917,157)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	767		(9,283)		(214)		(173,424)		763,726
TOTAL INCREASE (DECREASE) IN NET ASSETS	118,085		42,891		5,769		794,182		5,132,468
NET ASSETS
Beginning of period	386,301		617,211		59,691		2,884,001		30,587,233
End of period	$	504,386	$	660,102	$	65,460	$	3,678,183	$	35,719,701
Beginning units	115,083		106,796		20,295		599,252		3,789,986
Units issued	2,394		93		—		14,441		231,423
Units redeemed	(2,146)		(1,622)		(70)		(45,967)		(274,876)
Ending units	115,331		105,267		20,225		567,726		3,746,533

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

A22

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	Janus Henderson VIT Overseas Portfolio (Service Shares)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		M Large Cap Growth Fund		M International Equity Fund		M Large Cap Value Fund
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	16,546	$	1,029	$	—	$	367	$	4,768
Capital gains distributions received	—		10,640		24,908		—		20,517
Net realized gain (loss) on shares redeemed	20,843		294		2,733		70		2,873
Net change in unrealized appreciation (depreciation) on investments	28,165		9,900		26,719		63		12,282
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	65,554		21,863		54,360		500		40,440
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	200,604		476		9,285		—		12,999
Policy loans	(16,655)		—		—		—		—
Policy loan repayments and interest	4,896		—		—		—		—
Surrenders, withdrawals and death benefits	(52,789)		(1,967)		—		—		—
Net transfers between other subaccounts
or fixed rate option	32,418		—		—		—		—
Miscellaneous transactions	628		(26)		25		—		—
Other charges	(50,114)		(1,274)		(13,123)		(676)		(12,730)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	118,988		(2,791)		(3,813)		(676)		269
TOTAL INCREASE (DECREASE) IN NET ASSETS	184,542		19,072		50,547		(176)		40,709
NET ASSETS
Beginning of period	1,185,259		117,830		217,222		12,557		215,225
End of period	$	1,369,801	$	136,902	$	267,769	$	12,381	$	255,934
Beginning units	93,639		23,462		2,791		523		4,931
Units issued	17,954		123		97		—		273
Units redeemed	(8,987)		(641)		(147)		(27)		(261)
Ending units	102,606		22,944		2,741		496		4,943

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

A23

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Conservative Multi-Asset Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST MFS Global Equity Portfolio
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/13/2024**		12/13/2024**		12/31/2024
OPERATIONS
Net investment income (loss)	$	(26,227)	$	(101,115)	$	(2,670)	$	(17,714)	$	(17,704)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	85,222		493,253		1,159,637		3,309,924		129,303
Net change in unrealized appreciation (depreciation) on investments	327,580		2,738,904		(756,448)		(1,652,205)		300,075
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	386,575		3,131,042		400,519		1,640,005		411,674
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	385,889		4,549,104		285,657		1,049,083		1,174,667
Policy loans	(129,658)		(1,157,170)		(56,300)		(165,168)		(174,125)
Policy loan repayments and interest	136,350		533,556		16,385		36,716		69,626
Surrenders, withdrawals and death benefits	(377,519)		(1,931,063)		(58,201)		(308,372)		(132,758)
Net transfers between other subaccounts
or fixed rate option	22,335		(1,156,898)		(3,040,291)		(10,388,194)		318,136
Miscellaneous transactions	(6,820)		745		1,509		2,938		1,896
Other charges	(173,635)		(2,198,478)		(94,377)		(405,169)		(311,944)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(143,058)		(1,360,204)		(2,945,618)		(10,178,166)		945,498
TOTAL INCREASE (DECREASE) IN NET ASSETS	243,517		1,770,838		(2,545,099)		(8,538,161)		1,357,172
NET ASSETS
Beginning of period	6,161,350		52,321,231		2,545,099		8,538,161		7,594,245
End of period	$	6,404,867	$	54,092,069	$	—	$	—	$	8,951,417
Beginning units	409,889		2,273,652		67,868		364,119		353,915
Units issued	15,285		133,504		11,977		57,392		60,182
Units redeemed	(30,178)		(189,345)		(79,845)		(421,511)		(17,373)
Ending units	394,996		2,217,811		—		—		396,724

**Date subaccount was no longer available for investment.

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

A24

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	M Capital Appreciation Fund		LVIP American Century Mid Cap Value Fund (Standard Class II)		AST Large-Cap Value Portfolio		AST Small-Cap Equity Portfolio		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	3,772	$	31,021	$	(65,634)	$	(13,004)	$	3,688
Capital gains distributions received	12,390		59,505		—		—		13,174
Net realized gain (loss) on shares redeemed	67		3,531		873,115		834,181		41,217
Net change in unrealized appreciation (depreciation) on investments	1,324		10,923		1,898,040		182,135		377,309
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	17,553		104,980		2,705,521		1,003,312		435,388
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	9,286		76,154		2,355,481		709,688		248,977
Policy loans	—		(9,559)		(560,574)		(237,134)		(3,886)
Policy loan repayments and interest	—		4,457		99,837		46,706		9,603
Surrenders, withdrawals and death benefits	—		(79,861)		(923,812)		(435,060)		(65,504)
Net transfers between other subaccounts
or fixed rate option	—		17,412		1,401,297		3,586,736		(10,392)
Miscellaneous transactions	—		173		6,010		(139,461)		(218)
Other charges	(9,650)		(32,606)		(997,580)		(267,341)		(99,264)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(364)		(23,830)		1,380,659		3,264,134		79,316
TOTAL INCREASE (DECREASE) IN NET ASSETS	17,189		81,150		4,086,180		4,267,446		514,704
NET ASSETS
Beginning of period	173,891		1,199,330		27,392,874		6,878,052		1,740,334
End of period	$	191,080	$	1,280,480	$	31,479,054	$	11,145,498	$	2,255,038
Beginning units	2,636		29,323		1,131,119		165,687		63,827
Units issued	139		1,739		134,397		151,616		8,859
Units redeemed	(140)		(2,239)		(73,958)		(84,097)		(6,704)
Ending units	2,635		28,823		1,191,558		233,206		65,982

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

A25

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Utilities Series (Initial Class)		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		AST Large-Cap Growth Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/6/2024**		12/31/2024
OPERATIONS
Net investment income (loss)	$	156,071	$	(6,246)	$	(186,669)	$	(46,764)	$	(142,283)
Capital gains distributions received	209,419		128,498		—		—		—
Net realized gain (loss) on shares redeemed	14,567		21,403		1,867,206		6,445,290		1,287,122
Net change in unrealized appreciation (depreciation) on investments	411,979		427,147		18,860,743		(3,628,773)		5,184,220
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	792,036		570,802		20,541,280		2,769,753		6,329,059
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	704,464		216,942		7,130,062		2,167,700		5,764,425
Policy loans	(226,757)		(1,622)		(1,117,809)		(360,125)		(968,586)
Policy loan repayments and interest	41,810		266		228,262		85,850		374,380
Surrenders, withdrawals and death benefits	(138,400)		(13,899)		(1,961,980)		(206,107)		(1,865,454)
Net transfers between other subaccounts
or fixed rate option	523,312		8,038		14,624,976		(21,679,941)		23,449,869
Miscellaneous transactions	(1,576)		41		15,448		1,917		5,862
Other charges	(318,059)		(124,940)		(3,095,479)		(802,223)		(2,707,564)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	584,794		84,826		15,823,480		(20,792,929)		24,052,932
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,376,830		655,628		36,364,760		(18,023,176)		30,381,991
NET ASSETS
Beginning of period	6,248,784		2,234,003		68,386,338		18,023,176		60,098,131
End of period	$	7,625,614	$	2,889,631	$	104,751,098	$	—	$	90,480,122
Beginning units	335,950		97,599		1,888,569		535,999		2,294,269
Units issued	56,582		7,650		435,537		64,424		931,094
Units redeemed	(22,415)		(4,509)		(82,442)		(600,423)		(127,819)
Ending units	370,117		100,740		2,241,664		—		3,097,544

**Date subaccount was no longer available for investment.

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

A26

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	AST Preservation Asset Allocation Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		TOPS® Aggressive Growth ETF Portfolio (Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	(16,981)	$	(87,981)	$	(15,317)	$	2,612	$	144,131
Capital gains distributions received	—		—		—		9,441		117,753
Net realized gain (loss) on shares redeemed	147,983		536,346		83,918		4,186		110,336
Net change in unrealized appreciation (depreciation) on investments	448,174		4,533,194		533,279		58,917		891,823
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	579,176		4,981,559		601,880		75,156		1,264,043
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	835,069		3,268,834		629,347		81,678		1,771,340
Policy loans	(76,982)		(851,421)		(148,211)		(8,316)		(238,454)
Policy loan repayments and interest	128,700		247,554		48,614		350		139,571
Surrenders, withdrawals and death benefits	(204,790)		(1,223,441)		(63,679)		(16,775)		(115,205)
Net transfers between other subaccounts
or fixed rate option	42,172		1,828,171		61,253		5,766		2,620,947
Miscellaneous transactions	(81)		162		406		4		3,655
Other charges	(423,684)		(1,227,558)		(226,316)		(29,259)		(634,255)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	300,404		2,042,301		301,414		33,448		3,547,599
TOTAL INCREASE (DECREASE) IN NET ASSETS	879,580		7,023,860		903,294		108,604		4,811,642
NET ASSETS
Beginning of period	7,472,520		36,577,443		5,560,869		614,069		10,277,411
End of period	$	8,352,100	$	43,601,303	$	6,464,163	$	722,673	$	15,089,053
Beginning units	380,239		2,017,631		163,272		30,581		492,182
Units issued	41,937		177,410		17,096		4,049		178,822
Units redeemed	(27,223)		(144,852)		(8,946)		(2,208)		(24,570)
Ending units	394,953		2,050,189		171,422		32,422		646,434

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

A27

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	121,279	$	48,694	$	103,476	$	106,274	$	26,458
Capital gains distributions received	30,768		15,870		17,299		91,965		—
Net realized gain (loss) on shares redeemed	26,887		3,755		77,544		151,736		(37,884)
Net change in unrealized appreciation (depreciation) on investments	167,978		45,716		606,469		177,069		72,963
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	346,912		114,035		804,788		527,044		61,537
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	723,927		151,972		1,360,108		940,398		125,835
Policy loans	(43,073)		(6,015)		(111,380)		(36,327)		(6,896)
Policy loan repayments and interest	48,321		5,839		50,946		18,899		2,619
Surrenders, withdrawals and death benefits	(105,947)		(7,766)		(96,482)		(51,460)		(64,953)
Net transfers between other subaccounts
or fixed rate option	1,179,793		289,405		909,061		147,134		5,680
Miscellaneous transactions	283		27		634		(313)		(127)
Other charges	(287,239)		(83,441)		(507,294)		(354,431)		(57,182)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,516,065		350,021		1,605,593		663,900		4,976
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,862,977		464,056		2,410,381		1,190,944		66,513
NET ASSETS
Beginning of period	4,963,594		1,764,415		7,246,315		5,702,260		1,055,094
End of period	$	6,826,571	$	2,228,471	$	9,656,696	$	6,893,204	$	1,121,607
Beginning units	329,430		128,314		378,197		326,964		68,067
Units issued	124,646		37,403		92,116		111,533		7,086
Units redeemed	(30,127)		(15,341)		(24,565)		(63,377)		(6,809)
Ending units	423,949		150,376		445,748		375,120		68,344

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

A28

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS® Growth Fund (Class 2)		American Funds IS® Growth-Income Fund (Class 2)		Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	58,170	$	62,554	$	50,241	$	181,685	$	(27,368)
Capital gains distributions received	—		—		907,294		812,140		1,811,223
Net realized gain (loss) on shares redeemed	(44,883)		(21,713)		618,841		121,091		157,659
Net change in unrealized appreciation (depreciation) on investments	164,602		142,698		9,170,457		2,807,237		1,691,562
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	177,889		183,539		10,746,833		3,922,153		3,633,076
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	383,884		533,823		5,597,472		2,560,080		1,315,669
Policy loans	(13,845)		(13,375)		(613,358)		(135,432)		(102,044)
Policy loan repayments and interest	5,487		6,055		76,864		27,662		17,670
Surrenders, withdrawals and death benefits	(32,378)		(15,057)		(271,435)		(132,223)		(187,103)
Net transfers between other subaccounts
or fixed rate option	109,078		40,053		906,104		1,840,662		1,307,606
Miscellaneous transactions	198		(152)		2,476		985		(457)
Other charges	(100,896)		(102,979)		(1,920,779)		(842,395)		(582,449)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	351,528		448,368		3,777,344		3,319,339		1,768,892
TOTAL INCREASE (DECREASE) IN NET ASSETS	529,417		631,907		14,524,177		7,241,492		5,401,968
NET ASSETS
Beginning of period	2,317,546		2,247,879		32,335,094		14,981,128		10,308,389
End of period	$	2,846,963	$	2,879,786	$	46,859,271	$	22,222,620	$	15,710,357
Beginning units	137,276		134,049		955,288		542,308		402,550
Units issued	30,872		31,314		184,542		128,880		76,931
Units redeemed	(11,061)		(5,378)		(94,328)		(22,588)		(18,633)
Ending units	157,087		159,985		1,045,502		648,600		460,848

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

A29

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	24,044	$	4,743	$	264	$	3,251	$	17,876
Capital gains distributions received	2,036,318		2,086		2,664		54,737		75,333
Net realized gain (loss) on shares redeemed	46,338		11,598		1,521		11,726		4,265
Net change in unrealized appreciation (depreciation) on investments	8,485		15,685		7,336		197,365		27,685
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,115,185		34,112		11,785		267,079		125,159
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,719,155		—		7,928		54,328		52,917
Policy loans	(122,284)		(3,256)		(218)		(5,185)		(6,768)
Policy loan repayments and interest	37,266		—		137		1,799		4,674
Surrenders, withdrawals and death benefits	(201,134)		(55,675)		(9,550)		(27,716)		(46,258)
Net transfers between other subaccounts
or fixed rate option	1,259,710		—		(123)		(1,407)		4,389
Miscellaneous transactions	1,073		91		1		44		(91)
Other charges	(676,888)		(19,236)		(3,236)		(25,291)		(25,738)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	2,016,898		(78,076)		(5,061)		(3,428)		(16,875)
TOTAL INCREASE (DECREASE) IN NET ASSETS	4,132,083		(43,964)		6,724		263,651		108,284
NET ASSETS
Beginning of period	11,802,973		623,612		55,803		1,064,961		1,021,442
End of period	$	15,935,056	$	579,648	$	62,527	$	1,328,612	$	1,129,726
Beginning units	591,001		46,260		2,185		32,804		35,375
Units issued	111,383		2		217		1,194		1,522
Units redeemed	(20,793)		(5,461)		(374)		(1,252)		(2,059)
Ending units	681,591		40,801		2,028		32,746		34,838

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

A30

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	American Funds IS® International Fund (Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)		MFS® Total Return Bond Series (Initial Class)		MFS® Value Series (Initial Class)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	106,683	$	123,343	$	1,617	$	453,321	$	59,144
Capital gains distributions received	—		10,546		1,868		—		312,567
Net realized gain (loss) on shares redeemed	1,469		(3,413)		(978)		(18,861)		15,314
Net change in unrealized appreciation (depreciation) on investments	104,307		32,471		7,010		(210,781)		28,954
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	212,459		162,947		9,517		223,679		415,979
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,199,932		290,422		—		944,325		680,528
Policy loans	(27,768)		(23,586)		(6,369)		(22,028)		(53,910)
Policy loan repayments and interest	19,404		2,706		—		18,149		7,160
Surrenders, withdrawals and death benefits	(59,567)		(27,728)		(9)		(144,258)		(23,850)
Net transfers between other subaccounts
or fixed rate option	721,712		383,055		(65)		4,837,144		76,171
Miscellaneous transactions	(24)		(53)		5		(69)		56
Other charges	(355,797)		(134,073)		(2,333)		(432,429)		(210,603)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,497,892		490,743		(8,771)		5,200,834		475,552
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,710,351		653,690		746		5,424,513		891,531
NET ASSETS
Beginning of period	9,084,431		2,116,492		89,424		6,148,401		3,743,063
End of period	$	10,794,782	$	2,770,182	$	90,170	$	11,572,914	$	4,634,594
Beginning units	686,527		138,407		5,654		537,223		184,354
Units issued	123,830		37,821		—		480,342		32,330
Units redeemed	(20,280)		(7,506)		(543)		(25,600)		(11,365)
Ending units	790,077		168,722		5,111		991,965		205,319

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

A31

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	American Funds IS® Washington Mutual Investors Fund (Class 2)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		Invesco V.I. Growth and Income Fund (Series I)		CVT Nasdaq 100 Index Portfolio (Class F)		CVT S&P MidCap 400® Index Portfolio (Class F)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	53,898	$	810,124	$	36,218	$	24,971	$	67,970
Capital gains distributions received	28,190		63,104		186,142		1,209,422		299,261
Net realized gain (loss) on shares redeemed	21,551		522,182		3,706		135,148		23,328
Net change in unrealized appreciation (depreciation) on investments	487,785		18,233,329		176,923		2,285,862		381,807
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	591,424		19,628,739		402,989		3,655,403		772,366
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	468,988		9,514,195		300,602		1,843,960		1,078,824
Policy loans	(33,995)		(327,157)		(19,337)		(199,950)		(48,600)
Policy loan repayments and interest	4,620		50,723		6,314		16,169		4,208
Surrenders, withdrawals and death benefits	(32,144)		(258,483)		(7,478)		(117,575)		(9,783)
Net transfers between other subaccounts
or fixed rate option	560,584		6,552,660		54,789		1,980,885		415,780
Miscellaneous transactions	542		(4,384)		68		838		628
Other charges	(207,790)		(3,767,008)		(111,539)		(734,458)		(311,900)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	760,805		11,760,546		223,419		2,789,869		1,129,157
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,352,229		31,389,285		626,408		6,445,272		1,901,523
NET ASSETS
Beginning of period	2,901,753		77,228,968		2,451,223		13,537,633		5,588,421
End of period	$	4,253,982	$	108,618,253	$	3,077,631	$	19,982,905	$	7,489,944
Beginning units	120,106		2,694,297		116,234		599,500		384,305
Units issued	45,385		407,409		13,728		131,668		86,364
Units redeemed	(8,350)		(52,505)		(3,837)		(20,804)		(15,035)
Ending units	157,141		3,049,201		126,125		710,364		455,634

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

A32

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	CVT EAFE International Index Portfolio (Class F)		AST Global Bond Portfolio		AST Core Fixed Income Portfolio		AST International Equity Portfolio		ClearBridge Variable Mid Cap Portfolio (Class II)
	1/1/2024		1/1/2024		1/1/2024		1/1/2024		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	83,781	$	(5,942)	$	(38,146)	$	(80,971)	$	17
Capital gains distributions received	—		—		—		—		161
Net realized gain (loss) on shares redeemed	14,862		(3,392)		(42,945)		259,347		9
Net change in unrealized appreciation (depreciation) on investments	(40,383)		97,228		285,145		1,253,655		129
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	58,260		87,894		204,054		1,432,031		316
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	672,941		315,045		1,792,313		2,928,947		922
Policy loans	(7,673)		(38,433)		(164,236)		(403,509)		—
Policy loan repayments and interest	1,998		29,421		107,009		144,123		—
Surrenders, withdrawals and death benefits	(9,152)		(32,890)		(582,277)		(503,059)		—
Net transfers between other subaccounts
or fixed rate option	162,443		599,762		1,240,747		3,468,225		7,394
Miscellaneous transactions	175		34		317		6,752		—
Other charges	(169,499)		(160,020)		(809,964)		(1,063,063)		(239)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	651,233		712,919		1,583,909		4,578,416		8,077
TOTAL INCREASE (DECREASE) IN NET ASSETS	709,493		800,813		1,787,963		6,010,447		8,393
NET ASSETS
Beginning of period	2,701,605		2,930,330		17,226,664		29,309,529		—
End of period	$	3,411,098	$	3,731,143	$	19,014,627	$	35,319,976	$	8,393
Beginning units	211,602		317,576		1,843,286		2,623,102		—
Units issued	60,152		94,654		280,519		514,278		699
Units redeemed	(11,683)		(17,990)		(113,796)		(132,991)		(17)
Ending units	260,071		394,240		2,010,009		3,004,389		682

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A33

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	Franklin Rising Dividends VIP Fund (Class 2)		Franklin Small Cap Value VIP Fund (Class 2)		MFS® Total Return Bond Series (Service Class)		MFS® Total Return Series (Service Class)		MFS® Utilities Series (Service Class)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	117	$	(3)	$	12	$	553	$	25
Capital gains distributions received	601		—		—		1,211		37
Net realized gain (loss) on shares redeemed	210		133		(15)		(12)		5
Net change in unrealized appreciation (depreciation) on investments	(468)		(562)		(4,346)		(1,297)		(533)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	460		(432)		(4,349)		455		(466)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	2,065		208		75,882		2,754		922
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		—		—		49		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	29,492		15,720		82,624		28,721		9,359
Miscellaneous transactions	(29)		(141)		1,761		(22)		—
Other charges	(5,585)		(78)		(1,292)		(845)		(181)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	25,943		15,709		158,975		30,657		10,100
TOTAL INCREASE (DECREASE) IN NET ASSETS	26,403		15,277		154,626		31,112		9,634
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	26,403	$	15,277	$	154,626	$	31,112	$	9,634
Beginning units	—		—		—		—		—
Units issued	2,951		1,673		14,181		2,704		791
Units redeemed	(771)		(498)		(108)		(49)		(14)
Ending units	2,180		1,175		14,073		2,655		777

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A34

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	MFS® Value Series (Service Class)		T. Rowe Price Blue Chip Growth Portfolio (Class II)		T. Rowe Price Equity Income Portfolio (Class II)		T. Rowe Price Health Sciences Portfolio (Class II)		T. Rowe Price Mid-Cap Growth Portfolio (Class II)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	145	$	(38)	$	118	$	(1)	$	(11)
Capital gains distributions received	806		8,609		1,224		212		4,498
Net realized gain (loss) on shares redeemed	(1)		92		—		1		239
Net change in unrealized appreciation (depreciation) on investments	(1,055)		(4,674)		(1,806)		(425)		(4,714)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(105)		3,989		(464)		(213)		12
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	5,646		3,476		84		1,352		922
Policy loans	—		—		—		—		—
Policy loan repayments and interest	—		8		3		—		—
Surrenders, withdrawals and death benefits	—		—		—		—		—
Net transfers between other subaccounts
or fixed rate option	37,383		208,038		19,238		1,790		46,064
Miscellaneous transactions	(13)		449		(32)		—		(66)
Other charges	(955)		(2,285)		(197)		(282)		(779)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	42,061		209,686		19,096		2,860		46,141
TOTAL INCREASE (DECREASE) IN NET ASSETS	41,956		213,675		18,632		2,647		46,153
NET ASSETS
Beginning of period	—		—		—		—		—
End of period	$	41,956	$	213,675	$	18,632	$	2,647	$	46,153
Beginning units	—		—		—		—		—
Units issued	3,519		14,435		1,522		266		4,479
Units redeemed	(40)		(167)		(15)		(23)		(699)
Ending units	3,479		14,268		1,507		243		3,780

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A35

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2024

	SUBACCOUNTS
	Franklin Global Real Estate VIP Fund (Class 2)		Templeton Global Bond VIP Fund (Class 2)		MFS® Investors Trust Series (Service Class)		MFS® New Discovery Series (Service Class)
	1/1/2024***		1/1/2024***		1/1/2024***		1/1/2024***
	to		to		to		to
	12/31/2024		12/31/2024		12/31/2024		12/31/2024
OPERATIONS
Net investment income (loss)	$	(1)	$	(1)	$	(2)	$	(2)
Capital gains distributions received	—		—		—		—
Net realized gain (loss) on shares redeemed	—		(29)		1		—
Net change in unrealized appreciation (depreciation) on investments	(505)		(215)		(317)		(515)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(506)		(245)		(318)		(517)
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		922		—		595
Policy loans	—		—		—		—
Policy loan repayments and interest	—		—		—		—
Surrenders, withdrawals and death benefits	—		—		—		—
Net transfers between other subaccounts
or fixed rate option	9,379		2,626		14,069		9,381
Miscellaneous transactions	—		(19)		—		(12)
Other charges	(29)		(30)		(45)		(40)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	9,350		3,499		14,024		9,924
TOTAL INCREASE (DECREASE) IN NET ASSETS	8,844		3,254		13,706		9,407
NET ASSETS
Beginning of period	—		—		—		—
End of period	$	8,844	$	3,254	$	13,706	$	9,407
Beginning units	—		—		—		—
Units issued	772		557		1,047		778
Units redeemed	(3)		(224)		(3)		(3)
Ending units	769		333		1,044		775

***Subaccount became available for investment prior to 2024 but had no activity until 2024.

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

A36

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	PSF PGIM Government Money Market Portfolio (Class I)		PSF PGIM Total Return Bond Portfolio (Class I)		PSF PGIM Jennison Blend Portfolio (Class I)		PSF PGIM Flexible Managed Portfolio (Class I)		PSF PGIM 50/50 Balanced Portfolio (Class I)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	4,581,319	$	(325,072)	$	(1,400,206)	$	(1,467,888)	$	(680,694)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	—		686,083		12,102,759		11,939,429		5,955,609
Net change in unrealized appreciation (depreciation) on investments	—		8,006,825		66,797,982		45,528,790		15,767,736
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	4,581,319		8,367,836		77,500,535		56,000,331		21,042,651
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	62,431,880		4,047,935		3,731,233		7,096,621		3,929,191
Policy loans	(676,191,508)		(556,265)		(2,894,643)		(2,967,225)		(1,128,417)
Policy loan repayments and interest	293,691		435,302		3,438,770		4,388,534		1,892,993
Surrenders, withdrawals and death benefits	(1,638,859)		(4,438,681)		(12,800,736)		(16,185,061)		(8,318,900)
Net transfers between other subaccounts
or fixed rate option	653,972,731		2,563,345		4,909,300		(1,444,873)		45,494
Miscellaneous transactions	101,427		4,038		(73,838)		(40,459)		(19,424)
Other charges	(3,287,818)		(3,122,286)		(4,222,514)		(6,444,906)		(3,309,742)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	35,681,544		(1,066,612)		(7,912,428)		(15,597,369)		(6,908,805)
TOTAL INCREASE (DECREASE) IN NET ASSETS	40,262,863		7,301,224		69,588,107		40,402,962		14,133,846
NET ASSETS
Beginning of period	42,348,622		120,308,963		249,692,500		329,558,727		144,613,685
End of period	$	82,611,485	$	127,610,187	$	319,280,607	$	369,961,689	$	158,747,531
Beginning units	10,823,525		35,141,302		12,951,782		20,910,227		12,132,013
Units issued	527,406,636		1,243,048		940,465		132,512		164,312
Units redeemed	(503,547,778)		(1,891,380)		(736,491)		(1,150,104)		(824,948)
Ending units	34,682,383		34,492,970		13,155,756		19,892,635		11,471,377

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

A37

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	PSF PGIM High Yield Bond Portfolio (Class I)		PSF Stock Index Portfolio (Class I)		PSF PGIM Jennison Value Portfolio (Class I)		PSF Natural Resources Portfolio (Class I)		PSF Global Portfolio (Class I)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	(106,049)	$	(812,575)	$	(202,458)	$	(58,023)	$	(99,405)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	335,619		4,014,161		1,477,745		423,358		829,309
Net change in unrealized appreciation (depreciation) on investments	2,928,585		57,605,656		5,199,781		(100,891)		3,671,958
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	3,158,155		60,807,242		6,475,068		264,444		4,401,862
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,919,882		27,748,994		1,887,546		440,260		1,637,974
Policy loans	(338,732)		(2,878,186)		(513,141)		(669,078)		(259,226)
Policy loan repayments and interest	290,955		1,205,515		266,470		138,747		188,853
Surrenders, withdrawals and death benefits	(1,120,260)		(4,450,138)		(1,743,964)		(296,434)		(1,304,933)
Net transfers between other subaccounts
or fixed rate option	1,499,866		14,808,039		958,438		2,510,480		707,113
Miscellaneous transactions	(18,595)		182,228		2,994		(18,832)		(1,764)
Other charges	(1,100,647)		(9,255,253)		(1,090,503)		(239,361)		(754,115)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,132,469		27,361,199		(232,160)		1,865,782		213,902
TOTAL INCREASE (DECREASE) IN NET ASSETS	4,290,624		88,168,441		6,242,908		2,130,226		4,615,764
NET ASSETS
Beginning of period	26,996,832		224,767,984		44,451,757		11,721,653		22,895,533
End of period	$	31,287,456	$	312,936,425	$	50,694,665	$	13,851,879	$	27,511,297
Beginning units	4,676,382		19,538,220		2,599,733		682,130		4,557,105
Units issued	588,179		3,019,006		132,450		374,680		267,952
Units redeemed	(341,141)		(911,346)		(245,503)		(125,390)		(399,219)
Ending units	4,923,420		21,645,880		2,486,680		931,420		4,425,838

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

A38

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	PSF PGIM Government Income Portfolio (Class I)		PSF PGIM Jennison Growth Portfolio (Class I)		PSF Small-Cap Stock Index Portfolio (Class I)		T. Rowe Price International Stock Portfolio		Janus Henderson VIT Research Portfolio (Institutional Shares)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	(11,157)	$	(380,881)	$	(128,433)	$	48	$	(1,118)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(1,992)		4,171,737		592,995		(21)		29,713
Net change in unrealized appreciation (depreciation) on investments	93,644		35,351,990		4,871,751		5,813		112,886
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	80,495		39,142,846		5,336,313		5,840		141,481
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	60,220		4,873,491		1,988,403		—		1,284
Policy loans	(9,684)		(1,461,183)		(385,453)		—		—
Policy loan repayments and interest	29,181		1,080,586		260,360		—		—
Surrenders, withdrawals and death benefits	(131,694)		(3,540,134)		(1,085,769)		—		(4,548)
Net transfers between other subaccounts
or fixed rate option	(5,281)		2,336,251		24,176,435		—		(122,620)
Miscellaneous transactions	991		(21,971)		15,831		—		49
Other charges	(43,756)		(2,575,877)		(828,446)		(503)		(5,520)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(100,023)		691,163		24,141,361		(503)		(131,355)
TOTAL INCREASE (DECREASE) IN NET ASSETS	(19,528)		39,834,009		29,477,674		5,337		10,126
NET ASSETS
Beginning of period	1,879,710		73,952,256		18,454,829		38,617		370,104
End of period	$	1,860,182	$	113,786,265	$	47,932,503	$	43,954	$	380,230
Beginning units	452,773		9,216,866		1,338,524		25,445		143,417
Units issued	13,809		592,200		1,297,364		—		382
Units redeemed	(37,691)		(764,821)		(163,950)		(306)		(43,382)
Ending units	428,891		9,044,245		2,471,938		25,139		100,417

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

A39

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	MFS® Growth Series (Initial Class)		LVIP American Century Value Fund (Standard Class II)		Franklin Small-Mid Cap Growth VIP Fund (Class 2)		Janus Henderson VIT Research Portfolio (Service Shares)		PSF Mid-Cap Growth Portfolio (Class I)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	(3,006)	$	8,647	$	(774)	$	(4,751)	$	(63,024)
Capital gains distributions received	26,643		44,536		—		—		—
Net realized gain (loss) on shares redeemed	909		3,519		(25,392)		37,073		804,278
Net change in unrealized appreciation (depreciation) on investments	74,344		(10,429)		46,958		855,198		4,960,684
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	98,890		46,273		20,792		887,520		5,701,938
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	—		551		—		81,163		1,874,146
Policy loans	(1,220)		—		—		(72,037)		(351,716)
Policy loan repayments and interest	1,170		—		—		24,739		204,195
Surrenders, withdrawals and death benefits	—		—		—		(100,261)		(916,586)
Net transfers between other subaccounts
or fixed rate option	4,179		8,866		(69,836)		(5,684)		730,457
Miscellaneous transactions	—		—		—		(368)		850
Other charges	(2,221)		(8,769)		(328)		(56,036)		(888,175)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,908		648		(70,164)		(128,484)		653,171
TOTAL INCREASE (DECREASE) IN NET ASSETS	100,798		46,921		(49,372)		759,036		6,355,109
NET ASSETS
Beginning of period	285,503		570,290		109,063		2,124,965		24,232,124
End of period	$	386,301	$	617,211	$	59,691	$	2,884,001	$	30,587,233
Beginning units	114,530		106,697		46,577		628,995		3,815,162
Units issued	1,661		1,622		—		17,148		209,436
Units redeemed	(1,108)		(1,523)		(26,282)		(46,891)		(234,612)
Ending units	115,083		106,796		20,295		599,252		3,789,986

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

A40

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	Janus Henderson VIT Overseas Portfolio (Service Shares)		Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)		M Large Cap Growth Fund		M International Equity Fund		M Large Cap Value Fund
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	14,624	$	862	$	—	$	359	$	4,629
Capital gains distributions received	—		—		10,942		—		2,976
Net realized gain (loss) on shares redeemed	17,917		(3,621)		27		11		1,337
Net change in unrealized appreciation (depreciation) on investments	72,980		22,261		41,669		1,407		6,238
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	105,521		19,502		52,638		1,777		15,180
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	135,372		856		9,285		—		12,999
Policy loans	(50,435)		—		—		—		—
Policy loan repayments and interest	19,794		—		—		—		—
Surrenders, withdrawals and death benefits	(16,304)		(2,080)		—		—		—
Net transfers between other subaccounts
or fixed rate option	48,267		(19,420)		—		—		—
Miscellaneous transactions	56		29		—		—		—
Other charges	(50,980)		(1,336)		(10,707)		(680)		(11,450)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	85,770		(21,951)		(1,422)		(680)		1,549
TOTAL INCREASE (DECREASE) IN NET ASSETS	191,291		(2,449)		51,216		1,097		16,729
NET ASSETS
Beginning of period	993,968		120,279		166,006		11,460		198,496
End of period	$	1,185,259	$	117,830	$	217,222	$	12,557	$	215,225
Beginning units	86,750		28,509		2,816		554		4,894
Units issued	17,006		201		135		—		318
Units redeemed	(10,117)		(5,248)		(160)		(31)		(281)
Ending units	93,639		23,462		2,791		523		4,931

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

A41

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	AST Cohen & Steers Realty Portfolio		AST J.P. Morgan Conservative Multi-Asset Portfolio		AST Small-Cap Value Portfolio		AST Mid-Cap Growth Portfolio		AST MFS Global Equity Portfolio
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	(24,181)	$	(85,669)	$	(2,177)	$	(13,721)	$	(13,551)
Capital gains distributions received	—		—		—		—		—
Net realized gain (loss) on shares redeemed	(5,636)		37,985		40,517		70,627		38,009
Net change in unrealized appreciation (depreciation) on investments	671,195		3,356,274		263,250		1,379,874		826,091
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	641,378		3,308,590		301,590		1,436,780		850,549
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	385,691		4,372,995		283,670		1,136,605		1,230,969
Policy loans	(74,988)		(1,358,870)		(25,286)		(71,514)		(45,732)
Policy loan repayments and interest	84,561		634,843		11,775		18,336		8,069
Surrenders, withdrawals and death benefits	(223,816)		(1,215,311)		(32,884)		(123,212)		(26,122)
Net transfers between other subaccounts
or fixed rate option	(133,609)		45,129,179		52,907		440,192		88,596
Miscellaneous transactions	(751)		(225)		316		(1,581)		3,581
Other charges	(179,182)		(2,124,537)		(96,465)		(406,815)		(320,121)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(142,094)		45,438,074		194,033		992,011		939,240
TOTAL INCREASE (DECREASE) IN NET ASSETS	499,284		48,746,664		495,623		2,428,791		1,789,789
NET ASSETS
Beginning of period	5,662,066		3,574,567		2,049,476		6,109,370		5,804,456
End of period	$	6,161,350	$	52,321,231	$	2,545,099	$	8,538,161	$	7,594,245
Beginning units	427,907		170,834		62,104		312,059		304,857
Units issued	15,064		2,244,338		9,663		66,986		67,085
Units redeemed	(33,082)		(141,520)		(3,899)		(14,926)		(18,027)
Ending units	409,889		2,273,652		67,868		364,119		353,915

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

A42

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	M Capital Appreciation Fund		LVIP American Century Mid Cap Value Fund (Standard Class II)		AST Large-Cap Value Portfolio		AST Small-Cap Equity Portfolio		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	706	$	25,517	$	(52,727)	$	(11,589)	$	4,528
Capital gains distributions received	10,629		126,321		—		—		163,624
Net realized gain (loss) on shares redeemed	(826)		(352)		331,543		353,565		(4,078)
Net change in unrealized appreciation (depreciation) on investments	22,095		(82,179)		2,036,830		665,359		140,973
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	32,604		69,307		2,315,646		1,007,335		305,047
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	9,285		90,788		2,708,986		617,558		212,205
Policy loans	—		(35,580)		(259,674)		(159,399)		(9,408)
Policy loan repayments and interest	—		4,159		118,715		56,638		6,759
Surrenders, withdrawals and death benefits	—		(44,749)		(417,098)		(521,364)		(12,005)
Net transfers between other subaccounts
or fixed rate option	—		(27,900)		1,093,753		(193,262)		122,068
Miscellaneous transactions	—		1,250		21,773		(489)		271
Other charges	(8,926)		(37,245)		(958,676)		(252,758)		(94,770)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	359		(49,277)		2,307,779		(453,076)		225,120
TOTAL INCREASE (DECREASE) IN NET ASSETS	32,963		20,030		4,623,425		554,259		530,167
NET ASSETS
Beginning of period	140,928		1,179,300		22,769,449		6,323,793		1,210,167
End of period	$	173,891	$	1,199,330	$	27,392,874	$	6,878,052	$	1,740,334
Beginning units	2,640		30,572		1,019,361		178,181		55,531
Units issued	147		2,488		182,857		16,863		11,873
Units redeemed	(151)		(3,737)		(71,099)		(29,357)		(3,577)
Ending units	2,636		29,323		1,131,119		165,687		63,827

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

A43

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	MFS® Utilities Series (Initial Class)		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)		AST Large-Cap Growth Portfolio		AST T. Rowe Price Asset Allocation Portfolio		AST Balanced Asset Allocation Portfolio
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	194,969	$	(2,844)	$	(124,956)	$	(39,935)	$	(117,335)
Capital gains distributions received	318,109		31,676		—		—		—
Net realized gain (loss) on shares redeemed	(7,635)		(3,917)		566,669		206,295		1,064,739
Net change in unrealized appreciation (depreciation) on investments	(610,358)		410,346		19,297,423		2,318,701		7,054,214
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	(104,915)		435,261		19,739,136		2,485,061		8,001,618
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	704,713		200,046		7,795,456		2,494,985		4,891,249
Policy loans	(93,771)		(1,418)		(562,786)		(388,407)		(792,584)
Policy loan repayments and interest	15,767		397		212,141		71,898		286,955
Surrenders, withdrawals and death benefits	(130,288)		(4,807)		(716,405)		(490,450)		(2,303,213)
Net transfers between other subaccounts
or fixed rate option	773,258		156,855		1,080,897		181,381		976,228
Miscellaneous transactions	517		(32)		30,557		2,357		(4,479)
Other charges	(301,234)		(108,492)		(2,777,190)		(883,122)		(2,644,998)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	968,962		242,549		5,062,670		988,642		409,158
TOTAL INCREASE (DECREASE) IN NET ASSETS	864,047		677,810		24,801,806		3,473,703		8,410,776
NET ASSETS
Beginning of period	5,384,737		1,556,193		43,584,532		14,549,473		51,687,355
End of period	$	6,248,784	$	2,234,003	$	68,386,338	$	18,023,176	$	60,098,131
Beginning units	278,627		85,929		1,707,482		504,406		2,280,167
Units issued	83,482		16,729		252,520		69,210		200,686
Units redeemed	(26,159)		(5,059)		(71,433)		(37,617)		(186,584)
Ending units	335,950		97,599		1,888,569		535,999		2,294,269

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

A44

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	AST Preservation Asset Allocation Portfolio		AST Prudential Growth Allocation Portfolio		AST Advanced Strategies Portfolio		BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)		TOPS® Aggressive Growth ETF Portfolio (Class 2)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	(15,374)	$	(66,062)	$	(12,488)	$	1,848	$	82,088
Capital gains distributions received	—		—		—		17,562		45,673
Net realized gain (loss) on shares redeemed	272,330		147,792		47,379		(10,006)		105,043
Net change in unrealized appreciation (depreciation) on investments	522,570		4,916,531		639,409		80,861		1,111,224
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	779,526		4,998,261		674,300		90,265		1,344,028
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	722,281		2,895,639		626,871		77,456		1,701,555
Policy loans	(169,619)		(406,189)		(110,925)		(4,009)		(310,001)
Policy loan repayments and interest	71,654		195,815		9,453		338		22,075
Surrenders, withdrawals and death benefits	(559,524)		(727,258)		(75,926)		(38,377)		(72,893)
Net transfers between other subaccounts
or fixed rate option	118,159		16,122,942		125,324		(1,292)		1,303,263
Miscellaneous transactions	4,148		4,815		1,467		854		3,810
Other charges	(409,737)		(1,164,004)		(240,754)		(30,558)		(511,126)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	(222,638)		16,921,760		335,510		4,412		2,136,683
TOTAL INCREASE (DECREASE) IN NET ASSETS	556,888		21,920,021		1,009,810		94,677		3,480,711
NET ASSETS
Beginning of period	6,915,632		14,657,422		4,551,059		519,392		6,796,700
End of period	$	7,472,520	$	36,577,443	$	5,560,869	$	614,069	$	10,277,411
Beginning units	392,765		536,326		152,592		30,467		379,346
Units issued	46,796		1,594,488		19,630		4,460		152,801
Units redeemed	(59,322)		(113,183)		(8,950)		(4,346)		(39,965)
Ending units	380,239		2,017,631		163,272		30,581		492,182

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

A45

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	TOPS® Balanced ETF Portfolio (Class 2)		TOPS® Conservative ETF Portfolio (Class 2)		TOPS® Growth ETF Portfolio (Class 2)		TOPS® Moderate Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	73,546	$	30,109	$	67,796	$	80,520	$	762
Capital gains distributions received	60,291		40,985		65,635		67,235		4,697
Net realized gain (loss) on shares redeemed	(3,724)		(843)		36,293		13,317		(42,258)
Net change in unrealized appreciation (depreciation) on investments	327,823		64,719		731,178		465,851		120,024
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	457,936		134,970		900,902		626,923		83,225
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	655,972		132,294		997,159		784,277		119,040
Policy loans	(55,669)		(73,195)		(33,622)		(21,306)		(7,328)
Policy loan repayments and interest	3,545		4,924		18,668		3,077		18,436
Surrenders, withdrawals and death benefits	(38,388)		(9,649)		(166,400)		(79,862)		(42,626)
Net transfers between other subaccounts
or fixed rate option	640,378		325,135		521,080		383,786		221,581
Miscellaneous transactions	1,604		532		910		974		68
Other charges	(282,440)		(70,066)		(362,698)		(312,274)		(54,204)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	925,002		309,975		975,097		758,672		254,967
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,382,938		444,945		1,875,999		1,385,595		338,192
NET ASSETS
Beginning of period	3,580,656		1,319,470		5,370,316		4,316,665		716,902
End of period	$	4,963,594	$	1,764,415	$	7,246,315	$	5,702,260	$	1,055,094
Beginning units	268,687		105,139		326,722		278,210		49,998
Units issued	80,181		33,031		75,281		63,846		24,064
Units redeemed	(19,438)		(9,856)		(23,806)		(15,092)		(5,995)
Ending units	329,430		128,314		378,197		326,964		68,067

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

A46

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)		TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)		American Funds IS® Growth Fund (Class 2)		American Funds IS® Growth-Income Fund (Class 2)		Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	5,018	$	3,252	$	41,071	$	152,516	$	4,509
Capital gains distributions received	3,214		5,959		1,393,324		619,678		330,574
Net realized gain (loss) on shares redeemed	(121,117)		(378,812)		(93,710)		3,618		9,858
Net change in unrealized appreciation (depreciation) on investments	340,690		589,746		6,658,252		2,061,073		2,068,073
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	227,805		220,145		7,998,937		2,836,885		2,413,014
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	343,278		421,651		4,965,910		2,371,566		1,188,186
Policy loans	(22,730)		(39,704)		(218,353)		(141,853)		(62,361)
Policy loan repayments and interest	8,858		2,725		47,576		14,955		53,957
Surrenders, withdrawals and death benefits	(23,586)		(368,677)		(161,946)		(164,344)		(89,670)
Net transfers between other subaccounts
or fixed rate option	(110,370)		110,405		2,944,873		1,039,875		291,930
Miscellaneous transactions	42		240		38,597		10,265		(607)
Other charges	(113,371)		(99,079)		(1,695,631)		(745,075)		(500,416)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	82,121		27,561		5,921,026		2,385,389		881,019
TOTAL INCREASE (DECREASE) IN NET ASSETS	309,926		247,706		13,919,963		5,222,274		3,294,033
NET ASSETS
Beginning of period	2,007,620		2,000,173		18,415,131		9,758,854		7,014,356
End of period	$	2,317,546	$	2,247,879	$	32,335,094	$	14,981,128	$	10,308,389
Beginning units	131,671		131,340		754,381		445,974		363,852
Units issued	24,185		52,637		255,539		125,166		53,776
Units redeemed	(18,580)		(49,928)		(54,632)		(28,832)		(15,078)
Ending units	137,276		134,049		955,288		542,308		402,550

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

A47

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)		Templeton Growth VIP Fund (Class 2)		Hartford Capital Appreciation HLS Fund (Class IB)		Hartford Disciplined Equity HLS Fund (Class IB)		Hartford Dividend and Growth HLS Fund (Class IB)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	22,173	$	18,426	$	283	$	4,904	$	12,035
Capital gains distributions received	312,160		—		883		6,596		83,529
Net realized gain (loss) on shares redeemed	(23,293)		(120)		(171)		3,440		(2,322)
Net change in unrealized appreciation (depreciation) on investments	1,099,832		92,165		7,880		168,356		29,942
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,410,872		110,471		8,875		183,296		123,184
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,936,420		—		6,921		69,584		60,002
Policy loans	(83,776)		(390)		(215)		(25,570)		(23,064)
Policy loan repayments and interest	21,641		—		132		1,296		3,613
Surrenders, withdrawals and death benefits	(183,443)		(5,243)		—		(34,988)		(6,073)
Net transfers between other subaccounts
or fixed rate option	1,027,610		(4,763)		(52)		(10,741)		(7,196)
Miscellaneous transactions	(1,786)		2		—		1,626		(9)
Other charges	(615,004)		(25,941)		(3,497)		(27,649)		(30,344)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	2,101,662		(36,335)		3,289		(26,442)		(3,071)
TOTAL INCREASE (DECREASE) IN NET ASSETS	3,512,534		74,136		12,164		156,854		120,113
NET ASSETS
Beginning of period	8,290,439		549,476		43,639		908,107		901,329
End of period	$	11,802,973	$	623,612	$	55,803	$	1,064,961	$	1,021,442
Beginning units	476,515		49,238		2,044		33,798		35,517
Units issued	136,655		2		223		2,083		2,418
Units redeemed	(22,169)		(2,980)		(82)		(3,077)		(2,560)
Ending units	591,001		46,260		2,185		32,804		35,375

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

A48

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	American Funds IS® International Fund (Class 2)		Franklin Income VIP Fund (Class 2)		Franklin Mutual Shares VIP Fund (Class 2)		MFS® Total Return Bond Series (Initial Class)		MFS® Value Series (Initial Class)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	91,790	$	92,252	$	1,422	$	162,547	$	45,372
Capital gains distributions received	—		116,700		7,308		—		221,931
Net realized gain (loss) on shares redeemed	(131,818)		(8,772)		(766)		(37,770)		144
Net change in unrealized appreciation (depreciation) on investments	1,113,970		(44,739)		2,654		248,552		(6,803)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	1,073,942		155,441		10,618		373,329		260,644
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	1,424,222		240,040		—		1,297,517		532,704
Policy loans	(27,791)		(78,174)		(871)		(14,059)		(17,010)
Policy loan repayments and interest	3,507		4,527		—		26,589		1,380
Surrenders, withdrawals and death benefits	(40,122)		(26,529)		(67)		(83,631)		(35,298)
Net transfers between other subaccounts
or fixed rate option	523,010		253,520		—		482,896		206,297
Miscellaneous transactions	29,187		(12)		(1)		(225)		137
Other charges	(342,978)		(122,563)		(2,914)		(353,555)		(215,229)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	1,569,035		270,809		(3,853)		1,355,532		472,981
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,642,977		426,250		6,765		1,728,861		733,625
NET ASSETS
Beginning of period	6,441,454		1,690,242		82,659		4,419,540		3,009,438
End of period	$	9,084,431	$	2,116,492	$	89,424	$	6,148,401	$	3,743,063
Beginning units	562,363		119,294		5,917		413,015		159,079
Units issued	206,242		31,014		1		151,867		38,883
Units redeemed	(82,078)		(11,901)		(264)		(27,659)		(13,608)
Ending units	686,527		138,407		5,654		537,223		184,354

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

A49

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	American Funds IS® Washington Mutual Investors Fund (Class 2)		Fidelity® VIP Index 500 Portfolio (Service Class 2)		Invesco V.I. Growth and Income Fund (Series I)		CVT Nasdaq 100 Index Portfolio (Class F)		CVT S&P MidCap 400® Index Portfolio (Class F)
	1/1/2023		1/1/2023		1/1/2023		1/1/2023		1/1/2023
	to		to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	42,431	$	692,029	$	30,904	$	15,446	$	49,333
Capital gains distributions received	21,295		537,571		287,228		—		201,285
Net realized gain (loss) on shares redeemed	(21,622)		202,096		(2,098)		8,041		(5,786)
Net change in unrealized appreciation (depreciation) on investments	355,589		13,095,001		(58,037)		4,186,086		463,257
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	397,693		14,526,697		257,997		4,209,573		708,089
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	405,034		10,670,034		283,050		1,448,612		948,369
Policy loans	(101,265)		(190,634)		(61,598)		(54,062)		(7,282)
Policy loan repayments and interest	10,188		21,169		4,111		43,331		7,152
Surrenders, withdrawals and death benefits	(17,195)		(236,585)		(4,449)		(64,505)		(6,676)
Net transfers between other subaccounts
or fixed rate option	309,693		3,780,867		154,227		1,390,403		410,494
Miscellaneous transactions	1,143		5,815		(959)		(344)		(476)
Other charges	(178,869)		(3,336,199)		(102,340)		(566,974)		(276,001)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	428,729		10,714,467		272,042		2,196,461		1,075,580
TOTAL INCREASE (DECREASE) IN NET ASSETS	826,422		25,241,164		530,039		6,406,034		1,783,669
NET ASSETS
Beginning of period	2,075,331		51,987,804		1,921,184		7,131,599		3,804,752
End of period	$	2,901,753	$	77,228,968	$	2,451,223	$	13,537,633	$	5,588,421
Beginning units	100,498		2,277,397		102,380		484,691		302,769
Units issued	32,897		482,474		20,477		132,736		99,074
Units redeemed	(13,289)		(65,574)		(6,623)		(17,927)		(17,538)
Ending units	120,106		2,694,297		116,234		599,500		384,305

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

A50

FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended December 31, 2023

	SUBACCOUNTS
	CVT EAFE International Index Portfolio (Class F)		AST Global Bond Portfolio		AST Core Fixed Income Portfolio		AST International Equity Portfolio
	1/1/2023		1/1/2023		1/1/2023		3/10/2023*
	to		to		to		to
	12/31/2023		12/31/2023		12/31/2023		12/31/2023
OPERATIONS
Net investment income (loss)	$	66,825	$	(4,715)	$	(34,150)	$	(50,353)
Capital gains distributions received	—		—		—		—
Net realized gain (loss) on shares redeemed	(10)		(16,334)		(166,301)		59,109
Net change in unrealized appreciation (depreciation) on investments	249,250		183,250		1,161,445		3,149,244
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	316,065		162,201		960,994		3,158,000
CONTRACT OWNER TRANSACTIONS
Contract owner net payments	611,287		322,711		2,137,508		2,742,552
Policy loans	(8,143)		(22,633)		(190,103)		(400,475)
Policy loan repayments and interest	402		3,238		159,868		92,232
Surrenders, withdrawals and death benefits	(6,385)		(36,415)		(853,800)		(343,309)
Net transfers between other subaccounts
or fixed rate option	451,539		192,591		841,286		24,846,359
Miscellaneous transactions	8		(593)		(2,176)		5,576
Other charges	(144,836)		(154,073)		(821,163)		(791,406)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM CONTRACT OWNER TRANSACTIONS	903,872		304,826		1,271,420		26,151,529
TOTAL INCREASE (DECREASE) IN NET ASSETS	1,219,937		467,027		2,232,414		29,309,529
NET ASSETS
Beginning of period	1,481,668		2,463,303		14,994,250		—
End of period	$	2,701,605	$	2,930,330	$	17,226,664	$	29,309,529
Beginning units	136,114		283,218		1,702,807		—
Units issued	84,075		57,922		298,349		2,748,872
Units redeemed	(8,587)		(23,564)		(157,870)		(125,770)
Ending units	211,602		317,576		1,843,286		2,623,102

*Date subaccount became available for investment.

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

A51

NOTES TO FINANCIAL STATEMENTS OF

PRUCO LIFE OF NEW JERSEY VARIABLE APPRECIABLE ACCOUNT December 31, 2024

Note 1:    General

Pruco Life of New Jersey Variable Appreciable Account (the “Account”) was establishedunder the laws of the State of New Jersey on January 13, 1984 as a separate investment account of Pruco Life Insurance Company of New Jersey (“Pruco Life of New Jersey”), which is a wholly-owned subsidiary of Pruco Life Insurance Company (an Arizona domiciled company), which in turn is wholly-owned by The Prudential Insurance Company of America (“Prudential”). Prudential is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of Pruco Life of New Jersey. Proceeds from purchases of the variable life insurance contracts listed below (individually, a “contract” or “product” and collectively, the “contracts” or “products”) are invested in the Account. The portion of the Account’s assets applicable to the contracts is not chargeable with liabilities arising out of any other business Pruco Life of New Jersey may conduct.

MPremierSM VUL Protector® (“MPVULP”)	PruSelectSM III (“CVUL3”)
MPremierSM VUL (“MPVUL”)	PRUviderSM Variable Appreciable Life® ("SVAL2")
PruLife® Custom Premier (“PCP”)	Survivorship Variable Universal Life ("SVUL2")
PruLife® Custom Premier II ("PCP2")	Variable Appreciable Life® (“VAL2”)
(Base, 2014, 2015, 2019, 2023)	VUL Protector® ("VULP”) (Base, 2014, 2018, 2021)
PruLife® SVUL Protector ("SVULP") (Base, 2020, 2021)

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

The corresponding subaccount names are as follows:

PSF PGIM Government Money Market Portfolio (Class I)

PSF PGIM Total Return Bond Portfolio (Class I)

PSF PGIM Jennison Blend Portfolio (Class I)

PSF PGIM Flexible Managed Portfolio (Class I)

PSF PGIM 50/50 Balanced Portfolio (Class I)

PSF PGIM High Yield Bond Portfolio (Class I)

PSF Stock Index Portfolio (Class I)

PSF PGIM Jennison Value Portfolio (Class I)

PSF Natural Resources Portfolio (Class I)

PSF Global Portfolio (Class I)

PSF PGIM Government Income Portfolio (Class I)

PSF PGIM Jennison Growth Portfolio (Class I)

PSF Small-Cap Stock Index Portfolio (Class I)

T. Rowe Price International Stock Portfolio

Janus Henderson VIT Research Portfolio (Institutional Shares)

MFS® Growth Series (Initial Class)

LVIP American Century Value Fund (Standard Class II) (formerly American Century VP Value Fund (Class I))

Franklin Small-Mid Cap Growth VIP Fund (Class 2)

A52

Note 1:    General (continued)

Janus Henderson VIT Research Portfolio (Service Shares)

PSF Mid-Cap Growth Portfolio (Class I)

Janus Henderson VIT Overseas Portfolio (Service Shares)

Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)¹

M Large Cap Growth Fund

M International Equity Fund

M Large Cap Value Fund

AST Cohen & Steers Realty Portfolio

AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly AST J.P. Morgan Tactical Preservation Portfolio)

AST Small-Cap Value Portfolio*

AST Mid-Cap Growth Portfolio*

AST MFS Global Equity Portfolio

M Capital Appreciation Fund

LVIP American Century Mid Cap Value Fund (Standard Class II) (formerly American Century VP Mid Cap Value Fund (Class I))

AST Large-Cap Value Portfolio

AST Small-Cap Equity Portfolio (formerly AST Small-Cap Growth Portfolio)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)

MFS® Utilities Series (Initial Class)

Neuberger Berman AMT Sustainable Equity Portfolio (Class S)²

AST Large-Cap Growth Portfolio

AST T. Rowe Price Asset Allocation Portfolio*

AST Balanced Asset Allocation Portfolio

AST Preservation Asset Allocation Portfolio

AST Prudential Growth Allocation Portfolio

AST Advanced Strategies Portfolio

BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)

TOPS® Aggressive Growth ETF Portfolio (Class 2)

TOPS® Balanced ETF Portfolio (Class 2)

TOPS® Conservative ETF Portfolio (Class 2)

TOPS® Growth ETF Portfolio (Class 2)

TOPS® Moderate Growth ETF Portfolio (Class 2)

TOPS® Managed Risk Balanced ETF Portfolio (Class 2)

TOPS® Managed Risk Growth ETF Portfolio (Class 2)

TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)

American Funds IS® Growth Fund (Class 2)³

American Funds IS® Growth-Income Fund (Class 2)³

Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)

Fidelity® VIP Mid Cap Portfolio (Service Class 2)

Templeton Growth VIP Fund (Class 2)

Hartford Capital Appreciation HLS Fund (Class IB)

Hartford Disciplined Equity HLS Fund (Class IB)

Hartford Dividend and Growth HLS Fund (Class IB)

American Funds IS® International Fund (Class 2)³

Franklin Income VIP Fund (Class 2)

A53

Note 1:    General (continued)

Franklin Mutual Shares VIP Fund (Class 2)

MFS® Total Return Bond Series (Initial Class)

MFS® Value Series (Initial Class)

American Funds IS® Washington Mutual Investors Fund (Class 2)³

Fidelity® VIP Index 500 Portfolio (Service Class 2)

Invesco V.I. Growth and Income Fund (Series I)

CVT Nasdaq 100 Index Portfolio (Class F) (formerly Calvert VP Nasdaq 100 Index Portfolio (Class F))

CVT S&P MidCap 400® Index Portfolio (Class F) (formerly Calvert VP S&P MidCap 400® Index Portfolio (Class F))

CVT EAFE International Index Portfolio (Class F) (formerly Calvert VP EAFE International Index Portfolio (Class F))

AST Global Bond Portfolio

AST Core Fixed Income Portfolio

AST International Equity Portfolio

ClearBridge Variable Mid Cap Portfolio (Class II)

Franklin Rising Dividends VIP Fund (Class 2)

Franklin Small Cap Value VIP Fund (Class 2)

MFS® Total Return Bond Series (Service Class)

MFS® Total Return Series (Service Class)

MFS® Utilities Series (Service Class)

MFS® Value Series (Service Class)

T. Rowe Price Blue Chip Growth Portfolio (Class II)

T. Rowe Price Equity Income Portfolio (Class II)

T. Rowe Price Health Sciences Portfolio (Class II)

T. Rowe Price Mid-Cap Growth Portfolio (Class II)

Franklin Global Real Estate VIP Fund (Class 2)

Templeton Global Bond VIP Fund (Class 2)

MFS® Investors Trust Series (Service Class)

MFS® New Discovery Series (Service Class)

LVIP American Century Disciplined Core Value Fund (Standard Class II) (formerly American Century VP Disciplined Core Value Fund (Class I))**

BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Initial Shares)**

BNY Mellon VIF, Opportunistic Small Cap Portfolio (Initial Shares)**⁴

Janus Henderson VIT Enterprise Portfolio (Service Shares)**

Janus Henderson VIT Balanced Portfolio (Service Shares)**

Invesco V.I. Discovery Mid Cap Growth Fund (Series II)**

ProFund VP Asia 30**

ProFund VP Banks**

ProFund VP Bear**

ProFund VP Biotechnology**

ProFund VP Materials**

ProFund VP UltraBull**

ProFund VP Bull**

ProFund VP Consumer Discretionary**

ProFund VP Consumer Staples**

ProFund VP Energy**

ProFund VP Europe 30**

A54

Note 1:    General (continued)

ProFund VP Financials**

ProFund VP U.S. Government Plus**

ProFund VP Health Care**

ProFund VP Industrials**

ProFund VP Internet**

ProFund VP Japan**

ProFund VP Precious Metals**

ProFund VP Mid-Cap Growth**

ProFund VP Government Money Market**

ProFund VP Mid-Cap Value**

ProFund VP Pharmaceuticals**

ProFund VP Real Estate**

ProFund VP Rising Rates Opportunity**

ProFund VP Nasdaq-100**

ProFund VP Small-Cap**

ProFund VP Semiconductor**

ProFund VP Small-Cap Growth**

ProFund VP Short Nasdaq-100**

ProFund VP Short Small-Cap**

ProFund VP Small-Cap Value**

ProFund VP Technology**

ProFund VP Communication Services**

ProFund VP UltraMid-Cap**

ProFund VP UltraNasdaq-100**

ProFund VP UltraSmall-Cap**

ProFund VP Utilities**

Invesco V.I. Technology Fund (Series I)**

Invesco V.I. Equity and Income Fund (Series I)**

Western Asset Core Plus VIT Portfolio (Class II)**

T. Rowe Price Limited-Term Bond Portfolio (Class II)**

¹	VIT - Variable Insurance Trust
²	AMT - Advisers Management Trust
³	IS - Insurance Series
⁴	VIF - Variable Investment Fund
*	Subaccount merged during the period ended December 31, 2024.
**	Subaccount was available for investment but had no assets as of December 31, 2024, and had no activity during 2024.

The following table sets forth the date at which a merger took place in the Account. The transfer from the removed subaccount to the surviving subaccount for the period ended December 31, 2024 is reflected in the Statements of Changes in Net Assets as net transfers between subaccounts and purchases and sales in Note 5.

A55

Note 1:    General (continued)

Merger Date	Removed Portfolio	Surviving Portfolio
December 6, 2024	AST T. Rowe Price Asset Allocation Portfolio	AST Balanced Asset Allocation Portfolio
December 13, 2024	AST Mid-Cap Growth Portfolio	AST Large-Cap Growth Portfolio
December 13, 2024	AST Small-Cap Value Portfolio	AST Small-Cap Equity Portfolio

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

The Portfolios are open-end management investment companies, and each portfolio of The Prudential Series Fund and the Advanced Series Trust is managed by affiliates of Prudential. Each subaccount of the Account indirectly bears exposure to risks which may be interrelated and include, but are not limited to, the market, credit and liquidity risks of the portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Portfolios. Additional information on these Portfolios is available upon request to the appropriate companies.

The Account is an independent accounting entity established by the resolution of the insurance company’s board of directors or trustees to engage in a single line of business for the insurance company’s variable contracts. The Account is comprised of multiple subaccounts to invest in its specific corresponding Portfolio. Each subaccount of the Account constitutes a single reportable segment because its separate financial information is available, regularly evaluated and used by the chief operating decision maker (“CODM”) to measure the segment’s performance, and also to assess the allocation of resources across the segments. The accounting policies of the segments is the same as those described in Note 2: Significant Accounting Policies.

The Account’s CODM is a group of executives that include the chief financial officer, the life company investment committee and the business leaders associated with each Account. Overall business decisions for the Account are made by this group of executives, including the investment strategy, capital allocation and expense structure of each subaccount, in accordance with the contract and applicable regulations. The measure of segment profit or loss is reported on the Statements of Operations as “Net Increase (Decrease) in Net Assets Resulting from Operations” and the measure of segment assets is reported as “Net Assets” on the Statements of Net Assets. Due to the nature of the business, the segment’s significant expenses are charges for mortality and expense risk, charges for administration and/or reimbursement for excess expenses which are reported separately on the Statements of Operations and/or Statements of Changes in Net Assets.

Note 2:    Significant Accounting Policies

The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services-Investment Companies, which is part of the generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to the valuation of investments in the Portfolios. Subsequent events have been evaluated through the date these financial statements were issued, and no adjustment or disclosure is required in the financial statements.

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

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

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

A56

Note 2:    Significant Accounting Policies (continued)

Effective for the annual reporting period ended December 31, 2024, the Account adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The adoption of the ASU impacted only the financial statement disclosures and did not affect the Account’s financial position or its results of operations.

Note 3:    Fair Value Measurements

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

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

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

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

As of December 31, 2024, management determined that the fair value inputs for all of the Account’s investments, which consist solely of investments in open-end mutual funds registered with the SEC, were considered Level 2.

Note 4:    Taxes    

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

Note 5:    Purchases and Sales of Investments

The aggregate costs of purchases and proceeds from sales, excluding distributions received and reinvested, of investments in the Portfolios for the period ended December 31,2024 were as follows:

	Purchases		Sales
PSF PGIM Government Money Market Portfolio (Class I)	$	63,393,851	$	60,484,360
PSF PGIM Total Return Bond Portfolio (Class I)	12,320,368		4,554,718
PSF PGIM Jennison Blend Portfolio (Class I)	3,284,686		26,912,853
PSF PGIM Flexible Managed Portfolio (Class I)	4,581,098		24,897,616
PSF PGIM 50/50 Balanced Portfolio (Class I)	3,985,536		11,798,605
PSF PGIM High Yield Bond Portfolio (Class I)	5,298,997		2,109,338
PSF Stock Index Portfolio (Class I)	57,691,135		26,466,611
PSF PGIM Jennison Value Portfolio (Class I)	5,495,925		3,152,597
PSF Natural Resources Portfolio (Class I)	795,138		1,249,488
PSF Global Portfolio (Class I)	2,152,503		1,868,999
PSF PGIM Government Income Portfolio (Class I)	100,898		107,975
PSF PGIM Jennison Growth Portfolio (Class I)	11,727,513		8,598,767

A57

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
PSF Small-Cap Stock Index Portfolio (Class I)	$	6,233,381	$	3,403,559
T. Rowe Price International Stock Portfolio	—		892
Janus Henderson VIT Research Portfolio (Institutional Shares)	1,076		13,385
MFS® Growth Series (Initial Class)	9,238		12,632
LVIP American Century Value Fund (Standard Class II)	536		15,649
Franklin Small-Mid Cap Growth VIP Fund (Class 2)	—		777
Janus Henderson VIT Research Portfolio (Service Shares)	82,111		263,943
PSF Mid-Cap Growth Portfolio (Class I)	3,014,922		2,329,739
Janus Henderson VIT Overseas Portfolio (Service Shares)	239,586		121,929
Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)	733		3,781
M Large Cap Growth Fund	9,310		13,123
M International Equity Fund	—		676
M Large Cap Value Fund	12,999		12,730
AST Cohen & Steers Realty Portfolio	384,633		553,917
AST J.P. Morgan Conservative Multi-Asset Portfolio	3,163,567		4,624,886
AST Small-Cap Value Portfolio	464,600		3,412,888
AST Mid-Cap Growth Portfolio	1,500,174		11,696,055
AST MFS Global Equity Portfolio	1,434,267		506,472
M Capital Appreciation Fund	9,285		9,650
LVIP American Century Mid Cap Value Fund (Standard Class II)	73,948		99,052
AST Large-Cap Value Portfolio	3,521,384		2,206,360
AST Small-Cap Equity Portfolio	7,252,172		4,001,041
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)	299,568		224,226
MFS® Utilities Series (Initial Class)	1,073,703		502,546
Neuberger Berman AMT Sustainable Equity Portfolio (Class S)	202,335		123,754
AST Large-Cap Growth Portfolio	20,143,698		4,506,887
AST T. Rowe Price Asset Allocation Portfolio	2,278,791		23,118,483
AST Balanced Asset Allocation Portfolio	27,590,160		3,679,510
AST Preservation Asset Allocation Portfolio	852,651		569,228
AST Prudential Growth Allocation Portfolio	4,424,212		2,469,892
AST Advanced Strategies Portfolio	620,896		334,800
BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)	87,066		54,992
TOPS® Aggressive Growth ETF Portfolio (Class 2)	4,136,476		614,748
TOPS® Balanced ETF Portfolio (Class 2)	1,977,553		474,310
TOPS® Conservative ETF Portfolio (Class 2)	558,597		212,730
TOPS® Growth ETF Portfolio (Class 2)	2,130,918		543,034
TOPS® Moderate Growth ETF Portfolio (Class 2)	2,037,493		1,387,256
TOPS® Managed Risk Balanced ETF Portfolio (Class 2)	115,416		112,722
TOPS® Managed Risk Growth ETF Portfolio (Class 2)	542,931		197,434
TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)	540,239		98,366
American Funds IS® Growth Fund (Class 2)	7,507,753		3,817,826
American Funds IS® Growth-Income Fund (Class 2)	4,035,940		758,813
Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)	2,346,782		609,254
Fidelity® VIP Mid Cap Portfolio (Service Class 2)	2,480,734		493,498
Templeton Growth VIP Fund (Class 2)	10		79,439
Hartford Capital Appreciation HLS Fund (Class IB)	6,247		11,370
Hartford Disciplined Equity HLS Fund (Class IB)	43,640		48,304
Hartford Dividend and Growth HLS Fund (Class IB)	47,761		65,741

A58

Note 5:    Purchases and Sales of Investments (continued)

	Purchases		Sales
American Funds IS® International Fund (Class 2)	$	1,776,379	$	301,603
Franklin Income VIP Fund (Class 2)	610,045		124,681
Franklin Mutual Shares VIP Fund (Class 2)	—		8,949
MFS® Total Return Bond Series (Initial Class)	5,488,432		309,267
MFS® Value Series (Initial Class)	723,356		257,673
American Funds IS® Washington Mutual Investors Fund (Class 2)	953,466		201,591
Fidelity® VIP Index 500 Portfolio (Service Class 2)	13,363,919		1,838,157
Invesco V.I. Growth and Income Fund (Series I)	309,491		93,223
CVT Nasdaq 100 Index Portfolio (Class F)	3,302,349		549,024
CVT S&P MidCap 400® Index Portfolio (Class F)	1,361,929		247,841
CVT EAFE International Index Portfolio (Class F)	807,861		163,243
AST Global Bond Portfolio	878,369		171,392
AST Core Fixed Income Portfolio	2,636,865		1,091,102
AST International Equity Portfolio	6,150,826		1,653,380
ClearBridge Variable Mid Cap Portfolio (Class II)	8,282		208
Franklin Rising Dividends VIP Fund (Class 2)	35,470		9,536
Franklin Small Cap Value VIP Fund (Class 2)	22,280		6,574
MFS® Total Return Bond Series (Service Class)	160,178		1,250
MFS® Total Return Series (Service Class)	31,244		598
MFS® Utilities Series (Service Class)	10,281		182
MFS® Value Series (Service Class)	42,548		494
T. Rowe Price Blue Chip Growth Portfolio (Class II)	212,159		2,511
T. Rowe Price Equity Income Portfolio (Class II)	19,277		184
T. Rowe Price Health Sciences Portfolio (Class II)	3,133		274
T. Rowe Price Mid-Cap Growth Portfolio (Class II)	54,804		8,675
Franklin Global Real Estate VIP Fund (Class 2)	9,380		31
Templeton Global Bond VIP Fund (Class 2)	5,875		2,377
MFS® Investors Trust Series (Service Class)	14,070		47
MFS® New Discovery Series (Service Class)	9,961		39

Note 6:    Related Party Transactions

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

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

A59

Note 6:    Related Party Transactions (continued)

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

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

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

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

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

Note 7:     Financial Highlights

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

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

A60

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	PSF PGIM Government Money Market Portfolio (Class I)
December 31, 2024	35,093	$	1.22	to	$	13.78	$	89,712	4.89	%	0.00	%	to	0.90	%	4.09	%	to	5.02	%
December 31, 2023	34,682	$	1.18	to	$	13.12	$	82,611	4.27	%	0.00	%	to	0.90	%	3.53	%	to	4.88	%
December 31, 2022	10,824	$	1.13	to	$	12.51	$	42,349	1.39	%	0.00	%	to	0.90	%	0.48	%	to	1.39	%
December 31, 2021	9,774	$	1.13	to	$	12.34	$	42,282	0.05	%	0.00	%	to	0.90	%	-0.87	%	to	0.04	%
December 31, 2020	10,013	$	1.14	to	$	12.33	$	44,061	0.23	%	0.00	%	to	0.90	%	-0.62	%	to	0.30	%
	PSF PGIM Total Return Bond Portfolio (Class I)
December 31, 2024	36,809	$	2.47	to	$	24.99	$	139,354	0.00	%	0.00	%	to	0.90	%	2.08	%	to	3.00	%
December 31, 2023	34,493	$	2.40	to	$	24.27	$	127,610	0.00	%	0.00	%	to	0.90	%	6.32	%	to	7.27	%
December 31, 2022	35,141	$	2.24	to	$	22.62	$	120,309	0.00	%	0.00	%	to	0.90	%	-15.57	%	to	-14.81	%
December 31, 2021	34,097	$	2.64	to	$	26.55	$	137,877	0.00	%	0.00	%	to	0.90	%	-1.64	%	to	2.11	%
December 31, 2020	39,395	$	2.66	to	$	26.76	$	155,708	0.00	%	0.00	%	to	0.90	%	4.85	%	to	8.45	%
	PSF PGIM Jennison Blend Portfolio (Class I)
December 31, 2024	12,564	$	5.65	to	$	48.09	$	377,624	0.00	%	0.10	%	to	0.90	%	25.18	%	to	26.19	%
December 31, 2023	13,156	$	4.51	to	$	38.27	$	319,281	0.00	%	0.10	%	to	0.90	%	31.34	%	to	32.38	%
December 31, 2022	12,952	$	3.43	to	$	29.04	$	249,693	0.00	%	0.10	%	to	0.90	%	-25.77	%	to	-25.17	%
December 31, 2021	13,507	$	4.63	to	$	38.97	$	352,905	0.00	%	0.10	%	to	0.90	%	12.07	%	to	20.23	%
December 31, 2020	14,171	$	3.88	to	$	32.56	$	312,615	0.00	%	0.10	%	to	0.90	%	27.85	%	to	28.87	%
	PSF PGIM Flexible Managed Portfolio (Class I)
December 31, 2024	18,923	$	3.87	to	$	45.15	$	405,856	0.00	%	0.10	%	to	0.90	%	14.48	%	to	15.40	%
December 31, 2023	19,893	$	3.38	to	$	39.18	$	369,962	0.00	%	0.25	%	to	0.90	%	16.88	%	to	17.64	%
December 31, 2022	20,910	$	2.89	to	$	33.31	$	329,559	0.00	%	0.25	%	to	0.90	%	-15.46	%	to	-14.92	%
December 31, 2021	21,981	$	3.42	to	$	39.14	$	404,860	0.00	%	0.25	%	to	0.90	%	8.32	%	to	17.07	%
December 31, 2020	23,017	$	2.94	to	$	33.44	$	360,809	0.00	%	0.25	%	to	0.90	%	8.61	%	to	9.31	%
	PSF PGIM 50/50 Balanced Portfolio (Class I)
December 31, 2024	10,883	$	3.40	to	$	37.58	$	171,216	0.00	%	0.10	%	to	0.90	%	12.02	%	to	12.91	%
December 31, 2023	11,471	$	3.03	to	$	33.33	$	158,748	0.00	%	0.10	%	to	0.90	%	14.43	%	to	15.34	%
December 31, 2022	12,132	$	2.65	to	$	28.94	$	144,614	0.00	%	0.10	%	to	0.90	%	-15.46	%	to	-14.78	%
December 31, 2021	12,761	$	3.14	to	$	34.01	$	176,171	0.00	%	0.10	%	to	0.90	%	8.08	%	to	13.26	%
December 31, 2020	13,368	$	2.79	to	$	30.08	$	161,318	0.00	%	0.10	%	to	0.90	%	10.44	%	to	11.32	%
	PSF PGIM High Yield Bond Portfolio (Class I)
December 31, 2024	5,533	$	3.70	to	$	39.39	$	37,288	0.00	%	0.00	%	to	0.90	%	7.64	%	to	8.61	%
December 31, 2023	4,923	$	3.44	to	$	36.27	$	31,287	0.00	%	0.00	%	to	0.90	%	10.83	%	to	11.82	%
December 31, 2022	4,676	$	3.10	to	$	32.43	$	26,997	0.00	%	0.00	%	to	0.90	%	-12.04	%	to	-11.24	%
December 31, 2021	4,703	$	3.53	to	$	36.54	$	29,988	0.00	%	0.00	%	to	0.90	%	3.88	%	to	7.93	%
December 31, 2020	4,514	$	3.30	to	$	33.86	$	26,219	0.00	%	0.00	%	to	0.90	%	6.14	%	to	7.11	%
	PSF Stock Index Portfolio (Class I)
December 31, 2024	24,444	$	4.91	to	$	77.78	$	424,304	0.00	%	0.00	%	to	0.90	%	23.53	%	to	24.65	%
December 31, 2023	21,646	$	3.97	to	$	62.40	$	312,936	0.00	%	0.00	%	to	0.90	%	24.80	%	to	25.92	%
December 31, 2022	19,538	$	3.18	to	$	49.55	$	224,768	0.00	%	0.00	%	to	0.90	%	-19.07	%	to	-18.34	%
December 31, 2021	17,702	$	3.93	to	$	60.68	$	245,194	0.00	%	0.00	%	to	0.90	%	15.14	%	to	28.28	%
December 31, 2020	16,246	$	3.09	to	$	47.30	$	162,189	0.00	%	0.00	%	to	0.90	%	17.02	%	to	18.08	%
	PSF PGIM Jennison Value Portfolio (Class I)
December 31, 2024	2,600	$	5.39	to	$	38.28	$	63,806	0.00	%	0.00	%	to	0.90	%	19.89	%	to	20.97	%
December 31, 2023	2,487	$	4.50	to	$	31.64	$	50,695	0.00	%	0.00	%	to	0.90	%	14.18	%	to	15.20	%
December 31, 2022	2,600	$	3.94	to	$	27.47	$	44,452	0.00	%	0.00	%	to	0.90	%	-8.71	%	to	-7.89	%
December 31, 2021	2,614	$	4.31	to	$	29.82	$	48,656	0.00	%	0.00	%	to	0.90	%	11.50	%	to	27.79	%
December 31, 2020	2,572	$	3.41	to	$	23.34	$	37,626	0.00	%	0.00	%	to	0.90	%	2.66	%	to	3.58	%

A61

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	PSF Natural Resources Portfolio (Class I)
December 31, 2024	923	$	10.21	to	$	21.69	$	14,006	0.00	%	0.00	%	to	0.60	%	3.75	%	to	4.38	%
December 31, 2023	931	$	9.79	to	$	20.91	$	13,852	0.00	%	0.00	%	to	0.60	%	1.38	%	to	1.98	%
December 31, 2022	682	$	9.61	to	$	20.62	$	11,722	0.00	%	0.00	%	to	0.60	%	21.31	%	to	22.04	%
December 31, 2021	652	$	7.88	to	$	17.00	$	9,295	0.00	%	0.00	%	to	0.60	%	24.76	%	to	25.50	%
December 31, 2020	674	$	6.28	to	$	13.63	$	7,743	0.00	%	0.00	%	to	0.60	%	11.61	%	to	12.28	%
	PSF Global Portfolio (Class I)
December 31, 2024	4,392	$	2.80	to	$	22.85	$	31,951	0.00	%	0.10	%	to	0.90	%	14.12	%	to	15.04	%
December 31, 2023	4,426	$	2.45	to	$	19.90	$	27,511	0.00	%	0.10	%	to	0.90	%	18.53	%	to	19.47	%
December 31, 2022	4,557	$	2.07	to	$	16.68	$	22,896	0.00	%	0.10	%	to	0.90	%	-19.52	%	to	-18.88	%
December 31, 2021	4,611	$	2.57	to	$	20.59	$	28,216	0.00	%	0.10	%	to	0.90	%	7.61	%	to	18.11	%
December 31, 2020	4,598	$	2.20	to	$	17.46	$	22,839	0.00	%	0.10	%	to	0.90	%	14.80	%	to	15.72	%
	PSF PGIM Government Income Portfolio (Class I)
December 31, 2024	429	$	4.36	to	$	10.77	$	1,871	0.00	%	0.10	%	to	0.60	%	0.41	%	to	0.92	%
December 31, 2023	429	$	4.34	to	$	4.34	$	1,860	0.00	%	0.60	%	to	0.60	%	4.47	%	to	4.47	%
December 31, 2022	453	$	4.15	to	$	4.15	$	1,880	0.00	%	0.60	%	to	0.60	%	-13.97	%	to	-13.97	%
December 31, 2021	500	$	4.83	to	$	4.83	$	2,414	0.00	%	0.60	%	to	0.60	%	-3.75	%	to	-3.75	%
December 31, 2020	574	$	5.01	to	$	5.01	$	2,878	0.00	%	0.60	%	to	0.60	%	6.53	%	to	6.53	%
	PSF PGIM Jennison Growth Portfolio (Class I)
December 31, 2024	9,214	$	5.46	to	$	41.42	$	152,372	0.00	%	0.10	%	to	0.90	%	29.70	%	to	30.74	%
December 31, 2023	9,044	$	4.21	to	$	31.73	$	113,786	0.00	%	0.10	%	to	0.90	%	52.14	%	to	53.35	%
December 31, 2022	9,217	$	2.77	to	$	20.72	$	73,952	0.00	%	0.10	%	to	0.90	%	-38.16	%	to	-37.66	%
December 31, 2021	9,268	$	4.47	to	$	33.29	$	117,567	0.00	%	0.10	%	to	0.90	%	11.47	%	to	15.89	%
December 31, 2020	9,444	$	3.89	to	$	28.76	$	100,672	0.00	%	0.10	%	to	0.90	%	54.80	%	to	56.04	%
	PSF Small-Cap Stock Index Portfolio (Class I)
December 31, 2024	2,555	$	13.94	to	$	44.91	$	54,983	0.00	%	0.00	%	to	0.90	%	7.38	%	to	8.36	%
December 31, 2023	2,472	$	10.98	to	$	41.45	$	47,933	0.00	%	0.00	%	to	0.90	%	10.24	%	to	15.74	%
December 31, 2022	1,339	$	12.29	to	$	35.81	$	18,455	0.00	%	0.00	%	to	0.60	%	-16.87	%	to	-16.37	%
December 31, 2021	1,405	$	14.79	to	$	42.83	$	22,817	0.00	%	0.00	%	to	0.60	%	25.59	%	to	26.34	%
December 31, 2020	1,502	$	11.78	to	$	33.90	$	19,080	0.00	%	0.00	%	to	0.60	%	10.33	%	to	10.99	%
	T. Rowe Price International Stock Portfolio
December 31, 2024	25	$	1.79	to	$	1.79	$	45	0.95	%	0.90	%	to	0.90	%	2.33	%	to	2.33	%
December 31, 2023	25	$	1.75	to	$	1.75	$	44	1.01	%	0.90	%	to	0.90	%	15.21	%	to	15.21	%
December 31, 2022	25	$	1.52	to	$	1.52	$	39	0.78	%	0.90	%	to	0.90	%	-16.56	%	to	-16.56	%
December 31, 2021	26	$	1.82	to	$	1.82	$	47	0.58	%	0.90	%	to	0.90	%	0.42	%	to	0.42	%
December 31, 2020	26	$	1.81	to	$	1.81	$	47	0.59	%	0.90	%	to	0.90	%	13.43	%	to	13.43	%
	Janus Henderson VIT Research Portfolio (Institutional Shares)
December 31, 2024	98	$	4.16	to	$	5.68	$	500	0.03	%	0.20	%	to	0.90	%	34.10	%	to	35.04	%
December 31, 2023	100	$	3.10	to	$	4.21	$	380	0.16	%	0.20	%	to	0.90	%	41.90	%	to	42.88	%
December 31, 2022	143	$	2.18	to	$	2.95	$	370	0.71	%	0.20	%	to	0.90	%	-30.52	%	to	-30.03	%
December 31, 2021	146	$	3.14	to	$	4.21	$	540	0.10	%	0.20	%	to	0.90	%	19.26	%	to	20.10	%
December 31, 2020	148	$	2.64	to	$	3.51	$	458	0.58	%	0.20	%	to	0.90	%	31.77	%	to	32.69	%
	MFS® Growth Series (Initial Class)
December 31, 2024	115	$	4.37	to	$	4.37	$	504	0.00	%	0.90	%	to	0.90	%	30.29	%	to	30.29	%
December 31, 2023	115	$	3.36	to	$	3.36	$	386	0.00	%	0.90	%	to	0.90	%	34.66	%	to	34.66	%
December 31, 2022	115	$	2.49	to	$	2.49	$	286	0.00	%	0.90	%	to	0.90	%	-32.24	%	to	-32.24	%
December 31, 2021	115	$	3.68	to	$	3.68	$	424	0.00	%	0.90	%	to	0.90	%	22.43	%	to	22.43	%
December 31, 2020	115	$	3.00	to	$	3.00	$	347	0.00	%	0.90	%	to	0.90	%	30.69	%	to	30.69	%

A62

Note 7:    Financial Highlights (continued)

	At the period ended									For the period ended
	Units Outstanding (000s)		Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	LVIP American Century Value Fund (Standard Class II)
December 31, 2024	105		$	6.27	to	$	6.27	$	660	2.96	%	0.90	%	to	0.90	%	8.50	%	to	8.50	%
December 31, 2023	107		$	5.78	to	$	5.78	$	617	2.39	%	0.90	%	to	0.90	%	8.13	%	to	8.13	%
December 31, 2022	107		$	5.34	to	$	5.34	$	570	2.09	%	0.90	%	to	0.90	%	-0.35	%	to	-0.35	%
December 31, 2021	108		$	5.36	to	$	5.36	$	580	1.75	%	0.90	%	to	0.90	%	23.40	%	to	23.40	%
December 31, 2020	110		$	4.35	to	$	4.35	$	478	2.33	%	0.90	%	to	0.90	%	0.08	%	to	0.08	%
	Franklin Small-Mid Cap Growth VIP Fund (Class 2)
December 31, 2024	20		$	3.24	to	$	3.24	$	65	0.00	%	0.90	%	to	0.90	%	10.04	%	to	10.04	%
December 31, 2023	20		$	2.94	to	$	2.94	$	60	0.00	%	0.90	%	to	0.90	%	25.61	%	to	25.61	%
December 31, 2022	47		$	2.34	to	$	2.34	$	109	0.00	%	0.90	%	to	0.90	%	-34.28	%	to	-34.28	%
December 31, 2021	47		$	3.56	to	$	3.56	$	167	0.00	%	0.90	%	to	0.90	%	9.03	%	to	9.03	%
December 31, 2020	47		$	3.27	to	$	3.27	$	153	0.00	%	0.90	%	to	0.90	%	53.71	%	to	53.71	%
	Janus Henderson VIT Research Portfolio (Service Shares)
December 31, 2024	568		$	6.48	to	$	6.48	$	3,678	0.00	%	0.25	%	to	0.25	%	34.62	%	to	34.62	%
December 31, 2023	599		$	4.81	to	$	4.81	$	2,884	0.06	%	0.25	%	to	0.25	%	42.46	%	to	42.46	%
December 31, 2022	629		$	3.38	to	$	3.38	$	2,125	0.57	%	0.25	%	to	0.25	%	-30.24	%	to	-30.24	%
December 31, 2021	636		$	4.84	to	$	4.84	$	3,082	0.02	%	0.25	%	to	0.25	%	19.75	%	to	19.75	%
December 31, 2020	660		$	4.04	to	$	4.04	$	2,669	0.35	%	0.25	%	to	0.25	%	32.24	%	to	32.24	%
	PSF Mid-Cap Growth Portfolio (Class I)
December 31, 2024	3,747		$	6.50	to	$	91.06	$	35,720	0.00	%	0.00	%	to	0.90	%	13.23	%	to	14.25	%
December 31, 2023	3,790		$	5.74	to	$	79.71	$	30,587	0.00	%	0.00	%	to	0.90	%	22.45	%	to	23.55	%
December 31, 2022	3,815		$	4.69	to	$	64.51	$	24,232	0.00	%	0.00	%	to	0.90	%	-27.61	%	to	-26.96	%
December 31, 2021	3,800		$	6.47	to	$	88.32	$	31,916	0.00	%	0.00	%	to	0.90	%	5.22	%	to	10.69	%
December 31, 2020	3,882		$	5.90	to	$	79.79	$	28,195	0.00	%	0.00	%	to	0.90	%	35.44	%	to	47.47	%
	Janus Henderson VIT Overseas Portfolio (Service Shares)
December 31, 2024	103		$	13.35	to	$	13.57	$	1,370	1.33	%	0.00	%	to	0.10	%	5.47	%	to	5.58	%
December 31, 2023	94		$	12.66	to	$	12.85	$	1,185	1.43	%	0.00	%	to	0.10	%	10.47	%	to	10.58	%
December 31, 2022	87		$	11.46	to	$	11.62	$	994	1.75	%	0.00	%	to	0.10	%	-8.93	%	to	-8.84	%
December 31, 2021	79		$	12.58	to	$	12.75	$	995	1.04	%	0.00	%	to	0.10	%	13.17	%	to	13.29	%
December 31, 2020	79		$	11.11	to	$	11.26	$	875	1.24	%	0.00	%	to	0.10	%	15.91	%	to	16.02	%
	Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares)
December 31, 2024	23		$	5.97	to	$	5.97	$	137	1.00	%	0.20	%	to	0.20	%	18.81	%	to	18.81	%
December 31, 2023	23		$	5.02	to	$	5.02	$	118	0.90	%	0.20	%	to	0.20	%	19.04	%	to	19.04	%
December 31, 2022	29		$	4.22	to	$	4.22	$	120	0.32	%	0.20	%	to	0.20	%	-19.54	%	to	-19.54	%
December 31, 2021	29		$	5.24	to	$	5.24	$	152	0.47	%	0.20	%	to	0.20	%	23.54	%	to	23.54	%
December 31, 2020	29		$	4.24	to	$	4.24	$	125	0.24	%	0.20	%	to	0.20	%	8.36	%	to	8.36	%
	M Large Cap Growth Fund
December 31, 2024	3		$	97.69	to	$	97.69	$	268	0.00	%	0.00	%	to	0.00	%	25.50	%	to	25.50	%
December 31, 2023	3		$	77.84	to	$	77.84	$	217	0.00	%	0.00	%	to	0.00	%	32.04	%	to	32.04	%
December 31, 2022	3		$	58.95	to	$	58.95	$	166	0.00	%	0.00	%	to	0.00	%	-25.41	%	to	-25.41	%
December 31, 2021	3		$	79.04	to	$	79.04	$	222	0.00	%	0.00	%	to	0.00	%	21.49	%	to	21.49	%
December 31, 2020	3		$	65.05	to	$	65.05	$	183	0.00	%	0.00	%	to	0.00	%	28.89	%	to	28.89	%
	M International Equity Fund
December 31, 2024	—	(1)	$	24.95	to	$	24.95	$	12	2.88	%	0.00	%	to	0.00	%	3.96	%	to	3.96	%
December 31, 2023	1		$	24.00	to	$	24.00	$	13	3.00	%	0.00	%	to	0.00	%	16.00	%	to	16.00	%
December 31, 2022	1		$	20.69	to	$	20.69	$	11	2.66	%	0.00	%	to	0.00	%	-14.16	%	to	-14.16	%
December 31, 2021	1		$	24.10	to	$	24.10	$	14	2.37	%	0.00	%	to	0.00	%	11.05	%	to	11.05	%
December 31, 2020	1		$	21.70	to	$	21.70	$	13	1.69	%	0.00	%	to	0.00	%	8.90	%	to	8.90	%

A63

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	M Large Cap Value Fund
December 31, 2024	5	$	51.78	to	$	51.78	$	256	1.97	%	0.00	%	to	0.00	%	18.63	%	to	18.63	%
December 31, 2023	5	$	43.65	to	$	43.65	$	215	2.31	%	0.00	%	to	0.00	%	7.60	%	to	7.60	%
December 31, 2022	5	$	40.56	to	$	40.56	$	198	2.12	%	0.00	%	to	0.00	%	-1.45	%	to	-1.45	%
December 31, 2021	5	$	41.16	to	$	41.16	$	198	1.67	%	0.00	%	to	0.00	%	30.01	%	to	30.01	%
December 31, 2020	5	$	31.66	to	$	31.66	$	148	2.07	%	0.00	%	to	0.00	%	-3.16	%	to	-3.16	%
	AST Cohen & Steers Realty Portfolio
December 31, 2024	395	$	11.94	to	$	38.68	$	6,405	0.00	%	0.10	%	to	0.60	%	6.03	%	to	6.56	%
December 31, 2023	410	$	11.26	to	$	36.30	$	6,161	0.00	%	0.10	%	to	0.60	%	11.42	%	to	11.97	%
December 31, 2022	428	$	10.11	to	$	32.42	$	5,662	0.00	%	0.10	%	to	0.60	%	-25.81	%	to	-25.44	%
December 31, 2021	82	$	13.62	to	$	43.48	$	2,793	0.00	%	0.10	%	to	0.60	%	35.19	%	to	42.70	%
December 31, 2020	56	$	30.47	to	$	30.47	$	1,721	0.00	%	0.10	%	to	0.10	%	-2.93	%	to	-2.93	%
	AST J.P. Morgan Conservative Multi-Asset Portfolio
December 31, 2024	2,218	$	11.17	to	$	24.51	$	54,092	0.00	%	0.10	%	to	0.90	%	5.24	%	to	6.09	%
December 31, 2023	2,274	$	10.61	to	$	23.10	$	52,321	0.00	%	0.10	%	to	0.90	%	5.76	%	to	10.24	%
December 31, 2022	171	$	20.92	to	$	20.95	$	3,575	0.00	%	0.10	%	to	0.25	%	-15.94	%	to	-15.81	%
December 31, 2021	147	$	24.88	to	$	24.89	$	3,650	0.00	%	0.10	%	to	0.25	%	4.38	%	to	7.84	%
December 31, 2020	108	$	23.08	to	$	23.11	$	2,484	0.00	%	0.10	%	to	0.25	%	11.07	%	to	11.24	%
	AST Small-Cap Value Portfolio (merged December 13, 2024)
December 31, 2024	—	$	42.89	to	$	42.89	$	—	0.00	%	0.10	%	to	0.10	%	14.38	%	to	14.38	%
December 31, 2023	68	$	37.50	to	$	37.50	$	2,545	0.00	%	0.10	%	to	0.10	%	13.64	%	to	13.64	%
December 31, 2022	62	$	33.00	to	$	33.00	$	2,049	0.00	%	0.10	%	to	0.10	%	-13.41	%	to	-13.41	%
December 31, 2021	57	$	38.11	to	$	38.11	$	2,164	0.00	%	0.10	%	to	0.10	%	31.39	%	to	31.39	%
December 31, 2020	57	$	29.01	to	$	29.01	$	1,645	0.00	%	0.10	%	to	0.10	%	0.76	%	to	0.76	%
	AST Mid-Cap Growth Portfolio (merged December 13, 2024)
December 31, 2024	—	$	21.47	to	$	56.64	$	—	0.00	%	0.10	%	to	0.25	%	18.10	%	to	18.27	%
December 31, 2023	364	$	18.18	to	$	47.89	$	8,538	0.00	%	0.10	%	to	0.25	%	21.63	%	to	21.82	%
December 31, 2022	312	$	14.94	to	$	39.32	$	6,109	0.00	%	0.10	%	to	0.25	%	-31.10	%	to	-31.00	%
December 31, 2021	266	$	21.69	to	$	56.98	$	7,602	0.00	%	0.10	%	to	0.25	%	7.05	%	to	10.38	%
December 31, 2020	218	$	19.68	to	$	51.63	$	5,936	0.00	%	0.10	%	to	0.25	%	34.50	%	to	34.70	%
	AST MFS Global Equity Portfolio
December 31, 2024	397	$	18.94	to	$	43.50	$	8,951	0.00	%	0.10	%	to	0.25	%	5.25	%	to	5.41	%
December 31, 2023	354	$	17.99	to	$	41.27	$	7,594	0.00	%	0.10	%	to	0.25	%	13.73	%	to	13.90	%
December 31, 2022	305	$	15.82	to	$	36.23	$	5,804	0.00	%	0.10	%	to	0.25	%	-18.17	%	to	-18.04	%
December 31, 2021	249	$	19.33	to	$	44.21	$	5,950	0.00	%	0.10	%	to	0.25	%	6.87	%	to	16.73	%
December 31, 2020	183	$	16.59	to	$	37.87	$	3,911	0.00	%	0.10	%	to	0.25	%	13.89	%	to	14.07	%
	M Capital Appreciation Fund
December 31, 2024	3	$	72.52	to	$	72.52	$	191	2.05	%	0.00	%	to	0.00	%	9.94	%	to	9.94	%
December 31, 2023	3	$	65.96	to	$	65.96	$	174	0.45	%	0.00	%	to	0.00	%	23.56	%	to	23.56	%
December 31, 2022	3	$	53.39	to	$	53.39	$	141	0.00	%	0.00	%	to	0.00	%	-18.14	%	to	-18.14	%
December 31, 2021	3	$	65.22	to	$	65.22	$	169	0.00	%	0.00	%	to	0.00	%	17.74	%	to	17.74	%
December 31, 2020	3	$	55.39	to	$	55.39	$	142	0.00	%	0.00	%	to	0.00	%	17.73	%	to	17.73	%
	LVIP American Century Mid Cap Value Fund (Standard Class II)
December 31, 2024	29	$	44.43	to	$	44.43	$	1,280	2.55	%	0.10	%	to	0.10	%	8.62	%	to	8.62	%
December 31, 2023	29	$	40.90	to	$	40.90	$	1,199	2.31	%	0.10	%	to	0.10	%	6.03	%	to	6.03	%
December 31, 2022	31	$	38.57	to	$	38.57	$	1,179	2.25	%	0.10	%	to	0.10	%	-1.29	%	to	-1.29	%
December 31, 2021	32	$	39.08	to	$	39.08	$	1,247	1.17	%	0.10	%	to	0.10	%	23.08	%	to	23.08	%
December 31, 2020	32	$	31.75	to	$	31.75	$	1,002	1.86	%	0.10	%	to	0.10	%	1.11	%	to	1.11	%

A64

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	AST Large-Cap Value Portfolio
December 31, 2024	1,192	$	22.41	to	$	34.03	$	31,479	0.00	%	0.10	%	to	0.90	%	8.94	%	to	9.82	%
December 31, 2023	1,131	$	20.43	to	$	30.99	$	27,393	0.00	%	0.10	%	to	0.90	%	8.77	%	to	9.64	%
December 31, 2022	1,019	$	18.67	to	$	28.27	$	22,769	0.00	%	0.10	%	to	0.90	%	0.80	%	to	1.60	%
December 31, 2021	579	$	18.40	to	$	27.82	$	13,613	0.00	%	0.10	%	to	0.90	%	6.30	%	to	29.08	%
December 31, 2020	452	$	14.27	to	$	21.55	$	8,687	0.00	%	0.10	%	to	0.90	%	-0.62	%	to	28.59	%
	AST Small-Cap Equity Portfolio
December 31, 2024	233	$	42.19	to	$	48.18	$	11,145	0.00	%	0.10	%	to	0.90	%	13.83	%	to	14.74	%
December 31, 2023	166	$	37.07	to	$	41.99	$	6,878	0.00	%	0.10	%	to	0.90	%	16.06	%	to	16.98	%
December 31, 2022	178	$	31.94	to	$	35.89	$	6,324	0.00	%	0.10	%	to	0.90	%	-28.22	%	to	-27.65	%
December 31, 2021	151	$	44.49	to	$	49.61	$	7,399	0.00	%	0.10	%	to	0.90	%	3.60	%	to	4.43	%
December 31, 2020	141	$	42.95	to	$	47.50	$	6,631	0.00	%	0.10	%	to	0.90	%	47.07	%	to	48.24	%
	BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares)
December 31, 2024	66	$	27.84	to	$	51.65	$	2,255	0.37	%	0.10	%	to	0.25	%	24.26	%	to	24.45	%
December 31, 2023	64	$	22.40	to	$	41.50	$	1,740	0.50	%	0.10	%	to	0.25	%	23.20	%	to	23.38	%
December 31, 2022	56	$	18.18	to	$	33.64	$	1,210	0.29	%	0.10	%	to	0.25	%	-23.25	%	to	-23.14	%
December 31, 2021	44	$	23.69	to	$	43.77	$	1,248	0.56	%	0.10	%	to	0.25	%	15.07	%	to	26.55	%
December 31, 2020	33	$	18.75	to	$	34.58	$	771	0.71	%	0.10	%	to	0.25	%	23.55	%	to	23.73	%
	MFS® Utilities Series (Initial Class)
December 31, 2024	370	$	17.44	to	$	28.91	$	7,626	2.38	%	0.10	%	to	0.25	%	11.38	%	to	11.55	%
December 31, 2023	336	$	15.65	to	$	25.92	$	6,249	3.62	%	0.10	%	to	0.25	%	-2.35	%	to	-2.21	%
December 31, 2022	279	$	16.03	to	$	26.51	$	5,385	2.45	%	0.10	%	to	0.25	%	0.50	%	to	0.65	%
December 31, 2021	233	$	15.95	to	$	26.33	$	4,552	1.79	%	0.10	%	to	0.25	%	8.14	%	to	13.98	%
December 31, 2020	188	$	14.02	to	$	23.10	$	3,280	2.58	%	0.10	%	to	0.25	%	5.64	%	to	5.80	%
	Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
December 31, 2024	101	$	27.75	to	$	46.90	$	2,890	0.00	%	0.10	%	to	0.25	%	25.21	%	to	25.40	%
December 31, 2023	98	$	22.16	to	$	37.40	$	2,234	0.08	%	0.10	%	to	0.25	%	26.25	%	to	26.44	%
December 31, 2022	86	$	17.56	to	$	29.58	$	1,556	0.13	%	0.10	%	to	0.25	%	-18.86	%	to	-18.73	%
December 31, 2021	54	$	21.63	to	$	36.40	$	1,215	0.24	%	0.10	%	to	0.25	%	10.17	%	to	23.04	%
December 31, 2020	14	$	17.61	to	$	29.59	$	280	0.39	%	0.10	%	to	0.25	%	18.98	%	to	19.16	%
	AST Large-Cap Growth Portfolio
December 31, 2024	2,242	$	39.06	to	$	83.76	$	104,751	0.00	%	0.10	%	to	0.90	%	28.99	%	to	30.03	%
December 31, 2023	1,889	$	30.08	to	$	64.42	$	68,386	0.00	%	0.10	%	to	0.90	%	42.35	%	to	43.49	%
December 31, 2022	1,707	$	21.00	to	$	44.90	$	43,585	0.00	%	0.10	%	to	0.90	%	-33.80	%	to	-33.27	%
December 31, 2021	895	$	31.52	to	$	67.28	$	35,171	0.00	%	0.10	%	to	0.90	%	7.94	%	to	16.99	%
December 31, 2020	559	$	26.98	to	$	57.51	$	20,815	0.00	%	0.10	%	to	0.90	%	38.56	%	to	39.67	%
	AST T. Rowe Price Asset Allocation Portfolio (merged December 6, 2024)
December 31, 2024	—	$	38.57	to	$	38.57	$	—	0.00	%	0.25	%	to	0.25	%	14.70	%	to	14.70	%
December 31, 2023	536	$	33.63	to	$	33.63	$	18,023	0.00	%	0.25	%	to	0.25	%	16.57	%	to	16.57	%
December 31, 2022	504	$	28.84	to	$	28.84	$	14,549	0.00	%	0.25	%	to	0.25	%	-16.56	%	to	-16.56	%
December 31, 2021	439	$	34.57	to	$	34.57	$	15,163	0.00	%	0.25	%	to	0.25	%	6.24	%	to	12.13	%
December 31, 2020	326	$	30.83	to	$	30.83	$	10,050	0.00	%	0.25	%	to	0.25	%	12.25	%	to	12.25	%
	AST Balanced Asset Allocation Portfolio
December 31, 2024	3,098	$	26.37	to	$	29.75	$	90,480	0.00	%	0.10	%	to	0.90	%	10.90	%	to	11.79	%
December 31, 2023	2,294	$	23.78	to	$	26.61	$	60,098	0.00	%	0.10	%	to	0.90	%	14.74	%	to	15.65	%
December 31, 2022	2,280	$	20.73	to	$	23.01	$	51,687	0.00	%	0.10	%	to	0.90	%	-17.01	%	to	-16.34	%
December 31, 2021	2,076	$	24.97	to	$	27.51	$	56,307	0.00	%	0.10	%	to	0.90	%	6.73	%	to	12.73	%
December 31, 2020	1,918	$	22.33	to	$	24.40	$	46,208	0.00	%	0.10	%	to	0.90	%	10.77	%	to	11.66	%

A65

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	AST Preservation Asset Allocation Portfolio
December 31, 2024	395	$	21.02	to	$	21.50	$	8,352	0.00	%	0.10	%	to	0.25	%	7.53	%	to	7.69	%
December 31, 2023	380	$	17.84	to	$	19.96	$	7,473	0.00	%	0.10	%	to	0.90	%	10.78	%	to	11.67	%
December 31, 2022	393	$	16.11	to	$	17.88	$	6,916	0.00	%	0.10	%	to	0.90	%	-16.38	%	to	-15.71	%
December 31, 2021	389	$	19.26	to	$	21.21	$	8,139	0.00	%	0.10	%	to	0.90	%	3.95	%	to	6.14	%
December 31, 2020	379	$	18.29	to	$	19.98	$	7,474	0.00	%	0.10	%	to	0.90	%	8.11	%	to	8.97	%
	AST Prudential Growth Allocation Portfolio
December 31, 2024	2,050	$	12.69	to	$	36.50	$	43,601	0.00	%	0.10	%	to	0.90	%	12.67	%	to	13.57	%
December 31, 2023	2,018	$	11.26	to	$	32.18	$	36,577	0.00	%	0.10	%	to	0.90	%	13.72	%	to	17.77	%
December 31, 2022	536	$	27.33	to	$	27.33	$	14,657	0.00	%	0.25	%	to	0.25	%	-18.50	%	to	-18.50	%
December 31, 2021	477	$	33.53	to	$	33.53	$	16,000	0.00	%	0.25	%	to	0.25	%	8.22	%	to	16.41	%
December 31, 2020	439	$	28.81	to	$	28.81	$	12,656	0.00	%	0.25	%	to	0.25	%	5.59	%	to	5.59	%
	AST Advanced Strategies Portfolio
December 31, 2024	171	$	37.71	to	$	37.71	$	6,464	0.00	%	0.25	%	to	0.25	%	10.72	%	to	10.72	%
December 31, 2023	163	$	34.06	to	$	34.06	$	5,561	0.00	%	0.25	%	to	0.25	%	14.20	%	to	14.20	%
December 31, 2022	153	$	29.82	to	$	29.82	$	4,551	0.00	%	0.25	%	to	0.25	%	-16.83	%	to	-16.83	%
December 31, 2021	124	$	35.86	to	$	35.86	$	4,449	0.00	%	0.25	%	to	0.25	%	6.43	%	to	13.54	%
December 31, 2020	111	$	31.58	to	$	31.58	$	3,507	0.00	%	0.25	%	to	0.25	%	10.40	%	to	10.40	%
	BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares)
December 31, 2024	32	$	19.09	to	$	37.20	$	723	0.59	%	0.10	%	to	0.25	%	12.05	%	to	12.22	%
December 31, 2023	31	$	17.04	to	$	33.15	$	614	0.53	%	0.10	%	to	0.25	%	17.69	%	to	17.87	%
December 31, 2022	30	$	14.48	to	$	28.12	$	519	0.46	%	0.10	%	to	0.25	%	-14.50	%	to	-14.37	%
December 31, 2021	31	$	16.93	to	$	32.84	$	598	0.34	%	0.10	%	to	0.25	%	6.85	%	to	25.43	%
December 31, 2020	17	$	13.52	to	$	26.18	$	295	0.49	%	0.10	%	to	0.25	%	7.58	%	to	7.74	%
	TOPS® Aggressive Growth ETF Portfolio (Class 2)
December 31, 2024	646	$	20.46	to	$	34.42	$	15,089	1.35	%	0.10	%	to	0.25	%	11.71	%	to	11.88	%
December 31, 2023	492	$	18.31	to	$	30.76	$	10,277	1.25	%	0.10	%	to	0.25	%	17.08	%	to	17.25	%
December 31, 2022	379	$	15.64	to	$	26.24	$	6,797	1.27	%	0.10	%	to	0.25	%	-16.08	%	to	-15.96	%
December 31, 2021	312	$	18.64	to	$	31.22	$	6,779	0.62	%	0.10	%	to	0.25	%	6.59	%	to	19.19	%
December 31, 2020	238	$	15.66	to	$	26.19	$	4,423	1.33	%	0.10	%	to	0.25	%	12.40	%	to	12.57	%
	TOPS® Balanced ETF Portfolio (Class 2)
December 31, 2024	424	$	15.24	to	$	20.65	$	6,827	2.30	%	0.10	%	to	0.25	%	6.59	%	to	6.75	%
December 31, 2023	329	$	14.29	to	$	19.34	$	4,964	1.91	%	0.10	%	to	0.25	%	11.12	%	to	11.28	%
December 31, 2022	269	$	12.86	to	$	17.38	$	3,581	1.65	%	0.10	%	to	0.25	%	-11.37	%	to	-11.24	%
December 31, 2021	218	$	14.52	to	$	19.58	$	3,274	0.93	%	0.10	%	to	0.25	%	3.88	%	to	9.51	%
December 31, 2020	70	$	13.27	to	$	17.88	$	997	1.55	%	0.10	%	to	0.25	%	8.13	%	to	8.29	%
	TOPS® Conservative ETF Portfolio (Class 2)
December 31, 2024	150	$	13.88	to	$	17.14	$	2,228	2.59	%	0.10	%	to	0.25	%	5.73	%	to	5.89	%
December 31, 2023	128	$	13.13	to	$	16.18	$	1,764	2.17	%	0.10	%	to	0.25	%	8.92	%	to	9.08	%
December 31, 2022	105	$	12.05	to	$	14.83	$	1,319	1.98	%	0.10	%	to	0.25	%	-9.08	%	to	-8.94	%
December 31, 2021	82	$	13.26	to	$	16.29	$	1,102	0.78	%	0.10	%	to	0.25	%	3.04	%	to	6.34	%
December 31, 2020	67	$	12.49	to	$	15.32	$	848	2.88	%	0.10	%	to	0.25	%	6.78	%	to	6.94	%
	TOPS® Growth ETF Portfolio (Class 2)
December 31, 2024	446	$	18.90	to	$	32.32	$	9,657	1.43	%	0.10	%	to	0.25	%	10.51	%	to	10.68	%
December 31, 2023	378	$	17.11	to	$	29.21	$	7,246	1.33	%	0.10	%	to	0.25	%	15.80	%	to	15.97	%
December 31, 2022	327	$	14.77	to	$	25.18	$	5,370	1.47	%	0.10	%	to	0.25	%	-14.91	%	to	-14.79	%
December 31, 2021	248	$	17.36	to	$	29.55	$	4,759	0.83	%	0.10	%	to	0.25	%	5.93	%	to	16.40	%
December 31, 2020	198	$	14.94	to	$	25.39	$	3,290	1.71	%	0.10	%	to	0.25	%	11.39	%	to	11.55	%

A66

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	TOPS® Moderate Growth ETF Portfolio (Class 2)
December 31, 2024	375	$	17.11	to	$	24.81	$	6,893	1.83	%	0.10	%	to	0.25	%	8.57	%	to	8.73	%
December 31, 2023	327	$	15.76	to	$	22.82	$	5,702	1.84	%	0.10	%	to	0.25	%	13.19	%	to	13.36	%
December 31, 2022	278	$	13.92	to	$	20.13	$	4,317	1.80	%	0.10	%	to	0.25	%	-13.12	%	to	-12.99	%
December 31, 2021	177	$	16.02	to	$	23.13	$	2,957	1.12	%	0.10	%	to	0.25	%	4.91	%	to	12.70	%
December 31, 2020	129	$	14.24	to	$	20.52	$	1,930	1.56	%	0.10	%	to	0.25	%	10.32	%	to	10.49	%
	TOPS® Managed Risk Balanced ETF Portfolio (Class 2)
December 31, 2024	68	$	16.04	to	$	16.56	$	1,122	2.63	%	0.10	%	to	0.25	%	5.83	%	to	5.99	%
December 31, 2023	68	$	15.14	to	$	15.65	$	1,055	0.29	%	0.10	%	to	0.25	%	8.76	%	to	8.92	%
December 31, 2022	50	$	13.90	to	$	14.39	$	717	19.47	%	0.10	%	to	0.25	%	-12.07	%	to	-11.94	%
December 31, 2021	45	$	15.78	to	$	16.36	$	739	1.12	%	0.10	%	to	0.25	%	3.47	%	to	8.46	%
December 31, 2020	39	$	14.55	to	$	15.11	$	584	2.10	%	0.10	%	to	0.25	%	5.63	%	to	5.79	%
	TOPS® Managed Risk Growth ETF Portfolio (Class 2)
December 31, 2024	157	$	17.59	to	$	18.22	$	2,847	2.45	%	0.10	%	to	0.25	%	7.44	%	to	7.61	%
December 31, 2023	137	$	16.34	to	$	16.96	$	2,318	0.47	%	0.10	%	to	0.25	%	10.86	%	to	11.03	%
December 31, 2022	132	$	14.72	to	$	15.29	$	2,008	8.93	%	0.10	%	to	0.25	%	-13.94	%	to	-13.81	%
December 31, 2021	102	$	17.08	to	$	17.77	$	1,804	1.14	%	0.10	%	to	0.25	%	4.32	%	to	12.48	%
December 31, 2020	87	$	15.19	to	$	15.82	$	1,374	2.17	%	0.10	%	to	0.25	%	4.93	%	to	5.08	%
	TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2)
December 31, 2024	160	$	17.42	to	$	18.04	$	2,880	2.56	%	0.10	%	to	0.25	%	7.31	%	to	7.47	%
December 31, 2023	134	$	16.21	to	$	16.81	$	2,248	0.39	%	0.10	%	to	0.25	%	10.06	%	to	10.23	%
December 31, 2022	131	$	14.71	to	$	15.27	$	2,000	16.21	%	0.10	%	to	0.25	%	-13.57	%	to	-13.44	%
December 31, 2021	99	$	16.99	to	$	17.67	$	1,739	1.24	%	0.10	%	to	0.25	%	4.15	%	to	10.95	%
December 31, 2020	87	$	15.31	to	$	15.95	$	1,382	2.33	%	0.10	%	to	0.25	%	5.65	%	to	5.80	%
	American Funds IS® Growth Fund (Class 2)
December 31, 2024	1,046	$	42.79	to	$	53.44	$	46,859	0.35	%	0.10	%	to	0.25	%	31.30	%	to	31.49	%
December 31, 2023	955	$	32.59	to	$	40.64	$	32,335	0.38	%	0.10	%	to	0.25	%	38.14	%	to	38.34	%
December 31, 2022	754	$	23.59	to	$	29.38	$	18,415	0.36	%	0.10	%	to	0.25	%	-30.11	%	to	-30.01	%
December 31, 2021	553	$	33.76	to	$	41.97	$	19,251	0.24	%	0.10	%	to	0.25	%	12.00	%	to	21.87	%
December 31, 2020	347	$	27.74	to	$	34.44	$	9,980	0.32	%	0.10	%	to	0.25	%	51.70	%	to	51.93	%
	American Funds IS® Growth-Income Fund (Class 2)
December 31, 2024	649	$	33.56	to	$	37.95	$	22,223	1.18	%	0.10	%	to	0.25	%	23.92	%	to	24.10	%
December 31, 2023	542	$	27.08	to	$	30.58	$	14,981	1.49	%	0.10	%	to	0.25	%	25.82	%	to	26.01	%
December 31, 2022	446	$	21.52	to	$	24.27	$	9,759	1.47	%	0.10	%	to	0.25	%	-16.70	%	to	-16.58	%
December 31, 2021	301	$	25.84	to	$	29.09	$	7,924	1.23	%	0.10	%	to	0.25	%	11.75	%	to	23.97	%
December 31, 2020	207	$	20.87	to	$	23.46	$	4,409	1.55	%	0.10	%	to	0.25	%	13.26	%	to	13.43	%
	Fidelity® VIP Contrafund℠ Portfolio (Service Class 2)
December 31, 2024	461	$	33.20	to	$	42.10	$	15,710	0.03	%	0.10	%	to	0.25	%	33.11	%	to	33.31	%
December 31, 2023	403	$	24.94	to	$	31.58	$	10,308	0.28	%	0.10	%	to	0.25	%	32.79	%	to	32.98	%
December 31, 2022	364	$	18.79	to	$	23.75	$	7,014	0.27	%	0.10	%	to	0.25	%	-26.67	%	to	-26.56	%
December 31, 2021	372	$	25.62	to	$	32.34	$	9,742	0.02	%	0.10	%	to	0.25	%	17.45	%	to	27.38	%
December 31, 2020	292	$	20.14	to	$	25.39	$	6,040	0.06	%	0.10	%	to	0.25	%	29.91	%	to	30.10	%
	Fidelity® VIP Mid Cap Portfolio (Service Class 2)
December 31, 2024	682	$	22.19	to	$	26.87	$	15,935	0.37	%	0.10	%	to	0.25	%	16.88	%	to	17.06	%
December 31, 2023	591	$	18.99	to	$	22.95	$	11,803	0.43	%	0.10	%	to	0.25	%	14.52	%	to	14.69	%
December 31, 2022	477	$	16.58	to	$	20.01	$	8,290	0.30	%	0.10	%	to	0.25	%	-15.18	%	to	-15.05	%
December 31, 2021	390	$	19.55	to	$	23.56	$	7,958	0.42	%	0.10	%	to	0.25	%	9.19	%	to	25.18	%
December 31, 2020	282	$	15.64	to	$	18.82	$	4,596	0.42	%	0.10	%	to	0.25	%	17.57	%	to	17.75	%

A67

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	Templeton Growth VIP Fund (Class 2)
December 31, 2024	41	$	13.79	to	$	15.36	$	580	0.95	%	0.10	%	to	0.25	%	5.14	%	to	5.30	%
December 31, 2023	46	$	13.11	to	$	14.59	$	624	3.34	%	0.10	%	to	0.25	%	20.71	%	to	20.89	%
December 31, 2022	49	$	10.86	to	$	12.07	$	549	0.16	%	0.10	%	to	0.25	%	-11.72	%	to	-11.59	%
December 31, 2021	49	$	12.31	to	$	13.65	$	619	1.09	%	0.10	%	to	0.25	%	-2.72	%	to	4.77	%
December 31, 2020	35	$	11.76	to	$	13.03	$	430	2.93	%	0.10	%	to	0.25	%	5.54	%	to	5.69	%
	Hartford Capital Appreciation HLS Fund (Class IB)
December 31, 2024	2	$	30.84	to	$	30.84	$	63	0.52	%	0.10	%	to	0.10	%	20.77	%	to	20.77	%
December 31, 2023	2	$	25.53	to	$	25.53	$	56	0.67	%	0.10	%	to	0.10	%	19.58	%	to	19.58	%
December 31, 2022	2	$	21.35	to	$	21.35	$	44	0.74	%	0.10	%	to	0.10	%	-15.59	%	to	-15.59	%
December 31, 2021	2	$	25.29	to	$	25.29	$	48	0.23	%	0.10	%	to	0.10	%	14.34	%	to	14.34	%
December 31, 2020	2	$	22.12	to	$	22.12	$	41	0.77	%	0.10	%	to	0.10	%	21.50	%	to	21.50	%
	Hartford Disciplined Equity HLS Fund (Class IB)
December 31, 2024	33	$	40.57	to	$	40.57	$	1,329	0.36	%	0.10	%	to	0.10	%	24.98	%	to	24.98	%
December 31, 2023	33	$	32.46	to	$	32.46	$	1,065	0.60	%	0.10	%	to	0.10	%	20.83	%	to	20.83	%
December 31, 2022	34	$	26.87	to	$	26.87	$	908	0.72	%	0.10	%	to	0.10	%	-19.28	%	to	-19.28	%
December 31, 2021	44	$	33.29	to	$	33.29	$	1,478	0.34	%	0.10	%	to	0.10	%	25.08	%	to	25.08	%
December 31, 2020	42	$	26.61	to	$	26.61	$	1,121	0.54	%	0.10	%	to	0.10	%	17.66	%	to	17.66	%
	Hartford Dividend and Growth HLS Fund (Class IB)
December 31, 2024	35	$	32.43	to	$	32.43	$	1,130	1.72	%	0.10	%	to	0.10	%	12.31	%	to	12.31	%
December 31, 2023	35	$	28.87	to	$	28.87	$	1,021	1.38	%	0.10	%	to	0.10	%	13.78	%	to	13.78	%
December 31, 2022	36	$	25.38	to	$	25.38	$	901	1.49	%	0.10	%	to	0.10	%	-9.24	%	to	-9.24	%
December 31, 2021	36	$	27.96	to	$	27.96	$	1,000	1.11	%	0.10	%	to	0.10	%	31.54	%	to	31.54	%
December 31, 2020	35	$	21.26	to	$	21.26	$	754	1.86	%	0.10	%	to	0.10	%	7.34	%	to	7.34	%
	American Funds IS® International Fund (Class 2)
December 31, 2024	790	$	13.35	to	$	15.18	$	10,795	1.26	%	0.10	%	to	0.25	%	2.90	%	to	3.06	%
December 31, 2023	687	$	12.97	to	$	14.73	$	9,084	1.39	%	0.10	%	to	0.25	%	15.56	%	to	15.73	%
December 31, 2022	562	$	11.22	to	$	12.73	$	6,441	2.03	%	0.10	%	to	0.25	%	-20.98	%	to	-20.86	%
December 31, 2021	343	$	14.21	to	$	16.09	$	4,969	2.81	%	0.10	%	to	0.25	%	-3.55	%	to	-1.59	%
December 31, 2020	219	$	14.46	to	$	16.35	$	3,252	0.75	%	0.10	%	to	0.25	%	13.69	%	to	29.85	%
	Franklin Income VIP Fund (Class 2)
December 31, 2024	169	$	15.92	to	$	18.17	$	2,770	5.14	%	0.10	%	to	0.25	%	6.94	%	to	7.10	%
December 31, 2023	138	$	14.89	to	$	16.97	$	2,116	5.13	%	0.10	%	to	0.25	%	8.35	%	to	8.51	%
December 31, 2022	119	$	13.74	to	$	15.64	$	1,690	4.80	%	0.10	%	to	0.25	%	-5.71	%	to	-5.57	%
December 31, 2021	98	$	14.57	to	$	16.56	$	1,481	4.69	%	0.10	%	to	0.25	%	7.47	%	to	16.64	%
December 31, 2020	77	$	12.51	to	$	14.20	$	1,003	5.65	%	0.10	%	to	0.25	%	0.44	%	to	0.59	%
	Franklin Mutual Shares VIP Fund (Class 2)
December 31, 2024	5	$	16.53	to	$	19.96	$	90	1.97	%	0.10	%	to	0.25	%	10.99	%	to	11.16	%
December 31, 2023	6	$	14.90	to	$	17.95	$	89	1.88	%	0.10	%	to	0.25	%	13.18	%	to	13.35	%
December 31, 2022	6	$	13.16	to	$	15.84	$	83	1.84	%	0.10	%	to	0.25	%	-7.66	%	to	-7.52	%
December 31, 2021	6	$	14.25	to	$	17.13	$	94	2.89	%	0.10	%	to	0.25	%	18.87	%	to	19.05	%
December 31, 2020	7	$	11.99	to	$	14.39	$	83	2.74	%	0.10	%	to	0.25	%	-5.28	%	to	-5.14	%
	MFS® Total Return Bond Series (Initial Class)
December 31, 2024	992	$	11.61	to	$	12.70	$	11,573	5.23	%	0.10	%	to	0.25	%	2.29	%	to	2.45	%
December 31, 2023	537	$	11.35	to	$	12.39	$	6,148	3.33	%	0.10	%	to	0.25	%	7.11	%	to	7.27	%
December 31, 2022	413	$	10.59	to	$	11.55	$	4,420	2.89	%	0.10	%	to	0.25	%	-14.15	%	to	-14.02	%
December 31, 2021	328	$	12.34	to	$	13.44	$	4,098	2.85	%	0.10	%	to	0.25	%	-1.06	%	to	1.24	%
December 31, 2020	224	$	12.47	to	$	13.56	$	2,843	3.60	%	0.10	%	to	0.25	%	8.20	%	to	8.36	%

A68

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	MFS® Value Series (Initial Class)
December 31, 2024	205	$	22.07	to	$	27.61	$	4,635	1.63	%	0.10	%	to	0.25	%	11.33	%	to	11.50	%
December 31, 2023	184	$	19.83	to	$	24.76	$	3,743	1.63	%	0.10	%	to	0.25	%	7.66	%	to	7.82	%
December 31, 2022	159	$	18.42	to	$	22.96	$	3,009	1.42	%	0.10	%	to	0.25	%	-6.14	%	to	-6.00	%
December 31, 2021	134	$	19.62	to	$	24.43	$	2,700	1.34	%	0.10	%	to	0.25	%	11.46	%	to	25.33	%
December 31, 2020	88	$	15.68	to	$	19.49	$	1,441	1.61	%	0.10	%	to	0.25	%	3.22	%	to	3.37	%
	American Funds IS® Washington Mutual Investors Fund (Class 2)
December 31, 2024	157	$	13.05	to	$	28.71	$	4,254	1.74	%	0.10	%	to	0.25	%	18.85	%	to	19.02	%
December 31, 2023	120	$	24.16	to	$	24.16	$	2,902	2.00	%	0.25	%	to	0.25	%	16.99	%	to	16.99	%
December 31, 2022	100	$	20.65	to	$	20.65	$	2,075	2.08	%	0.25	%	to	0.25	%	-8.68	%	to	-8.68	%
December 31, 2021	81	$	22.61	to	$	22.61	$	1,837	1.67	%	0.25	%	to	0.25	%	12.74	%	to	27.46	%
December 31, 2020	54	$	17.74	to	$	17.74	$	953	1.93	%	0.25	%	to	0.25	%	8.41	%	to	8.41	%
	Fidelity® VIP Index 500 Portfolio (Service Class 2)
December 31, 2024	3,049	$	35.62	to	$	35.62	$	108,618	1.11	%	0.25	%	to	0.25	%	24.27	%	to	24.27	%
December 31, 2023	2,694	$	28.66	to	$	28.66	$	77,229	1.33	%	0.25	%	to	0.25	%	25.57	%	to	25.57	%
December 31, 2022	2,277	$	22.83	to	$	22.83	$	51,988	1.29	%	0.25	%	to	0.25	%	-18.62	%	to	-18.62	%
December 31, 2021	1,858	$	28.05	to	$	28.05	$	52,105	1.12	%	0.25	%	to	0.25	%	15.11	%	to	27.94	%
December 31, 2020	1,071	$	21.93	to	$	21.93	$	23,490	1.94	%	0.25	%	to	0.25	%	17.65	%	to	17.65	%
	Invesco V.I. Growth and Income Fund (Series I)
December 31, 2024	126	$	24.40	to	$	24.40	$	3,078	1.52	%	0.25	%	to	0.25	%	15.71	%	to	15.71	%
December 31, 2023	116	$	21.09	to	$	21.09	$	2,451	1.71	%	0.25	%	to	0.25	%	12.38	%	to	12.38	%
December 31, 2022	102	$	18.77	to	$	18.77	$	1,921	1.77	%	0.25	%	to	0.25	%	-5.99	%	to	-5.99	%
December 31, 2021	88	$	19.96	to	$	19.96	$	1,761	1.66	%	0.25	%	to	0.25	%	9.55	%	to	28.19	%
December 31, 2020	77	$	15.57	to	$	15.57	$	1,192	2.43	%	0.25	%	to	0.25	%	1.84	%	to	1.84	%
	CVT Nasdaq 100 Index Portfolio (Class F)
December 31, 2024	710	$	27.59	to	$	28.30	$	19,983	0.36	%	0.10	%	to	0.25	%	24.57	%	to	24.76	%
December 31, 2023	600	$	22.11	to	$	22.71	$	13,538	0.37	%	0.10	%	to	0.25	%	53.64	%	to	53.87	%
December 31, 2022	485	$	14.37	to	$	14.78	$	7,132	0.21	%	0.10	%	to	0.25	%	-32.98	%	to	-32.88	%
December 31, 2021	351	$	21.41	to	$	22.06	$	7,728	0.33	%	0.10	%	to	0.25	%	17.12	%	to	26.43	%
December 31, 2020	195	$	16.94	to	$	17.47	$	3,398	0.55	%	0.10	%	to	0.25	%	47.49	%	to	47.71	%
	CVT S&P MidCap 400® Index Portfolio (Class F)
December 31, 2024	456	$	16.38	to	$	16.80	$	7,490	1.26	%	0.10	%	to	0.25	%	13.01	%	to	13.18	%
December 31, 2023	384	$	14.49	to	$	14.84	$	5,588	1.33	%	0.10	%	to	0.25	%	15.60	%	to	15.77	%
December 31, 2022	303	$	12.54	to	$	12.82	$	3,805	0.96	%	0.10	%	to	0.25	%	-13.72	%	to	-13.60	%
December 31, 2021	234	$	14.53	to	$	14.83	$	3,400	0.91	%	0.10	%	to	0.25	%	5.51	%	to	24.05	%
December 31, 2020	158	$	11.73	to	$	11.96	$	1,849	1.35	%	0.10	%	to	0.25	%	12.81	%	to	12.98	%
	CVT EAFE International Index Portfolio (Class F)
December 31, 2024	260	$	13.10	to	$	13.15	$	3,411	2.86	%	0.10	%	to	0.25	%	2.69	%	to	2.84	%
December 31, 2023	212	$	12.76	to	$	12.79	$	2,702	3.48	%	0.10	%	to	0.25	%	17.24	%	to	17.41	%
December 31, 2022	136	$	10.88	to	$	10.89	$	1,482	3.94	%	0.10	%	to	0.25	%	-14.96	%	to	-14.83	%
December 31, 2021	85	$	12.79	to	$	12.80	$	1,094	2.08	%	0.10	%	to	0.25	%	2.56	%	to	10.55	%
December 31, 2020	33	$	11.57	to	$	11.60	$	383	4.50	%	0.10	%	to	0.25	%	7.29	%	to	7.45	%
	AST Global Bond Portfolio (available November 13, 2020)
December 31, 2024	394	$	9.44	to	$	9.49	$	3,731	0.00	%	0.10	%	to	0.25	%	2.48	%	to	2.63	%
December 31, 2023	318	$	9.21	to	$	9.25	$	2,930	0.00	%	0.10	%	to	0.25	%	6.02	%	to	6.18	%
December 31, 2022	283	$	8.68	to	$	8.71	$	2,463	0.00	%	0.10	%	to	0.25	%	-12.41	%	to	-12.28	%
December 31, 2021	229	$	9.91	to	$	9.93	$	2,272	0.00	%	0.10	%	to	0.25	%	-1.71	%	to	0.82	%
December 31, 2020	167	$	10.09	to	$	10.09	$	1,680	0.00	%	0.10	%	to	0.25	%	0.87	%	to	0.89	%

A69

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	AST Core Fixed Income Portfolio (available February 11, 2022)
December 31, 2024	2,010	$	9.27	to	$	9.52	$	19,015	0.00	%	0.00	%	to	0.90	%	0.53	%	to	1.44	%
December 31, 2023	1,843	$	9.23	to	$	9.38	$	17,227	0.00	%	0.00	%	to	0.90	%	5.40	%	to	6.35	%
December 31, 2022	1,703	$	8.75	to	$	8.82	$	14,994	0.00	%	0.00	%	to	0.90	%	-12.84	%	to	-12.15	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	AST International Equity Portfolio (available March 10, 2023)
December 31, 2024	3,004	$	11.62	to	$	11.79	$	35,320	0.00	%	0.10	%	to	0.90	%	4.51	%	to	5.35	%
December 31, 2023	2,623	$	11.11	to	$	11.19	$	29,310	0.00	%	0.10	%	to	0.90	%	12.09	%	to	12.81	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	ClearBridge Variable Mid Cap Portfolio (Class II) (available October 16, 2023) (2)
December 31, 2024	1	$	12.31	to	$	12.31	$	8	0.80	%	0.10	%	to	0.10	%	9.62	%	to	9.62	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Franklin Rising Dividends VIP Fund (Class 2) (available October 16, 2023) (2)
December 31, 2024	2	$	12.11	to	$	12.11	$	26	1.36	%	0.10	%	to	0.10	%	10.68	%	to	10.68	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Franklin Small Cap Value VIP Fund (Class 2) (available October 16, 2023) (2)
December 31, 2024	1	$	13.00	to	$	13.00	$	15	0.00	%	0.10	%	to	0.10	%	11.59	%	to	11.59	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Total Return Bond Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	14	$	10.99	to	$	10.99	$	155	0.12	%	0.10	%	to	0.10	%	2.23	%	to	2.23	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Total Return Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	3	$	11.72	to	$	11.72	$	31	4.73	%	0.10	%	to	0.10	%	7.35	%	to	7.35	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® Utilities Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	1	$	12.40	to	$	12.40	$	10	1.52	%	0.10	%	to	0.10	%	11.23	%	to	11.23	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A70

Note 7:    Financial Highlights (continued)

	At the period ended									For the period ended
	Units Outstanding (000s)		Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	MFS® Value Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	3		$	12.06	to	$	12.06	$	42	1.99	%	0.10	%	to	0.10	%	11.24	%	to	11.24	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	T. Rowe Price Blue Chip Growth Portfolio (Class II) (available October 16, 2023) (2)
December 31, 2024	14		$	14.98	to	$	14.98	$	214	0.00	%	0.10	%	to	0.10	%	35.03	%	to	35.03	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	T. Rowe Price Equity Income Portfolio (Class II) (available October 16, 2023) (2)
December 31, 2024	2		$	12.36	to	$	12.36	$	19	3.33	%	0.10	%	to	0.10	%	11.27	%	to	11.27	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	T. Rowe Price Health Sciences Portfolio (Class II) (available October 16, 2023) (2)
December 31, 2024	—	(1)	$	10.89	to	$	10.89	$	3	0.00	%	0.10	%	to	0.10	%	1.32	%	to	1.32	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	T. Rowe Price Mid-Cap Growth Portfolio (Class II) (available October 16, 2023) (2)
December 31, 2024	4		$	12.21	to	$	12.21	$	46	0.00	%	0.10	%	to	0.10	%	8.93	%	to	8.93	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Franklin Global Real Estate VIP Fund (Class 2) (available October 16, 2023) (2)
December 31, 2024	1		$	11.49	to	$	11.49	$	9	0.00	%	0.10	%	to	0.10	%	-0.42	%	to	-0.42	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	Templeton Global Bond VIP Fund (Class 2) (available October 16, 2023) (2)
December 31, 2024	—	(1)	$	9.78	to	$	9.78	$	3	0.00	%	0.10	%	to	0.10	%	-11.46	%	to	-11.46	%
December 31, 2023	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—		$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

A71

Note 7:    Financial Highlights (continued)

	At the period ended								For the period ended
	Units Outstanding (000s)	Unit Value Lowest — Highest					Net Assets (000s)		Investment Income Ratio*		Expense Ratio** Lowest — Highest					Total Return*** Lowest — Highest
	MFS® Investors Trust Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	1	$	13.13	to	$	13.13	$	14	0.00	%	0.10	%	to	0.10	%	19.10	%	to	19.10	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
	MFS® New Discovery Series (Service Class) (available October 16, 2023) (2)
December 31, 2024	1	$	12.13	to	$	12.13	$	9	0.00	%	0.10	%	to	0.10	%	6.33	%	to	6.33	%
December 31, 2023	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2022	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2021	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%
December 31, 2020	—	$	—	to	$	—	$	—	0.00	%	0.00	%	to	0.00	%	0.00	%	to	0.00	%

*	These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying Portfolios, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying Portfolios in which the subaccount invests.
**	These amounts represent the annualized contract expenses of the Account, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Portfolios are excluded. Expense ratio is net of the reimbursement for excess expenses. In the absence of the reimbursement for excess expenses, the expense ratio would be higher.
***	These amounts represent the total returns for the periods indicated, including changes in the value of the underlying Portfolios, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Product designs within a subaccount which were offered less than one year are included in the range of total returns for that period, and their respective total returns may not correspond to the total returns of a product offering with a comparable expense ratio that was presented for the full period. Contract owners may experience different total returns based on their investment options. Subaccounts with a date notation indicate the effective date of that subaccount in the Account. Total returns for periods less than one year are not annualized. The total return is calculated for each of the five periods preceding December 31, 2024 or for the periods indicated within. Total return may reflect the reimbursement for excess expenses. In the absence of the reimbursement for excess expenses, the total return would be lower.
(1)	Amount is less than 1,000 units.
(2)	Subaccount became available for investment prior to 2024 but had no activity until 2024.

Note 8:     Charges and Expenses

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

The expense ratio represents the annualized contract expenses of the Account for the period indicated and includes those expenses that are charged through a reduction of the unit value, which consists solely of the mortality and expense risk charges. These fees range from an effective annual rate from 0% to 0.90%, and are applied daily against the net assets of each subaccount. Expenses of the underlying Portfolios and charges made directly to contract owner accounts through either the redemption of units or from premium payments are excluded.

A72

Note 8:    Charges and Expenses (continued)

Charges deducted from premium payments range from 0% to 22.5%, except for VULP (2021) and SVULP (2021), where charges deducted from premium payments range from 0% to 43.5%. In addition, VAL2 and SVAL2 contracts also deduct a $2 premium processing charge for each premium paid. The percentage of the premium payment deducted consists of taxes attributable to premiums, any applicable sales charge, and any premium based administrative charge.

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

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

•The Account charges surrender fees that range from 0% to 100% of the sales load target premium, except for VULP(1), SVULP(2), PCP2(3) and MPVULP, where the fees range from $0 to $45.45 per $1,000 of basic insurance amount.

•The Account charges a guaranteed death benefit fee of $0.01 per $1,000 of face amount for VAL2 and SVAL2 contracts.

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

•The Account charges monthly administrative fees that range from $0 to $30 per contract plus $0 to $5.07 per $1,000 of basic insurance amount, although it may be less for subsequent increases.

• The Account charges up to $25 per change to the basic insurance amount, except for VAL2 where the charge is up to $15.

(1)	Includes the Base, 2014, 2018, and 2021 versions of the product.
(2)	Includes the Base, 2020, and 2021 versions of the product.
(3)	Includes only the 2023 version of the product.

Reimbursement for excess expenses - Expenses, including a management fee charged by PGIM Investments, are incurred by each portfolio of The Prudential Series Fund. PSF PGIM Government Money Market Portfolio (Class I), PSF PGIM Total Return Bond Portfolio (Class I), PSF PGIM Jennison Blend Portfolio (Class I), PSF PGIM Flexible Managed Portfolio (Class I) and PSF PGIM 50/50 Balanced Portfolio (Class I) subaccounts of the Account are reimbursed for certain products by Pruco Life of New Jersey for expenses indirectly incurred through their investment in the respective portfolios of The Prudential Series Fund when such expenses exceed 0.40% of the average daily net assets of the respective portfolios of The Prudential Series Fund.During the period ended December 31, 2024, there was a reimbursement for excess expenses for certain subaccounts as noted in the Statements of Operations.

Note 9:    Other

Accumulation units are the contract owner's interest allocated to the variable account during the accumulation period of the contract.

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

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

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

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

A73

Note 9: Other (continued)

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

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

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

A74

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Pruco Life Insurance Company of New Jersey and the Contract Owners of Pruco Life of New Jersey Variable Appreciable Account

Opinions on the Financial Statements

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

PSF PGIM Government Money Market Portfolio (Class I) (1)	TOPS® Balanced ETF Portfolio (Class 2) (1)
PSF PGIM Total Return Bond Portfolio (Class I) (1)	TOPS® Conservative ETF Portfolio (Class 2) (1)
PSF PGIM Jennison Blend Portfolio (Class I) (1)	TOPS® Growth ETF Portfolio (Class 2) (1)
PSF PGIM Flexible Managed Portfolio (Class I) (1)	TOPS® Moderate Growth ETF Portfolio (Class 2) (1)
PSF PGIM 50/50 Balanced Portfolio (Class I) (1)	TOPS® Managed Risk Balanced ETF Portfolio (Class 2) (1)
PSF PGIM High Yield Bond Portfolio (Class I) (1)	TOPS® Managed Risk Growth ETF Portfolio (Class 2) (1)
PSF Stock Index Portfolio (Class I) (1)	TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2) (1)
PSF PGIM Jennison Value Portfolio (Class I) (1)	American Funds IS® Growth Fund (Class 2) (1)
PSF Natural Resources Portfolio (Class I) (1)	American Funds IS® Growth-Income Fund (Class 2) (1)
PSF Global Portfolio (Class I) (1)	Fidelity® VIP ContrafundSM Portfolio (Service Class 2) (1)
PSF PGIM Government Income Portfolio (Class I) (1)	Fidelity® VIP Mid Cap Portfolio (Service Class 2) (1)
PSF PGIM Jennison Growth Portfolio (Class I) (1)	Templeton Growth VIP Fund (Class 2) (1)
PSF Small-Cap Stock Index Portfolio (Class I) (1)	Hartford Capital Appreciation HLS Fund (Class IB) (1)
T. Rowe Price International Stock Portfolio (1)	Hartford Disciplined Equity HLS Fund (Class IB) (1)
Janus Henderson VIT Research Portfolio (Institutional Shares) (1)	Hartford Dividend and Growth HLS Fund (Class IB) (1)
MFS® Growth Series (Initial Class) (1)	American Funds IS® International Fund (Class 2) (1)
LVIP American Century Value Fund (Standard Class II) (1)	Franklin Income VIP Fund (Class 2) (1)
Franklin Small-Mid Cap Growth VIP Fund (Class 2) (1)	Franklin Mutual Shares VIP Fund (Class 2) (1)
Janus Henderson VIT Research Portfolio (Service Shares) (1)	MFS® Total Return Bond Series (Initial Class) (1)
PSF Mid-Cap Growth Portfolio (Class I) (1)	MFS® Value Series (Initial Class) (1)
Janus Henderson VIT Overseas Portfolio (Service Shares) (1)	American Funds IS® Washington Mutual Investors Fund (Class 2) (1)
Goldman Sachs VIT Small Cap Equity Insights Fund (Institutional Shares) (1)	Fidelity® VIP Index 500 Portfolio (Service Class 2) (1)
M Large Cap Growth Fund (1)	Invesco V.I. Growth and Income Fund (Series I) (1)
M International Equity Fund (1)	CVT Nasdaq 100 Index Portfolio (Class F) (1)
M Large Cap Value Fund (1)	CVT S&P MidCap 400® Index Portfolio (Class F) (1)
AST Cohen & Steers Realty Portfolio (1)	CVT EAFE International Index Portfolio (Class F) (1)
AST J.P. Morgan Conservative Multi-Asset Portfolio (1)	AST Global Bond Portfolio (1)
AST Small-Cap Value Portfolio (2)	AST Core Fixed Income Portfolio (1)

A75

AST Mid-Cap Growth Portfolio (2)	AST International Equity Portfolio (4)
AST MFS Global Equity Portfolio (1)	ClearBridge Variable Mid Cap Portfolio (Class II) (5)
M Capital Appreciation Fund (1)	Franklin Rising Dividends VIP Fund (Class 2) (5)
LVIP American Century Mid Cap Value Fund (Standard Class II) (1)	Franklin Small Cap Value VIP Fund (Class 2) (5)
AST Large-Cap Value Portfolio (1)	MFS® Total Return Bond Series (Service Class) (5)
AST Small-Cap Equity Portfolio (1)	MFS® Total Return Series (Service Class) (5)
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Shares) (1)	MFS® Utilities Series (Service Class) (5)
MFS® Utilities Series (Initial Class) (1)	MFS® Value Series (Service Class) (5)
Neuberger Berman AMT Sustainable Equity Portfolio (Class S) (1)	T. Rowe Price Blue Chip Growth Portfolio (Class II) (5)
AST Large-Cap Growth Portfolio (1)	T. Rowe Price Equity Income Portfolio (Class II) (5)
AST T. Rowe Price Asset Allocation Portfolio (3)	T. Rowe Price Health Sciences Portfolio (Class II) (5)
AST Balanced Asset Allocation Portfolio (1)	T. Rowe Price Mid-Cap Growth Portfolio (Class II) (5)
AST Preservation Asset Allocation Portfolio (1)	Franklin Global Real Estate VIP Fund (Class 2) (5)
AST Prudential Growth Allocation Portfolio (1)	Templeton Global Bond VIP Fund (Class 2) (5)
AST Advanced Strategies Portfolio (1)	MFS® Investors Trust Series (Service Class) (5)
BNY Mellon Investment Portfolios, MidCap Stock Portfolio (Service Shares) (1)	MFS® New Discovery Series (Service Class) (5)
TOPS® Aggressive Growth ETF Portfolio (Class 2) (1)
(1)Statement of net assets as of December 31, 2024, statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023.
(2)Statement of net assets as of December 13, 2024 (date of merger), statement of operations for the period January 1, 2024 to December 13, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to December 13, 2024 (date of merger) and for the year ended December 31, 2023.
(3)Statement of net assets as of December 6, 2024 (date of merger), statement of operations for the period January 1, 2024 to December 6, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to December 6, 2024 (date of merger) and for the year ended December 31, 2023.
(4)Statement of net assets as of December 31, 2024, statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the year ended December 31, 2024 and for the period March 10, 2023 (commencement of operations) to December 31, 2023.
(5)Statement of net assets as of December 31, 2024, statement of operations for the year ended December 31, 2024 (period when activity commenced), and statement of changes in net assets for the year ended December 31, 2024 (period when activity commenced).

Basis for Opinions

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

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

A76

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 10, 2025

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

A77

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

FINANCIAL STATEMENTS INDEX

	Page
Management’s Annual Report on Internal Control Over Financial Reporting	B-2
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)	B-3
Statements of Financial Position as of December 31, 2024 and 2023	B-4
Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022	B-6
Statements of Equity for the years ended December 31, 2024, 2023 and 2022	B-7
Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	B-8
Notes to Financial Statements:	B-10
1.      Business and Basis of Presentation	B-10
2.      Significant Accounting Policies and Pronouncements	B-11
3.      Investments	B-26
4.      Derivatives and Hedging	B-36
5.      Fair Value of Assets and Liabilities	B-43
6.      Deferred Policy Acquisition Costs and Deferred Reinsurance	B-56
7.      Separate Accounts	B-57
8.      Liability for Future Policy Benefits	B-59
9.      Policyholders' Account Balances	B-68
10.    Market Risk Benefits	B-73
11.    Reinsurance	B-76
12.    Income Taxes	B-81
13.    Equity	B-83
14.    Statutory Net Income and Surplus and Dividend Restrictions	B-85
15.    Related Party Transactions	B-86
16.    Commitments and Contingent Liabilities	B-89
17.    Revision to Prior Period Financial Statements	B-90
Schedule I - Summary of Investments Other Than Investments in Related Parties	B-93

B-1

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Pruco Life Insurance Company of New Jersey (the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Management conducted an assessment of the effectiveness, as of December 31, 2024, of the Company’s internal control over financial reporting, based on the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment under that framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2024.

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

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

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

March 26, 2025

B-2

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of financial position of Pruco Life Insurance Company of New Jersey (the "Company") as of December 31, 2024 and 2023, and the related statements of operations and comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

Critical Audit Matters

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

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

As described in Notes 2 and 8 to the financial statements, the Company issues certain life contracts which contain guaranteed benefit features, including no-lapse guarantees. For these contract features, additional insurance reserves are established when associated assessments are recognized. The liability for no-lapse guarantee features is included within the additional insurance reserves balance. As of December 31, 2024, the additional insurance reserve was $1.13 billion, recorded within the liability for future policy benefits. As disclosed by management, this liability is established using current best estimate assumptions, including mortality rates, lapse rates, and premium pattern rates, as well as interest rate and equity market return assumptions (collectively, the significant assumptions), and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date.

B-3

The principal considerations for our determination that performing procedures relating to the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits is a critical audit matter are (i) the significant judgment by management when developing the significant assumptions for the guaranteed benefit features accounted for as additional insurance reserves, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the significant assumptions used by management, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

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

/s/ PricewaterhouseCoopers LLP

New York, New York

March 26, 2025

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

B-4

Pruco Life Insurance Company of New Jersey

Statements of Financial Position

December 31, 2024 and 2023 (in thousands, except share amounts)

	December 31, 2024		December 31, 2023
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $0; 2023 – $4) (amortized cost: 2024 – $3,024,155; 2023 – $2,559,973)	$	2,716,937	$	2,362,095
Fixed maturities, trading, at fair value (amortized cost: 2024 – $23,955; 2023 – $25,745)	21,252		23,440
Equity securities, at fair value (cost: 2024 – $353; 2023 – $4,653)	62		4,615
Policy loans	1,118,589		1,115,096
Short-term investments	11,394		5,959
Commercial mortgage and other loans (net of $1,713 and $1,162 allowance for credit losses at December 31, 2024 and 2023, respectively)	477,328		239,629
Other invested assets (includes $55,624 and $4,387 of assets measured at fair value at December 31, 2024 and 2023, respectively)	233,212		153,885
Total investments	4,578,774		3,904,719
Cash and cash equivalents	170,825		186,383
Deferred policy acquisition costs	417,316		393,139
Accrued investment income	60,368		53,906
Reinsurance recoverables and deposit receivables (includes $265,611 and $69,745 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively)(1)	4,929,428		3,622,903
Receivables from parent and affiliates	70,766		24,502
Income tax assets	113,718		68,079
Market risk benefit assets	492,444		537,659
Other assets(1)	76,876		29,332
Separate account assets	14,507,553		14,077,103
TOTAL ASSETS	$	25,418,068	$	22,897,725
LIABILITIES AND EQUITY
LIABILITIES
Policyholders' account balances	$	4,928,299	$	4,036,184
Future policy benefits	2,517,483		2,398,443
Market risk benefit liabilities	492,444		537,659
Reinsurance payables(1)	1,440,264		412,919
Payables to parent and affiliates	462		9,380
Other liabilities(1)	281,973		57,911
Separate account liabilities	14,507,553		14,077,103
Total liabilities	24,168,478		21,529,599
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 16)
EQUITY
Common stock ($5 par value; 400,000 shares authorized; issued and outstanding)	2,000		2,000
Additional paid-in capital	1,032,513		1,032,513
Retained earnings	350,494		381,140
Accumulated other comprehensive income (loss)	(135,417)		(47,527)
Total equity	1,249,590		1,368,126
TOTAL LIABILITIES AND EQUITY	$	25,418,068	$	22,897,725

(1)    Prior period amounts have been reclassified to conform to current period presentation.

See Notes to Financial Statements

B-5

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Operations and Comprehensive Income (Loss)

Years Ended December 31, 2024, 2023 and 2022 (in thousands)

	2024		2023		2022
REVENUES
Premiums (includes $50, $681 and $169 of gains from changes in estimates of deferred profit liability amortization for the years ended December 31, 2024, 2023 and 2022, respectively	$	48,744	$	39,553	$	33,708
Policy charges and fee income	705,053		59,679		57,734
Net investment income	219,428		166,024		98,392
Asset administration fees	11,235		9,147		8,480
Other income (loss)	15,401		3,576		(2,153)
Realized investment gains (losses), net	(38,990)		(44,310)		13,835
Change in value of market risk benefits, net of related hedging gains (losses)	39,254		62,792		(142,046)
TOTAL REVENUES	1,000,125		296,461		67,950
BENEFITS AND EXPENSES
Policyholders’ benefits	1,014,273		55,503		28,189
Change in estimates of liability for future policy benefits	(6,049)		(2,115)		16,631
Interest credited to policyholders’ account balances	80,868		64,135		47,578
Amortization of deferred policy acquisition costs	(86,524)		20,572		19,290
General, administrative and other expenses	48,047		50,789		56,865
TOTAL BENEFITS AND EXPENSES	1,050,615		188,884		168,553
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(50,490)		107,577		(100,603)
Income tax expense (benefit)	(19,844)		11,870		(30,774)
NET INCOME (LOSS)	$	(30,646)	$	95,707	$	(69,829)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(246)		225		(336)
Net unrealized investment gains (losses)	(84,934)		58,515		(376,485)
Interest rate remeasurement of future policy benefits	13,215		(10,299)		59,867
Gain (loss) from changes in non-performance risk on market risk benefits	(39,254)		(62,792)		142,046
Total	(111,219)		(14,351)		(174,908)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(23,329)		(3,014)		(36,731)
Other comprehensive income (loss), net of taxes	(87,890)		(11,337)		(138,177)
Comprehensive income (loss)	$	(118,536)	$	84,370	$	(208,006)

See Notes to Financial Statements

B-6

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Equity

Years Ended December 31, 2024, 2023 and 2022 (in thousands)

	Common   Stock		Additional   Paid-in Capital		Retained Earnings		Accumulated Other   Comprehensive  Income (Loss)		Total Equity
Balance, December 31, 2021	$	2,000	$	450,102	$	355,262	$	101,987	$	909,351
Contributed capital			326,700						326,700
Contributed (distributed) capital- parent/child asset transfers			(1,390)						(1,390)
Comprehensive income (loss):
Net income (loss)					(69,829)				(69,829)
Other comprehensive income (loss), net of tax							(138,177)		(138,177)
Total comprehensive income (loss)					(69,829)		(138,177)		(208,006)
Balance, December 31, 2022	2,000		775,412		285,433		(36,190)		1,026,655
Contributed capital			256,600						256,600
Contributed (distributed) capital- parent/child asset transfers			501						501
Comprehensive income (loss):
Net income (loss)					95,707				95,707
Other comprehensive income (loss), net of tax							(11,337)		(11,337)
Total comprehensive income (loss)					95,707		(11,337)		84,370
Balance, December 31, 2023	2,000		1,032,513		381,140		(47,527)		1,368,126
Comprehensive income (loss):
Net income (loss)					(30,646)				(30,646)
Other comprehensive income (loss), net of tax							(87,890)		(87,890)
Total comprehensive income (loss)					(30,646)		(87,890)		(118,536)
Balance, December 31, 2024	$	2,000	$	1,032,513	$	350,494	$	(135,417)	$	1,249,590

See Notes to Financial Statements

B-7

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Cash Flows

Years Ended December 31, 2024, 2023 and 2022 (in thousands)

	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(30,646)	$	95,707	$	(69,829)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income	(19,988)		(9,491)		(3,182)
Interest credited to policyholders’ account balances	80,868		64,135		47,578
Realized investment (gains) losses, net	38,990		44,310		(13,835)
Change in value of market risk benefits, net of related hedging (gains) losses	(39,254)		(62,792)		142,046
Change in:
Future policy benefits and other insurance liabilities	274,314		290,389		422,975
Reinsurance related-balances(1)	(233,018)		(240,564)		(464,359)
Accrued investment income	(7,191)		(28,684)		(2,683)
Net payables to (receivables from) parent and affiliates	17,320		(8,270)		3,073
Deferred policy acquisition costs	(58,050)		(41,264)		(43,130)
Income taxes	(22,310)		2,416		(8,362)
Derivatives, net	44,676		14,217		4,514
Other, net(1)	5,790		(27,599)		(4,022)
Cash flows from (used in) operating activities	51,501		92,510		10,784
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	122,345		114,300		101,647
Fixed maturities, trading	1,790		1,821		6,251
Equity securities	3,771		27		45
Policy loans	30,675		30,698		28,786
Ceded policy loans	(25,627)		(2,198)		(1,687)
Short-term investments	23,300		12,000		9,997
Commercial mortgage and other loans	6,881		10,772		18,108
Other invested assets	26,220		2,288		3,014
Notes receivable from parent and affiliates(1)	0		642		1
Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(586,350)		(681,930)		(335,123)
Equity securities	(273)		(57)		(182)
Policy loans	(33,087)		(926,073)		(21,782)
Ceded policy loans	8,243		3,058		2,033
Short-term investments	(28,658)		(10,949)		(7,000)
Commercial mortgage and other loans	(246,288)		(102,277)		(51,654)
Other invested assets	(54,690)		(16,146)		(16,508)
Notes receivable from parent and affiliates(1)	(30,135)		(13)		(37)
Derivatives, net	942		458		3,806
Other, net	0		0		4,053

B-8

	2024		2023		2022
Cash flows from (used in) investing activities	(780,941)		(1,563,579)		(256,232)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	1,116,501		1,592,494		496,074
Ceded policyholders’ account deposits	(342,609)		(319,300)		(313,962)
Policyholders’ account withdrawals	(380,486)		(408,084)		(384,210)
Ceded policyholders’ account withdrawals	309,633		265,027		240,291
Contributed capital	0		255,000		325,400
Contributed (distributed) capital - parent/child asset transfers	0		634		(1,759)
Drafts outstanding	(4,138)		202		5,501
Other, net	14,981		15,712		(2,436)
Cash flows from (used in) financing activities	713,882		1,401,685		364,899
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(15,558)		(69,384)		119,451
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	186,383		255,767		136,316
CASH AND CASH EQUIVALENTS, END OF YEAR	$	170,825	$	186,383	$	255,767
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net	$	2,466	$	9,454	$	(22,412)
Interest paid	$	0	$	156	$	0

(1)    Prior period amounts have been updated to conform to current period presentation.

Significant Non-Cash Transactions During The Year

2024

"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amounts of $753 million primarily related to reinsurance recoverables and $(642) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with the affiliate, Prudential Arizona Reinsurance Universal Company ("PAR U"), effective October 1, 2024. The transaction also resulted in "Cash flows from (used in) operating activities" and "cash flows from (used in) investing activities" for the year ended December 31, 2024, to exclude certain non-cash activities in the amounts of $(724) million primarily related to reinsurance recoverables and $642 million primarily related to invested asset transfers, respectively. These are related to the reinsurance with the affiliate, Pruco Life Insurance Company ("Pruco Life"), effective October 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain net non-cash activities in the amount of $(24) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company ("PARCC"), effective October 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $193 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company ("PURE") and The Prudential Insurance Company of America ("Prudential Insurance"), effective January 1, 2024. See Note 11 for additional information.

2023 and 2022

There were no significant non-cash transactions for the years ended December 31, 2023 and 2022.

See Notes to Financial Statements

B-9

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company of New Jersey (the "Company" or "PLNJ") is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”). Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

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

Segment Information

Although there are separate products within PLNJ, the Company is organized as a single reportable segment and manages the business activities on a total entity basis. The accounting policies are the same as those described in Note 2.

The company analyzes operating performance using “Income (loss) from operations before income taxes”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

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

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

Reclassifications

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

B-10

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Revision to Prior Period Interim Financial Statements

The Company identified misstatements in the previously issued interim Financial Statements for the three months ended March 31, 2024. Prior period amounts have been revised in the Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Financial Statements. See Note 17 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

ASSETS

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

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

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

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

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

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

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

B-11

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

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

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

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

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

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

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts.

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

B-12

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

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

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

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

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

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

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

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

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

B-13

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

Prior to the adoption of ASU 2022-02, when restructurings occurred, they were evaluated individually to determine whether the restructuring or modification constituted a TDR as defined by authoritative accounting guidance. If the borrower was experiencing financial difficulty and the Company granted a concession, the restructuring, including those that involved a partial payoff or the receipt of assets in full satisfaction of the debt was deemed to be a TDR. If a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

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

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

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

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract.Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.

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

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

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

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.

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

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis and premiums due.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Market risk benefitliabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

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

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

Reinsurance payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments"

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), which are amortized over the expected life of the reinsured contracts on a constant-level basis, accrued expenses and technical overdrafts. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

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

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

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

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

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

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

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

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

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

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

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

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

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

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

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

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

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

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

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits” and “Reinsurance recoverables and deposit receivables”. Changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.

Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance payables.” “Reinsurance recoverables and deposit receivables” also includes receivables from modified coinsurance arrangements where the Company is the cedant, and are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. The receivables and payables associated with these modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".

Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance payables” and deposits made are included in “Reinsurance recoverables and deposit receivables.” As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses,” as appropriate.

Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted as of December 31, 2024

Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.	Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.	Adoption of the ASU did not have an impact on the Company’s Financial Statements but resulted in expanded disclosures in the Notes to the Financial Statements.

ASUs issued but not yet adopted as of December 31, 2024

Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.	The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively.	The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures	This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.	Effective for fiscal years beginning after December 15, 2024, and permits early adoption. The Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.	The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

3. INVESTMENTS

Fixed Maturity Securities

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

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	51,847	$	0	$	3,041	$	0	$	48,806
Obligations of U.S. states and their political subdivisions	156,065		23		9,308		0		146,780
Foreign government securities	85,052		10		19,308		0		65,754
U.S. public corporate securities	1,759,560		4,794		217,474		0		1,546,880
U.S. private corporate securities	297,278		1,963		10,499		0		288,742
Foreign public corporate securities	258,728		799		30,374		0		229,153
Foreign private corporate securities	256,820		2,059		20,465		0		238,414
Asset-backed securities(1)	46,956		196		532		0		46,620
Commercial mortgage-backed securities	96,459		0		5,437		0		91,022
Residential mortgage-backed securities(2)	15,390		148		772		0		14,766
Total fixed maturities, available-for-sale	$	3,024,155	$	9,992	$	317,210	$	0	$	2,716,937

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

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

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	52,196	$	0	$	1,154	$	0	$	51,042
Obligations of U.S. states and their political subdivisions	184,419		952		2,833		0		182,538
Foreign government securities	95,189		248		14,693		0		80,744
U.S. public corporate securities	1,485,406		13,428		147,901		0		1,350,933
U.S. private corporate securities	227,342		1,978		8,884		0		220,436
Foreign public corporate securities	185,601		1,173		21,989		0		164,785
Foreign private corporate securities	190,545		5,102		14,791		0		180,856
Asset-backed securities(1)	19,440		40		969		0		18,511
Commercial mortgage-backed securities	104,055		0		7,356		0		96,699
Residential mortgage-backed securities(2)	15,780		195		420		4		15,551
Total fixed maturities, available-for-sale	$	2,559,973	$	23,116	$	220,990	$	4	$	2,362,095

(1)Includes credit-tranched securities collateralized by loan obligations and education loans.

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	December 31, 2024
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross   Unrealized   Losses		Fair Value		Gross   Unrealized   Losses		Fair Value		Gross   Unrealized   Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	383	3		$	48,423	$	3,038	$	48,806	$	3,041
Obligations of U.S. states and their political subdivisions	67,690		2,057		74,006		7,251		141,696		9,308
Foreign government securities	3,464		129		61,163		19,179		64,627		19,308
U.S. public corporate securities	427,698		12,874		894,799		204,600		1,322,497		217,474
U.S. private corporate securities	68,806		1,038		107,275		9,461		176,081		10,499
Foreign public corporate securities	68,181		2,154		108,111		28,220		176,292		30,374
Foreign private corporate securities	78,262		2,590		84,669		17,875		162,931		20,465
Asset-backed securities	2,143		12		6,914		520		9,057		532
Commercial mortgage-backed securities	0		0		91,022		5,437		91,022		5,437
Residential mortgage-backed securities	148		4		10,729		768		10,877		772
Total fixed maturities, available-for-sale	$	716,775	$	20,861	$	1,487,111	$	296,349	$	2,203,886	$	317,210

	December 31, 2023
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	49,081	$	936	$	1,962	$	218	$	51,043	$	1,154
Obligations of U.S. states and their political subdivisions	22,856		186		61,445		2,647		84,301		2,833
Foreign government securities	5,656		91		69,066		14,602		74,722		14,693
U.S. public corporate securities	86,203		1,688		913,776		146,213		999,979		147,901
U.S. private corporate securities	27,883		366		117,409		8,518		145,292		8,884
Foreign public corporate securities	5,029		135		115,462		21,854		120,491		21,989
Foreign private corporate securities	5,007		51		98,159		14,740		103,166		14,791
Asset-backed securities	7,899		914		4,775		55		12,674		969
Commercial mortgage-backed securities	0		0		96,699		7,356		96,699		7,356
Residential mortgage-backed securities	146		2		10,722		418		10,868		420
Total fixed maturities, available-for-sale	$	209,760	$	4,369	$	1,489,475	$	216,621	$	1,699,235	$	220,990

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $313 million and $218 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $4 million and $3 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2024, the $296 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, consumer non-cyclical and finance sectors. As of December 31, 2023, the $217 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, finance and consumer non-cyclical sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2024. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

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

	December 31, 2024
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	61,300	$	59,692
Due after one year through five years	531,785		523,178
Due after five years through ten years	570,806		559,247
Due after ten years	1,701,459		1,422,412
Asset-backed securities	46,956		46,620
Commercial mortgage-backed securities	96,459		91,022
Residential mortgage-backed securities	15,390		14,766
Total fixed maturities, available-for-sale	$	3,024,155	$	2,716,937

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

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	21,403	$	11,103	$	37,605
Proceeds from maturities/prepayments	100,925		103,064		64,177
Gross investment gains from sales and maturities	1,525		86		224
Gross investment losses from sales and maturities	(5,269)		(2,014)		(5,451)
(Addition to) release of allowance for credit losses	4		359		1,195

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $0.1 million, $0.1 million and $(0.1) million for the years ended December 31, 2024, 2023 and 2022, respectively.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as

of and for the periods indicated:

	Year Ended December 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	0	$	0	$	0	$	4	$	4
Additions to allowance for credit losses not previously recorded	0		0		208		0		0		2		210
Additions (reductions) on securities with previous allowance	0		0		(208)		0		0		(6)		(214)
Balance, end of period	$	0	$	0	$	0	$	0	$	0	$	0	$	0

	Year Ended December 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	358	$	0	$	0	$	5	$	363
Reductions for securities sold during the period	0		0		(358)		0		0		0		(358)
Additions (reductions) on securities with previous allowance	0		0		0		0		0		(1)		(1)
Balance, end of period	$	0	$	0	$	0	$	0	$	0	$	4	$	4

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

For the year ended December 31, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a minimal reduction within residential mortgage-backed securities.

For the year ended December 31, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to restructuring in the transportation sector within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2024 and 2023.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss)” was $(0.4) million, $1.5 million and $(3.4) million during the years ended December 31, 2024, 2023 and 2022, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)” was $(1.2) million, $0.2 million and $(1.5) million during the years ended December 31, 2024, 2023 and 2022, respectively.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Commercial Mortgage and Other Loans

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

	December 31, 2024				December 31, 2023
	Amount		% of Total		Amount		% of Total
	($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	136,607	28.5	%	$	71,289	29.6	%
Hospitality	11,981		2.5		14,070		5.8
Industrial	166,012		34.6		70,633		29.3
Office	6,706		1.4		8,122		3.4
Other	45,355		9.5		24,587		10.2
Retail	51,092		10.7		23,327		9.7
Total commercial mortgage loans	417,753		87.2		212,028		88.0
Agricultural property loans	61,288		12.8		28,763		12.0
Total commercial mortgage and agricultural property loans	479,041		100.0	%	240,791		100.0	%
Allowance for credit losses	(1,713)				(1,162)
Total net commercial mortgage and agricultural property loans	$	477,328			$	239,629

As of December 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (18%), California (12%) and Washington (9%) and included loans secured by properties in Europe (6%) and Mexico (2%).

The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:

	Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Balance at December 31, 2021	$	246	$	0	$	246
Addition to (release of) allowance for expected losses	159		3		162
Balance at December 31, 2022	$	405	$	3	$	408
Addition to (release of) allowance for expected losses	702		52		754
Balance at December 31, 2023	$	1,107	$	55	$	1,162
Addition to (release of) allowance for expected losses	563		(12)		551
Balance at December 31, 2024	$	1,670	$	43	$	1,713

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

For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans was in the general reserve primarily related to loan originations.

For the year ended December 31, 2023, net additions to the allowance for credit losses on commercial mortgage and other loans was primarily related to loan originations and increases to the portfolio reserve to reflect declining market conditions within the office sector.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	65,002	$	9,312	$	19,739	$	2,367	$	2,198	$	68,971	$	0	$	167,589
60%-69.99%	115,394		62,665		15,000		347		0		20,157		0		213,563
70%-79.99%	19,060		6,355		0		0		0		6,416		0		31,831
80% or greater	0		0		0		0		0		4,770		0		4,770
Total	$	199,456	$	78,332	$	34,739	$	2,714	$	2,198	$	100,314	$	0	$	417,753
Debt Service Coverage Ratio:
Greater than 1.2x	$	195,535	$	71,280	$	34,739	$	2,714	$	2,198	$	95,444	$	0	$	401,910
1.0 - 1.2x	3,921		7,052		0		0		0		4,870		0		15,843
Less than 1.0x	0		0		0		0		0		0		0		0
Total	$	199,456	$	78,332	$	34,739	$	2,714	$	2,198	$	100,314	$	0	$	417,753
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	32,130	$	10,875	$	992	$	1,002	$	0	$	904	$	1,040	$	46,943
60%-69.99%	0		2,000		12,345		0		0		0		$	0	14,345
70%-79.99%	0		0		0		0		0		0		$	0	0
80% or greater	0		0		0		0		0		0		$	0	0
Total	$	32,130	$	12,875	$	13,337	$	1,002	$	0	$	904	$	1,040	$	61,288
Debt Service Coverage Ratio:
Greater than 1.2x	$	31,130	$	12,875	$	13,337	$	1,002	$	0	$	904	$	1,040	$	60,288
1.0 - 1.2x	1,000		0		0		0		0		0		$	0	1,000
Less than 1.0x	0		0		0		0		0		0		$	0	0
Total	$	32,130	$	12,875	$	13,337	$	1,002	$	0	$	904	$	1,040	$	61,288

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	9,444	$	19,879	$	772	$	0	$	17,239	$	42,159	$	89,493
60%-69.99%	37,809		15,000		1,962		2,198		15,091		5,836		77,896
70%-79.99%	32,105		0		0		0		3,885		1,595		37,585
80% or greater	0		0		0		0		1,007		6,047		7,054
Total	$	79,358	$	34,879	$	2,734	$	2,198	$	37,222	$	55,637	$	212,028
Debt Service Coverage Ratio:
Greater than 1.2x	$	76,929	$	34,879	$	2,734	$	2,198	$	36,293	$	48,677	$	201,710
1.0 - 1.2x	2,429		0		0		0		0		6,047		8,476
Less than 1.0x	0		0		0		0		929		913		1,842
Total	$	79,358	$	34,879	$	2,734	$	2,198	$	37,222	$	55,637	$	212,028
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	11,358	$	1,035	$	1,047	$	0	$	0	$	978	$	14,418
60%-69.99%	2,000		12,345		0		0		0		0		14,345
70%-79.99%	0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		0		0
Total	$	13,358	$	13,380	$	1,047	$	0	$	0	$	978	$	28,763
Debt Service Coverage Ratio:
Greater than 1.2x	$	13,358	$	13,380	$	1,047	$	0	$	0	$	978	$	28,763
1.0 - 1.2x	0		0		0		0		0		0		0
Less than 1.0x	0		0		0		0		0		0		0
Total	$	13,358	$	13,380	$	1,047	$	0	$	0	$	978	$	28,763

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

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

	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	417,753	$	0	$	0	$	0	$	417,753	$	0
Agricultural property loans	61,288		0		0		0		61,288		0
Total	$	479,041	$	0	$	0	$	0	$	479,041	$	0

(1)As of December 31, 2024, there were no loans in this category accruing interest.

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	212,028	$	0	$	0	$	0	$	212,028	$	0
Agricultural property loans	28,763		0		0		0		28,763		0
Total	$	240,791	$	0	$	0	$	0	$	240,791	$	0

(1)As of December 31, 2023, there were no loans in this category accruing interest.

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

For the year ended December 31, 2024, there were $12.6 million commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For the year ended December 31, 2023, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both December 31, 2024 and 2023.

Other Invested Assets

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

	December 31,
	2024		2023
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	112,001	$	90,107
Hedge funds	58,312		48,488
Real estate-related(1)	7,118		6,809
Subtotal equity method	177,431		145,404
Fair value:
Private equity	200		249
Hedge funds	2		19
Real estate-related	3,492		4,119
Subtotal fair value	3,694		4,387
Total LPs/LLCs	181,125		149,791
Derivative instruments	51,930		0
Other (1) (2)	157		4,094
Total other invested assets	$	233,212	$	153,885

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Includes tax advantaged investments.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Equity Method Investments

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

	December 31,
	2024		2023
	(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)	$	7,151,416	$	5,661,409
Total liabilities(2)	$	65,973	$	772,289
Partners’ capital	7,085,443		4,889,120
Total liabilities and partners’ capital	$	7,151,416	$	5,661,409
Equity in LP/LLC interests included above	$	91,944	$	68,852
Equity in LP/LLC interests not included above	85,643		76,708
Carrying value	$	177,587	$	145,560

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

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)	$	480,497	$	1,295,488	$	51,084
Total expenses(2)	(4,495)		(259,435)		0
Net earnings (losses)	$	476,002	$	1,036,053	$	51,084
Equity in net earnings (losses) included above	$	6,884	$	10,278	$	955
Equity in net earnings (losses) of LP/LLC interests not included above	7,349		3,908		5,836
Total equity in net earnings (losses)	$	14,233	$	14,186	$	6,791

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

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

Accrued Investment Income

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

	December 31,
	2024		2023
	(in thousands)
Fixed maturities	$	32,587	$	26,672
Equity securities	0		1
Commercial mortgage and other loans	1,980		948
Policy loans	25,110		25,675
Short-term investments and cash equivalents	691		610
Total accrued investment income	$	60,368	$	53,906

There were no significant write-downs on accrued investment income for both the years ended December 31, 2024 and 2023.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Net Investment Income

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturities, available-for-sale	$	120,820	$	101,605	$	73,656
Fixed maturities, trading	586		622		1,012
Equity securities	1,322		364		364
Commercial mortgage and other loans	17,536		8,746		4,609
Policy loans	52,406		36,027		10,427
Other invested assets	17,870		16,183		8,873
Short-term investments and cash equivalents	14,570		6,862		3,384
Gross investment income	225,110		170,409		102,325
Less: investment expenses	(5,682)		(4,385)		(3,933)
Net investment income	$	219,428	$	166,024	$	98,392

There were no non-income producing assets as of December 31, 2024. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2024.

Realized Investment Gains (Losses), Net

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturities(1)	$	(3,740)	$	(1,569)	$	(4,032)
Commercial mortgage and other loans	(551)		(746)		(153)
LPs/LLCs(2)	(35)		(14)		(51)
Derivatives	10,188		(42,046)		18,123
Short-term investments and cash equivalents	(34)		65		(52)
Ceded income on modified coinsurance assets(3)	(44,809)		0		0
Other(2)	(9)		0		0
Realized investment gains (losses), net	$	(38,990)	$	(44,310)	$	13,835

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

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Includes changes in the value of reinsurance payables, primarily reflecting the impact of net investment income on modified coinsurance assets that are ceded to certain reinsurance counterparties.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Investments within AOCI

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

	December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	(19)	$	0	$	0
Fixed maturity securities, available-for-sale without an allowance	(307,199)		(197,874)		(270,867)
Derivatives designated as cash flow hedges(1)	12,310		5,246		14,102
Affiliated notes	0		0		59
Other investments	288		357		122
Net unrealized gains (losses) on investments	$	(294,620)	$	(192,271)	$	(256,584)

(1)For additional information regarding cash flow hedges, see Note 4.

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2024 and 2023, the Company had no repurchase agreements or cash collateral for loaned securities.

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties.

In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of both December 31, 2024 and 2023, there was no collateral that could be sold or repledged.

As of December 31, 2024 and 2023, there were $0.4 million and $0.0 million available-for-sale fixed maturities, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.

4. DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

Interest Rate Contracts

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

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

Equity Contracts

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

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Equity total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

Foreign Exchange Contracts

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

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

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

Credit Contracts

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

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

Embedded Derivatives

The Company offers certain products (for example, index-linked universal life), which may include features that are accounted for as embedded derivatives. Related to certain of these derivatives, the Company has entered into reinsurance agreements with an affiliate, Prudential Insurance, effective April 1, 2016. See Note 11 for additional information on the reinsurance agreements.

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Primary Risks Managed by Derivatives

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

	December 31, 2024						December 31, 2023
Primary Underlying Risk/Instrument Type	Gross Notional		Fair Value				Gross Notional		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps	$	225,884	$	13,344	$	(1,391)	$	169,101	$	7,865	$	(4,257)
Total Derivatives Designated as Hedge Accounting Instruments:	$	225,884	$	13,344	$	(1,391)	$	169,101	$	7,865	$	(4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	484,200	$	2,649	$	(6,417)	$	88,200	$	36	$	(2,063)
Credit
Credit Default Swaps	0		0		0		0		0		0
Currency/Interest Rate
Foreign Currency Swaps	33,693		2,782		(216)		39,965		1,563		(597)
Foreign Currency
Foreign Currency Forwards	12,198		527		0		9,550		7		(290)
Equity
Equity Total Return Swaps	450,000		28,166		(28,166)		0		0		0
Equity Options	$	2,930,701	$	107,964	$	(70,799)	$	1,288,555	$	30,679	$	(43,354)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:	$	3,910,792	$	142,088	$	(105,598)	$	1,426,270	$	32,285	$	(46,304)
Total Derivatives(1)(2)	$	4,136,676	$	155,432	$	(106,989)	$	1,595,371	$	40,150	$	(50,561)

(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $241 million and $168 million as of December 31, 2024 and 2023, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables and deposit receivables".

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Offsetting Assets and Liabilities

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

	December 31, 2024
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	155,432	$	(103,502)	$	51,930	$	(51,421)	$	509
Total Assets	$	155,432	$	(103,502)	$	51,930	$	(51,421)	$	509
Offsetting of Financial Liabilities:
Derivatives	$	106,989	$	(106,989)	$	0	$	0	$	0
Total Liabilities	$	106,989	$	(106,989)	$	0	$	0	$	0

	December 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	40,150	$	(40,150)	$	0	$	0	$	0
Total Assets	$	40,150	$	(40,150)	$	0	$	0	$	0
Offsetting of Financial Liabilities:
Derivatives	$	50,561	$	(42,247)	$	8,314	$	(8,314)	$	0
Total Liabilities	$	50,561	$	(42,247)	$	8,314	$	(8,314)	$	0

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

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 15.

Cash Flow Hedges

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	Year Ended December 31, 2024
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	556	$	0	$	2,282	$	1,660	$	7,064
Total cash flow hedges	556		0		2,282		1,660		7,064
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(1,613)		0		0		0		0
Currency	587		0		0		0		0
Currency/Interest Rate	1,973		0		0		20		0
Credit	0		0		0		0		0
Equity	95,877		0		0		0		0
Embedded Derivatives	(87,192)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	9,632		0		0		20		0
Total	$	10,188	$	0	$	2,282	$	1,680	$	7,064

	Year Ended December 31, 2023
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	(6)	$	0	$	1,878	$	(697)	$	(8,856)
Total cash flow hedges	(6)		0		1,878		(697)		(8,856)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(2,236)		0		0		0		0
Currency	(120)		0		0		0		0
Currency/Interest Rate	(1,622)		0		0		(18)		0
Credit	0		0		0		0		0
Equity	23,279		0		0		0		0
Embedded Derivatives	(61,341)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(42,040)		0		0		(18)		0
Total	$	(42,046)	$	0	$	1,878	$	(715)	$	(8,856)

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2022
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	1,802	$	0	$	1,891	$	1,202	$	8,695
Total cash flow hedges	1,802		0		1,891		1,202		8,695
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(2,666)		0		0		0		0
Currency	493		0		0		0		0
Currency/Interest Rate	2,100		0		0		35		0
Credit	0		0		0		0		0
Equity	(13,420)		0		0		0		0
Embedded Derivatives	29,814		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	16,321		0		0		35		0
Total	$	18,123	$	0	$	1,891	$	1,237	$	8,695

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	(in thousands)
Balance, December 31, 2021	$	5,407
Amount recorded in AOCI
Currency/Interest Rate	13,590
Total amount recorded in AOCI	13,590
Amount reclassified from AOCI to income
Currency/Interest Rate	(4,895)
Total amount reclassified from AOCI to income	(4,895)
Balance, December 31, 2022	$	14,102
Amount recorded in AOCI
Currency/Interest Rate	(7,681)
Total amount recorded in AOCI	(7,681)
Amount reclassified from AOCI to income
Currency/Interest Rate	(1,175)
Total amount reclassified from AOCI to income	(1,175)
Balance, December 31, 2023	$	5,246
Amount recorded in AOCI
Currency/Interest Rate	11,562
Total amount recorded in AOCI	11,562
Amount reclassified from AOCI to income
Currency/Interest Rate	(4,498)
Total amount reclassified from AOCI to income	(4,498)
Balance, December 31, 2024	$	12,310

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2024 values, it is estimated that a pre-tax gain of $2.9 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2025.

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

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

Credit Derivatives

The Company has no exposure from credit derivative positions where it has written or purchased credit protection as of December 31, 2024 and 2023.

Counterparty Credit Risk

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

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

5. FAIR VALUE OF ASSETS AND LIABILITIES

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

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets primarily includes certain cash equivalents. There are no Level 1 liabilities as of December 31, 2024 and 2023.

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

Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain asset-backed securities and commercial mortgage-backed securities, certain private fixed maturities and equity securities, certain manually priced public equity securities, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company's variable annuity contracts, embedded derivatives associated with the index-linked features of certain universal life and annuity products, receivables from parent and affiliates, and short-term investments.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	December 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	48,806	$	0	$		$	48,806
Obligations of U.S. states and their political subdivisions	0		146,780		0				146,780
Foreign government securities	0		65,754		0				65,754
U.S. corporate public securities	0		1,546,880		0				1,546,880
U.S. corporate private securities	0		275,923		12,819				288,742
Foreign corporate public securities	0		229,153		0				229,153
Foreign corporate private securities	0		232,200		6,214				238,414
Asset-backed securities(2)	0		41,070		5,550				46,620
Commercial mortgage-backed securities	0		72,544		18,478				91,022
Residential mortgage-backed securities	0		14,766		0				14,766
Subtotal	0		2,673,876		43,061				2,716,937
Market risk benefit assets	0		0		492,444				492,444
Fixed maturities, trading	0		21,252		0				21,252
Equity securities	0		62		0				62
Short-term investments	0		10,222		172				10,394
Cash equivalents	0		167,579		0				167,579
Other invested assets(3)	0		155,432		0		(103,502)		51,930
Reinsurance recoverables and deposit receivables	0		0		265,611				265,611
Receivables from parent and affiliates	0		0		30,136				30,136
Subtotal excluding separate account assets	0		3,028,423		831,424		(103,502)		3,756,345
Separate account assets(4)(5)	0		13,251,913		0				13,251,913
Total assets	$	0	$	16,280,336	$	831,424	$	(103,502)	$	17,008,258
Market risk benefit liabilities	$	0	$	0	$	492,444	$		$	492,444
Policyholders' account balances	0		0		506,305				506,305
Payables to parent and affiliates	0		106,989		0		(106,989)		0
Total liabilities	$	0	$	106,989	$	998,749	$	(106,989)	$	998,749

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	51,042	$	0	$		$	51,042
Obligations of U.S. states and their political subdivisions	0		182,538		0				182,538
Foreign government securities	0		80,744		0				80,744
U.S. corporate public securities	0		1,350,933		0				1,350,933
U.S. corporate private securities	0		205,814		14,622				220,436
Foreign corporate public securities	0		164,785		0				164,785
Foreign corporate private securities	0		175,849		5,007				180,856
Asset-backed securities(2)	0		18,511		0				18,511
Commercial mortgage-backed securities	0		77,495		19,204				96,699
Residential mortgage-backed securities	0		15,551		0				15,551
Subtotal	0		2,323,262		38,833				2,362,095
Market risk benefit assets	0		0		537,659				537,659
Fixed maturities, trading	0		23,440		0				23,440
Equity securities	0		74		4,541				4,615
Short-term investments	0		3,459		0				3,459
Cash equivalents	24,928		160,330		0				185,258
Other invested assets(3)	0		40,150		0		(40,150)		0
Reinsurance recoverables and deposit receivables(6)	0		0		69,745				69,745
Subtotal excluding separate account assets	24,928		2,550,715		650,778		(40,150)		3,186,271
Separate account assets(4)(5)	0		12,914,412		0				12,914,412
Total assets	$	24,928	$	15,465,127	$	650,778	$	(40,150)	$	16,100,683
Market risk benefit liabilities	$	0	$	0	$	537,659	$		$	537,659
Policyholders' account balances	0		0		237,316				237,316
Payables to parent and affiliates	0		50,561		0		(42,247)		8,314
Total liabilities	$	0	$	50,561	$	774,975	$	(42,247)	$	783,289

(1)“Netting” amounts represent cash collateral of $(3) million and $(2) million as of December 31, 2024 and 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2024 and 2023, the fair value of such investments was $3.7 million and $4.4 million, respectively.

(4)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. At December 31, 2024 and 2023, the fair value of such investments was $1,256 million and $1,163 million, respectively.

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

(6)Prior period amounts have been updated to conform to current period presentation.

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Notes to Financial Statements—(Continued)

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

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

Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2024 and 2023, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.

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

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

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

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

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

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Notes to Financial Statements—(Continued)

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

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

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

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

Reinsurance Recoverables and Deposit Receivables – Reinsurance recoverables and deposit receivables primarily include an embedded derivative associated with receivables from modified coinsurance arrangements where the Company is the cedant.

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

Market Risk Benefits – As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.

The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

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

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

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

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

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	December 31, 2024
	Fair Value		Valuation  Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)(2)
	(in thousands)
Assets:
Corporate securities(3)	$	16,803	Discounted cash flow	Discount rate	8.74	%	13.91	%	11.72	%	Decrease
Commercial mortgage-backed securities	$	18,478	Discounted cash flow	Liquidity premium	1.00	%	1.00	%	1.00%		Decrease
Market risk benefit assets(4)	$	492,444	Discounted cash flow	Lapse rate(5)	1	%	20	%			Increase
				Spread over SOFR(6)	0.29	%	1.71	%			Increase
				Utilization rate(7)	37	%	94	%			Decrease
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	16	%			Increase
				Equity volatility curve	16	%	25	%			Decrease
Reinsurance recoverables and deposit receivables	$	265,611	Discounted cash flow	Lapse rate(5)	0	%	80	%			Decrease
				Spread over SOFR(6)	0.29	%	1.71	%			Decrease
				Option budget(11)	(1)	%	7	%			Increase
Receivables from parent and affiliates	$	30,136	Liquidation	Liquidation value	100	%	100	%	100	%	Increase
Liabilities:
Market risk benefit liabilities(4)	$	492,444	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over SOFR(6)	0.29	%	1.71	%			Decrease
				Utilization rate(7)	37	%	94	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	16	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(10)	$	506,305	Discounted cash flow	Lapse rate(5)	0	%	80	%			Decrease
				Spread over SOFR(6)	0.29	%	1.73	%			Decrease
				Mortality rate(9)	0	%	23	%			Decrease
				Option budget(11)	(1)	%	7	%			Increase

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2023
	Fair Value		Valuation  Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average	Impact of Increase in Input on Fair Value(1)(2)
	(in thousands)
Assets:
Commercial mortgage-backed securities	$	19,204	Discounted cash flow	Liquidity premium	0.60	%	0.75	%	0.69%	Decrease
Market risk benefit assets(4)	$	537,659	Discounted cash flow	Lapse rate(5)	1	%	20	%		Increase
				Spread over SOFR(6)	0.41	%	1.91	%		Increase
				Utilization rate(7)	38	%	95	%		Decrease
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%		Increase
				Equity volatility curve	15	%	25	%		Decrease
Liabilities:
Market risk benefit liabilities(4)	$	537,659	Discounted cash flow	Lapse rate(5)	1	%	20	%		Decrease
				Spread over SOFR(6)	0.41	%	1.91	%		Decrease
				Utilization rate(7)	38	%	95	%		Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%		Decrease
				Equity volatility curve	15	%	25	%		Increase
Policyholders' account balances(10)	$	237,316	Discounted cash flow	Lapse rate(5)	1	%	80	%		Decrease
				Spread over SOFR(6)	0.41	%	1.85	%		Decrease
				Mortality rate(9)	0	%	23	%		Decrease
				Option budget(11)	(1)	%	7	%		Increase

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

(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.

(3)Includes assets classified as fixed maturities, available-for-sale.

(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

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

(6)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2024 and 2023, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt.

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

(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2024 and 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of December 31, 2024 and 2023, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

(9)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

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

(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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

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

Commercial Mortgage-backed Securities - Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

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

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Notes to Financial Statements—(Continued)

Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Year Ended December 31, 2024(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(5)		Transfers out of Level 3(5)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)	$	19,629	$	(210)	$	8,040	$	(88)	$	0	$	(2,788)	$	(5,550)	$	0	$	0	$	19,033	$	(232)
Structured securities(4)	19,204		(254)		0		(8)		0		(464)		5,550		0		0		24,028		(230)
Other assets:
Equity securities	4,541		(1,241)		273		0		0		(3,573)		0		0		0		0		(167)
Short-term investments	0		35		137		0		0		0		0		0		0		172		35
Reinsurance recoverables and deposit receivables(6)	69,745		2,367		188,316		0		0		0		5,183		0		0		265,611		(111,244)
Receivables from parent and affiliates	0		0		34,825		(4,689)		0		0		0		0		0		30,136		0
Liabilities:
Policyholders' account balances(6)	(237,316)		(89,307)		0		0		(179,682)		0		0		0		0		(506,305)		31,398

	Year Ended December 31, 2024
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	9	$	0	$	(441)	$	(32)	$	0	$	0	$	(462)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0
Equity securities	0		(1,241)		0		0		0		(167)		0
Short-term investments	0		0		35		0		0		0		35
Reinsurance recoverables and deposit receivables	2,367		0		0		0		(111,244)		0		0
Receivables from parent and affiliates	0		0		0		0		0		0		0
Liabilities:
Policyholders' account balances	(89,307)		0		0		0		31,398		0		0

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2023(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(5)		Transfers out of Level 3(5)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)	$	3,803	$	(43)	$	18,146	$	0	$	0	$	(4,064)	$	0	$	5,550	$	(3,763)	$	19,629	$	(86)
Structured securities(4)	20,701		(1,057)		0		(9)		0		(431)		0		0		0		19,204		(1,022)
Other assets:
Equity securities	4,291		219		31		0		0		0		0		0		0		4,541		219
Reinsurance recoverables and deposit receivables(6)(8)	0		(3,034)		75,143		0		0		0		(2,364)		0		0		69,745		(3,034)
Liabilities:
Policyholders' account balances(6)	(108,144)		(56,368)		0		0		(72,804)		0		0		0		0		(237,316)		(32,218)

	Year Ended December 31, 2023
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	7	$	0	$	(1,072)	$	(35)	$	0	$	0	$	(1,108)
Other assets:
Equity securities	0		219		0		0		0		219		0
Reinsurance recoverables and deposit receivables(8)	(3,034)		0		0		0		(3,034)		0		0
Liabilities:
Policyholders' account balances	(56,368)		0		0		0		(32,218)		0		0

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2022
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	1,198	$	0	$	(9,008)	$	(23)	$	1,200	$	0	$	(8,966)
Other assets:
Equity securities	0		(1,521)		0		0		0		(1,522)		0
Liabilities:
Policyholders' account balances	29,130		0		0		0		24,845		0		0

(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

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

(3)Includes U.S. corporate private securities and foreign corporate private securities.

(4)Includes asset backed and commercial mortgage-backed securities.

(5)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

(6)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.

(7)Excludes MRB assets of $492 million and $538 million and MRB liabilities of $492 million and $538 million for the periods ended December 31, 2024 and 2023, respectively. See Note 10 for additional information.

(8)Prior period amounts have been updated to conform to current period presentation.

Fair Value of Financial Instruments

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

	December 31, 2024
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	473,122	$	473,122	$	477,328
Policy loans	0		0		1,118,589		1,118,589		1,118,589
Short-term investments	1,000		0		0		1,000		1,000
Cash and cash equivalents	3,246		0		0		3,246		3,246
Accrued investment income	0		60,368		0		60,368		60,368
Reinsurance recoverables and deposit receivables	0		0		24,111		24,111		25,915
Receivables from parent and affiliates	0		40,630		0		40,630		40,630
Other assets	0		3,396		0		3,396		3,396
Total assets	$	4,246	$	104,394	$	1,615,822	$	1,724,462	$	1,730,472
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	126,224	$	32,028	$	158,252	$	160,056
Payables to parent and affiliates	0		462		0		462		462
Other liabilities	0		67,206		0		67,206		67,206
Total liabilities	$	0	$	193,892	$	32,028	$	225,920	$	227,724

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Notes to Financial Statements—(Continued)

	December 31, 2023
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	237,993	$	237,993	$	239,629
Policy loans	0		0		1,115,096		1,115,096		1,115,096
Short-term investments	2,500		0		0		2,500		2,500
Cash and cash equivalents	1,125		0		0		1,125		1,125
Accrued investment income	0		53,906		0		53,906		53,906
Reinsurance recoverables and deposit receivables(2)	0		0		22,155		22,155		23,537
Receivables from parent and affiliates	0		24,502		0		24,502		24,502
Other assets	0		4,363		0		4,363		4,363
Total assets	$	3,625	$	82,771	$	1,375,244	$	1,461,640	$	1,464,658
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	148,542	$	30,945	$	179,487	$	180,868
Payables to parent and affiliates	0		1,066		0		1,066		1,066
Other liabilities	0		52,027		0		52,027		52,027
Total liabilities	$	0	$	201,635	$	30,945	$	232,580	$	233,961

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

(2)Prior period amounts have been updated to conform to current period presentation.

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

Commercial Mortgage and Other Loans

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

Policy Loans

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

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

The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost, cash and cash equivalent instruments; accrued investment income; receivables from parent and affiliates; and other assets that meet the definition of financial instruments, including receivables, unsettled trades and accounts receivable.

Reinsurance Recoverables and Deposit Receivables

Reinsurance recoverables and deposit receivables include corresponding receivables from modified coinsurance arrangements and other reinsurance arrangements between the Company and related parties. See Note 11 for additional information about the Company's reinsurance arrangements.

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Notes to Financial Statements—(Continued)

Policyholders’ Account Balances - Investment Contracts

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

Payables to Parent and Affiliates and Other Liabilities

Payables to parent and affiliates and other liabilities are primarily payables, such as unsettled trades, drafts, escrow deposits and accrued expense payables. Due to the short term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.

6. DEFERRED POLICY ACQUISITION COSTS AND DEFERRED REINSURANCE

Deferred Policy Acquisition Costs

The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:

	Term Life		Variable / Universal Life		Total
	(in thousands)
Balance, December 31, 2021	$	62,091	$	246,653	$	308,744
Capitalization	14,911		47,531		62,442
Amortization expense	(6,737)		(12,553)		(19,290)
Other	(52)		30		(22)
Balance, December 31, 2022	70,213		281,661		351,874
Capitalization	19,004		42,833		61,837
Amortization expense	(7,209)		(13,363)		(20,572)
Balance, December 31, 2023	82,008		311,131		393,139
Capitalization	20,565		56,123		76,688
Amortization expense	(6,696)		(14,527)		(21,223)
Other(1)(2)	(28,554)		(2,734)		(31,288)
Balance, December 31, 2024	$	67,323	$	349,993	$	417,316

(1)    Includes the impact of the Universal Life reinsurance transaction with PAR U and PURE. See Note 11 for additional information.

(2)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 11 for additional information.

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Notes to Financial Statements—(Continued)

Deferred Reinsurance Losses

The following table shows a rollforward for the lines of business that contain DRL balances, which is included in Other assets, along with a reconciliation to the Company's total DRL balance:

	Variable Annuities		Term Life		Total
	(in thousands)
Balance, December 31, 2021	$	18,977	$	0	$	18,977
Amortization expense	(1,547)		0		(1,547)
Other	(5)		0		(5)
Balance, December 31, 2022	17,425		0		17,425
Amortization expense	(1,456)		0		(1,456)
Other	(1)		0		(1)
Balance, December 31, 2023	15,968		0		15,968
Amortization expense	(1,393)		(1,200)		(2,593)
Other(1)	3		52,000		52,003
Balance, December 31, 2024	$	14,578	$	50,800	$	65,378

(1)    Includes $52 million DRL related to the reinsurance transaction with PARCC. See Note 11 for additional information.

Deferred Reinsurance Gains

The following table shows a rollforward of DRG balances, which is included in Other liabilities, for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

	Year Ended December 31,
	2024		2023
	(in thousands)
Balance, beginning of period	$	0	$	0
Amortization expense	(8,171)		0
Other(1)(2)	216,815		0
Balance, end of period	$	208,644	$	0

(1)    Includes $188 million DRG related to the reinsurance transactions with PAR U, PURE and Prudential Insurance effective January 1, 2024. See Note 11 for additional information.

(2)    Includes the impact of the Universal Life reinsurance transactions with PAR U and Pruco Life effective October 2024, including $37 million DRG, partially offset by a $8 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.

7. SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within "Future policy benefits" or "Market risk benefit liabilities" (or "assets," if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.

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Notes to Financial Statements—(Continued)

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

	December 31, 2024		December 31, 2023
	(in thousands)
Asset Type:
Mutual funds:
Equity	$	8,454,468	$	8,299,099
Fixed Income	4,030,334		3,901,137
Other	767,111		714,176
Other invested assets	1,255,640		1,162,691
Total	$	14,507,553	$	14,077,103

For the periods ended December 31, 2024, 2023 and 2022, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:

	Year Ended December 31, 2024
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	9,064,177	$	5,012,926	$	14,077,103
Deposits	79,493		250,990		330,483
Investment performance	801,416		889,291		1,690,707
Policy charges	(214,825)		(111,841)		(326,666)
Surrenders and withdrawals	(1,105,790)		(67,685)		(1,173,475)
Benefit payments	(10,750)		(36,677)		(47,427)
Net transfers (to) from general account	(35,667)		(47,437)		(83,104)
Other	573		39,359		39,932
Balance, end of period	$	8,578,627	$	5,928,926	$	14,507,553
Cash surrender value(1)	$	8,479,445	$	5,808,933	$	14,288,378

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Notes to Financial Statements—(Continued)

	Year Ended December 31, 2023
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	8,928,568	$	4,998,390	$	13,926,958
Deposits	43,211		199,895		243,106
Investment performance	1,180,443		875,388		2,055,831
Policy charges	(218,915)		(103,013)		(321,928)
Surrenders and withdrawals	(855,504)		(54,781)		(910,285)
Benefit payments	(5,986)		(41,615)		(47,601)
Net transfers (to) from general account(2)	(8,826)		(886,762)		(895,588)
Other	1,186		25,424		26,610
Balance, end of period	$	9,064,177	$	5,012,926	$	14,077,103
Cash surrender value(1)	$	8,929,016	$	4,902,698	$	13,831,714

	Year Ended December 31, 2022
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	11,982,322	$	5,940,045	$	17,922,367
Deposits	67,216		200,686		267,902
Investment performance	(2,113,606)		(925,970)		(3,039,576)
Policy charges	(238,173)		(100,968)		(339,141)
Surrenders and withdrawals	(764,069)		(42,118)		(806,187)
Benefit payments	(5,622)		(42,934)		(48,556)
Net transfers (to) from general account	(895)		(37,577)		(38,472)
Other	1,395		7,226		8,621
Balance, end of period	$	8,928,568	$	4,998,390	$	13,926,958
Cash surrender value(1)	$	8,747,915	$	4,897,409	$	13,645,324

(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.

8. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;

•Deferred Profit Liability; and

•Additional Insurance Reserves

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

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Notes to Financial Statements—(Continued)

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

	Year Ended December 31, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	1,389,421	$	0	$	1,389,421
Effect of cumulative changes in discount rate assumptions, beginning of period	29,313		0		29,313
Balance at original discount rate, beginning of period	1,418,734		0		1,418,734
Effect of assumption update	9,001		0		9,001
Effect of actual variances from expected experience and other activity	(73,528)		(352)		(73,880)
Adjusted balance, beginning of period	1,354,207		(352)		1,353,855
Issuances	98,799		4,422		103,221
Net premiums / considerations collected	(155,036)		(4,070)		(159,106)
Interest accrual	64,610		0		64,610
Balance at original discount rate, end of period	1,362,580		0		1,362,580
Effect of cumulative changes in discount rate assumptions, end of period	(75,036)		0		(75,036)
Balance, end of period	$	1,287,544	$	0	$	1,287,544

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Notes to Financial Statements—(Continued)

	Year Ended December 31, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	2,619,569	$	18,489	$	2,638,058
Effect of cumulative changes in discount rate assumptions, beginning of period	44,322		1,510		45,832
Balance at original discount rate, beginning of period	2,663,891		19,999		2,683,890
Effect of assumption update	10,368		(241)		10,127
Effect of actual variances from expected experience and other activity	(105,332)		(96)		(105,428)
Adjusted balance, beginning of period	2,568,927		19,662		2,588,589
Issuances	98,799		4,421		103,220
Interest accrual	128,325		767		129,092
Benefit payments	(131,485)		(2,859)		(134,344)
Other adjustments	(345)		2		(343)
Balance at original discount rate, end of period	2,664,221		21,993		2,686,214
Effect of cumulative changes in discount rate assumptions, end of period	(164,980)		(1,477)		(166,457)
Balance, end of period	$	2,499,241	$	20,516	$	2,519,757

	Year Ended December 31, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	1,211,697	$	20,516	$	1,232,213
Flooring impact, end of period	14		0		14
Balance, end of period, post-flooring	1,211,711		20,516		1,232,227
Less: Reinsurance recoverables	1,154,638		20,516		1,175,154
Balance after reinsurance recoverables, end of period, post-flooring	$	57,073	$	0	$	57,073

	Year Ended December 31, 2023
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	1,416,807	$	0	$	1,416,807
Effect of cumulative changes in discount rate assumptions, beginning of period	73,563		0		73,563
Balance at original discount rate, beginning of period	1,490,370		0		1,490,370
Effect of assumption update	(152)		0		(152)
Effect of actual variances from expected experience and other activity	(62,690)		(554)		(63,244)
Adjusted balance, beginning of period	1,427,528		(554)		1,426,974
Issuances	88,929		2,998		91,927
Net premiums / considerations collected	(165,337)		(2,444)		(167,781)
Interest accrual	67,614		0		67,614
Balance at original discount rate, end of period	1,418,734		0		1,418,734
Effect of cumulative changes in discount rate assumptions, end of period	(29,313)		0		(29,313)
Balance, end of period	$	1,389,421	$	0	$	1,389,421

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2023
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	2,551,191	$	16,460	$	2,567,651
Effect of cumulative changes in discount rate assumptions, beginning of period	137,962		1,899		139,861
Balance at original discount rate, beginning of period	2,689,153		18,359		2,707,512
Effect of assumption update	(202)		0		(202)
Effect of actual variances from expected experience and other activity	(82,200)		482		(81,718)
Adjusted balance, beginning of period	2,606,751		18,841		2,625,592
Issuances	88,929		2,998		91,927
Interest accrual	129,375		673		130,048
Benefit payments	(160,052)		(2,463)		(162,515)
Other adjustments	(1,112)		(50)		(1,162)
Balance at original discount rate, end of period	2,663,891		19,999		2,683,890
Effect of cumulative changes in discount rate assumptions, end of period	(44,322)		(1,510)		(45,832)
Balance, end of period	$	2,619,569	$	18,489	$	2,638,058

	Year Ended December 31, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	1,230,148	$	18,489	$	1,248,637
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	1,230,148		18,489		1,248,637
Less: Reinsurance recoverables	1,054,226		18,489		1,072,715
Balance after reinsurance recoverables, end of period, post-flooring	$	175,922	$	0	$	175,922

	Year Ended December 31, 2022
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	1,641,933	$	0	$	1,641,933
Effect of cumulative changes in discount rate assumptions, beginning of period	(253,752)		0		(253,752)
Balance at original discount rate, beginning of period	1,388,181		0		1,388,181
Effect of assumption update	174,263		0		174,263
Effect of actual variances from expected experience and other activity	(29,416)		(746)		(30,162)
Adjusted balance, beginning of period	1,533,028		(746)		1,532,282
Issuances	58,215		2,110		60,325
Net premiums / considerations collected	(170,297)		(1,364)		(171,661)
Interest accrual	69,424		0		69,424
Balance at original discount rate, end of period	1,490,370		0		1,490,370
Effect of cumulative changes in discount rate assumptions, end of period	(73,563)		0		(73,563)
Balance, end of period	$	1,416,807	$	0	$	1,416,807

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2022
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	3,041,562	$	19,314	$	3,060,876
Effect of cumulative changes in discount rate assumptions, beginning of period	(561,455)		(1,459)		(562,914)
Balance at original discount rate, beginning of period	2,480,107		17,855		2,497,962
Effect of assumption update	255,336		0		255,336
Effect of actual variances from expected experience and other activity	(60,049)		149		(59,900)
Adjusted balance, beginning of period	2,675,394		18,004		2,693,398
Issuances	58,215		2,111		60,326
Interest accrual	129,657		627		130,284
Benefit payments	(173,998)		(2,308)		(176,306)
Other adjustments	(115)		(75)		(190)
Balance at original discount rate, end of period	2,689,153		18,359		2,707,512
Effect of cumulative changes in discount rate assumptions, end of period	(137,962)		(1,899)		(139,861)
Balance, end of period	$	2,551,191	$	16,460	$	2,567,651

	Year Ended December 31, 2022
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	1,134,384	$	16,460	$	1,150,844
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	1,134,384		16,460		1,150,844
Less: Reinsurance recoverables	1,002,277		16,460		1,018,737
Balance after reinsurance recoverables, end of period, post-flooring	$	132,107	$	0	$	132,107

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

	Year Ended December 31, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	3,010,001		$	0
Discounted expected future gross premiums (at original discount rate)	$	2,003,188		$	0
Discounted expected future gross premiums (at current discount rate)	$	1,902,990		$	0
Undiscounted expected future benefits and expenses	$	4,307,529		$	28,661
Weighted-average duration of the liability in years (at original discount rate)	10			6
Weighted-average duration of the liability in years (at current discount rate)	10			5
Weighted-average interest rate (at original discount rate)	5.22		%	3.97		%
Weighted-average interest rate (at current discount rate)	5.61		%	5.41		%

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	3,017,106		$	0
Discounted expected future gross premiums (at original discount rate)	$	2,021,858		$	0
Discounted expected future gross premiums (at current discount rate)	$	1,988,469		$	0
Undiscounted expected future benefits and expenses	$	4,298,438		$	25,823
Weighted-average duration of the liability in years (at original discount rate)	10			6
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.27		%	3.59		%
Weighted-average interest rate (at current discount rate)	5.00		%	4.90		%

	Year Ended December 31, 2022
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	3,073,048		$	0
Discounted expected future gross premiums (at original discount rate)	$	2,069,441		$	0
Discounted expected future gross premiums (at current discount rate)	$	1,973,031		$	0
Undiscounted expected future benefits and expenses	$	4,352,500		$	24,056
Weighted-average duration of the liability in years (at original discount rate)	11			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.33		%	3.56		%
Weighted-average interest rate (at current discount rate)	5.40		%	5.30		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2023, there was a $3 million gain in to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $11 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $10 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Deferred Profit Liability

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

	2024		2023		2022
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post flooring	$	1,365	$	1,684	$	1,726
Effect of assumption update	106		0		0
Effect of actual variances from expected experience and other activity	(156)		(681)		(169)
Adjusted balance, beginning of period	1,315		1,003		1,557
Profits deferred	364		511		309
Interest accrual	53		49		60
Amortization	(217)		(196)		(222)
Other adjustments	(2)		(2)		(20)
Balance, end of period, post-flooring	1,513		1,365		1,684
Less: Reinsurance recoverables	1,513		1,365		1,684
Balance after reinsurance recoverables, end of period	$	0	$	0	$	0

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

	2024		2023		2022
	(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring	$	986,166	$	827,478	$	703,968
Flooring impact and amounts in AOCI	56,487		91,115		(71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	1,042,653		918,593		632,501
Effect of assumption update	14,446		9,713		180,404
Effect of actual variances from expected experience and other activity	(13,348)		(8,234)		(39,475)
Adjusted balance, beginning of period	1,043,751		920,072		773,430
Assessments collected(1)	104,297		99,311		134,822
Interest accrual	37,014		32,814		27,479
Benefits paid	(17,632)		(9,544)		(17,138)
Balance, excluding amounts in AOCI, end of period, pre-flooring	1,167,430		1,042,653		918,593
Flooring impact and amounts in AOCI	(32,954)		(56,487)		(91,115)
Balance, including amounts in AOCI, end of period, post-flooring	1,134,476		986,166		827,478
Less: Reinsurance recoverables	1,103,059		943,991		793,577
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	31,417	$	42,175	$	33,901

(1)Represents the portion of gross assessments required to fund the future policy benefits.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	2024		2023		2022
	($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)	26		27		28
Weighted-average interest rate (at original discount rate)	3.36	%	3.40	%	3.41	%

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Statements of Financial Position for the years ended December 31,:

	2024		2023		2022
	(in thousands)
Benefit reserves, end of period, post-flooring	$	1,232,227	$	1,248,637	$	1,150,844
Deferred profit liability, end of period, post-flooring	1,513		1,365		1,684
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	1,134,476		986,166		827,478
Subtotal of amounts disclosed above	2,368,216		2,236,168		1,980,006
Other Future policy benefits reserves(1)	149,267		162,275		150,036
Total Future policy benefits	$	2,517,483	$	2,398,443	$	2,130,042

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Statement of Operations for the periods indicated:

	Year Ended December 31, 2024
	Revenues(1)
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	241,117	$	0	$	4,460	$	245,577
Deferred profit liability	0		0		(148)		(148)
Additional insurance reserves	0		260,211		0		260,211
Total	$	241,117	$	260,211	$	4,312	$	505,640

	Year Ended December 31, 2023
	Revenues(1)
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	236,148	$	0	$	2,974	$	239,122
Deferred profit liability	0		0		319		319
Additional insurance reserves	0		245,024		0		245,024
Total	$	236,148	$	245,024	$	3,293	$	484,465

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2022
	Revenues(1)
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	242,406	$	0	$	1,700	$	244,106
Deferred profit liability	0		0		42		42
Additional insurance reserves	0		303,979		0		303,979
Total	$	242,406	$	303,979	$	1,742	$	548,127

(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

	Year Ended December 31, 2024
	Interest Expense
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	63,716	$	0	$	767	$	64,483
Deferred profit liability	0		0		53		53
Additional insurance reserves	0		37,014		0		37,014
Total	$	63,716	$	37,014	$	820	$	101,550

	Year Ended December 31, 2023
	Interest Expense
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	61,760	$	0	$	673	$	62,433
Deferred profit liability	0		0		49		49
Additional insurance reserves	0		32,814		0		32,814
Total	$	61,760	$	32,814	$	722	$	95,296

	Year Ended December 31, 2022
	Interest Expense
	Term Life		Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	60,233	$	0	$	627	$	60,860
Deferred profit liability	0		0		60		60
Additional insurance reserves	0		27,479		0		27,479
Total	$	60,233	$	27,479	$	687	$	88,399

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

9. POLICYHOLDERS' ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

	Year Ended December 31, 2024
	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	35,025		$	592,581		$	3,028,746		$	3,656,352
Deposits	7,662			683,422			218,864			909,948
Interest credited	1,052			24,829			63,262			89,143
Policy charges	(54)			(267)			(146,521)			(146,842)
Surrenders and withdrawals	(6,321)			(40,509)			(134,340)			(181,170)
Benefit payments	(911)			(3,684)			(206)			(4,801)
Net transfers (to) from separate account	0			35,667			47,437			83,104
Change in market value and other adjustments(1)	0			78,524			10,862			89,386
Balance, end of period	$	36,453		$	1,370,563		$	3,088,104		$	4,495,120
Unearned revenue reserve										423,240
Other										9,939
Total Policyholders' account balance										$	4,928,299
Weighted-average crediting rate	2.94		%	2.53		%	2.07		%	2.19		%
Net amount at risk(3)	$	0		$	0		$	35,490,878		$	35,490,878
Cash surrender value(4)	$	7,810		$	1,318,302		$	2,769,819		$	4,095,931

	Year Ended December 31, 2023
	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	39,406		$	327,124		$	2,084,680		$	2,451,210
Deposits	3,326			267,216			218,774			489,316
Interest credited	953			9,057			59,335			69,345
Policy charges	(58)			(146)			(145,551)			(145,755)
Surrenders and withdrawals	(7,670)			(36,703)			(111,973)			(156,346)
Benefit payments	(932)			(2,488)			45			(3,375)
Net transfers (to) from separate account(2)	0			8,826			886,762			895,588
Change in market value and other adjustments(1)	0			19,695			36,674			56,369
Balance, end of period	$	35,025		$	592,581		$	3,028,746		$	3,656,352
Unearned revenue reserve										370,258
Other										9,574
Total Policyholders' account balance										$	4,036,184
Weighted-average crediting rate	2.56		%	1.97		%	2.32		%	2.27		%
Net amount at risk(3)	$	0		$	0		$	34,400,806		$	34,400,806
Cash surrender value(4)	$	8,413		$	573,787		$	2,691,933		$	3,274,133

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2022
	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	42,070		$	344,945		$	2,052,065		$	2,439,080
Deposits	4,414			1,066			227,017			232,497
Interest credited	1,111			6,174			64,979			72,264
Policy charges	(62)			(234)			(145,194)			(145,490)
Surrenders and withdrawals	(829)			(22,412)			(125,011)			(148,252)
Benefit payments	(7,298)			(3,310)			2,378			(8,230)
Net transfers (to) from separate account	0			895			37,577			38,472
Change in market value and other adjustments(1)	0			0			(29,131)			(29,131)
Balance, end of period	$	39,406		$	327,124		$	2,084,680		$	2,451,210
Unearned revenue reserve										313,710
Other										9,395
Total Policyholders' account balance										$	2,774,315
Weighted-average crediting rate	2.73		%	1.84		%	3.14		%	2.96		%
Net amount at risk(3)	$	0		$	0		$	33,702,745		$	33,702,745
Cash surrender value(4)	$	11,112		$	305,239		$	1,750,451		$	2,066,802

(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.

(3)The net amount at risk calculation includes both general and separate account balances.

(4)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:

	December 31, 2024
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00%- 1.99%	794		0		0		0		794
2.00%- 2.99%	21,403		0		0		0		21,403
3.00% - 4.00%	7,123		0		0		0		7,123
Greater than 4.00%	0		0		0		0		0
Total	$	29,320	$	0	$	0	$	0	$	29,320
Variable Annuities
Less than 1.00%	$	6,832	$	0	$	0	$	0	$	6,832
1.00% - 1.99%	84,001		75,533		1,529		0		161,063
2.00% - 2.99%	1,245		2		0		0		1,247
3.00% - 4.00%	97,407		312		0		0		97,719
Greater than 4.00%	135		0		0		0		135
Total	$	189,620	$	75,847	$	1,529	$	0	$	266,996
Variable Life / Universal Life
Less than 1.00%	$	59	$	0	$	0	$	23,744	$	23,803
1.00% - 1.99%	30,421		0		312,756		186,830		530,007
2.00% - 2.99%	4,356		164,828		174,658		43,481		387,323
3.00% - 4.00%	323,288		165,614		915,954		0		1,404,856
Greater than 4.00%	364,228		0		0		0		364,228
Total	$	722,352	$	330,442	$	1,403,368	$	254,055	$	2,710,217

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2023
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	1,034		0		0		0		1,034
2.00%- 2.99%	18,552		0		0		0		18,552
3.00% - 4.00%	7,756		0		0		0		7,756
Greater than 4.00%	0		0		0		0		0
Total	$	27,342	$	0	$	0	$	0	$	27,342
Variable Annuities
Less than 1.00%	$	1,490	$	0	$	0	$	0	$	1,490
1.00% - 1.99%	177,730		1,576		0		0		179,306
2.00% - 2.99%	1,462		0		0		0		1,462
3.00% - 4.00%	113,616		1,180		0		0		114,796
Greater than 4.00%	130		0		0		0		130
Total	$	294,428	$	2,756	$	0	$	0	$	297,184
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	30,597	$	30,597
1.00% - 1.99%	21,709		0		409,406		53,613		484,728
2.00% - 2.99%	3,958		157,256		184,475		28,519		374,208
3.00% - 4.00%	244,318		248,808		917,572		0		1,410,698
Greater than 4.00%	371,165		0		0		0		371,165
Total	$	641,150	$	406,064	$	1,511,453	$	112,729	$	2,671,396

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	December 31, 2022
Range of Guaranteed Minimum Crediting Rate(1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	1,277		0		0		0		1,277
2.00%- 2.99%	21,208		0		0		0		21,208
3.00% - 4.00%	10,342		0		0		0		10,342
Greater than 4.00%	0		0		0		0		0
Total	$	32,827	$	0	$	0	$	0	$	32,827
Variable Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	192,551		1,593		0		0		194,144
2.00% - 2.99%	1,812		0		0		0		1,812
3.00% - 4.00%	132,969		231		0		0		133,200
Greater than 4.00%	125		0		0		0		125
Total	$	327,457	$	1,824	$	0	$	0	$	329,281
Variable Life / Universal Life
Less than 1.00%	$	705	$	0	$	0	$	0	$	705
1.00% - 1.99%	56,396		0		105,883		286,496		448,775
2.00% - 2.99%	4,433		15,602		203,101		136,109		359,245
3.00% - 4.00%	156,567		633		435,220		0		592,420
Greater than 4.00%	377,674		0		0		0		377,674
Total	$	595,775	$	16,235	$	744,204	$	422,605	$	1,778,819

(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve

The balances of and changes in URR as of and for the periods ended are as follows:

	Years Ended December 31,
	2024		2023		2022
	Variable Life / Universal Life
	(in thousands)
Balance, beginning of period	$	370,258	$	313,710	$	251,573
Unearned revenue	71,120		72,640		75,757
Amortization expense	(18,138)		(16,092)		(13,681)
Other adjustments	0		0		61
Balance, end of period	$	423,240	$	370,258	$	313,710

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

10.    MARKET RISK BENEFITS

The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:

	Year Ended December 31, 2024
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	301,771	$	(301,771)	$	0
Effect of cumulative changes in non-performance risk	100,377		0		100,377
Balance, beginning of period, before effect of changes in non-performance risk	402,148		(301,771)		100,377
Attributed fees collected	102,255		(102,255)		0
Claims paid	(2,133)		2,133		0
Interest accrual	18,876		(18,876)		0
Actual in force different from expected	3,079		(3,079)		0
Effect of changes in interest rates	(132,946)		132,946		0
Effect of changes in equity markets	(146,025)		146,025		0
Effect of assumption update	7,091		(7,091)		0
Issuances	5,113		(5,113)		0
Other adjustments	(5,648)		5,648		0
Effect of changes in current period counterparty non-performance risk	0		(39,254)		(39,254)
Balance, end of period, before effect of changes in non-performance risk	251,810		(190,687)		61,123
Effect of cumulative changes in non-performance risk	(61,123)		0		(61,123)
Balance, end of period	$	190,687	$	(190,687)	$	0

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	Year Ended December 31, 2023
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	398,254	$	(398,254)	$	0
Effect of cumulative changes in non-performance risk	163,169		0		163,169
Balance, beginning of period, before effect of changes in non-performance risk	561,423		(398,254)		163,169
Attributed fees collected	107,951		(107,951)		0
Claims paid	(5,336)		5,336		0
Interest accrual	25,736		(25,736)		0
Actual in force different from expected	6,889		(6,889)		0
Effect of changes in interest rates	(156,526)		156,526		0
Effect of changes in equity markets	(158,653)		158,653		0
Effect of assumption update	30,269		(30,269)		0
Issuances	(9,499)		9,499		0
Other adjustments	(106)		106		0
Effect of changes in current period counterparty non-performance risk	0		(62,792)		(62,792)
Balance, end of period, before effect of changes in non-performance risk	402,148		(301,771)		100,377
Effect of cumulative changes in non-performance risk	(100,377)		0		(100,377)
Balance, end of period	$	301,771	$	(301,771)	$	0

	Year Ended December 31, 2022
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	796,913	$	(796,913)	$	0
Effect of cumulative changes in non-performance risk	21,123		0		21,123
Balance, beginning of period, before effect of changes in non-performance risk	818,036		(796,913)		21,123
Attributed fees collected	117,867		(117,867)		0
Claims paid	(3,456)		3,456		0
Interest accrual	12,950		(12,950)		0
Actual in force different from expected	10,199		(10,199)		0
Effect of changes in interest rates	(642,920)		642,920		0
Effect of changes in equity markets	266,177		(266,177)		0
Effect of assumption update	(17,430)		17,430		0
Effect of changes in current period counterparty non-performance risk	0		142,046		142,046
Balance, end of period, before effect of changes in non-performance risk	561,423		(398,254)		163,169
Effect of cumulative changes in non-performance risk	(163,169)		0		(163,169)
Balance, end of period	$	398,254	$	(398,254)	$	0

In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.

	December 31, 2024		December 31, 2023		December 31, 2022
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	728,831	$	739,353	$	1,050,063
Weighted-average attained age of contractholders	71		69		68

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The table below reconciles MRB asset and liability positions as of the following dates:

	December 31, 2024		December 31, 2023		December 31, 2022
	Variable Annuities
	(in thousands)
Direct and assumed	$	150,879	$	117,944	$	80,185
Ceded	341,565		419,715		478,439
Total market risk benefit assets	$	492,444	$	537,659	$	558,624
Direct and assumed	$	341,565	$	419,715	$	478,439
Ceded	150,879		117,944		80,185
Total market risk benefit liabilities	$	492,444	$	537,659	$	558,624
Net balance	$	0	$	0	$	0

11.    REINSURANCE

The Company participates in reinsurance with its affiliates PARCC, PAR U, PURE, its parent companies, Pruco Life and Prudential Insurance, and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily YRT and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $173 million pre-tax recapture loss and a $188 million DRG, respectively. The DRG will be amortized into income over the estimated remaining life of the reinsured policies.

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

"Change in value of market risk benefits, net of related hedging gains (losses)" include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into a reinsurance agreement to transfer the risk related to living benefit guarantees on variable annuities to Prudential Insurance. These reinsurance agreements are market risk benefits and have been accounted for in the same manner.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	2024		2023
	(in thousands)
Reinsurance recoverables and deposit receivables(1)	$	4,929,428	$	3,622,903
Policy loans	(32,760)		(24,518)
Deferred policy acquisition costs	(647,934)		(620,878)
Deferred sales inducements	(32,573)		(35,313)
Market risk benefit assets	341,565		419,715
Other assets(1)	70,934		20,590
Market risk benefit liabilities	150,878		117,944
Reinsurance payables(1)	1,440,264		412,919
Other liabilities(1)	208,543		0

(1)Prior period amounts have been updated to conform to current period presentation.

Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:

	2024		2023
	(in thousands)
Prudential Insurance(1)	$	1,856,410	$	743,975
PAR U	380		1,725,753
PARCC	1,173,578		432,554
PAR Term	0		279,990
Term Re	0		275,721
DART	0		102,611
Pruco Life	914,840		57,509
PURE	981,917		0
Unaffiliated	2,303		4,790
Total reinsurance recoverables and deposit receivables(1)	$	4,929,428	$	3,622,903

(1)Prior period amounts have been updated to conform to current period presentation.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

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

	2024		2023		2022
	(in thousands)
Premiums:
Direct	$	239,239	$	240,044	$	245,525
Ceded	(190,495)		(200,491)		(211,817)
Net premiums	48,744		39,553		33,708
Policy charges and fee income:
Direct	373,124		349,046		370,855
Assumed	47,213		0		0
Ceded(1)	284,716		(289,367)		(313,121)
Net policy charges and fee income	705,053		59,679		57,734
Net investment income:
Direct	220,701		166,850		99,164
Ceded	(1,273)		(826)		(772)
Net investment income	219,428		166,024		98,392
Asset administration fees:
Direct	37,686		35,744		38,061
Ceded	(26,451)		(26,597)		(29,581)
Net asset administration fees	11,235		9,147		8,480
Other income (loss):
Direct	250		3,577		(2,174)
Ceded	15,151		(1)		21
Net other income	15,401		3,576		(2,153)
Realized investment gains (losses), net:
Direct	3,594		(39,823)		12,855
Ceded	(42,584)		(4,487)		980
Realized investment gains (losses), net	(38,990)		(44,310)		13,835
Change in value of market risk benefits, net of related hedging gains (losses):
Direct	252,457		266,390		256,613
Ceded	(213,203)		(203,598)		(398,659)
Net change in value of market risk benefits, net of related hedging gains (losses)	39,254		62,792		(142,046)
Policyholders’ benefits (including change in reserves):
Direct	425,927		451,981		472,033
Assumed	466		0		0
Ceded(2)	587,880		(396,478)		(443,844)
Net policyholders’ benefits (including change in reserves)	1,014,273		55,503		28,189
Change in estimates of liability for future policy benefits:
Direct	11,929		(17,014)		208,188
Ceded	(17,978)		14,899		(191,557)
Net change in estimates of liability for future policy benefits	(6,049)		(2,115)		16,631

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

	2024	2023	2022
Interest credited to policyholders’ account balances:
Direct	134,096	98,807	82,469
Ceded	(53,228)	(34,672)	(34,891)
Net interest credited to policyholders’ account balances	80,868	64,135	47,578
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization	(227,655)	(130,475)	(128,013)

(1)Includes $(5) million of unaffiliated activity for each of the years ended December 31, 2024, 2023 and 2022.

(2)Includes $(2) million, $(2) million and $2 million of unaffiliated activity for the years ended December 31, 2024, 2023 and 2022, respectively.

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

	2024		2023		2022
	(in thousands)
Direct gross life insurance face amount in force	$	156,436,734	$	154,561,817	$	154,382,891
Reinsurance ceded	(147,337,155)		(141,002,931)		(140,370,532)
Net life insurance face amount in force	$	9,099,579	$	13,558,886	$	14,012,359

Significant Affiliated Reinsurance Agreements

Prudential Insurance

The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement was terminated for certain new business, primarily universal life business, and such business was reinsured to Pruco Life under a YRT reinsurance agreement. As of January 1, 2020, the remaining portions of new business (specifically term policies) ceased being reinsured by the Company to Prudential Insurance, and a separate YRT reinsurance agreement was established with Pruco Life for term policies. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance in which the policies are ceded to PARCC. As a result of the recapture, the Company recognized a $6 million pre-tax recapture loss.

Effective April 1, 2016, the Company entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between Prudential Insurance and the Company. Effective February 1, 2023, the Company began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.

PAR U

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

Effective January 1, 2024, the Company recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, the Company reinsures 100% of the risks associated with universal life policies with effective dates from January 1, 2015 to December 31, 2019.

Effective October 1, 2024, the Company recaptured 100% of the risks associated with the remaining universal life policies with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss, which includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.

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Notes to Financial Statements—(Continued)

PURE

Effective January 1, 2024, the Company reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2015.

PARCC

The Company reinsures 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC.

Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $52 million DRL that will be amortized into income over the estimated remaining life of the reinsured policies.

On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.

PAR Term

The Company reinsures 95% of the risks under its term life insurance policies, with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term.

On November 20, 2024, PAR Term merged into PARCC.

Term Re

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

On November 20, 2024, Term Re merged into PARCC.

Pruco Life

Effective July 1, 2017, the Company entered into a YRT reinsurance agreement with Pruco Life for new business, primarily covering universal life policies. Effective January 1, 2020, the Company entered in a similar YRT reinsurance agreement with Pruco Life for new business relating to term policies. Under these agreements the majority of all mortality risk is ceded to Pruco Life. The Company also reinsures certain Corporate Owned Life Insurance (“COLI”) policies with Pruco Life. Through March 31, 2016, the Company reinsured Prudential Defined Income (“PDI”) living benefit guarantees with Pruco Life. Effective April 1, 2016, the Company recaptured PDI living benefit guarantees from Pruco Life and reinsured them, together with the related variable annuity base contracts, with Prudential Insurance.

Effective October 1, 2024, the Company entered into an agreement with Pruco Life to reinsure the Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates from January 1, 2015 to December 31, 2019, that were previously reinsured to PAR U. As a result of the transaction, the Company recognized a $37 million DRG that will be amortized into income over the estimated remaining life of the reinsured policies.

DART

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

On November 20, 2024, DART merged into PARCC.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

12. INCOME TAXES

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

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Current tax expense (benefit):
U.S. federal	$	21,426	$	22,608	$	(22,713)
State and local	0		0		(103)
Total	21,426		22,608		(22,816)
Deferred tax expense (benefit):
U.S. federal	(41,270)		(10,738)		(7,958)
Total	(41,270)		(10,738)		(7,958)
Income tax expense (benefit) from operations	(19,844)		11,870		(30,774)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	(23,329)		(3,014)		(36,731)
Total income tax expense (benefit)	$	(43,173)	$	8,856	$	(67,505)

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

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:

	Years Ended December 31,
	2024			2023			2022
	($ in thousands)
Expected federal income tax expense (benefit)	$	(10,603)		$	22,591		$	(21,126)
Non-taxable investment income	(5,895)			(6,452)			(6,259)
Tax credits	(3,338)			(4,301)			(3,393)
Other	(8)			32			4
Reported income tax expense (benefit)	$	(19,844)		$	11,870		$	(30,774)
Effective tax rate	39.3		%	11.0		%	30.6		%

The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 39.3%, 11% and 30.6%, respectively. The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2024, 2023 and 2022, and the Company's effective tax rate during the periods presented:

Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $5 million of the total $6 million of 2024 non-taxable investment income, $6 million of the total $6 million of 2023 non-taxable investment income, and $6 million of the total $6 million of 2022 non-taxable investment income. The DRD for the current period was estimated using information from 2023, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.

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

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Notes to Financial Statements—(Continued)

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

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

	December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Insurance reserves	$	80,578	$	32,685
Investments	18,593		0
Net unrealized loss on securities	64,437		41,482
Other	1,544		1,766
Deferred tax assets	165,152		75,933
Deferred tax liabilities:
Deferred policy acquisition cost	47,216		21,540
Investments	0		1,054
Deferred tax liabilities	47,216		22,594
Net deferred tax asset (liability)	$	117,936	$	53,339

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

Changes in market conditions, including the significant rise in interest rates since the beginning of 2022, resulted in the recording of deferred tax assets related to net unrealized tax capital losses in the Company. When assessing recoverability of these deferred tax assets, the Company considers its ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31, 2024, based on all available evidence, including capital loss carryback capacity, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale securities portfolios are, more likely than not, expected to be realized.

The Company had no valuation allowance as of December 31, 2024, and 2023. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.

The Company’s "Income (loss) from operations before income taxes" includes income from domestic operations of $(50) million, $108 million and $(101) million for the years ended December 31, 2024, 2023 and 2022, respectively.

Tax Audit and Unrecognized Tax Benefits

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

The Company had no unrecognized tax benefits as of December 31, 2024, 2023, and 2022. The Company does not anticipate any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.

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Notes to Financial Statements—(Continued)

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

At December 31, 2024, the Company remains subject to examination in the U.S. for tax years 2014 through 2024.

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

13.    EQUITY

Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Statements of Operations and Comprehensive Income (Loss). Net unrealized investment gains (losses) are described in further detail in Note 2, Note 8 (Interest rate remeasurement of Liability for Future Policy Benefits) and Note 10 (Gains (losses) from Changes in Nonperformance Risk on Market Risk Benefits). The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:

	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Interest Rate Remeasurement of Future Policy Benefits		Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2021	$	(988)	$	121,075	$	(34,788)	$	16,688	$	101,987
Change in OCI before reclassifications	(336)		(375,622)		59,865		142,048		(174,045)
Amounts reclassified from AOCI	0		(863)		0		0		(863)
Income tax benefit (expense)	110		79,024		(12,573)		(29,830)		36,731
Balance, December 31, 2022	(1,214)		(176,386)		12,504		128,906		(36,190)
Change in OCI before reclassifications	225		58,121		(10,299)		(62,792)		(14,745)
Amounts reclassified from AOCI	0		394		0		0		394
Income tax benefit (expense)	(90)		(12,246)		2,164		13,186		3,014
Balance, December 31, 2023	(1,079)		(130,117)		4,369		79,300		(47,527)
Change in OCI before reclassifications	(246)		(84,176)		13,215		(39,254)		(110,461)
Amounts reclassified from AOCI	0		(758)		0		0		(758)
Income tax benefit (expense)	46		17,815		(2,775)		8,243		23,329
Balance, December 31, 2024	$	(1,279)	$	(197,236)	$	14,809	$	48,289	$	(135,417)

(1)Includes cash flow hedges of $12 million, $5 million and $14 million as of December 31, 2024, 2023 and 2022, respectively.

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Notes to Financial Statements—(Continued)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	4,498	$	1,175	$	4,895
Net unrealized investment gains (losses) on available-for-sale securities	(3,740)		(1,569)		(4,032)
Total net unrealized investment gains (losses)(4)	758		(394)		863
Total reclassifications for the period	$	758	$	(394)	$	863

(1)All amounts are shown before tax.

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

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

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

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Notes to Financial Statements—(Continued)

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. There are no amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized as of December 31, 2024. The amounts for the periods indicated below represent all other net unrealized investment gains (losses), are as follows:

	Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized		Net Unrealized Gains (Losses) on All Other  Investments(1)		Other Costs(2)		Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables		Income Tax Benefit (Expense)		AOCI Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2021	$	0	$	180,806	$	64,772	$	(92,319)	$	(32,184)	$	121,075
Net investment gains (losses) on investments arising during the period	0		(436,527)		0		0		91,638		(344,889)
Reclassification adjustment for (gains) losses included in net income	0		(863)		0		0		181		(682)
Impact of net unrealized investment (gains) losses	0		0		(148,484)		209,389		(12,795)		48,110
Balance, December 31, 2022	0		(256,584)		(83,712)		117,070		46,840		(176,386)
Net investment gains (losses) on investments arising during the period	0		63,919		0		0		(13,381)		50,538
Reclassification adjustment for (gains) losses included in net income	0		394		0		0		(82)		312
Impact of net unrealized investment (gains) losses	0		0		31,446		(37,244)		1,217		(4,581)
Balance, December 31, 2023	0		(192,271)		(52,266)		79,826		34,594		(130,117)
Net investment gains (losses) on investments arising during the period	38		(101,629)		0		0		21,313		(80,278)
Reclassification adjustment for (gains) losses included in net income	(57)		(701)		0		0		159		(599)
Impact of net unrealized investment (gains) losses	0		0		24,133		(6,718)		(3,657)		13,758
Balance, December 31, 2024	$	(19)	$	(294,601)	$	(28,133)	$	73,108	$	52,409	$	(197,236)

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

(2)"Other costs" primarily includes reinsurance recoverables.

14. STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS

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

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Notes to Financial Statements—(Continued)

The following table summarizes certain statutory financial information for the Company for the periods indicated:

	Years Ended December 31,
	2024		2023		2022
	(in millions)
Statutory net income (loss)	$	(722)	$	152	$	(134)
Statutory capital and surplus	1,320		1,080		851

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

The Company is subject to New Jersey law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the New Jersey Department of Banking and Insurance. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the greater of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. Based on     these limitations, there is a capacity to pay a dividend of $132 million in 2025 without prior approval. The Company did not pay dividends to Pruco Life in 2024, 2023, and 2022.

15. RELATED PARTY TRANSACTIONS

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

Expense Charges and Allocations

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

The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock based-awards program was $0.1 million for each of the years ended December 31, 2024, 2023 and 2022. The expense charged to the Company for the deferred compensation program was $0.6 million, $0.5 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $1 million for each of the years ended December 31, 2024, 2023 and 2022.

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $1 million for each of the years ended December 31, 2024, 2023 and 2022.

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Notes to Financial Statements—(Continued)

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $0.6 million, $0.6 million and $0.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $4 million for the year ended December 31, 2024.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $75 million, $42 million and $29 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $15 million, $16 million and $12 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Corporate-Owned Life Insurance

The Company has sold three COLI policies to Prudential Insurance and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $2,861 million and $2,452 million as of December 31, 2024 and 2023, respectively. Fees related to these COLI policies were $27 million, $25 million and $27 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company retains 10% of the mortality risk associated with these COLI policies up to $0.1 million per individual policy.

In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $897 million and $898 million as of December 31, 2024 and 2023, respectively. Interest income related to the policy loan was $42 million and $26 million for the years ended December 31, 2024 and 2023, respectively.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. (“PGIM”), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $3 million for each of the years ended December 31, 2024, 2023 and 2022. These expenses are recorded as “Net investment income” in the Statements of Operations and Comprehensive Income.

Derivative Trades

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

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $71 million and $58 million of investments in joint ventures as of December 31, 2024 and 2023, respectively. "Net investment income" related to these ventures includes gains of $5 million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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Notes to Financial Statements—(Continued)

Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $27 million, $27 million and $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income.

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $10 million, $8 million and $7 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income (Loss).

Affiliated Notes Receivable

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

	Maturity Dates	Interest Rates				2024		2023
						(in thousands)
U.S. dollar fixed rate notes	2032	0.00%	-	10.33	%	$	30,135	$	0
Total notes receivable - affiliated(1)						$	30,135	$	0

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

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

Accrued interest receivable related to these loan was $0.0 million at December 31, 2024, and is included in "Other assets". There was no accrued interest receivable related to these loans at December 31, 2023. Revenues were $0.0 million for each of the years ended December 31, 2024, 2023 and 2022, and are included in “Other income (loss).”

Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net," respectively. The table below shows affiliated asset trades for the years ended December 31, 2024 and 2023:

Affiliate	Date	Transaction	Security Type	Fair Value		Book Value		APIC, Net of Tax Increase/(Decrease)		Realized Investment Gain (Loss)
				(in thousands)
Prudential Insurance	June 2023	Purchase	Fixed Maturities	$	14,452	$	15,086	$	501	$	0
PURC	December 2023	Sale	Commercial Mortgage and Other Loans	$	762	$	754	$	0	$	8
PAR U	January 2024	Transfer in	Fixed Maturities	$	778,745	$	778,745	$	0	$	0
PURE	January 2024	Transfer out	Fixed Maturities	$	778,745	$	778,745	$	0	$	0
PAR U	June 2024	Purchase	Commercial Mortgage and Other Loans	$	12,555	$	12,555	$	0	$	0
Hirakata	October 2024	Purchase	Fixed Maturities	$	3,901	$	3,901	$	0	$	0
PAR U	October 2024	Transfer in	Fixed Maturities	$	632,927	$	632,927	$	0	$	0
Pruco Life	October 2024	Transfer out	Fixed Maturities	$	632,927	$	632,927	$	0	$	0

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Notes to Financial Statements—(Continued)

Debt Agreements

The Company is authorized to borrow funds up to $250 million from affiliates to meet its capital and other funding needs. There was no debt outstanding for both 2024 and 2023.

The total interest expense to the Company related to loans payable to affiliates was $0.0 million, $0.2 million and $0.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Contributed Capital and Dividends

In February and December 2023, the Company received capital contributions in the amount of $175 million and $82 million from Pruco Life, respectively. In February, March, September and December 2022, the Company received capital contributions in the amount of $100 million, $2 million, $100 million and $125 million from Pruco Life, respectively.

There was no return of capital in 2024, 2023 and 2022.

The Company did not pay any dividends in 2024, 2023 and 2022.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.

16. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Company has made commitments to fund commercial mortgage loans. As of December 31, 2024 and 2023, the outstanding balances on these commitments were $24 million and $20 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.0 million as of December 31, 2024, and no allowance for credit losses as of December 31,2023.There was a change in allowance of $0.0 million for the year ended December 31, 2024, and no change in allowance for the year ended December 31, 2023. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of December 31, 2024 and 2023, $127 million and $135 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2024 and 2023.

Contingent Liabilities

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

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

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

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Notes to Financial Statements—(Continued)

Litigation and Regulatory Matters

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

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2024, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $10 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

Regulatory

Variable Products

The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission (the “SEC”), concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter. In September 2024, the SEC notified the Company that the SEC has concluded its investigation and is not recommending an enforcement action.

Summary

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

17.    REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (UNAUDITED)

Revision to Financial Statements as of and for the Three Months Ended March 31, 2024

The Company identified errors which impacted the previously issued interim Financial Statements for the three months ended March 31, 2024. Certain life insurance reserves and a reinsurance recoverable balance associated with the modified coinsurance agreement with Prudential Insurance were not properly accounted for. Prior period amounts have been revised in the Financial Statements to correct these errors as shown below.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Management assessed the materiality of the misstatements described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to any prior interim periods. However, management determined it was appropriate to correctly present the financial statements as of and for the three months ended June 30, 2024. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Financial Statements for the three months ended March 31, 2024, will be revised when they are presented within the Quarterly Report on Form 10-Q for the period ended March 31, 2025.

The following are selected line items from the Financial Statements illustrating the effects of these adjustments:

Unaudited Interim Statements of Financial Position

	March 31, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
ASSETS
Reinsurance recoverables	$	4,008,437	$	(38,689)	$	3,969,748
Income tax assets	133,862		(4,633)		129,229
TOTAL ASSETS	$	23,829,953	$	(43,322)	$	23,786,631
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits	$	2,389,895	$	(30,838)	$	2,359,057
Other liabilities	1,002,953		(20,008)		982,945
Total liabilities	22,594,779		(50,846)		22,543,933
EQUITY
Total equity	1,235,174		7,524		1,242,698
TOTAL LIABILITIES AND EQUITY	$	23,829,953	$	(43,322)	$	23,786,631

Unaudited Interim Statements of Operations and Comprehensive Income (Loss)

	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
REVENUES
Policy charges and fee income	$	329,584	$	7,557	$	337,141
Realized investment gains (losses), net	(4,591)		443		(4,148)
TOTAL REVENUES	411,468		8,000		419,468
BENEFITS AND EXPENSES
Policyholders’ benefits	547,458		(3,365)		544,093
General, administrative and other expenses	13,831		(792)		13,039
TOTAL BENEFITS AND EXPENSES	551,898		(4,157)		547,741
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(140,430)		12,157		(128,273)
Income tax expense (benefit)	(53,516)		4,633		(48,883)
NET INCOME (LOSS)	$	(86,914)	$	7,524	$	(79,390)
Comprehensive income (loss)	$	(132,952)	$	7,524	$	(125,428)

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Unaudited Interim Statements of Equity

	Retained Earnings						Total Equity
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(in thousands)
Balance, December 31, 2023	$	381,140	$	0	$	381,140	$	1,368,126	$	0	$	1,368,126
Comprehensive income (loss):
Net income (loss)	(86,914)		7,524		(79,390)		(86,914)		7,524		(79,390)
Total comprehensive income (loss)	(86,914)		7,524		(79,390)		(132,952)		7,524		(125,428)
Balance, March 31, 2024	$	294,226	$	7,524	$	301,750	$	1,235,174	$	7,524	$	1,242,698

Unaudited Interim Statements of Cash Flows

	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(86,914)	$	7,524	$	(79,390)
Policy charges and fee income	(377,781)		(6,192)		(383,973)
Realized investment (gains) losses, net	4,591		(443)		4,148
Change in:
Future policy benefits and other insurance liabilities	98,729		(30,838)		67,891
Reinsurance recoverables	(29,618)		37,048		7,430
Income taxes	(53,545)		4,633		(48,912)
Other, net	464,674		(11,732)		452,942
Cash flows from (used in) operating activities	(18,869)		0		(18,869)

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Schedule I

Summary of Investments Other Than Investments in Related Parties

December 31, 2024

(in thousands)

Type of Investment	Amortized Cost or Cost		Fair Value		Amount Shown in the Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	51,847	$	48,806	$	48,806
Obligations of U.S. states and their political subdivisions	156,065		146,780		146,780
Foreign governments	85,052		65,754		65,754
Asset-backed securities	46,956		46,620		46,620
Commercial mortgage-backed securities	96,459		91,022		91,022
Residential mortgage-backed securities	15,390		14,766		14,766
Public utilities	465,028		407,569		407,569
All other corporate bonds	2,107,358		1,895,620		1,895,620
Total fixed maturities, available-for-sale	$	3,024,155	$	2,716,937	$	2,716,937
Equity securities:
Common stocks:
Other common stocks	$	304	$	0	$	0
Mutual funds	49		62		62
Perpetual preferred stocks	0		0		0
Total equity securities, at fair value	$	353	$	62	$	62
Fixed maturities, trading	$	23,955	$	21,252	$	21,252
Commercial mortgage and other loans	477,328				477,328
Policy loans	1,118,589				1,118,589
Short-term investments	11,394				11,394
Other invested assets	233,212				233,212
Total investments	$	4,888,986			$	4,578,774

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