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Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2025-$38,744; 2024-$40,414) (amortized cost: 2025–$46,290,215; 2024–$36,980,933)(1) [1] $ 45,686,539 $ 34,986,160
Fixed maturities, trading, at fair value (amortized cost: 2025–$5,224,136; 2024–$4,415,277) 4,895,206 3,845,045
Equity securities, at fair value (cost: 2025– $1,373,433; 2024–$2,650,542) 1,413,903 2,623,820
Policy loans 1,625,194 1,541,480
Short-term investments (net of allowance for credit losses: 2025-$69; 2024-$49) 236,111 517,386
Commercial mortgage and other loans (net of $48,833 and $37,715 allowance for credit losses at September 30, 2025 and December 31, 2024, respectively) 9,702,695 7,759,323
Other invested assets (includes $185,600 and $68,623 of assets measured at fair value at September 30, 2025 and December 31, 2024, respectively)(1) [2] 2,312,006 1,582,094
Total investments 65,871,654 52,855,308
Cash and cash equivalents (allowance for credit losses: 2025-$5; 2024-$0) 2,218,493 3,325,698
Deferred policy acquisition costs 8,427,917 7,807,060
Accrued investment income(1) [1] 563,184 466,394
Reinsurance Recoverables and deposit receivables (includes $753,654 and $645,193 of embedded derivatives at fair value at September 30, 2025 and December 31, 2024, respectively) 51,591,454 48,247,817
Receivables from parent and affiliates 646,006 678,028
Deferred sales inducements 303,834 322,351
Income tax assets [1] 2,065,549 2,120,654
Market risk benefit assets 2,584,710 2,637,363
Other assets [1] 1,865,284 1,850,800
Separate account assets 119,905,139 118,143,256
TOTAL ASSETS 256,043,224 238,454,729
LIABILITIES    
Policyholders’ account balances 82,670,415 69,628,318
Future policy benefits 26,797,497 25,113,767
Market risk benefit liabilities 4,618,333 4,281,244
Cash collateral for loaned securities 123,845 121,372
Reinsurance and funds withheld payables 9,846,615 8,611,141
Payables to parent and affiliates [2] 1,877,279 3,653,848
Other liabilities [2] 3,998,738 4,199,803
Notes issued by consolidated variable interest entities (includes $17,538 and $0 measured at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)(1) [2] 17,538 0
Separate account liabilities 119,905,139 118,143,256
Total liabilities 249,855,399 233,752,749
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 16)
EQUITY    
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding) 2,500 2,500
Additional paid-in capital 5,404,319 4,923,299
Retained earnings / (accumulated deficit) 588,469 272,519
Accumulated other comprehensive income (loss) 94,641 (601,877)
Total Pruco Life Insurance Company equity 6,089,929 4,596,441
Noncontrolling Interests 97,896 105,539
Total equity 6,187,825 4,701,980
TOTAL LIABILITIES AND EQUITY $ 256,043,224 $ 238,454,729
[1] See Note 4 for details of balances associated with variable interest entities.
[2]
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.
 September 30, 2025December 31, 2024
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,711 $0 $(126)$2,851 $0 $(209)
Foreign Currency Swaps4,339,466 88,554 (213,498)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$4,342,177 $88,554 $(213,624)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$193,248,460 $8,054,508 $(19,736,940)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures1,817,500 1,014 (2,051)1,518,400 1,967 (1,443)
Interest Rate Options26,725,000 110,164 (1,204,126)29,135,000 279,414 (1,406,265)
Interest Rate Forwards0 0 0 0 0 0 
Interest Rate Total Return Swaps341,6694,8820 223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards2,316,193 10,343 (7,047)1,146,861 30,078 (181)
Credit
Credit Default Swaps849,9508,7420 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,225,11161,881 (50,429)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps28,343,850 2,602,653 (2,473,843)23,025,217 1,160,080 (1,182,913)
Equity Options211,675,759 9,174,115 (7,346,036)117,107,059 4,453,762 (3,717,637)
Equity Futures813,379 1,692 (908)1,802,205 15 (6,060)
Synthetic GICs4,180,490 0 0 3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$472,537,361 $20,029,994 $(30,821,380)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$476,879,538 $20,118,548 $(31,035,004)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,025 million and $11,968 million as of September 30, 2025 and December 31, 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets”, “Payables to parent and affiliates” and "Other liabilities" on the Unaudited Interim Consolidated Statements of Financial Position.