Exhibit 99.2

Prudential Financial, Inc. (PRU)

Quarterly Financial Supplement

Second Quarter 2020

 Reference is made to Prudential Financial, Inc.'s (PFI) filings with the Securities and

 Exchange Commission for general information, and consolidated financial information. All

 financial information in this document is unaudited.

i

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	TABLE OF CONTENTS
			Page
	HIGHLIGHTS
	Financial Metrics Summary		1
	Financial Highlights		2
	Other Financial Highlights		3
	Operations Highlights		4
	Combined Statements of Operations		5
	Consolidated Balance Sheets		6
	Combining Balance Sheets		7
	Short-Term and Long-Term Debt - Unaffiliated		8
	PGIM
	Statements of Operations		9
	Supplementary Revenue and Assets Under Management Information		10
	Supplementary Assets Under Management Information		11
	U.S.BUSINESSES
	Combined Statements of Operations		12
	U.S. WORKPLACE SOLUTIONS DIVISION
	Combined Statements of Operations		13
	Statements of Operations - Retirement		14
	Retirement Sales Results and Account Values		15
	Statements of Operations - Group Insurance		16
	Group Insurance Supplementary Information		17
	U.S. INDIVIDUAL SOLUTIONS DIVISION
	Combined Statements of Operations		18
	Statements of Operations - Individual Annuities		19
	Individual Annuities Sales Results and Account Values		20
	Individual Annuities Account Value Activity		21
	Individual Annuities Living Benefit Features		22
	Individual Annuities Death Benefit Features		23
	Statements of Operations - Individual Life		24
	Individual Life Supplementary Information		25
	ASSURANCE IQ DIVISION
	Statements of Operations		26
	INTERNATIONAL BUSINESSES
	Combined Statements of Operations		27
	Statements of Operations - Life Planner		28
	Statements of Operations - Gibraltar Life and Other		29
	Sales Results and Supplementary Information		30
	CORPORATE AND OTHER
	Statements of Operations		32
	INVESTMENT PORTFOLIO
	Investment Portfolio Composition		33
	Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations		34
	Investment Results		35
	Investment Results - Japanese Insurance Operations		36
	Investment Results - Excluding Japanese Insurance Operations		37
	INCOME STATEMENT IMPACT FROM ANNUAL ACTUARIAL ASSUMPTION UPDATES AND OTHER REFINEMENTS		38
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES		39
	KEY DEFINITIONS AND FORMULAS		41
	RATINGS AND INVESTOR INFORMATION		44

ii

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	The quarterly financial supplement reflects the reclassification of the results of The Prudential Life Insurance Company of Korea, Ltd. (“POK”) from International Businesses to Divested and Run-off Businesses in Corporate and Other for all periods presented due to its anticipated sale. POK’s results are excluded from adjusted operating income as a result of the operation being held for sale.

iii

	Prudential Financial, Inc.
	Quarterly Financial Supplement
	Second Quarter 2020
		FINANCIAL METRICS SUMMARY
		(in millions, except per share data)
			2019						2020				Year-to-date
			2Q		3Q		4Q		1Q		2Q		2019			2020		% change
Earnings
	Adjusted operating income (loss) before income taxes:
		PGIM	264		232		288		164		324		478			488		2%
		U.S. Businesses:
		U.S. Workplace Solutions division	548		392		342		289		286		852			575		-33%
		U.S. Individual Solutions division	327		518		508		353		185		904			538		-40%
		Assurance IQ division	—		—		(9	)	(23	)	(16	)	—			(39	)	-
		Total U.S. Businesses	875		910		841		619		455		1,756			1,074		-39%
		International Businesses	790		737		745		698		693		1,649			1,391		-16%
		Corporate and Other	(335	)	(281	)	(738	)	(342	)	(541	)	(747	)		(883	)	-18%
	Total adjusted operating income before income taxes		1,594		1,598		1,136		1,139		931		3,136			2,070		-34%
	Income taxes, applicable to adjusted operating income		332		309		226		240		189		663			429		-35%
	After-tax adjusted operating income		1,262		1,289		910		899		742		2,473			1,641		-34%
	Income (loss) attributable to Prudential Financial, Inc.		708		1,418		1,128		(271	)	(2,409	)	1,640			(2,680	)	-263%
Return on Equity
	Operating Return on Average Equity (based on adjusted operating income) (1)		12.7	%	12.9	%	9.0	%	8.9	%	7.8	%	12.4	%		8.4	%
	Return on Average Equity (based on net income (loss))		4.9	%	8.9	%	7.0	%	-1.8	%	-15.3	%	6.0	%		-8.5	%
Distributions to Shareholders
	Dividends paid		411		412		406		445		441		826			886		7%
	Share repurchases		500		1,000		500		500		—		1,000			500		-50%
	Total capital returned		911		1,412		906		945		441		1,826			1,386		-24%
Per Share Data
	Net income (loss) (diluted)		1.71		3.44		2.76		(0.70	)	(6.12	)	3.93			(6.80	)	-273%
	Adjusted Operating Income (diluted)		3.03		3.12		2.23		2.22		1.85		5.91			4.07		-31%
	Shareholder dividends		1.00		1.00		1.00		1.10		1.10		2.00			2.20		10%
	Book value		150.04		163.19		155.88		152.45		165.53
	Book value excluding AOCI and FX (2)		97.15		99.67		101.04		99.71		92.07
Shares Outstanding
	Weighted average number of common shares (basic)		405.3		404.1		400.7		397.0		394.6		407.3			395.8		-3%
	Weighted average number of common shares (diluted)		413.9		408.5		403.7		399.6		396.1		415.8			397.8		-4%
	End of period common shares (basic)		403.0		398.3		398.8		393.8		394.6
	End of period common shares (diluted)		414.3		403.2		404.9		396.5		398.1
__________
(1) Operating Return on Average Equity (based on adjusted operating income) is a non-GAAP measure and represents adjusted operating income after-tax, annualized for interim periods, divided by average Prudential Financial, Inc. equity excluding accumulated other comprehensive income and adjusted to remove amounts included for foreign currency exchange rate remeasurement as described on page 3.
(2) AOCI represents accumulated other comprehensive income and FX represents the remeasurement of foreign currency. See page 3 for further details.

Page 1

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	FINANCIAL HIGHLIGHTS
	(in millions, except per share data)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	Earnings per share of Common Stock (diluted):
	After-tax adjusted operating income	3.03		3.12		2.23		2.22		1.85			5.91		4.07
	Reconciling items:
	Realized investment gains (losses), net, and related charges and adjustments (1)	(1.58	)	0.57		0.31		(1.48	)	(6.75	)		(3.01	)	(8.21	)
	Market experience updates	(0.50	)	(0.77	)	0.15		(2.35	)	0.14			(0.50	)	(2.23	)
	Divested and Run-off Businesses:
	Closed Block division	(0.05	)	0.11		0.08		—		(0.06	)		(0.10	)	(0.06	)
	Other Divested and Run-off Businesses	0.41		0.48		0.18		0.06		(1.52	)		1.00		(1.46	)
	Difference in earnings allocated to participating unvested share-based payment awards	0.01		—		—		0.02		0.01			0.02		0.02
	Other adjustments (2)	—		—		(0.12	)	0.11		0.08			—		0.19
	Total reconciling items, before income taxes	(1.71	)	0.39		0.60		(3.64	)	(8.10	)		(2.59	)	(11.75	)
	Income taxes, not applicable to adjusted operating income	(0.39	)	0.07		0.07		(0.72	)	(0.13	)		(0.61	)	(0.88	)
	Total reconciling items, after income taxes	(1.32	)	0.32		0.53		(2.92	)	(7.97	)		(1.98	)	(10.87	)
	Net income (loss) attributable to Prudential Financial, Inc.	1.71		3.44		2.76		(0.70	)	(6.12	)		3.93		(6.80	)
	Weighted average number of outstanding common shares (basic)	405.3		404.1		400.7		397.0		394.6			407.3		395.8
	Weighted average number of outstanding common shares (diluted)	413.9		408.5		403.7		399.6		396.1			415.8		397.8
	For earnings per share of Common Stock calculation:
	Net income (loss) attributable to Prudential Financial, Inc.	708		1,418		1,128		(271	)	(2,409	)		1,640		(2,680	)
	Earnings related to interest, net of tax, on exchangeable surplus notes	6		1		—		—		—			11		—
	Less: Earnings allocated to participating unvested share-based payment awards	8		15		12		5		6			18		11
	Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	706		1,404		1,116		(276	)	(2,415	)		1,633		(2,691	)
	After-tax adjusted operating income	1,262		1,289		910		899		742			2,473		1,641
	Earnings related to interest, net of tax, on exchangeable surplus notes	6		1		—		—		—			11		—
	Less: Earnings allocated to participating unvested share-based payment awards	15		14		11		11		9			28		20
	After-tax adjusted operating income for earnings per share of Common Stock calculation	1,253		1,276		899		888		733			2,456		1,621
	___________
	(1) The amounts for second and third quarters of 2019 have been reclassified to conform to current period presentation.
	(2) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.

Page 2

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	OTHER FINANCIAL HIGHLIGHTS
	(in millions, except per share data)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019	2020
	Capitalization Data (1):
	Senior Debt:
	Short-term Debt	2,659		1,490		1,933		2,539		1,130
	Long-term Debt	10,269		11,577		11,071		12,571		12,582
	Junior Subordinated Long-term Debt	7,572		7,574		7,575		7,578		7,580
	Prudential Financial, Inc. Equity:
	Including accumulated other comprehensive income	61,660		65,798		63,115		60,447		65,897
	Excluding accumulated other comprehensive income (2)	37,678		38,240		39,076		37,847		35,060
	Amount included above for remeasurement of foreign currency (3)	(2,070	)	(1,946	)	(1,835	)	(1,687	)	(1,593	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)	39,748		40,186		40,911		39,534		36,653
	Book Value per Share of Common Stock:
	Including accumulated other comprehensive income (4)	150.04		163.19		155.88		152.45		165.53
	Excluding accumulated other comprehensive income (2)(4)	92.15		94.84		96.51		95.45		88.07
	Amount included above for remeasurement of foreign currency (3)	(5.00	)	(4.83	)	(4.53	)	(4.26	)	(4.00	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)(4)	97.15		99.67		101.04		99.71		92.07
	End of period number of common shares (diluted) (5)	414.3		403.2		404.9		396.5		398.1
	Common Stock Price Range (based on closing price):
	High	105.71		103.27		95.27		97.10		74.73			105.71	97.10
	Low	92.38		78.29		84.95		39.22		46.09			81.27	39.22
	Close	101.00		89.95		93.74		52.14		60.90			101.00	60.90
	Common Stock market capitalization (1)	40,703		35,827		37,384		20,533		24,031
__________
(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
(4) Book value per share of Common Stock (including AOCI, excluding AOCI, and excluding AOCI and remeasurement of foreign currency) as of the second quarter of 2019 includes a $500 million increase in equity and a 6.2 million increase in diluted shares reflecting the dilutive impact of exchangeable surplus notes when book value per share of Common Stock is greater than $80.73. The $500 million of exchangeable surplus notes were converted into 6.2 million shares of Common Stock in the third quarter of 2019.
(5) The number of diluted shares at the end of the second quarter of 2019 includes the impact of exchangeable surplus notes due to the dilutive impact of conversion. The exchangeable surplus notes were converted to Common Stock in the third quarter of 2019.

Page 3

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	OPERATIONS HIGHLIGHTS
		2019			2020			Year-to-date
		2Q	3Q	4Q	1Q	2Q		2019	2020
	Assets Under Management and Administration ($ billions) (1)(2):
	PGIM:
	Institutional customers	534.9	539.8	552.8	524.8	571.2
	Retail customers (3)	287.9	291.3	305.6	282.4	320.2
	General account	459.8	474.7	472.6	488.5	503.1
	Total PGIM	1,282.6	1,305.8	1,331.0	1,295.7	1,394.5
	U.S. Businesses:
	U.S. Workplace Solutions division	90.9	90.7	91.6	87.7	93.0
	U.S. Individual Solutions division (3)	110.3	109.4	114.2	83.5	104.0
	Total U.S. Businesses	201.2	200.1	205.8	171.2	197.0
	International Businesses	13.6	12.9	14.1	14.5	13.8
	Total assets under management	1,497.4	1,518.8	1,550.9	1,481.4	1,605.3
	Client assets under administration	273.0	273.5	291.6	262.1	285.8
	Total assets under management and administration	1,770.4	1,792.3	1,842.5	1,743.5	1,891.1
	Assets managed or administered for customers outside of the United States	403.4	410.5	420.3	405.4	410.7
	Distribution Representatives (1):
	Prudential Advisors	3,132	3,161	3,048	3,040	3,075
	International Life Planners	6,544	6,688	6,759	6,860	6,850
	Gibraltar Life Consultants	7,767	7,633	7,403	7,205	7,150
	Prudential Advisor productivity ($ thousands)	62	65	84	61	54		58	58
	__________
	(1) As of end of period.
	(2) At fair market value.
	(3) The amounts for second, third and fourth quarters of 2019 have been reclassified to conform to current period presentation.

Page 4

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
COMBINED STATEMENTS OF OPERATIONS
(in millions)
	2019						2020				Year-to-date
	2Q		3Q		4Q		1Q		2Q		2019			2020		% change
Revenues (1):
Premiums	7,150		6,066		10,303		6,850		6,844		14,142			13,694		-3%
Policy charges and fee income	1,489		1,528		1,549		1,485		1,513		2,993			2,998		—%
Net investment income	3,580		3,614		3,705		3,438		3,452		7,001			6,890		-2%
Asset management fees, commissions and other income	1,444		1,324		1,503		1,176		1,269		2,747			2,445		-11%
Total revenues	13,663		12,532		17,060		12,949		13,078		26,883			26,027		-3%
Benefits and Expenses (1):
Insurance and annuity benefits	7,513		6,504		10,807		7,303		7,425		14,742			14,728		—%
Interest credited to policyholders' account balances	950		979		978		945		932		1,892			1,877		-1%
Interest expense	392		377		385		387		397		778			784		1%
Deferral of acquisition costs	(676	)	(707	)	(695	)	(698	)	(570	)	(1,398	)		(1,268	)	9%
Amortization of acquisition costs	712		505		508		555		573		1,225			1,128		-8%
General and administrative expenses	3,178		3,276		3,941		3,318		3,390		6,508			6,708		3%
Total benefits and expenses	12,069		10,934		15,924		11,810		12,147		23,747			23,957		1%
Adjusted operating income before income taxes	1,594		1,598		1,136		1,139		931		3,136			2,070		-34%
Income taxes, applicable to adjusted operating income	332		309		226		240		189		663			429		-35%
After-tax adjusted operating income	1,262		1,289		910		899		742		2,473			1,641		-34%
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments (2)	(654	)	233		124		(593	)	(2,672	)	(1,251	)		(3,265	)	-161%
Market experience updates	(207	)	(314	)	62		(941	)	55		(207	)		(886	)	-328%
Divested and Run-off Businesses:
Closed Block division	(21	)	45		31		(1	)	(22	)	(40	)		(23	)	43%
Other Divested and Run-off Businesses	168		197		71		22		(602	)	415			(580	)	-240%
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests	(4	)	(34	)	(33	)	(9	)	(54	)	(37	)		(63	)	-70%
Other adjustments (3)	—		—		(47	)	45		32		—			77		-
Total reconciling items, before income taxes	(718	)	127		208		(1,477	)	(3,263	)	(1,120	)		(4,740	)	-323%
Income taxes, not applicable to adjusted operating income	(170	)	23		(5	)	(298	)	(74	)	(269	)		(372	)	-38%
Total reconciling items, after income taxes	(548	)	104		213		(1,179	)	(3,189	)	(851	)		(4,368	)	-413%
Income (loss) before income taxes and equity in earnings of operating joint ventures	876		1,725		1,344		(338	)	(2,332	)	2,016			(2,670	)	-232%
Income tax expense (benefit)	162		332		221		(58	)	115		394			57		-86%
Income (loss) before equity in earnings of operating joint ventures	714		1,393		1,123		(280	)	(2,447	)	1,622			(2,727	)	-268%
Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests	(6	)	25		5		9		38		18			47		161%
Income (loss) attributable to Prudential Financial, Inc.	708		1,418		1,128		(271	)	(2,409	)	1,640			(2,680	)	-263%
Earnings attributable to noncontrolling interests	30		7		10		1		4		35			5		-86%
Net income (loss)	738		1,425		1,138		(270	)	(2,405	)	1,675			(2,675	)	-260%
Less: Income attributable to noncontrolling interests	30		7		10		1		4		35			5		-86%
Net income (loss) attributable to Prudential Financial, Inc.	708		1,418		1,128		(271	)	(2,409	)	1,640			(2,680	)	-263%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, revenues of Divested and Run-off Businesses, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition, and include revenues representing equity in earnings of operating joint ventures other than those classified as Divested and Run-off Businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, benefits and expenses of Divested and Run-off Businesses, and certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates. See pages 39 and 40 for reconciliation.
(2) The amounts for second and third quarters of 2019 have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.

Page 5

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	CONSOLIDATED BALANCE SHEETS
	(in millions)
		06/30/2019	09/30/2019	12/31/2019	03/31/2020	06/30/2020
	Assets:
	Investments:
	Fixed maturities, available-for-sale, at fair value
	(amortized cost $340,564; $342,567; $346,574; $349,665; $353,812; net of allowance for credit losses at 03/31/2020 and 06/30/2020 $158 and $238) (2)	383,390	391,657	391,096	389,714	407,944
	Fixed maturities, held-to-maturity, at amortized cost
	(fair value $2,410; $2,359; $2,302; $2,249; $2,231; net of allowance for credit losses at 03/31/2020 and 6/30/2020 $9 and $9) (1)	2,009	1,958	1,933	1,895	1,875
	Fixed maturities, trading, at fair value
	(amortized cost $3,807; $3,873; $3,917; $3,931; $4,089)	3,755	3,779	3,884	3,621	3,933
	Assets supporting experience-rated contractholder liabilities, at fair value	21,843	22,267	21,597	21,580	23,245
	Equity securities, at fair value
	(cost $5,205; $5,363; $5,560; $5,695; $5,704) (2)	6,804	7,014	7,522	6,176	7,010
	Commercial mortgage and other loans
	(net of allowance for credit losses $120; $121; $121; $240; $245) (1)(2)	61,228	61,833	63,559	63,559	63,469
	Policy loans (2)	12,030	12,022	12,096	12,099	12,283
	Other invested assets
	(net of allowance for credit losses at 03/31/2020 and 6/30/2020 $1 and $2) (1)(2)	15,081	15,654	15,606	18,071	16,757
	Short-term investments
	(net of allowance for credit losses at 03/31/2020 and 6/30/2020 $4 and $0) (2)	5,872	7,320	5,467	7,961	11,416
	Total investments	512,012	523,504	522,760	524,676	547,932
	Cash and cash equivalents (2)	15,421	18,289	16,327	31,646	21,149
	Accrued investment income (2)	3,355	3,248	3,330	3,221	3,296
	Deferred policy acquisition costs (1)(2)	19,540	19,484	19,912	19,738	19,667
	Value of business acquired	1,227	1,106	1,110	1,070	1,040
	Other assets
	(net of allowance for credit losses at 03/31/2020 and 6/30/2020 $6 and $8) (1)(2)	18,690	18,761	20,832	20,694	21,301
	Separate account assets (2)	303,580	301,234	312,281	272,667	301,002
	Total assets	873,825	885,626	896,552	873,712	915,387
	Liabilities:
	Future policy benefits (2)	285,527	291,742	293,527	310,817	312,759
	Policyholders' account balances (2)	151,428	152,527	152,110	155,898	158,237
	Securities sold under agreements to repurchase	9,741	9,241	9,681	10,557	10,488
	Cash collateral for loaned securities	4,235	4,728	4,213	3,396	3,447
	Income taxes (1)(2)	11,485	12,664	11,378	11,117	13,261
	Senior short-term debt	2,659	1,490	1,933	2,539	1,130
	Senior long-term debt	10,269	11,577	11,071	12,571	12,582
	Junior subordinated long-term debt	7,572	7,574	7,575	7,578	7,580
	Other liabilities
	(net of allowance for credit losses at 03/31/2020 and 6/30/2020 $19 and $19) (1)(2)	23,930	25,302	27,790	24,249	27,196
	Notes issued by consolidated variable interest entities	1,246	1,233	1,274	1,251	1,197
	Separate account liabilities (2)	303,580	301,234	312,281	272,667	301,002
	Total liabilities	811,672	819,312	832,833	812,640	848,879
	Equity:
	Accumulated other comprehensive income	23,982	27,558	24,039	22,600	30,837
	Other equity	37,678	38,240	39,076	37,847	35,060
	Total Prudential Financial, Inc. equity	61,660	65,798	63,115	60,447	65,897
	Noncontrolling interests	493	516	604	625	611
	Total equity	62,153	66,314	63,719	61,072	66,508
	Total liabilities and equity	873,825	885,626	896,552	873,712	915,387
	__________
	(1) 2020 amounts include the impacts of the January 1, 2020 adoption of ASU 2016-13, Financial Instruments - Credit losses.
	(2) June 30, 2020 amounts include assets and liabilities held for sale which aggregate to $20,835 million and $17,141 million, respectively, related to the pending sale of The Prudential Life Insurance Company of Korea, Ltd.

Page 6

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINING BALANCE SHEETS
	(in millions)
		As of June 30, 2020
		Consolidated PFI	Closed Block Division		PFI Excluding Closed Block Division	PGIM		U.S. Workplace Solutions Division	U.S. Individual Solutions Division	Assurance IQ Division	International Businesses	Corporate and Other
	Assets:
	Total investments	547,932	60,519		487,413	5,211		148,541	86,574	51	206,003	41,033
	Deferred policy acquisition costs	19,667	221		19,446	—		289	10,730	—	7,613	814
	Other assets	46,786	1,009		45,777	3,192		8,276	21,558	2,548	12,175	(1,972	)
	Separate account assets	301,002	—		301,002	39,319		89,985	172,826	—	820	(1,948	)
	Total assets	915,387	61,749		853,638	47,722		247,091	291,688	2,599	226,611	37,927
	Liabilities:
	Future policy benefits	312,759	47,142		265,617	—		72,777	48,356	—	125,234	19,250
	Policyholders' account balances	158,237	4,914		153,323	—		63,060	38,729	—	50,127	1,407
	Debt	21,292	—		21,292	1,696		657	7,068	130	99	11,642
	Other liabilities	55,589	11,295		44,294	3,680		6,210	9,212	118	17,928	7,146
	Separate account liabilities	301,002	—		301,002	39,319		89,985	172,826	—	820	(1,948	)
	Total liabilities	848,879	63,351		785,528	44,695		232,689	276,191	248	194,208	37,497
	Equity:
	Accumulated other comprehensive income	30,837	20		30,817	(86	)	7,461	5,076	3	17,627	736
	Other equity	35,060	(1,636	)	36,696	2,093		6,875	10,400	2,348	14,741	239
	Total Prudential Financial, Inc. equity	65,897	(1,616	)	67,513	2,007		14,336	15,476	2,351	32,368	975
	Noncontrolling interests	611	14		597	1,020		66	21	—	35	(545	)
	Total equity	66,508	(1,602	)	68,110	3,027		14,402	15,497	2,351	32,403	430
	Total liabilities and equity	915,387	61,749		853,638	47,722		247,091	291,688	2,599	226,611	37,927
		As of December 31, 2019
		Consolidated PFI	Closed Block Division		PFI Excluding Closed Block Division	PGIM		U.S. Workplace Solutions Division	U.S. Individual Solutions Division	Assurance IQ Division	International Businesses	Corporate and Other
	Assets:
	Total investments	522,760	60,331		462,429	4,606		142,114	73,910	101	201,032	40,666
	Deferred policy acquisition costs	19,912	235		19,677	—		300	10,809	—	7,767	801
	Other assets	41,599	761		40,838	3,424		9,586	16,248	2,538	10,729	(1,687	)
	Separate account assets	312,281	—		312,281	39,625		89,865	184,145	—	853	(2,207	)
	Total assets	896,552	61,327		835,225	47,655		241,865	285,112	2,639	220,381	37,573
	Liabilities:
	Future policy benefits	293,527	47,614		245,913	—		72,890	32,568	—	121,442	19,013
	Policyholders' account balances	152,110	4,973		147,137	—		57,634	37,669	—	50,461	1,373
	Debt	20,579	—		20,579	1,751		665	7,421	64	95	10,583
	Other liabilities	54,336	10,379		43,957	3,288		8,691	8,849	197	17,326	5,606
	Separate account liabilities	312,281	—		312,281	39,625		89,865	184,145	—	853	(2,207	)
	Total liabilities	832,833	62,966		769,867	44,664		229,745	270,652	261	190,177	34,368
	Equity:
	Accumulated other comprehensive income (loss)	24,039	(12	)	24,051	(53	)	5,349	2,691	—	16,380	(316	)
	Other equity	39,076	(1,641	)	40,717	2,047		6,704	11,748	2,378	13,756	4,084
	Total Prudential Financial, Inc. equity	63,115	(1,653	)	64,768	1,994		12,053	14,439	2,378	30,136	3,768
	Noncontrolling interests	604	14		590	997		67	21	—	68	(563	)
	Total equity	63,719	(1,639	)	65,358	2,991		12,120	14,460	2,378	30,204	3,205
	Total liabilities and equity	896,552	61,327		835,225	47,655		241,865	285,112	2,639	220,381	37,573

Page 7

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
	(in millions)
		As of June 30, 2020				As of December 31, 2019
		Senior Debt				Senior Debt
		Short-term Debt	Long-term Debt	Junior Subordinated Long-term Debt	Total Debt	Short-term Debt	Long-term Debt		Junior Subordinated Long-term Debt	Total Debt
	Borrowings by use of proceeds:
	Capital Debt	—	6,354	7,580	13,934	—	7,001		7,575	14,576
	Operating Debt	1,028	5,564	—	6,592	1,728	3,425		—	5,153
	Limited recourse and non-recourse borrowing	102	664	—	766	205	645		—	850
	Total Debt	1,130	12,582	7,580	21,292	1,933	11,071		7,575	20,579
		As of June 30, 2020				As of December 31, 2019
			The Prudential				The Prudential
		Prudential	Insurance Co.	Other		Prudential	Insurance Co.		Other
		Financial, Inc.	of America (1)(2)	Affiliates	Total Debt	Financial, Inc.	of America (1)(2)		Affiliates	Total Debt
	Borrowings by sources:
	Capital Debt	13,433	443	58	13,934	14,078	441		57	14,576
	Operating Debt	6,044	548	—	6,592	4,557	596		—	5,153
	Limited recourse and non-recourse borrowing	—	459	307	766	—	537		313	850
	Total Debt	19,477	1,450	365	21,292	18,635	1,574		370	20,579
__________
(1) Includes Prudential Funding, LLC.
(2) Capital Debt at Prudential Insurance Co. of America includes $343 million of surplus notes as of June 30, 2020 and $342 million as of December 31, 2019.

Page 8

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - PGIM
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019			2020		% change
	Revenues (1):
	Premiums	—		—		—		—		—		—			—		-
	Policy charges and fee income	—		—		—		—		—		—			—		-
	Net investment income	33		28		76		4		92		96			96		—%
	Asset management fees, commissions and other income	893		827		862		774		865		1,700			1,639		-4%
	Total revenues	926		855		938		778		957		1,796			1,735		-3%
	Benefits and Expenses (1):
	Insurance and annuity benefits	—		—		—		—		—		—			—		-
	Interest credited to policyholders' account balances	—		—		—		—		—		—			—		-
	Interest expense	12		12		13		11		9		24			20		-17%
	Deferral of acquisition costs	(2	)	(2	)	(2	)	(2	)	(2	)	(3	)		(4	)	-33%
	Amortization of acquisition costs	1		2		1		2		2		3			4		33%
	General and administrative expenses	651		611		638		603		624		1,294			1,227		-5%
	Total benefits and expenses	662		623		650		614		633		1,318			1,247		-5%
	Adjusted operating income before income taxes	264		232		288		164		324		478			488		2%
	Total revenues	926		855		938		778		957		1,796			1,735		-3%
	Less: Passthrough distribution revenue	28		28		29		29		26		55			55		—%
	Less: Revenue associated with consolidations	50		10		11		(36	)	44		84			8		-90%
	Total adjusted revenues (2)	848		817		898		785		887		1,657			1,672		1%
	Adjusted operating margin (2)(3)	31.1	%	28.4	%	32.1	%	20.9	%	36.5	%	28.8	%		29.2	%
	__________
	(1) Revenues exclude realized investment gains, net of losses. Benefits and expenses include charges for income attributable to noncontrolling interests.
	(2) Not calculated in accordance with GAAP. Adjusted revenue excludes passthrough distribution revenue and revenue associated with consolidations. Adjusted operating income before income taxes as a percentage of total adjusted revenues.
	(3) Reported Operating Margin based on total revenues is 33.9%, 21.1%, 30.7%, 27.1%, and 28.5%, for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019, respectively and 28.1% and 26.6% for the six months ended June 30, 2020, and June 30, 2019, respectively.

Page 9

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	PGIM - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION
		2019			2020		Year-to-date
		2Q	3Q	4Q	1Q	2Q	2019	2020	% change
	Supplementary Revenue Information (in millions):
	Analysis of revenues by type:
	Asset management fees	671	676	691	693	690	1,315	1,383	5%
	Other related revenues (1)	115	50	115	22	117	215	139	-35%
	Service, distribution and other revenues	140	129	132	63	150	266	213	-20%
	Total PGIM revenues	926	855	938	778	957	1,796	1,735	-3%
	Analysis of asset management fees by source:
	Institutional customers	319	323	329	328	325	631	653	3%
	Retail customers	220	223	226	229	227	429	456	6%
	General account	132	130	136	136	138	255	274	7%
	Total asset management fees	671	676	691	693	690	1,315	1,383	5%
	Supplementary Assets Under Management Information (at fair market value) (in billions) (2):
		June 30, 2020
		Public Equity	Public Fixed Income	Real Estate	Private Credit and Other Alternatives	Multi-Asset	Total
	Institutional customers	48.9	443.9	48.9	24.7	4.8	571.2
	Retail customers	109.7	152.0	1.8	0.5	56.2	320.2
	General account	4.0	354.8	67.2	77.1	—	503.1
	Total	162.6	950.7	117.9	102.3	61.0	1,394.5
		June 30, 2019
		Public Equity	Public Fixed Income	Real Estate	Private Credit and Other Alternatives	Multi-Asset	Total
	Institutional customers	54.9	404.7	48.3	23.0	4.0	534.9
	Retail customers	105.2	119.7	1.9	0.3	60.8	287.9
	General account	4.0	321.9	63.5	70.3	0.1	459.8
	Total	164.1	846.3	113.7	93.6	64.9	1,282.6
__________
(1) Other related revenues, net of related expenses are $97 million, ($1) million, $80 million, $31 million, and $57 million for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019, respectively and $96 million and $118 million for the six months ended June 30, 2020, and June 30, 2019, respectively.
(2) The amounts for second, third and fourth quarters of 2019 have been reclassified to conform to current period presentation.

Page 10

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	PGIM - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
	(in billions)
			2019						2020					Year-to-date
			2Q		3Q		4Q		1Q		2Q			2019		2020
		Institutional Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force:
		Beginning assets under management	471.0		479.1		483.2		494.6		470.8			443.6		494.6
		Additions	14.5		14.8		16.4		20.6		15.0			29.6		35.6
		Withdrawals	(20.5	)	(17.0	)	(15.7	)	(16.4	)	(20.7	)		(34.6	)	(37.1	)
		Change in market value	14.5		8.8		9.8		(27.0	)	38.2			35.5		11.2
		Net money market flows	(0.6	)	(2.1	)	0.4		(0.5	)	9.0			3.7		8.5
		Other	0.2		(0.4	)	0.5		(0.5	)	(0.1	)		1.3		(0.6	)
		Ending assets under management	479.1		483.2		494.6		470.8		512.2			479.1		512.2
		Affiliated institutional assets under management	55.8		56.6		58.2		54.0		59.0			55.8		59.0
		Total assets managed for institutional customers at end of period	534.9		539.8		552.8		524.8		571.2			534.9		571.2
		Net institutional additions (withdrawals), excluding money market activity	(6.0	)	(2.2	)	0.7		4.2		(5.7	)		(5.0	)	(1.5	)
		Retail Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force:
		Beginning assets under management	169.0		175.6		179.0		189.7		170.6			154.2		189.7
		Additions	13.0		14.5		19.6		23.6		24.6			27.1		48.2
		Withdrawals	(11.9	)	(11.5	)	(18.4	)	(24.9	)	(15.2	)		(25.6	)	(40.1	)
		Change in market value	5.4		0.3		9.1		(17.5	)	29.1			19.8		11.6
		Net money market flows	0.1		0.3		0.2		0.1		—			0.1		0.1
		Other	—		(0.2	)	0.2		(0.4	)	0.1			—		(0.3	)
		Ending assets under management	175.6		179.0		189.7		170.6		209.2			175.6		209.2
		Affiliated retail assets under management (1)	112.3		112.3		115.9		111.8		111.0			112.3		111.0
		Total assets managed for retail customers at end of period	287.9		291.3		305.6		282.4		320.2			287.9		320.2
		Net retail additions (withdrawals), excluding money market activity	1.1		3.0		1.2		(1.3	)	9.4			1.5		8.1
__________
		(1) The amounts for second, third and fourth quarters of 2019 have been reclassified to conform to current period presentation.

Page 11

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	3,536		2,158		6,433		2,408		3,117		6,213		5,525		-11%
	Policy charges and fee income	1,416		1,450		1,469		1,404		1,396		2,845		2,800		-2%
	Net investment income	2,141		2,152		2,154		2,063		2,002		4,159		4,065		-2%
	Asset management fees, commissions and other income	750		719		850		724		523		1,423		1,247		-12%
	Total revenues	7,843		6,479		10,906		6,599		7,038		14,640		13,637		-7%
	Benefits and Expenses (1):
	Insurance and annuity benefits	4,418		3,133		7,460		3,471		4,148		7,976		7,619		-4%
	Interest credited to policyholders' account balances	731		751		759		718		723		1,443		1,441		—%
	Interest expense	230		250		239		240		209		456		449		-2%
	Deferral of acquisition costs	(330	)	(335	)	(339	)	(312	)	(291	)	(639	)	(603	)	6%
	Amortization of acquisition costs	469		222		229		240		234		684		474		-31%
	General and administrative expenses	1,450		1,548		1,717		1,623		1,560		2,964		3,183		7%
	Total benefits and expenses	6,968		5,569		10,065		5,980		6,583		12,884		12,563		-2%
	Adjusted operating income before income taxes	875		910		841		619		455		1,756		1,074		-39%
___________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities, and changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes, certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 12

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	3,208		1,870		6,165		2,137		2,854		5,553		4,991		-10%
	Policy charges and fee income	226		246		225		240		239		455		479		5%
	Net investment income	1,362		1,360		1,348		1,303		1,224		2,654		2,527		-5%
	Asset management fees, commissions and other income	251		223		250		181		146		465		327		-30%
	Total revenues	5,047		3,699		7,988		3,861		4,463		9,127		8,324		-9%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,526		2,349		6,652		2,624		3,247		6,317		5,871		-7%
	Interest credited to policyholders' account balances	443		454		445		428		422		890		850		-4%
	Interest expense	10		12		12		10		6		24		16		-33%
	Deferral of acquisition costs	(9	)	(7	)	(13	)	(2	)	(4	)	(22	)	(6	)	73%
	Amortization of acquisition costs	10		7		19		7		12		19		19		—%
	General and administrative expenses	519		492		531		505		494		1,047		999		-5%
	Total benefits and expenses	4,499		3,307		7,646		3,572		4,177		8,275		7,749		-6%
	Adjusted operating income before income taxes	548		392		342		289		286		852		575		-33%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes.

Page 13

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	2,098		794		5,083		1,038		1,702		3,341		2,740		-18	%
	Policy charges and fee income	63		71		72		67		62		129		129		—	%
	Net investment income	1,200		1,198		1,199		1,168		1,103		2,341		2,271		-3	%
	Asset management fees, commissions and other income	225		198		224		164		125		414		289		-30	%
	Total revenues	3,586		2,261		6,578		2,437		2,992		6,225		5,429		-13	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	2,448		1,304		5,605		1,534		2,066		4,152		3,600		-13	%
	Interest credited to policyholders' account balances	370		374		382		370		372		747		742		-1	%
	Interest expense	10		11		12		9		5		23		14		-39	%
	Deferral of acquisition costs	(9	)	(7	)	(12	)	(2	)	(4	)	(18	)	(6	)	67	%
	Amortization of acquisition costs	8		5		17		6		9		16		15		-6	%
	General and administrative expenses	292		272		293		275		263		587		538		-8	%
	Total benefits and expenses	3,119		1,959		6,297		2,192		2,711		5,507		4,903		-11	%
	Adjusted operating income before income taxes	467		302		281		245		281		718		526		-27	%
	__________
	(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes.

Page 14

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT SALES RESULTS AND ACCOUNT VALUES
	(in millions)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	Full Service:
	Beginning total account value	251,071		262,133		259,946		272,448		238,435			231,669		272,448
	Deposits and sales	11,047		7,458		8,322		8,952		5,455			20,614		14,407
	Withdrawals and benefits	(7,259	)	(10,758	)	(8,584	)	(8,668	)	(7,040	)		(16,364	)	(15,708	)
	Change in market value, interest credited, interest income and other activity	7,274		1,113		12,764		(34,297	)	29,583			26,214		(4,714	)
	Ending total account value	262,133		259,946		272,448		238,435		266,433			262,133		266,433
	Net additions (withdrawals)	3,788		(3,300	)	(262	)	284		(1,585	)		4,250		(1,301	)
	Stable value account values included above	50,601		51,429		51,293		52,461		53,647
	Institutional Investment Products:
	Beginning total account value	203,101		215,978		217,580		227,596		227,346			200,759		227,596
	Additions	15,044		5,235		8,575		6,893		4,545			17,291		11,438
	Withdrawals and benefits	(4,161	)	(4,626	)	(4,307	)	(5,510	)	(3,527	)		(7,810	)	(9,037	)
	Change in market value, interest credited and interest income	2,826		2,406		1,213		2,435		3,000			5,470		5,435
	Other (1)	(832	)	(1,413	)	4,535		(4,068	)	(222	)		268		(4,290	)
	Ending total account value	215,978		217,580		227,596		227,346		231,142			215,978		231,142
	Net additions	10,883		609		4,268		1,383		1,018			9,481		2,401
	Amounts included in ending total account value above:
	Investment-only stable value wraps	69,674		69,977		69,150		70,831		72,886			69,674		72,886
	Longevity reinsurance (2)	57,169		58,481		66,074		61,324		62,570			57,169		62,570
	Group annuities and other products	89,135		89,122		92,372		95,191		95,686			89,135		95,686
	Ending total account value	215,978		217,580		227,596		227,346		231,142			215,978		231,142
_________
(1) "Other" activity includes the effect of foreign exchange rate changes associated with our United Kingdom longevity reinsurance business; net presentation of receipts and payments related to funding agreements backed commercial paper which typically have maturities of less than 90 days, and changes in asset balances for externally-managed accounts.
(2) Represents notional amounts based on present value of future benefits under longevity reinsurance contracts which have not been significantly pre-funded.

Page 15

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE
	(in millions)
		2019				2020		Year-to-date
		2Q	3Q	4Q		1Q	2Q	2019		2020	% change
	Revenues (1):
	Premiums	1,110	1,076	1,082		1,099	1,152	2,212		2,251	2%
	Policy charges and fee income	163	175	153		173	177	326		350	7%
	Net investment income	162	162	149		135	121	313		256	-18%
	Asset management fees, commissions and other income	26	25	26		17	21	51		38	-25%
	Total revenues	1,461	1,438	1,410		1,424	1,471	2,902		2,895	—%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,078	1,045	1,047		1,090	1,181	2,165		2,271	5%
	Interest credited to policyholders' account balances	73	80	63		58	50	143		108	-24%
	Interest expense	—	1	—		1	1	1		2	100%
	Deferral of acquisition costs	—	—	(1	)	—	—	(4	)	—	100%
	Amortization of acquisition costs	2	2	2		1	3	3		4	33%
	General and administrative expenses	227	220	238		230	231	460		461	—%
	Total benefits and expenses	1,380	1,348	1,349		1,380	1,466	2,768		2,846	3%
	Adjusted operating income before income taxes	81	90	61		44	5	134		49	-63%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 16

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES -U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE SUPPLEMENTARY INFORMATION
	(dollar amounts in millions)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	Group life	17		42		21		173		8			191		181
	Group disability	16		18		6		108		18			135		126
	Total	33		60		27		281		26			326		307
	Future Policy Benefits (1)(2):
	Group life	2,227		2,162		2,404		2,305		2,375
	Group disability	19		10		3		27		21
	Total	2,246		2,172		2,407		2,332		2,396
	Policyholders' Account Balances (1):
	Group life	8,887		8,635		8,382		8,188		8,055
	Group disability	183		190		205		195		160
	Total	9,070		8,825		8,587		8,383		8,215
	Separate Account Liabilities (1):
	Group life	26,048		26,361		26,325		26,426		26,511
	Group Life Insurance:
	Gross premiums, policy charges and fee income (3)	1,075		989		1,025		1,034		1,043			2,143		2,077
	Earned premiums	842		806		822		832		887			1,689		1,719
	Earned policy charges and fee income	150		162		140		158		161			299		319
	Benefits ratio (4)	88.5	%	84.7	%	85.5	%	88.4	%	93.4	%		88.7	%	90.9	%
	Administrative operating expense ratio	12.2	%	13.1	%	13.9	%	12.4	%	11.8	%		11.9	%	12.1	%
	Persistency ratio	92.7	%	92.2	%	92.2	%	97.4	%	96.4	%
	Group Disability Insurance:
	Gross premiums, policy charges and fee income (3)	290		296		288		292		290			575		582
	Earned premiums	268		270		260		267		265			523		532
	Earned policy charges and fee income	13		13		13		15		16			27		31
	Benefits ratio (4)	74.5	%	79.4	%	82.2	%	76.0	%	75.7	%		74.6	%	75.8	%
	Administrative operating expense ratio	24.2	%	22.0	%	23.3	%	24.8	%	26.1	%		25.5	%	25.4	%
	Persistency ratio	94.4	%	93.9	%	93.6	%	90.6	%	90.0	%
	Total Group Insurance:
	Benefits ratio (4)	85.5	%	83.5	%	84.8	%	85.6	%	89.6	%		85.7	%	87.6	%
	Administrative operating expense ratio	14.8	%	15.2	%	16.0	%	15.1	%	14.9	%		14.8	%	15.0	%
__________
(1) As of end of period.
(2) The amounts shown exclude liabilities for unpaid claims and claim adjustment expenses.
(3) Before returns of premiums to participating policyholders for favorable claims experience.
(4) Benefit ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefit ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 93.0%, 74.0% and 89.0% for the three months ended June 30, 2020, respectively, and 90.2%, 65.3% and 84.7% for the three months ended June 30, 2019, respectively.

Page 17

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	328		288		268		271		263		660		534		-19%
	Policy charges and fee income	1,190		1,204		1,244		1,164		1,157		2,390		2,321		-3%
	Net investment income	779		792		806		760		777		1,505		1,537		2%
	Asset management fees, commissions and other income	499		496		499		483		319		958		802		-16%
	Total revenues	2,796		2,780		2,817		2,678		2,516		5,513		5,194		-6%
	Benefits and Expenses (1):
	Insurance and annuity benefits	892		784		808		847		901		1,659		1,748		5%
	Interest credited to policyholders' account balances	288		297		314		290		301		553		591		7%
	Interest expense	220		238		226		229		202		432		431		—%
	Deferral of acquisition costs	(321	)	(328	)	(326	)	(310	)	(287	)	(617	)	(597	)	3%
	Amortization of acquisition costs	459		215		210		233		222		665		455		-32%
	General and administrative expenses	931		1,056		1,077		1,036		992		1,917		2,028		6%
	Total benefits and expenses	2,469		2,262		2,309		2,325		2,331		4,609		4,656		1%
	Adjusted operating income before income taxes	327		518		508		353		185		904		538		-40%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 18

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	88		51		30		38		29		187		67		-64%
	Policy charges and fee income	687		677		671		619		563		1,356		1,182		-13%
	Net investment income	211		225		229		199		233		402		432		7%
	Asset management fees, commissions and other income	302		298		291		292		128		578		420		-27%
	Total revenues	1,288		1,251		1,221		1,148		953		2,523		2,101		-17%
	Benefits and Expenses (1):
	Insurance and annuity benefits	134		100		82		92		67		253		159		-37%
	Interest credited to policyholders' account balances	87		84		85		81		87		165		168		2%
	Interest expense	28		43		33		34		9		46		43		-7%
	Deferral of acquisition costs	(127	)	(127	)	(101	)	(99	)	(73	)	(237	)	(172	)	27%
	Amortization of acquisition costs	140		128		129		131		135		256		266		4%
	General and administrative expenses	564		564		543		536		479		1,106		1,015		-8%
	Total benefits and expenses	826		792		771		775		704		1,589		1,479		-7%
	Adjusted operating income before income taxes	462		459		450		373		249		934		622		-33%
	__________
	(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 19

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES SALES RESULTS AND ACCOUNT VALUES
	(in millions)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	Variable Annuities:
	Beginning total account value	157,896		161,017		160,130		164,928		139,047			147,339		164,928
	Sales: Highest Daily Suite (1)	1,034		1,037		731		693		402			1,984		1,095
	Other variable annuities (2)	1,301		1,301		1,127		1,023		649			2,360		1,672
	Total sales	2,335		2,338		1,858		1,716		1,051			4,344		2,767
	Full surrenders and death benefits	(2,370	)	(2,539	)	(2,448	)	(2,491	)	(1,387	)		(4,284	)	(3,878	)
	Sales, net of full surrenders and death benefits	(35	)	(201	)	(590	)	(775	)	(336	)		60		(1,111	)
	Partial withdrawals and other benefit payments	(1,139	)	(1,141	)	(1,379	)	(1,301	)	(1,061	)		(2,281	)	(2,362	)
	Net flows	(1,174	)	(1,342	)	(1,969	)	(2,076	)	(1,397	)		(2,221	)	(3,473	)
	Change in market value, interest credited, and other	5,210		1,378		7,689		(22,913	)	17,277			17,708		(5,636	)
	Policy charges	(915	)	(923	)	(922	)	(892	)	(848	)		(1,809	)	(1,740	)
	Ending total account value	161,017		160,130		164,928		139,047		154,079			161,017		154,079
	Variable Annuities Account Value by Product:
	Highest Daily Suite - risk retained by Prudential (1)	115,584		114,059		117,323		97,227		107,282			115,584		107,282
	Highest Daily Suite - externally reinsured living benefits	3,095		3,055		3,149		2,617		2,855			3,095		2,855
	Other variable annuities (2)	42,338		43,016		44,456		39,203		43,942			42,338		43,942
	Ending total account value	161,017		160,130		164,928		139,047		154,079			161,017		154,079
	Fixed Annuities and other products:
	Beginning total account value	3,994		4,296		4,568		4,753		4,929			3,741		4,753
	Sales	340		319		223		211		295			638		506
	Full surrenders and death benefits	(27	)	(29	)	(21	)	(28	)	(23	)		(53	)	(51	)
	Sales, net of full surrenders and death benefits	313		290		202		183		272			585		455
	Partial withdrawals and other benefit payments	(90	)	(88	)	(90	)	(98	)	(85	)		(184	)	(183	)
	Net flows	223		202		112		85		187			401		272
	Interest credited and other	79		70		74		91		81			154		172
	Policy charges	—		—		(1	)	—		—			—		—
	Ending total account value, gross	4,296		4,568		4,753		4,929		5,197			4,296		5,197
	Reinsurance ceded	—		—		(71	)	(145	)	(251	)		—		(251	)
	Ending total account value, net	4,296		4,568		4,682		4,784		4,946			4,296		4,946
	SALES BY DISTRIBUTION CHANNEL:
	Variable and Fixed Annuities (3):
	Insurance Agents	735		724		676		674		496			1,415		1,170
	Wirehouses	533		465		310		310		160			985		470
	Independent Marketing Organization	—		6		30		43		82			—		125
	Independent Financial Planners	1,212		1,263		904		767		536			2,213		1,303
	Bank Distribution	195		199		161		133		72			369		205
	Total	2,675		2,657		2,081		1,927		1,346			4,982		3,273
__________
(1) Includes variable annuities with "Highest Daily" optional living benefits retained by Prudential and predecessor "Lifetime Five" feature.
(2) Includes Prudential Defined Income (PDI), Legacy Protection Plus (LPP) death benefit and products without guaranteed minimum income and withdrawal benefits.
(3) Amounts represent gross sales.

Page 20

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES ACCOUNT VALUE ACTIVITY
	(in millions)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	Account Values in General Account (1):
	Beginning balance	10,429		10,696		10,971		11,043		11,500			10,298		11,043
	Premiums and deposits	522		507		354		337		397			988		734
	Full surrenders and death benefits	(108	)	(90	)	(82	)	(91	)	(64	)		(204	)	(155	)
	Premiums and deposits net of full surrenders and death benefits	414		417		272		246		333			784		579
	Partial withdrawals and other benefit payments	(153	)	(151	)	(166	)	(168	)	(143	)		(316	)	(311	)
	Net flows	261		266		106		78		190			468		268
	Interest credited and other	41		68		70		67		70			98		137
	Net transfers (to) from separate account	(35	)	(59	)	(103	)	312		(74	)		(168	)	238
	Policy charges	—		—		(1	)	—		—			—		—
	Ending balance, gross	10,696		10,971		11,043		11,500		11,686			10,696		11,686
	Reinsurance ceded	—		—		(71	)	(145	)	(251	)		—		(251	)
	Ending balance, net	10,696		10,971		10,972		11,355		11,435			10,696		11,435
	Account Values in Separate Account (1):
	Beginning balance	151,461		154,617		153,727		158,638		132,476			140,782		158,638
	Premiums and deposits	2,153		2,150		1,727		1,590		949			3,994		2,539
	Full surrenders and death benefits	(2,289	)	(2,478	)	(2,387	)	(2,428	)	(1,346	)		(4,133	)	(3,774	)
	Premiums and deposits net of full surrenders and death benefits	(136	)	(328	)	(660	)	(838	)	(397	)		(139	)	(1,235	)
	Partial withdrawals and other benefit payments	(1,076	)	(1,078	)	(1,303	)	(1,231	)	(1,003	)		(2,149	)	(2,234	)
	Net flows	(1,212	)	(1,406	)	(1,963	)	(2,069	)	(1,400	)		(2,288	)	(3,469	)
	Change in market value, interest credited and other	5,248		1,380		7,693		(22,889	)	17,288			17,764		(5,601	)
	Net transfers (to) from general account	35		59		103		(312	)	74			168		(238	)
	Policy charges	(915	)	(923	)	(922	)	(892	)	(848	)		(1,809	)	(1,740	)
	Ending balance	154,617		153,727		158,638		132,476		147,590			154,617		147,590
__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

Page 21

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES LIVING BENEFIT FEATURES
(in millions)
	2019			2020
	2Q	3Q	4Q	1Q	2Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
Guaranteed minimum accumulation benefits	2,498	2,382	2,297	2,022	2,032
Guaranteed minimum withdrawal benefits	370	350	353	275	306
Guaranteed minimum income benefits	2,475	2,395	2,457	1,955	2,225
Guaranteed minimum withdrawal & income benefits - risk retained by Prudential	129,832	129,683	133,616	113,029	124,927
Guaranteed minimum withdrawal & income benefits - externally reinsured	3,096	3,055	3,150	2,617	2,855
Total	138,271	137,865	141,873	119,898	132,345
Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature - risk retained by Prudential	110,597	109,204	112,269	93,336	102,783
Account Values with Auto-Rebalancing Feature - externally reinsured	3,096	3,055	3,150	2,617	2,855
Account Values without Auto-Rebalancing Feature	24,578	25,606	26,454	23,945	26,707
Total	138,271	137,865	141,873	119,898	132,345
Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature - risk retained by Prudential	4,188	4,503	3,765	9,966	6,070
Net Amount at Risk without Auto-Rebalancing Feature	702	709	600	1,327	795
Total	4,890	5,212	4,365	11,293	6,865
__________
(1) At end of period.

Page 22

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES DEATH BENEFIT FEATURES
(in millions)
	2019			2020
	2Q	3Q	4Q	1Q	2Q
ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values
Return of net deposits:
Account value	126,897	126,642	130,465	110,258	121,962
Net amount at risk	254	258	235	1,465	366
Minimum return, anniversary contract value, or maximum contract value:
Account value	29,453	28,799	29,446	24,513	27,066
Net amount at risk	3,022	3,117	2,627	6,036	3,833
Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature	113,693	112,259	115,419	95,955	105,638
Account Values without Auto-Rebalancing Feature	42,657	43,182	44,492	38,816	43,390
Total	156,350	155,441	159,911	134,771	149,028
Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature	1,482	1,557	1,238	4,501	2,309
Net Amount at Risk without Auto-Rebalancing Feature	1,794	1,818	1,624	3,000	1,890
Total	3,276	3,375	2,862	7,501	4,199
__________
(1) At end of period.

Page 23

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - STATEMENTS OF OPERATIONS - INDIVIDUAL LIFE
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019			2020		% change
	Revenues (1):
	Premiums	240		237		238		233		234		473			467		-1	%
	Policy charges and fee income	503		527		573		545		594		1,034			1,139		10	%
	Net investment income	568		567		577		561		544		1,103			1,105		—	%
	Asset management fees, commissions and other income	197		198		208		191		191		380			382		1	%
	Total revenues	1,508		1,529		1,596		1,530		1,563		2,990			3,093		3	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	758		684		726		755		834		1,406			1,589		13	%
	Interest credited to policyholders' account balances	201		213		229		209		214		388			423		9	%
	Interest expense	192		195		193		195		193		386			388		1	%
	Deferral of acquisition costs	(194	)	(201	)	(225	)	(211	)	(214	)	(380	)		(425	)	-12	%
	Amortization of acquisition costs	319		87		81		102		87		409			189		-54	%
	General and administrative expenses	367		492		534		500		513		811			1,013		25	%
	Total benefits and expenses	1,643		1,470		1,538		1,550		1,627		3,020			3,177		5	%
	Adjusted operating income (loss) before income taxes	(135	)	59		58		(20	)	(64	)	(30	)		(84	)	-180	%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 24

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
	(in millions)
		2019						2020					Year-to-date
		2Q		3Q		4Q		1Q		2Q			2019		2020
	ANNUALIZED NEW BUSINESS PREMIUMS (1):
	Term life	53		49		47		40		40			104		80
	Guaranteed Universal life	24		24		26		29		34			45		63
	Other Universal life	48		35		42		30		23			78		53
	Variable life	56		67		94		88		87			117		175
	Total	181		175		209		187		184			344		371
	ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
	Prudential Advisors	39		38		40		35		35			73		70
	Third party distribution	142		137		169		152		149			271		301
	Total	181		175		209		187		184			344		371
	ACCOUNT VALUE ACTIVITY:
	Policyholders' Account Balances (2):
	Beginning balance	28,737		28,321		28,546		29,041		29,198			28,728		29,041
	Premiums and deposits	866		855		864		749		803			1,649		1,552
	Surrenders and withdrawals	(345	)	(340	)	(318	)	(319	)	(372	)		(636	)	(691	)
	Net sales	521		515		546		430		431			1,013		861
	Benefit payments	(114	)	(120	)	(118	)	(139	)	37			(217	)	(102	)
	Net flows	407		395		428		291		468			796		759
	Interest credited and other	(455	)	168		450		217		232			(479	)	449
	Net transfers from separate account	67		102		70		123		73			143		196
	Policy charges	(435	)	(440	)	(453	)	(474	)	(510	)		(867	)	(984	)
	Ending balance	28,321		28,546		29,041		29,198		29,461			28,321		29,461
	Separate Account Liabilities:
	Beginning balance	32,852		33,647		33,624		35,633		29,859			29,796		35,633
	Premiums and deposits	411		424		505		637		532			905		1,169
	Surrenders and withdrawals	(258	)	(272	)	(311	)	(251	)	(241	)		(518	)	(492	)
	Net sales	153		152		194		386		291			387		677
	Benefit payments	(188	)	(16	)	(111	)	(124	)	(103	)		(283	)	(227	)
	Net flows	(35	)	136		83		262		188			104		450
	Change in market value, interest credited and other	1,139		192		2,251		(5,654	)	5,150			4,371		(504	)
	Net transfers to general account	(67	)	(102	)	(70	)	(123	)	(73	)		(143	)	(196	)
	Policy charges	(242	)	(249	)	(255	)	(259	)	(261	)		(481	)	(520	)
	Ending balance	33,647		33,624		35,633		29,859		34,863			33,647		34,863
	FACE AMOUNT IN FORCE (3):
	Term life	803,327		808,979		814,217		817,323		821,603
	Guaranteed Universal life	147,885		148,777		150,080		151,068		152,880
	Other Universal life	52,140		52,839		53,522		54,089		54,477
	Variable life	165,215		166,405		170,701		168,992		175,397
	Total	1,168,567		1,177,000		1,188,520		1,191,472		1,204,357
__________
(1) Excludes corporate-owned life insurance.
(2) Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.
(3) At end of period; before reinsurance ceded.

Page 25

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	U.S. BUSINESSES - STATEMENTS OF OPERATIONS - ASSURANCE IQ DIVISION
	(in millions)
		2019				2020					Year-to-date
		2Q	3Q	4Q		1Q		2Q			2019	2020
	Revenues (1):
	Premiums			—		—		—				—
	Policy charges and fee income			—		—		—				—
	Net investment income			—		—		1				1
	Asset management fees, commissions and other income			101		60		58				118
	Total revenues			101		60		59				119
	Benefits and Expenses (1):
	Insurance and annuity benefits			—		—		—				—
	Interest credited to policyholders' account balances			—		—		—				—
	Interest expense			1		1		1				2
	Deferral of acquisition costs			—		—		—				—
	Amortization of acquisition costs			—		—		—				—
	General and administrative expenses			109		82		74				156
	Total benefits and expenses			110		83		75				158
	Adjusted operating loss before income taxes			(9	)	(23	)	(16	)			(39	)
__________
(1) Revenues exclude changes in the fair value of contingent consideration associated with the Assurance IQ acquisition. Benefits and expenses exclude certain components of the Assurance IQ acquisition which are recognized as compensation expense over the requisite service periods.

Page 26

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	3,617		3,910		3,873		4,446		3,736		7,938		8,182		3%
	Policy charges and fee income	85		92		91		96		129		174		225		29%
	Net investment income	1,259		1,278		1,331		1,198		1,242		2,467		2,440		-1%
	Asset management fees, commissions and other income	97		95		86		37		126		203		163		-20%
	Total revenues	5,058		5,375		5,381		5,777		5,233		10,782		11,010		2%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,090		3,368		3,331		3,826		3,276		6,749		7,102		5%
	Interest credited to policyholders' account balances	219		228		219		227		209		449		436		-3%
	Interest expense	8		7		4		3		2		14		5		-64%
	Deferral of acquisition costs	(358	)	(382	)	(368	)	(402	)	(288	)	(784	)	(690	)	12%
	Amortization of acquisition costs	254		293		289		324		351		561		675		20%
	General and administrative expenses	1,055		1,124		1,161		1,101		990		2,144		2,091		-2%
	Total benefits and expenses	4,268		4,638		4,636		5,079		4,540		9,133		9,619		5%
	Adjusted operating income before income taxes	790		737		745		698		693		1,649		1,391		-16%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 27

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - LIFE PLANNER
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019			2020		% change
	Revenues (1):
	Premiums	1,834		1,891		1,942		2,284		1,868		4,016			4,152		3%
	Policy charges and fee income	46		60		58		60		94		102			154		51%
	Net investment income	478		497		508		474		463		934			937		—%
	Asset management fees, commissions and other income	51		47		48		41		49		104			90		-13%
	Total revenues	2,409		2,495		2,556		2,859		2,474		5,156			5,333		3%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,586		1,657		1,677		1,987		1,643		3,441			3,630		5%
	Interest credited to policyholders' account balances	51		61		53		65		52		113			117		4%
	Interest expense	4		4		2		2		1		7			3		-57%
	Deferral of acquisition costs	(184	)	(192	)	(193	)	(215	)	(152	)	(407	)		(367	)	10%
	Amortization of acquisition costs	112		134		130		154		190		256			344		34%
	General and administrative expenses	461		518		545		502		436		949			938		-1%
	Total benefits and expenses	2,030		2,182		2,214		2,495		2,170		4,359			4,665		7%
	Adjusted operating income before income taxes	379		313		342		364		304		797			668		-16%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 28

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - INTERNATIONAL BUSINESSES - GIBRALTAR LIFE AND OTHER
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019			2020		% change
	Revenues (1):
	Premiums	1,783		2,019		1,931		2,162		1,868		3,922			4,030		3%
	Policy charges and fee income	39		32		33		36		35		72			71		-1%
	Net investment income	781		781		823		724		779		1,533			1,503		-2%
	Asset management fees, commissions and other income	46		48		38		(4	)	77		99			73		-26%
	Total revenues	2,649		2,880		2,825		2,918		2,759		5,626			5,677		1%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,504		1,711		1,654		1,839		1,633		3,308			3,472		5%
	Interest credited to policyholders' account balances	168		167		166		162		157		336			319		-5%
	Interest expense	4		3		2		1		1		7			2		-71%
	Deferral of acquisition costs	(174	)	(190	)	(175	)	(187	)	(136	)	(377	)		(323	)	14%
	Amortization of acquisition costs	142		159		159		170		161		305			331		9%
	General and administrative expenses	594		606		616		599		554		1,195			1,153		-4%
	Total benefits and expenses	2,238		2,456		2,422		2,584		2,370		4,774			4,954		4%
	Adjusted operating income before income taxes	411		424		403		334		389		852			723		-15%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on assets supporting experience-rated contractholder liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to noncontrolling interests. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 29

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
	(in millions)
		2019			2020			Year-to-date
		2Q	3Q	4Q	1Q	2Q		2019	2020
	Actual exchange rate basis (1):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	1,599	1,656	1,649	2,063	1,643		3,565	3,706
	Gibraltar Life	1,822	2,051	1,964	2,198	1,903		3,994	4,101
	All other countries	281	295	351	281	319		553	600
	Total	3,702	4,002	3,964	4,542	3,865		8,112	8,407
	Annualized new business premiums (2):
	Japan, excluding Gibraltar Life	186	186	201	247	124		478	371
	Gibraltar Life	296	312	282	307	197		619	504
	All other countries	67	80	92	74	42		130	116
	Total	549	578	575	628	363		1,227	991
	Annualized new business premiums by distribution channel (2):
	Life Planners	253	266	293	321	166		608	487
	Gibraltar Life Consultants	167	152	124	130	87		331	217
	Banks	85	119	115	132	62		193	194
	Independent Agency	44	41	43	45	48		95	93
	Total	549	578	575	628	363		1,227	991
	Constant exchange rate basis (3):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	1,653	1,686	1,692	2,117	1,673		3,694	3,790
	Gibraltar Life	1,876	2,085	2,010	2,250	1,937		4,124	4,187
	All other countries	277	306	358	314	362		546	676
	Total	3,806	4,077	4,060	4,681	3,972		8,364	8,653
	Annualized new business premiums:
	Japan, excluding Gibraltar Life	189	187	202	249	125		486	374
	Gibraltar Life	298	313	284	309	198		623	507
	All other countries	66	79	94	78	53		127	131
	Total	553	579	580	636	376		1,236	1,012
	Annualized new business premiums by distribution channel:
	Life Planners	255	266	296	327	178		613	505
	Gibraltar Life Consultants	169	152	126	131	89		335	220
	Banks	85	119	115	132	62		193	194
	Independent Agency	44	42	43	46	47		95	93
	Total	553	579	580	636	376		1,236	1,012
__________
(1) Translated based on applicable average exchange rates for the period shown.
(2) The amounts for the second quarter of 2019 have been revised to correct the previously reported amounts.
(3) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 30

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	INTERNATIONAL BUSINESSES - SALES RESULTS AND SUPPLEMENTARY INFORMATION
		2019						2020
		2Q		3Q		4Q		1Q		2Q
	Face amount of individual policies in force at end of period (in billions) (1)(2):
	(Constant exchange rate basis)
	Japan, excluding Gibraltar Life	383		385		387		390		389
	Gibraltar Life	366		368		368		368		365
	All other countries	62		63		67		68		69
	Total	811		816		822		826		823
	Number of individual policies in force at end of period (in thousands) (2):
	Japan, excluding Gibraltar Life	4,015		4,060		4,106		4,159		4,171
	Gibraltar Life	7,198		7,189		7,166		7,150		6,992
	All other countries	984		978		1,006		1,023		1,034
	Total	12,197		12,227		12,278		12,332		12,197
	International life insurance policy persistency:
	Life Planner:
	13 months	92.2	%	92.5	%	92.8	%	93.2	%	93.2	%
	25 months	88.0	%	87.6	%	87.0	%	86.8	%	85.3	%
	Gibraltar Life (3):
	13 months	94.2	%	94.4	%	94.6	%	94.7	%	95.0	%
	25 months	87.3	%	87.5	%	87.8	%	88.1	%	89.3	%
	Number of Life Planners at end of period:
	Japan	4,287		4,366		4,356		4,476		4,459
	All other countries	2,257		2,322		2,403		2,384		2,391
	Total Life Planners	6,544		6,688		6,759		6,860		6,850
	Gibraltar Life Consultants	7,767		7,633		7,403		7,205		7,150
__________
	(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 104 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.
	(2) Direct business only; policy count includes annuities.
	(3) Reflects business sold by Life Consultants and Independent Agents.

Page 31

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	STATEMENTS OF OPERATIONS - CORPORATE AND OTHER
	(in millions)
		2019						2020				Year-to-date
		2Q		3Q		4Q		1Q		2Q		2019		2020		% change
	Revenues (1):
	Premiums	(3	)	(2	)	(3	)	(4	)	(9	)	(9	)	(13	)	-44%
	Policy charges and fee income	(12	)	(14	)	(11	)	(15	)	(12	)	(26	)	(27	)	-4%
	Net investment income	147		156		144		173		116		279		289		4%
	Asset management fees, commissions and other income	(296	)	(317	)	(295	)	(359	)	(245	)	(579	)	(604	)	-4%
	Total revenues	(164	)	(177	)	(165	)	(205	)	(150	)	(335	)	(355	)	-6%
	Benefits and Expenses (1):
	Insurance and annuity benefits	5		3		16		6		1		17		7		-59%
	Interest credited to policyholders' account balances	—		—		—		—		—		—		—		-
	Interest expense	142		108		129		133		177		284		310		9%
	Deferral of acquisition costs	14		12		14		18		11		28		29		4%
	Amortization of acquisition costs	(12	)	(12	)	(11	)	(11	)	(14	)	(23	)	(25	)	-9%
	General and administrative expenses	22		(7	)	425		(9	)	216		106		207		95%
	Total benefits and expenses	171		104		573		137		391		412		528		28%
	Adjusted operating loss before income taxes	(335	)	(281	)	(738	)	(342	)	(541	)	(747	)	(883	)	-18%
	Adjusted operating loss before income taxes comprised as follows:
	Investment income (2)	64		69		56		48		26		126		74		-41%
	Interest expense on debt (2)	(222	)	(210	)	(218	)	(218	)	(227	)	(439	)	(445	)	-1%
	Implementation costs	(19	)	(18	)	(364	)	(22	)	(32	)	(19	)	(54	)	-184%
	Long-term and deferred compensation expense	(30	)	7		(18	)	(46	)	(48	)	(137	)	(94	)	31%
	Other (3)	(128	)	(129	)	(194	)	(104	)	(260	)	(278	)	(364	)	-31%
	Adjusted operating loss before income taxes	(335	)	(281	)	(738	)	(342	)	(541	)	(747	)	(883	)	-18%
__________
(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Prior period amounts have been reclassified to conform to current period presentation.
(3) Includes pension and employee benefits and other corporate activities, including consolidating adjustments.

Page 32

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INVESTMENT PORTFOLIO COMPOSITION
(in millions)
			June 30, 2020								December 31, 2019
					PFI Excluding								PFI Excluding
			Total	Closed	Closed Block Division						Total	Closed	Closed Block Division
			Portfolio	Block	Amount	% of Total					Portfolio	Block	Amount		% of Total
		Fixed maturities:
		Public, available-for-sale, at fair value	340,467	30,264	310,203	64.6	%				325,393	29,011	296,382		64.9	%
		Public, held-to-maturity, at amortized cost, net of allowance (1)	1,662	—	1,662	0.3	%				1,705	—	1,705		0.4	%
		Private, available-for-sale, at fair value	66,862	12,069	54,793	11.4	%				65,115	12,365	52,750		11.6	%
		Private, held-to-maturity, at amortized cost, net of allowance (1)	213	—	213	0.1	%				228	—	228		0.1	%
		Fixed maturities, trading, at fair value	2,849	239	2,610	0.6	%				2,723	256	2,467		0.5	%
		Assets supporting experience-rated contractholder liabilities, at fair value	23,245	—	23,245	4.8	%				21,597	—	21,597		4.7	%
		Equity securities, at fair value	6,361	2,047	4,314	0.9	%				6,831	2,245	4,586		1.0	%
		Commercial mortgage and other loans, at book value, net of allowance	62,766	8,389	54,377	11.3	%				63,300	8,629	54,671		12.0	%
		Policy loans, at outstanding balance	12,283	4,158	8,125	1.7	%				12,096	4,264	7,832		1.7	%
		Other invested assets, net of allowance (2)	12,837	3,259	9,578	2.0	%				12,544	3,334	9,210		2.0	%
		Short-term investments, net of allowance	11,380	94	11,286	2.3	%				5,450	227	5,223		1.1	%
		Subtotal (3)	540,925	60,519	480,406	100.0	%				516,982	60,331	456,651		100.0	%
		Invested assets of other entities and operations (4)	7,007	—	7,007						5,778	—	5,778
		Total investments	547,932	60,519	487,413						522,760	60,331	462,429
	Fixed Maturities by Credit Quality (3)(5):		June 30, 2020								December 31, 2019
			PFI Excluding Closed Block Division								PFI Excluding Closed Block Division
				Gross	Gross							Gross	Gross
			Amortized	Unrealized	Unrealized	Allowance for		Fair			Amortized	Unrealized	Unrealized		Fair
			Cost	Gains	Losses	Credit Losses		Value	% of Total		Cost	Gains	Losses		Value		% of Total
		Public Fixed Maturities:
		NAIC Rating (6)
		1	220,753	42,166	428	—		262,491	84.6	%	221,567	35,494	232		256,829		86.1	%
		2	33,301	5,117	165	—		38,253	12.3	%	28,317	3,485	81		31,721		10.6	%
		Subtotal - High or Highest Quality Securities	254,054	47,283	593	—		300,744	96.9	%	249,884	38,979	313		288,550		96.7	%
		3	5,438	384	251	—		5,571	1.8	%	5,337	637	49		5,925		2.0	%
		4	2,799	109	149	42		2,717	0.9	%	2,659	191	57		2,793		0.9	%
		5	985	55	108	12		920	0.3	%	830	176	66		940		0.3	%
		6	230	133	44	68		251	0.1	%	223	27	16		234		0.1	%
		Subtotal - Other Securities	9,452	681	552	122		9,459	3.1	%	9,049	1,031	188		9,892		3.3	%
		Total	263,506	47,964	1,145	122		310,203	100.0	%	258,933	40,010	501		298,442		100.0	%
		Private Fixed Maturities:
		NAIC Rating (6)
		1	12,138	1,153	83	—		13,208	24.2	%	12,215	780	55		12,940		24.3	%
		2	31,591	2,248	450	—		33,389	60.9	%	30,987	1,731	303		32,415		61.2	%
		Subtotal - High or Highest Quality Securities	43,729	3,401	533	—		46,597	85.1	%	43,202	2,511	358		45,355		85.5	%
		3	5,145	173	139	11		5,168	9.4	%	4,696	217	44		4,869		9.2	%
		4	2,519	23	121	16		2,405	4.4	%	2,255	57	41		2,271		4.3	%
		5	598	22	35	38		547	1.0	%	450	20	17		453		0.9	%
		6	105	3	1	31		76	0.1	%	41	4	1		44		0.1	%
		Subtotal - Other Securities	8,367	221	296	96		8,196	14.9	%	7,442	298	103		7,637		14.5	%
		Total	52,096	3,622	829	96		54,793	100.0	%	50,644	2,809	461		52,992		100.0	%
	__________
	(1) On an amortized cost basis, net of allowance, as of June 30, 2020, includes $1,475 million (fair value, $1,792 million) and $213 million (fair value, $228 million) of public and private fixed maturities, respectively, classified as “1” highest quality and $187 million (fair value, $211 million) and $0 million (fair value, $0 million) of public and private fixed maturities, respectively, classified as “2” high quality securities based on the NAIC designations.
	(2) Other invested assets consist of investments in limited partnerships and limited liability companies (“LPs/LLCs”), investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.
	(3) Excludes (i) assets of our investment management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as "Separate account assets" on our balance sheet.
	(4) Includes invested assets of our investment management and derivative operations. Excludes assets of our investment management operations that are managed for third parties and those assets classified as “Separate account assets” on our balance sheet.
	(5) Excludes fixed maturity securities classified as trading. Effective January 1, 2020, fixed maturities securities classified as held-to-maturity are excluded.
	(6) Reflects equivalent ratings for investments of the international operations. Includes, as of June 30, 2020 and December 31, 2019, 868 securities with amortized cost of $4,168 million (fair value $4,307 million) and 796 securities with amortized cost of $3,073 million (fair value $3,130 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 33

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
			June 30, 2020			December 31, 2019
			Amount	% of Total		Amount	% of Total
	Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	146,391	73.6	%	142,220	73.6	%
		Public, held-to-maturity, at amortized cost, net of allowance	1,662	0.8	%	1,705	0.9	%
		Private, available-for-sale, at fair value	19,953	10.0	%	19,189	10.0	%
		Private, held-to-maturity, at amortized cost, net of allowance	213	0.1	%	228	0.1	%
		Fixed maturities, trading, at fair value	472	0.2	%	492	0.3	%
		Assets supporting experience-rated contractholder liabilities, at fair value	2,603	1.3	%	2,777	1.4	%
		Equity securities, at fair value	1,927	1.0	%	2,185	1.1	%
		Commercial mortgage and other loans, at book value, net of allowance	19,214	9.7	%	19,138	9.9	%
		Policy loans, at outstanding balance	3,257	1.6	%	2,859	1.5	%
		Other invested assets (3)	2,687	1.4	%	2,187	1.1	%
		Short-term investments	658	0.3	%	165	0.1	%
		Total	199,037	100.0	%	193,145	100.0	%
			June 30, 2020			December 31, 2019
			Amount	% of Total		Amount	% of Total
	Excluding Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	163,812	58.1	%	154,162	58.5	%
		Public, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Private, available-for-sale, at fair value	34,840	12.4	%	33,561	12.7	%
		Private, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Fixed maturities, trading, at fair value	2,138	0.8	%	1,975	0.8	%
		Assets supporting experience-rated contractholder liabilities, at fair value	20,642	7.3	%	18,820	7.1	%
		Equity securities, at fair value	2,387	0.9	%	2,401	0.9	%
		Commercial mortgage and other loans, at book value, net of allowance	35,163	12.5	%	35,533	13.5	%
		Policy loans, at outstanding balance	4,868	1.7	%	4,973	1.9	%
		Other invested assets, net of allowance (3)	6,891	2.5	%	7,023	2.7	%
		Short-term investments, net of allowance	10,628	3.8	%	5,058	1.9	%
		Total	281,369	100.0	%	263,506	100.0	%
__________
(1) Excludes Closed Block division.
(2) Excludes assets classified as "Separate account assets" on our balance sheet.
(3) Other invested assets consist of investments in LPs/LLCs, investment real estate held through direct ownership, derivative instruments and other miscellaneous investments.

Page 34

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INVESTMENT RESULTS (1)
(in millions)
		Three Months Ended June 30
		2020						2019
						Realized						Realized
		Investment Income				Gains		Investment Income				Gains
		Yield (5)		Amount		(Losses)		Yield (5)		Amount		(Losses)
General Account (2)
	Fixed maturities (3)	3.68	%	2,804		48		3.82	%	2,842		75
	Equity securities	4.23	%	43		—		3.60	%	37		—
	Commercial mortgage and other loans	3.88	%	471		(3	)	4.10	%	472		(8	)
	Policy loans	4.42	%	88		—		4.73	%	90		—
	Short-term investments and cash equivalents	0.87	%	63		13		2.85	%	100		—
	Gross investment income before investment expenses	3.52	%	3,469		58		3.83	%	3,541		67
	Investment expenses	-0.13	%	(118	)	—		-0.14	%	(174	)	—
	Subtotal	3.39	%	3,351		58		3.69	%	3,367		67
	Other investments (3)			17		(3,703	)			184		(458	)
Investment results of other entities and operations (4)				307		(99	)			265		6
Less, investment income related to adjusted operating income reconciling items				(223	)					(236	)
	Total			3,452		(3,744	)			3,580		(385	)
		Six Months Ended June 30
		2020						2019
						Realized						Realized
		Investment Income				Gains		Investment Income				Gains
		Yield (5)		Amount		(Losses)		Yield (5)		Amount		(Losses)
General Account (2)
	Fixed maturities (3)	3.72	%	5,645		137		3.82	%	5,627		313
	Equity securities	2.83	%	60		—		2.79	%	56		—
	Commercial mortgage and other loans	3.97	%	962		3		4.05	%	919		(12	)
	Policy loans	4.58	%	180		—		4.72	%	178		—
	Short-term investments and cash equivalents	1.14	%	141		9		2.82	%	203		1
	Gross investment income before investment expenses	3.60	%	6,988		149		3.82	%	6,983		302
	Investment expenses	-0.14	%	(271	)	—		-0.14	%	(348	)	—
	Subtotal	3.46	%	6,717		149		3.68	%	6,635		302
	Other investments (3)			71		(2,597	)			273		(1,464	)
Investment results of other entities and operations (4)				544		115				561		(45	)
Less, investment income related to adjusted operating income reconciling items				(442	)					(468	)
	Total			6,890		(2,333	)			7,001		(1,207	)
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Includes invested income of commercial loans, assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment management operations.
(5) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

Page 35

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)
		Three Months Ended June 30
		2020						2019
						Realized						Realized
		Investment Income				Gains		Investment Income				Gains
		Yield (1)		Amount		(Losses)		Yield (1)		Amount		(Losses)
Japanese Insurance Operations:
	Fixed maturities (2)	2.77	%	952		55		2.83	%	955		108
	Equity securities	7.21	%	33		—		5.48	%	27		—
	Commercial mortgage and other loans	3.79	%	180		—		3.87	%	174		1
	Policy loans	3.20	%	25		—		3.81	%	26		—
	Short-term investments and cash equivalents	0.89	%	3		—		2.91	%	6		—
	Gross investment income before investment expenses	2.93	%	1,193		55		3.00	%	1,188		109
	Investment expenses	-0.14	%	(56	)	—		-0.14	%	(71	)	—
	Subtotal	2.79	%	1,137		55		2.86	%	1,117		109
	Other investments (2)			79		(77	)			52		193
	Total			1,216		(22	)			1,169		302
		Six Months Ended June 30
		2020						2019
						Realized						Realized
		Investment Income				Gains		Investment Income				Gains
		Yield (1)		Amount		(Losses)		Yield (1)		Amount		(Losses)
Japanese Insurance Operations:
	Fixed maturities (2)	2.77	%	1,898		227		2.83	%	1,892		326
	Equity securities	3.99	%	39		—		3.48	%	34		—
	Commercial mortgage and other loans	3.90	%	369		3		3.85	%	339		2
	Policy loans	3.58	%	54		—		3.84	%	52		—
	Short-term investments and cash equivalents	1.28	%	10		1		3.43	%	14		—
	Gross investment income before investment expenses	2.92	%	2,370		231		2.98	%	2,331		328
	Investment expenses	-0.14	%	(124	)	—		-0.14	%	(139	)	—
	Subtotal	2.78	%	2,246		231		2.84	%	2,192		328
	Other investments (2)			52		820				103		369
	Total			2,298		1,051				2,295		697
__________
(1) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.
(2) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.

Page 36

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)
		Three Months Ended June 30
		2020						2019
						Realized							Realized
		Investment Income				Gains		Investment Income					Gains
		Yield (4)		Amount		(Losses)		Yield (4)			Amount		(Losses)
Excluding Japanese Insurance Operations (2):
	Fixed maturities (3)	4.42	%	1,852		(7	)	4.63	%		1,887		(33	)
	Equity securities	1.72	%	10		—		1.82	%		10		—
	Commercial mortgage and other loans	3.94	%	291		(3	)	4.24	%		298		(9	)
	Policy loans	5.19	%	63		—		5.25	%		64		—
	Short-term investments and cash equivalents	0.87	%	60		13		2.85	%		94		—
	Gross investment income before investment expenses	3.94	%	2,276		3		4.46	%		2,353		(42	)
	Investment expenses	-0.13	%	(62	)	—		-0.14	%		(103	)	—
	Subtotal	3.81	%	2,214		3		4.32	%		2,250		(42	)
	Other investments (3)			(62	)	(3,626	)				132		(651	)
	Total			2,152		(3,623	)				2,382		(693	)
		Six Months Ended June 30
		2020						2019
						Realized							Realized
		Investment Income				Gains		Investment Income					Gains
		Yield (4)		Amount		(Losses)		Yield (4)			Amount		(Losses)
Excluding Japanese Insurance Operations (2):
	Fixed maturities (3)	4.49	%	3,747		(90	)	4.64	%		3,735		(13	)
	Equity securities	1.82	%	21		—		2.12	%		22		—
	Commercial mortgage and other loans	4.02	%	593		—		4.17	%		580		(14	)
	Policy loans	5.19	%	126		—		5.21	%		126		—
	Short-term investments and cash equivalents	1.13	%	131		8		2.80	%		189		1
	Gross investment income before investment expenses	4.08	%	4,618		(82	)	4.45	%		4,652		(26	)
	Investment expenses	-0.13	%	(147	)	—		-0.14	%		(209	)	—
	Subtotal	3.95	%	4,471		(82	)	4.31	%		4,443		(26	)
	Other investments (3)			19		(3,417	)				170		(1,833	)
	Total			4,490		(3,499	)				4,613		(1,859	)
__________
(1) Excludes Closed Block division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders, assets of our investment management operations, including assets that are managed for third parties and assets classified as "Separate account assets" on our balance sheet.
(3) Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading, which are included in "Other investments." Realized gains (losses) for "Other investments" includes changes in fair value of product-related and other derivatives and embedded derivatives.
(4) Yields are based on net investment income as reported under U.S. GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in realized investment gains and losses and included in adjusted operating income. For interim periods, yields are annualized. The denominator in the yield percentage is based on quarterly average carrying values for all asset types except for fixed maturities which are based on amortized cost net of allowance. Amounts for fixed maturities, short-term investments and cash equivalents are also netted for securities lending activity (i.e., income netted for rebate expenses and asset values netted for security lending liabilities). A yield is not presented for other investments as it is not considered a meaningful measure of investment performance. Yields exclude investment income and assets related to commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and investment income and assets related to other investments.

Page 37

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
INCOME STATEMENT IMPACT FROM ANNUAL ACTUARIAL ASSUMPTION UPDATES AND OTHER REFINEMENTS
(in millions)
	Second Quarter 2020
			Asset
		Policy	Management		Interest			Adjusted
		Charges	Fees,	Insurance	Credited to	Amortization	General	Operating
		and	Commissions	and	Policyholders'	of	and	Income
		Fee	and Other	Annuity	Account	Acquisition	Administrative	Before
	Premiums	Income	Income	Benefits	Balances	Costs	Expenses	Income Taxes
Retirement	—	—	—	20	(1)	2	1	(22)
Group Insurance	40	(14)	—	15	—	—	—	11
Individual Annuities	—	—	(130)	(16)	7	15	—	(136)
Individual Life	—	48	—	136	—	6	(2)	(92)
International Businesses - Life Planner	—	21	—	5	—	59	—	(43)
International Businesses - Gibraltar Life and Other	—	(9)	—	29	—	14	—	(52)
Total	40	46	(130)	189	6	96	(1)	(334)
	Second Quarter 2019
			Asset
		Policy	Management		Interest			Adjusted
		Charges	Fees,	Insurance	Credited to	Amortization	General	Operating
		and	Commissions	and	Policyholders'	of	and	Income
		Fee	and Other	Annuity	Account	Acquisition	Administrative	Before
	Premiums	Income	Income	Benefits	Balances	Costs	Expenses	Income Taxes
Retirement	(6)	—	—	(165)	—	1	4	154
Group Insurance	8	(13)	—	(14)	—	—	—	9
Individual Annuities	—	—	6	—	3	15	—	(12)
Individual Life	—	(23)	—	66	—	234	(115)	(208)
International Businesses - Life Planner	—	(12)	—	2	—	(18)	—	4
International Businesses - Gibraltar Life and Other	—	—	—	(5)	—	(2)	—	7
Total	2	(48)	6	(116)	3	230	(111)	(46)

Page 38

Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
	(in millions)
		Three Months Ended June 30, 2020															Three Months Ended June 30, 2019
				Reconciling Items															Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Closed Block Division		Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)	U.S. GAAP (4)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		U.S. GAAP (4)
	Revenues:
	Premiums	6,844		—		—		518		331		—		—	7,693		7,150		—		—		582	403		—		8,135
	Policy charges and fee income	1,513		(20	)	(3	)	—		33		—		—	1,523		1,489		(54	)	8		—	30		—		1,473
	Net investment income	3,452		(8	)	—		511		231		—		—	4,186		3,580		(9	)	—		574	245		—		4,390
	Realized investment gains (losses), net	(111	)	(3,624	)	(11	)	(8	)	2		—		—	(3,752	)	99		(559	)	(15	)	49	90		—		(336	)
	Asset management fees, commissions and other income	1,380		1,391		—		319		(615	)	(57	)	47	2,465		1,345		309		—		96	9		(33	)	1,726
	Total revenues	13,078		(2,261	)	(14	)	1,340		(18	)	(57	)	47	12,115		13,663		(313	)	(7	)	1,301	777		(33	)	15,388
	Benefits and Expenses:
	Insurance and annuity benefits	7,425		(53	)	(113	)	1,241		481		—		—	8,981		7,513		(8	)	112		1,194	503		—		9,314
	Interest credited to policyholders' account balances	932		854		6		32		8		—		—	1,832		950		286		—		32	10		—		1,278
	Interest expense	397		—		—		—		—		—		—	397		392		—		—		2	1		—		395
	Deferral of acquisition costs	(570	)	—		—		—		(55	)	—		—	(625	)	(676	)	—		—		—	(39	)	—		(715	)
	Amortization of acquisition costs	573		(352	)	36		6		24		—		—	287		712		(45	)	82		7	26		—		782
	General and administrative expenses	3,390		(38	)	2		83		126		(3	)	15	3,575		3,178		108		6		87	108		(29	)	3,458
	Total benefits and expenses	12,147		411		(69	)	1,362		584		(3	)	15	14,447		12,069		341		200		1,322	609		(29	)	14,512
		Six Months Ended June 30, 2020															Six Months Ended June 30, 2019
				Reconciling Items															Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Closed Block Division		Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)	U.S. GAAP (4)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		U.S. GAAP (4)
	Revenues:
	Premiums	13,694		—		—		998		665		—		—	15,357		14,142		—		—		1,108	785		—		16,035
	Policy charges and fee income	2,998		(81	)	20		—		75		—		—	3,012		2,993		(125	)	8		—	68		—		2,944
	Net investment income	6,890		(16	)	—		1,056		458		—		—	8,388		7,001		(19	)	—		1,137	487		—		8,606
	Realized investment gains (losses), net	138		(2,392	)	(368	)	248		289		—		—	(2,085	)	119		(1,462	)	(15	)	105	151		—		(1,102	)
	Asset management fees, commissions and other income	2,307		(287	)	—		(285	)	(864	)	(69	)	105	907		2,628		1,003		—		325	111		(71	)	3,996
	Total revenues	26,027		(2,776	)	(348	)	2,017		623		(69	)	105	25,579		26,883		(603	)	(7	)	2,675	1,602		(71	)	30,479
	Benefits and Expenses:
	Insurance and annuity benefits	14,728		128		261		1,794		999		—		—	17,910		14,742		46		112		2,456	973		—		18,329
	Interest credited to policyholders' account balances	1,877		224		45		64		14		—		—	2,224		1,892		646		—		64	21		—		2,623
	Interest expense	784		—		—		1		1		—		—	786		778		—		—		3	2		—		783
	Deferral of acquisition costs	(1,268	)	—		—		—		(96	)	—		—	(1,364	)	(1,398	)	—		—		—	(78	)	—		(1,476	)
	Amortization of acquisition costs	1,128		(144	)	193		13		54		—		—	1,244		1,225		(161	)	82		16	55		—		1,217
	General and administrative expenses	6,708		281		39		168		231		(6	)	28	7,449		6,508		117		6		176	214		(34	)	6,987
	Total benefits and expenses	23,957		489		538		2,040		1,203		(6	)	28	28,249		23,747		648		200		2,715	1,187		(34	)	28,463
__________
(1) See page 41 for a definition of adjusted operating income.
(2) Prior period numbers have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
(4) U.S. generally accepted accounting principles.

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
	(in millions)
		Three Months Ended September 30, 2019															Three Months Ended December 31, 2019
				Reconciling Items															Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division		Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)	U.S. GAAP (4)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments (2)		Market experience updates		Closed Block Division	Other Divested and Run-off Businesses			Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)		U.S. GAAP (4)
	Revenues:
	Premiums	6,066		—		—		510		361		—		—	6,937		10,303		—		—		589	338			—		—		11,230
	Policy charges and fee income	1,528		(62	)	16		—		37		—		—	1,519		1,549		(65	)	(4	)	—	35			—		—		1,515
	Net investment income	3,614		(8	)	—		590		242		—		—	4,438		3,705		(9	)	—		596	249			—		—		4,541
	Realized investment gains (losses), net	127		335		(83	)	350		124		—		—	853		51		(237	)	(1	)	66	(89	)		—		—		(210	)
	Asset management fees, commissions and other income	1,197		158		—		32		11		(40	)	—	1,358		1,452		417		—		234	84			(35	)	(5	)	2,147
	Total revenues	12,532		423		(67	)	1,482		775		(40	)	—	15,105		17,060		106		(5	)	1,485	617			(35	)	(5	)	19,223
	Benefits and Expenses:
	Insurance and annuity benefits	6,504		(46	)	150		1,309		472		—		—	8,389		10,807		(136	)	(61	)	1,329	437			—		—		12,376
	Interest credited to policyholders' account balances	979		77		7		33		10		—		—	1,106		978		132		(3	)	33	11			—		—		1,151
	Interest expense	377		—		—		3		1		—		—	381		385		—		—		1	1			—		—		387
	Deferral of acquisition costs	(707	)	—		—		—		(39	)	—		—	(746	)	(695	)	—		—		—	(48	)		—		—		(743	)
	Amortization of acquisition costs	505		(18	)	70		7		27		—		—	591		508		(2	)	(13	)	6	25			—		—		524
	General and administrative expenses	3,276		177		20		85		107		(6	)	—	3,659		3,941		(12	)	10		85	120			(2	)	42		4,184
	Total benefits and expenses	10,934		190		247		1,437		578		(6	)	—	13,380		15,924		(18	)	(67	)	1,454	546			(2	)	42		17,879
		Three Months Ended March 31, 2020
				Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Closed Block Division		Other Divested and Run-off Businesses		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		Other adjustments (3)	U.S. GAAP (4)
	Revenues:
	Premiums	6,850		—		—		480		334		—		—	7,664
	Policy charges and fee income	1,485		(61	)	23		—		42		—		—	1,489
	Net investment income	3,438		(8	)	—		545		227		—		—	4,202
	Realized investment gains (losses), net	249		1,232		(357	)	256		287		—		—	1,667
	Asset management fees, commissions and other income	927		(1,678	)	—		(604	)	(249	)	(12	)	58	(1,558	)
	Total revenues	12,949		(515	)	(334	)	677		641		(12	)	58	13,464
	Benefits and Expenses:
	Insurance and annuity benefits	7,303		181		374		553		518		—		—	8,929
	Interest credited to policyholders' account balances	945		(630	)	39		32		6		—		—	392
	Interest expense	387		—		—		1		1		—		—	389
	Deferral of acquisition costs	(698	)	—		—		—		(41	)	—		—	(739	)
	Amortization of acquisition costs	555		208		157		7		30		—		—	957
	General and administrative expenses	3,318		319		37		85		105		(3	)	13	3,874
	Total benefits and expenses	11,810		78		607		678		619		(3	)	13	13,802
__________
(1) See page 41 for a definition of adjusted operating income.
(2) Prior period numbers have been reclassified to conform to current period presentation.
(3) Represents adjustments not included in the above reconciling items. “Other adjustments” include certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration.
(4) U.S. generally accepted accounting principles.

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

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

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

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Prudential Financial, Inc.
Quarterly Financial Supplement
Second Quarter 2020
RATINGS AND INVESTOR INFORMATION
FINANCIAL STRENGTH RATINGS
as of August 4, 2020
		Standard &		Fitch
	A.M. Best*	Poor's	Moody's*	Ratings*
The Prudential Insurance Company of America	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company of New Jersey	A+	AA-	NR	AA-
Prudential Annuities Life Assurance Corporation	A+	AA-	NR	AA-
Prudential Retirement Insurance and Annuity Company	A+	AA-	Aa3	AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	A+	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	A+	NR	NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd.	NR	A+	NR	NR
CREDIT RATINGS:
as of August 4, 2020
Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F1
Long-Term Senior Debt	a-	A	A3	A-
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa1	BBB
The Prudential Insurance Company of America:
Capital and surplus notes	a	A	A2	A
Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-1	F1+
Long-Term Senior Debt	a+	AA-	A1	A+
PRICOA Global Funding I:
Long-Term Senior Debt	aa-	AA-	Aa3	AA-
* NR indicates not rated.
INVESTOR INFORMATION:
Corporate Office:	Investor Information Hotline:
Prudential Financial, Inc.	Dial 877-998-ROCK for additional printed information or inquiries.
751 Broad Street
Newark, New Jersey 07102	Web Site:
	www.prudential.com
Common Stock:
Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.

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