Prudential Financial, Inc. 5.62 8K Prudential Financial, Inc. Announces Third Quarter 2019 Results | PRS 4 Nov 19

Exhibit 99.2










		Prudential Financial, Inc. (PRU)








		Quarterly Financial Supplement

		Third Quarter 2019




		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.




				November 4, 2019



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019
	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 by Division	7
	Short-Term and Long-Term Debt - Unaffiliated	8

	PGIM DIVISION
	Statements of Operations	9
	Supplementary Revenue and Assets Under Management Information	10
	Supplementary Assets Under Management Information	11

	U.S. WORKPLACE SOLUTIONS DIVISION
	Combined Statements of Operations	12
	Statements of Operations - Retirement	13
	Retirement Sales Results and Account Values	14
	Statements of Operations - Group Insurance	15
	Group Insurance Supplementary Information	16

	U.S. INDIVIDUAL SOLUTIONS DIVISION
	Combined Statements of Operations	17
	Statements of Operations - Individual Annuities	18
	Individual Annuities Sales Results and Account Values	19
	Individual Annuities Account Value Activity	20
	Individual Annuities Living Benefit Features	21
	Individual Annuities Death Benefit Features	22
	Statements of Operations - Individual Life	23
	Individual Life Supplementary Information	24

	INTERNATIONAL INSURANCE DIVISION
	Combined Statements of Operations	25
	Statements of Operations - Life Planner Operations	26
	Statements of Operations - Gibraltar Life and Other Operations	27
	Sales Results and Supplementary Information	28

	CORPORATE AND OTHER OPERATIONS
	Statements of Operations	30

	INVESTMENT PORTFOLIO
	Investment Portfolio Composition	31
	Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations	32
	Investment Results	33
	Investment Results - Japanese Insurance Operations	34
	Investment Results - Excluding Japanese Insurance Operations	35

	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES	36

	KEY DEFINITIONS AND FORMULAS	38

	RATINGS AND INVESTOR INFORMATION	41



	Prudential Financial, Inc.
	Quarterly Financial Supplement
	Third Quarter 2019

		FINANCIAL METRICS SUMMARY
		(in millions, except per share data)

			2018				2019						Year-to-date
			3Q		4Q		1Q		2Q		3Q		2018		2019		% change

Earnings
	Adjusted operating income (loss) before income taxes:
		PGIM Division	230		243		214		264		232		716		710		-1%
		U.S. Workplace Solutions Division	298		249		304		548		392		1,029		1,244		21%
		U.S. Individual Solutions Division	624		419		577		327		518		1,729		1,422		-18%
		International Insurance Division	890		736		922		849		791		2,530		2,562		1%
		Corporate and Other Operations	(374	)	(329	)	(412	)	(335	)	(281	)	(954	)	(1,028	)	-8%
	Total adjusted operating income before income taxes		1,668		1,318		1,605		1,653		1,652		5,050		4,910		-3%
		Income taxes, applicable to adjusted operating income	322		283		346		346		323		1,066		1,015		-5%
		After-tax adjusted operating income	1,346		1,035		1,259		1,307		1,329		3,984		3,895		-2%
		Income attributable to Prudential Financial, Inc.	1,672		842		932		708		1,418		3,232		3,058		-5%
Return on Equity
	Operating Return on Average Equity (based on adjusted operating income) (1)		13.6	%	10.3	%	12.6	%	13.1	%	13.3	%	13.5	%	13.0	%
	Return on Average Equity (based on net income)		14.1	%	7.1	%	7.2	%	4.9	%	8.9	%	8.6	%	7.1	%
Distributions to Shareholders
	Dividends Paid		380		377		415		411		412		1,149		1,238		8%
	Share Repurchases		375		375		500		500		1,000		1,125		2,000		78%
	Total Capital Returned		755		752		915		911		1,412		2,274		3,238		42%
Per Share Data
	Net Income (diluted)		3.90		1.99		2.22		1.71		3.44		7.51		7.35		-2%
	Adjusted Operating Income (diluted)		3.15		2.44		3.00		3.14		3.22		9.24		9.35		1%
	Shareholder Dividends		0.90		0.90		1.00		1.00		1.00		2.70		3.00		11%
	Book Value		110.78		116.34		132.83		150.04		163.19
	Book Value excluding AOCI and FX (2)		95.20		96.06		96.76		97.15		99.67
Shares Outstanding
	Weighted average number of common shares (basic)		416.2		412.7		409.2		405.3		404.1		419.2		406.2		-3%
	Weighted average number of common shares (diluted)		424.7		421.2		417.6		413.9		408.5		427.8		413.2		-3%
	End of period common shares (basic)		414.4		410.7		407.3		403.0		398.3
	End of period common shares (diluted)		426.3		422.2		417.9		414.3		403.2

__________

(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
Third Quarter 2019

	FINANCIAL HIGHLIGHTS
	(in millions, except per share data)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019

	Earnings per share of Common Stock (diluted):
	After-tax adjusted operating income	3.15		2.44		3.00		3.14		3.22		9.24		9.35
	Reconciling items:
	Realized investment gains (losses), net, and related charges and adjustments	0.42		(0.51	)	(1.53	)	(1.52	)	0.71		1.21		(2.37	)
	Market experience updates	—		—		—		(0.50	)	(0.77	)	—		(1.26	)
	Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	0.02		(0.66	)	1.09		0.69		0.22		(1.37	)	2.01
	Change in experience-rated contractholder liabilities due to asset value changes	(0.05	)	0.54		(0.97	)	(0.76	)	(0.39	)	1.13		(2.12	)
	Divested and Run-off Businesses:
	Closed Block Division	0.04		(0.09	)	(0.05	)	(0.05	)	0.11		(0.05	)	0.01
	Other Divested and Run-off Businesses	0.03		0.12		0.42		0.27		0.38		(3.71	)	1.07
	Difference in earnings allocated to participating unvested share-based payment awards	(0.01	)	0.01		0.01		0.02		—		0.02		0.02
	Total reconciling items, before income taxes	0.45		(0.59	)	(1.03	)	(1.85	)	0.26		(2.77	)	(2.64	)
	Income taxes, not applicable to adjusted operating income	(0.30	)	(0.14	)	(0.25	)	(0.42	)	0.04		(1.04	)	(0.64	)
	Total reconciling items, after income taxes	0.75		(0.45	)	(0.78	)	(1.43	)	0.22		(1.73	)	(2.00	)
	Net income attributable to Prudential Financial, Inc.	3.90		1.99		2.22		1.71		3.44		7.51		7.35
	Weighted average number of outstanding common shares (basic)	416.2		412.7		409.2		405.3		404.1		419.2		406.2
	Weighted average number of outstanding common shares (diluted)	424.7		421.2		417.6		413.9		408.5		427.8		413.2
	For earnings per share of Common Stock calculation:
	Net income attributable to Prudential Financial, Inc.	1,672		842		932		708		1,418		3,232		3,058
	Earnings related to interest, net of tax, on exchangeable surplus notes	5		5		5		6		1		16		12
	Less: Earnings allocated to participating unvested share-based payment awards	19		10		10		8		15		37		33
	Net income attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation	1,658		837		927		706		1,404		3,211		3,037
	After-tax adjusted operating income	1,346		1,035		1,259		1,307		1,329		3,984		3,895
	Earnings related to interest, net of tax, on exchangeable surplus notes	5		5		5		6		1		16		12
	Less: Earnings allocated to participating unvested share-based payment awards	15		13		13		15		14		45		42
	After-tax adjusted operating income for earnings per share of Common Stock calculation	1,336		1,027		1,251		1,298		1,316		3,955		3,865

Page 2



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	OTHER FINANCIAL HIGHLIGHTS
	(in millions, except per share data)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018	2019

	Capitalization Data (1):
	Senior Debt:
	Short-term debt	2,393		2,451		2,549		2,659		1,490
	Long-term debt	9,857		9,810		10,741		10,269		11,577
	Junior Subordinated Long-Term Debt	7,564		7,568		7,568		7,572		7,574
	Prudential Financial Inc. Equity:
	Including accumulated other comprehensive income	46,725		48,617		55,010		61,660		65,798
	Excluding accumulated other comprehensive income (2)	37,575		37,711		37,792		37,678		38,240
	Amount included above for remeasurement of foreign currency (3)	(2,509	)	(2,344	)	(2,142	)	(2,070	)	(1,946	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)	40,084		40,055		39,934		39,748		40,186
	Book Value per Share of Common Stock:
	Including accumulated other comprehensive income (4)	110.78		116.34		132.83		150.04		163.19
	Excluding accumulated other comprehensive income (2)(4)	89.32		90.50		91.63		92.15		94.84
	Amount included above for remeasurement of foreign currency (3)	(5.88	)	(5.56	)	(5.13	)	(5.00	)	(4.83	)
	Excluding accumulated other comprehensive income and adjusted to remove amount
	included for remeasurement of foreign currency (3)(4)	95.20		96.06		96.76		97.15		99.67
	End of period number of common shares (diluted) (5)	426.3		422.2		417.9		414.3		403.2
	Common Stock Price Range (based on closing price):
	High	104.68		105.99		97.25		105.71		103.27		126.02	105.71
	Low	93.99		76.83		81.27		92.38		78.29		93.22	78.29
	Close	101.32		81.55		91.88		101.00		89.95		101.32	89.95
	Common Stock market capitalization (1)	41,987		33,493		37,423		40,703		35,827

__________

(1) As of end of period.
(2) Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.
(3) Includes the cumulative impact of net gains and losses resulting from foreign currency exchange rate remeasurement and associated realized investment gains and losses included in net income (loss) and currency translation adjustments corresponding to realized investment gains and losses.
(4) Book value per share of Common Stock (including AOCI, excluding AOCI, and excluding AOCI and remeasurement of foreign currency) as of the second quarter of 2019 includes a $500 million increase in equity and a 6.2 million increase in diluted shares reflecting the dilutive impact of exchangeable surplus notes when book value per share of Common Stock is greater than $80.73. As of first quarter of 2019 and the fourth quarter of 2018, book value per share of Common Stock includes a $500 million increase in equity and 6.1 million increase in diluted shares, reflecting the dilutive impact of exchangeable surplus notes when book value per share of Common Stock is greater than $82.16. As of the third quarter of 2018, book value per share of Common Stock includes a $500 million increase in equity and a 5.9 million increase in diluted shares, reflecting the dilutive impact of exchangeable surplus notes when book value per Common Stock is greater than $85.00. The $500 million of exchangeable surplus notes were converted into 6.2 million shares of Common Stock in the third quarter of 2019.
(5) The number of diluted shares at the end of prior periods 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
Third Quarter 2019

	OPERATIONS HIGHLIGHTS


		2018		2019			Year-to-date
		3Q	4Q	1Q	2Q	3Q	2018	2019

	Assets Under Management and Administration ($ billions) (1)(2):
	PGIM Division:
	Institutional customers	505.7	493.5	524.0	534.9	539.8
	Retail customers	258.3	240.1	256.4	264.9	269.3
	General account	410.6	427.8	441.0	459.8	474.7
	Total PGIM Division	1,174.6	1,161.4	1,221.4	1,259.6	1,283.8
	U.S. Workplace Solutions Division	88.7	86.1	89.4	90.9	90.7
	U.S. Individual Solutions Division	117.4	100.4	113.3	115.4	113.4
	International Insurance Division	29.3	29.4	31.4	31.5	30.9
	Total assets under management	1,410.0	1,377.3	1,455.5	1,497.4	1,518.8
	Client assets under administration	238.2	233.3	250.8	273.0	273.5
	Total assets under management and administration	1,648.2	1,610.6	1,706.3	1,770.4	1,792.3
	Assets managed or administered for customers outside of the United States at end of period	370.6	373.8	389.4	403.4	410.5
	Distribution Representatives (1):
	Prudential Advisors	3,071	3,005	3,075	3,132	3,161
	International Life Planners	7,798	7,969	8,094	8,170	8,280
	Gibraltar Life Consultants	8,030	7,964	7,997	7,767	7,633
	Prudential Advisor productivity ($ thousands)	63	78	53	62	65	59	60
	__________

	(1) As of end of period.
	(2) At fair market value.

Page 4



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

COMBINED STATEMENTS OF OPERATIONS
(in millions)

	2018				2019						Year-to-date
	3Q		4Q		1Q		2Q		3Q		2018		2019		% change

Revenues (1):
Premiums	8,143		11,487		7,256		7,439		6,306		21,491		21,001		-2%
Policy charges and fee income	1,557		1,570		1,542		1,518		1,563		4,702		4,623		-2%
Net investment income	3,367		3,382		3,546		3,698		3,732		10,108		10,976		9%
Asset management fees, commissions and other income	1,365		1,341		1,304		1,451		1,327		4,049		4,082		1%
Total revenues	14,432		17,780		13,648		14,106		12,928		40,350		40,682		1%
Benefits and Expenses (1):
Insurance and annuity benefits	8,464		11,934		7,520		7,823		6,773		22,477		22,116		-2%
Interest credited to policyholders' account balances	940		937		948		955		984		2,783		2,887		4%
Interest expense	355		372		386		392		377		1,042		1,155		11%
Deferral of acquisition costs	(708	)	(754	)	(759	)	(712	)	(746	)	(2,110	)	(2,217	)	-5%
Amortization of acquisition costs	496		533		540		736		529		1,581		1,805		14%
General and administrative expenses	3,217		3,440		3,408		3,259		3,359		9,527		10,026		5%
Total benefits and expenses	12,764		16,462		12,043		12,453		11,276		35,300		35,772		1%
Adjusted operating income before income taxes	1,668		1,318		1,605		1,653		1,652		5,050		4,910		-3%
Income taxes, applicable to adjusted operating income	322		283		346		346		323		1,066		1,015		-5%
After-tax adjusted operating income	1,346		1,035		1,259		1,307		1,329		3,984		3,895		-2%
Reconciling items:
Realized investment gains (losses), net, and related adjustments	271		(132	)	(663	)	(548	)	382		751		(829	)	-210%
Related charges	(94	)	(83	)	25		(82	)	(92	)	(233	)	(149	)	36%
Total realized investment gains (losses), net, and related charges and adjustments	177		(215	)	(638	)	(630	)	290		518		(978	)	-289%
Market experience updates	—		—		—		(208	)	(314	)	—		(522	)	-
Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	10		(277	)	454		287		91		(586	)	832		242%
Change in experience-rated contractholder liabilities due to asset value changes	(21	)	228		(403	)	(313	)	(160	)	482		(876	)	-282%
Divested and Run-off Businesses:
Closed Block Division	18		(40	)	(19	)	(21	)	45		(22	)	5		123%
Other Divested and Run-off Businesses	12		51		174		112		155		(1,586	)	441		128%
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests	(26	)	(12	)	(33	)	(4	)	(34	)	(75	)	(71	)	5%
Total reconciling items, before income taxes	170		(265	)	(465	)	(777	)	73		(1,269	)	(1,169	)	8%
Income taxes, not applicable to adjusted operating income	(138	)	(65	)	(114	)	(184	)	9		(462	)	(289	)	37%
Total reconciling items, after income taxes	308		(200	)	(351	)	(593	)	64		(807	)	(880	)	-9%
Income before income taxes and equity in earnings of operating joint ventures	1,838		1,053		1,140		876		1,725		3,781		3,741		-1%
Income tax expense	184		218		232		162		332		604		726		20%
Income before equity in earnings of operating joint ventures	1,654		835		908		714		1,393		3,177		3,015		-5%
Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests	18		7		24		(6	)	25		55		43		-22%
Income attributable to Prudential Financial, Inc.	1,672		842		932		708		1,418		3,232		3,058		-5%
Earnings attributable to noncontrolling interests	3		7		5		30		7		7		42		500%
Net income	1,675		849		937		738		1,425		3,239		3,100		-4%
Less: Income attributable to noncontrolling interests	3		7		5		30		7		7		42		500%
Net income attributable to Prudential Financial, Inc.	1,672		842		932		708		1,418		3,232		3,058		-5%
__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on assets supporting experience-rated contractholder liabilities; and revenues of Divested and Run-off Businesses, 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; and benefits and expenses of Divested and Run-off Businesses 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 36 and 37 for reconciliation.

Page 5



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	CONSOLIDATED BALANCE SHEETS
	(in millions)


		09/30/2018	12/31/2018	03/31/2019	06/30/2019	09/30/2019

	Assets:
	Investments:
	Fixed maturities, available-for-sale, at fair value
	(amortized cost $321,168; $331,745; $333,648; $340,564; $342,567)	340,970	353,656	365,928	383,390	391,657
	Fixed maturities, held-to-maturity, at amortized cost
	(fair value $2,287; $2,372; $2,365; $2,410; $2,359)	1,957	2,013	1,982	2,009	1,958
	Fixed maturities, trading, at fair value
	(amortized cost $3,162; $3,392; $3,512; $3,807; $3,873)	3,083	3,243	3,435	3,755	3,779
	Assets supporting experience-rated contractholder liabilities, at fair value	21,083	21,254	21,668	21,843	22,267
	Equity securities, at fair value
	(cost $5,149; $5,219; $5,230; $5,205; $5,363)	7,058	6,238	6,778	6,804	7,014
	Commercial mortgage and other loans	59,336	59,830	60,875	61,228	61,833
	Policy loans	11,928	12,016	11,986	12,030	12,022
	Other invested assets	13,790	14,526	14,840	15,081	15,654
	Short-term investments	5,767	6,469	6,911	5,872	7,320
	Total investments	464,972	479,245	494,403	512,012	523,504
	Cash and cash equivalents	12,466	15,353	14,699	15,421	18,289
	Accrued investment income	3,180	3,318	3,233	3,355	3,248
	Deferred policy acquisition costs	19,789	20,058	19,978	19,540	19,484
	Value of business acquired	1,962	1,850	1,575	1,227	1,106
	Other assets	16,938	16,118	18,192	18,690	18,761
	Separate account assets	303,441	279,136	297,244	303,580	301,234
	Total assets	822,748	815,078	849,324	873,825	885,626
	Liabilities:
	Future policy benefits	260,797	273,846	277,085	285,527	291,742
	Policyholders' account balances	149,130	150,338	151,224	151,428	152,527
	Securities sold under agreements to repurchase	9,176	9,950	9,873	9,741	9,241
	Cash collateral for loaned securities	4,656	3,929	4,093	4,235	4,728
	Income taxes	7,014	7,936	10,031	11,485	12,664
	Senior short-term debt	2,393	2,451	2,549	2,659	1,490
	Senior long-term debt	9,857	9,810	10,741	10,269	11,577
	Junior subordinated long-term debt	7,564	7,568	7,568	7,572	7,574
	Other liabilities	20,708	20,128	22,241	23,930	25,302
	Notes issued by consolidated variable interest entities	930	955	1,225	1,246	1,233
	Separate account liabilities	303,441	279,136	297,244	303,580	301,234
	Total liabilities	775,666	766,047	793,874	811,672	819,312
	Equity:
	Accumulated other comprehensive income	9,150	10,906	17,218	23,982	27,558
	Other equity	37,575	37,711	37,792	37,678	38,240
	Total Prudential Financial, Inc. equity	46,725	48,617	55,010	61,660	65,798
	Noncontrolling interests	357	414	440	493	516
	Total equity	47,082	49,031	55,450	62,153	66,314
	Total liabilities and equity	822,748	815,078	849,324	873,825	885,626

Page 6



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	COMBINING BALANCE SHEETS BY DIVISION
	(in millions)

		As of September 30, 2019

					PFI Excluding			U.S. Workplace	U.S. Individual		International	Corporate
		Consolidated	Closed Block		Closed Block	PGIM		Solutions	Solutions		Insurance	and Other
		PFI	Division		Division	Division		Division	Division		Division	Operations
	Assets:
	Total investments	523,504	61,103		462,401	4,765		138,862	72,902		217,195	28,677
	Deferred policy acquisition costs	19,484	242		19,242	—		298	10,549		8,728	(333	)
	Other assets	41,404	993		40,411	3,320		7,282	20,385		10,658	(1,234	)
	Separate account assets	301,234	—		301,234	38,636		86,402	177,613		3,954	(5,371	)
	Total assets	885,626	62,338		823,288	46,721		232,844	281,449		240,535	21,739
	Liabilities:
	Future policy benefits	291,742	47,726		244,016	—		69,225	36,052		129,956	8,783
	Policyholders' account balances	152,527	4,988		147,539	—		58,298	37,025		51,342	874
	Debt	20,641	—		20,641	1,638		693	7,217		117	10,976
	Other liabilities	53,168	11,296		41,872	3,565		6,141	8,333		19,439	4,394
	Separate account liabilities	301,234	—		301,234	38,636		86,402	177,613		3,954	(5,371	)
	Total liabilities	819,312	64,010		755,302	43,839		220,759	266,240		204,808	19,656
	Equity:
	Accumulated other comprehensive income (loss)	27,558	(3	)	27,561	(81	)	5,775	3,155		20,167	(1,455	)
	Other equity	38,240	(1,683	)	39,923	2,116		6,240	12,033		15,490	4,044
	Total Prudential Financial, Inc. equity	65,798	(1,686	)	67,484	2,035		12,015	15,188		35,657	2,589
	Noncontrolling interests	516	14		502	847		70	21		70	(506	)
	Total equity	66,314	(1,672	)	67,986	2,882		12,085	15,209		35,727	2,083
	Total liabilities and equity	885,626	62,338		823,288	46,721		232,844	281,449		240,535	21,739


		As of December 31, 2018

					PFI Excluding			U.S. Workplace	U.S. Individual		International	Corporate
		Consolidated	Closed Block		Closed Block	PGIM		Solutions	Solutions		Insurance	and Other
		PFI	Division		Division	Division		Division	Division		Division	Operations
	Assets:
	Total investments	479,245	57,710		421,535	4,542		131,746	61,626		200,313	23,308
	Deferred policy acquisition costs	20,058	264		19,794	—		311	11,087		8,715	(319	)
	Other assets	36,639	1,065		35,574	2,908		6,979	17,280		9,850	(1,443	)
	Separate account assets	279,136	—		279,136	40,240		78,216	161,645		3,755	(4,720	)
	Total assets	815,078	59,039		756,039	47,690		217,252	251,638		222,633	16,826
	Liabilities:
	Future policy benefits	273,846	48,282		225,564	—		69,677	25,377		122,894	7,616
	Policyholders' account balances	150,338	5,061		145,277	—		56,855	36,671		50,895	856
	Debt	19,829	—		19,829	1,810		810	7,335		141	9,733
	Other liabilities	42,898	7,414		35,484	3,030		5,272	7,046		17,328	2,808
	Separate account liabilities	279,136	—		279,136	40,240		78,216	161,645		3,755	(4,720	)
	Total liabilities	766,047	60,757		705,290	45,080		210,830	238,074		195,013	16,293
	Equity:
	Accumulated other comprehensive income (loss)	10,906	(23	)	10,929	(83	)	628	(418	)	13,040	(2,238	)
	Other equity	37,711	(1,705	)	39,416	2,067		5,744	13,967		14,518	3,120
	Total Prudential Financial, Inc. equity	48,617	(1,728	)	50,345	1,984		6,372	13,549		27,558	882
	Noncontrolling interests	414	10		404	626		50	15		62	(349	)
	Total equity	49,031	(1,718	)	50,749	2,610		6,422	13,564		27,620	533
	Total liabilities and equity	815,078	59,039		756,039	47,690		217,252	251,638		222,633	16,826

Page 7



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

SHORT-TERM AND LONG-TERM DEBT - UNAFFILIATED
	(in millions)

		As of September 30, 2019				As of December 31, 2018
		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	—	7,000	7,574	14,574	1,250	4,543	7,568	13,361
	Operating Debt	1,230	3,953	—	5,183	1,091	4,601	—	5,692
	Limited recourse and non-recourse borrowing	260	624	—	884	110	666	—	776
	Total debt	1,490	11,577	7,574	20,641	2,451	9,810	7,568	19,829



		As of September 30, 2019				As of December 31, 2018
			The Prudential				The Prudential
		Prudential	Insurance Co.	Other		Prudential	Insurance Co.	Other
		Financial, Inc.	of America (1)(2)	Affiliates	Total	Financial, Inc.	of America (1)(2)	Affiliates	Total

	Borrowings by sources:
	Capital Debt	14,075	442	58	14,575	12,363	941	57	13,361
	Operating Debt	4,556	626	—	5,182	4,893	799	—	5,692
	Limited recourse and non-recourse borrowing	—	577	307	884	—	776	—	776
	Total debt	18,631	1,645	365	20,641	17,256	2,516	57	19,829

__________

(1) Includes Prudential Funding, LLC.
(2) Capital debt at Prudential Insurance Co. of America includes $342 million of surplus notes as of September 30, 2019 and $841 million of surplus notes as of December 31, 2018.

Page 8



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - PGIM DIVISION
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	—		—		—		—		—		—		—		-
	Policy charges and fee income	—		—		—		—		—		—		—		-
	Net investment income	28		(3	)	63		33		28		76		124		63%
	Asset management fees, commissions and other income	789		838		807		893		827		2,383		2,527		6%
	Total revenues	817		835		870		926		855		2,459		2,651		8%
	Benefits and Expenses (1):
	Insurance and annuity benefits	—		—		—		—		—		—		—		-
	Interest credited to policyholders' account balances	—		—		—		—		—		—		—		-
	Interest expense	9		11		12		12		12		29		36		24%
	Deferral of acquisition costs	(2	)	(1	)	(1	)	(2	)	(2	)	(5	)	(5	)	—%
	Amortization of acquisition costs	2		2		2		1		2		6		5		-17%
	General and administrative expenses	578		580		643		651		611		1,713		1,905		11%
	Total benefits and expenses	587		592		656		662		623		1,743		1,941		11%
	Adjusted operating income before income taxes	230		243		214		264		232		716		710		-1%
	Total revenues	817		835		870		926		855		2,459		2,651		8%
	Less: Passthrough distribution revenue	30		28		27		28		28		93		83		-11%
	Less: Revenue associated with consolidations	15		4		34		50		10		33		94		185%
	Total adjusted revenues (2)	772		803		809		848		817		2,333		2,474		6%
	Adjusted operating margin (2)(3)	29.8	%	30.3	%	26.5	%	31.1	%	28.4	%	30.7	%	28.7	%


	__________

	(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 27.1%, 28.5%, 24.6%, 29.1%, and 28.1% for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively and 26.8% and 29.1% for the nine months ended September 30, 2019, and September 30, 2018, respectively.

Page 9



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	PGIM DIVISION - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION


		2018		2019			Year-to-date
		3Q	4Q	1Q	2Q	3Q	2018	2019	% change
	Supplementary Revenue Information (in millions):
	Analysis of revenues by type:
	Asset management fees	641	639	644	671	676	1,903	1,991	5%
	Other related revenues (1)	48	84	100	115	50	186	265	42%
	Service, distribution and other revenues	128	112	126	140	129	370	395	7%
	Total PGIM revenues	817	835	870	926	855	2,459	2,651	8%
	Analysis of asset management fees by source:
	Institutional customers	302	311	312	319	323	893	954	7%
	Retail customers	221	210	209	220	223	657	652	-1%
	General account	118	118	123	132	130	353	385	9%
	Total asset management fees	641	639	644	671	676	1,903	1,991	5%



	Supplementary Assets Under Management Information (at fair market value) (in billions):
		September 30, 2019
			Fixed	Real
		Equity	Income	Estate	Total

	Institutional customers	58.9	438.0	42.9	539.8
	Retail customers	125.0	142.4	1.9	269.3
	General account	5.7	467.0	2.0	474.7
	Total	189.6	1,047.4	46.8	1,283.8


		September 30, 2018
			Fixed	Real
		Equity	Income	Estate	Total

	Institutional customers	64.0	398.3	43.4	505.7
	Retail customers	137.3	119.4	1.6	258.3
	General account	5.6	403.1	1.9	410.6
	Total	206.9	920.8	46.9	1,174.6
__________
(1) Other related revenues, net of related expenses and charges associated with a joint venture in first quarter 2019 are $39 million, $65 million, $63 million, $57 million, and $31 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively and $167 million and $146 million for the nine months ended September 30, 2019, and September 30, 2018, respectively.

Page 10



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	PGIM DIVISION - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION
		(in billions)

			2018				2019						Year-to-date
			3Q		4Q		1Q		2Q		3Q		2018		2019

		Institutional Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force:
		Beginning assets under management	439.5		453.3		443.6		471.0		479.1		437.9		443.6
		Additions	19.0		18.9		15.1		14.5		14.8		56.2		44.4
		Withdrawals	(9.7	)	(19.4	)	(14.1	)	(20.5	)	(17.0	)	(41.6	)	(51.6	)
		Change in market value	3.9		(8.1	)	21.0		14.5		8.8		(1.2	)	44.3
		Net money market flows	0.8		(1.4	)	4.3		(0.6	)	(2.1	)	2.9		1.6
		Other	(0.2	)	0.3		1.1		0.2		(0.4	)	(0.9	)	0.9
		Ending assets under management	453.3		443.6		471.0		479.1		483.2		453.3		483.2
		Affiliated institutional assets under management	52.4		49.9		53.0		55.8		56.6		52.4		56.6
		Total assets managed for institutional customers at end of period	505.7		493.5		524.0		534.9		539.8		505.7		539.8
		Net institutional additions (withdrawals), excluding money market activity	9.3		(0.5	)	1.0		(6.0	)	(2.2	)	14.6		(7.2	)
		Retail Customers - Assets Under Management (at fair market value):
		Assets gathered by Investment Management & Advisory Services sales force (1):
		Beginning assets under management	164.7		169.2		154.2		169.0		175.6		157.3		154.2
		Additions	10.9		14.1		14.1		13.0		14.5		38.9		41.6
		Withdrawals	(11.5	)	(16.7	)	(13.7	)	(11.9	)	(11.5	)	(36.7	)	(37.1	)
		Change in market value	5.1		(13.4	)	14.4		5.4		0.3		9.7		20.1
		Net money market flows	0.1		—		—		0.1		0.3		0.1		0.4
		Other	(0.1	)	1.0		—		—		(0.2	)	(0.1	)	(0.2	)
		Ending assets under management	169.2		154.2		169.0		175.6		179.0		169.2		179.0
		Affiliated retail assets under management (1)	89.1		85.9		87.4		89.3		90.3		89.1		90.3
		Total assets managed for retail customers at end of period	258.3		240.1		256.4		264.9		269.3		258.3		269.3
		Net retail additions (withdrawals), excluding money market activity	(0.6	)	(2.6	)	0.4		1.1		3.0		2.2		4.5

__________

(1) The amounts for third quarter of 2018 have been revised to correct the previously reported amounts for a reclass between Assets gathered by Investment Management & Advisory Services sales force and Affiliated retail assets under management.

Page 11



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	COMBINED STATEMENTS OF OPERATIONS - U.S. FINANCIAL WELLNESS BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	3,928		7,273		2,345		3,208		1,870		8,455		7,423		-12%
	Policy charges and fee income	211		219		229		226		246		628		701		12%
	Net investment income	1,241		1,243		1,292		1,362		1,360		3,750		4,014		7%
	Asset management fees, commissions and other income	253		225		214		251		223		717		688		-4%
	Total revenues	5,633		8,960		4,080		5,047		3,699		13,550		12,826		-5%
	Benefits and Expenses (1):
	Insurance and annuity benefits	4,388		7,731		2,791		3,526		2,349		9,725		8,666		-11%
	Interest credited to policyholders' account balances	435		434		447		443		454		1,278		1,344		5%
	Interest expense	8		12		14		10		12		25		36		44%
	Deferral of acquisition costs	(9	)	(18	)	(13	)	(9	)	(7	)	(26	)	(29	)	-12%
	Amortization of acquisition costs	9		15		9		10		7		23		26		13%
	General and administrative expenses	504		537		528		519		492		1,496		1,539		3%
	Total benefits and expenses	5,335		8,711		3,776		4,499		3,307		12,521		11,582		-7%
	Adjusted operating income before income taxes	298		249		304		548		392		1,029		1,244		21%

__________

(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 12



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - U.S. FINANCIAL WELLNESS BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	2,825		6,174		1,243		2,098		794		5,157		4,135		-20	%
	Policy charges and fee income	60		67		66		63		71		183		200		9	%
	Net investment income	1,087		1,095		1,141		1,200		1,198		3,282		3,539		8	%
	Asset management fees, commissions and other income	231		209		189		225		198		658		612		-7	%
	Total revenues	4,203		7,545		2,639		3,586		2,261		9,280		8,486		-9	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,313		6,660		1,704		2,448		1,304		6,555		5,456		-17	%
	Interest credited to policyholders' account balances	366		363		377		370		374		1,067		1,121		5	%
	Interest expense	8		11		13		10		11		24		34		42	%
	Deferral of acquisition costs	(9	)	(18	)	(9	)	(9	)	(7	)	(25	)	(25	)	—	%
	Amortization of acquisition costs	8		14		8		8		5		19		21		11	%
	General and administrative expenses	278		299		295		292		272		807		859		6	%
	Total benefits and expenses	3,964		7,329		2,388		3,119		1,959		8,447		7,466		-12	%
	Adjusted operating income before income taxes	239		216		251		467		302		833		1,020		22	%

	__________

	(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
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - RETIREMENT SALES RESULTS AND ACCOUNT VALUES
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019

	Full Service:
	Beginning total account value	240,922		251,272		231,669		251,071		262,133		234,616		231,669
	Deposits and sales	8,843		6,639		9,567		11,047		7,458		26,477		28,072
	Withdrawals and benefits	(5,864	)	(5,941	)	(9,105	)	(7,259	)	(10,758	)	(20,488	)	(27,122	)
	Change in market value, interest credited, interest income and other activity	7,371		(20,301	)	18,940		7,274		1,113		10,667		27,327
	Ending total account value	251,272		231,669		251,071		262,133		259,946		251,272		259,946
	Net additions (withdrawals)	2,979		697		462		3,788		(3,300	)	5,989		950
	Stable value account values included above	49,132		49,544		50,202		50,601		51,429
	Institutional Investment Products:
	Beginning total account value	191,722		195,237		200,759		203,101		215,978		194,492		200,759
	Additions	6,318		8,843		2,247		15,044		5,235		12,467		22,526
	Withdrawals and benefits	(3,345	)	(3,324	)	(3,649	)	(4,161	)	(4,626	)	(12,085	)	(12,436	)
	Change in market value, interest credited and interest income	1,146		1,173		2,644		2,826		2,406		2,130		7,876
	Other (1)	(604	)	(1,170	)	1,100		(832	)	(1,413	)	(1,767	)	(1,145	)
	Ending total account value	195,237		200,759		203,101		215,978		217,580		195,237		217,580
	Net additions (withdrawals)	2,973		5,519		(1,402	)	10,883		609		382		10,090
	Amounts included in ending total account value above:
	Investment-only stable value wraps	67,598		67,934		68,922		69,674		69,977		67,598		69,977
	Longevity reinsurance (2)	43,455		44,249		45,500		57,169		58,481		43,455		58,481
	Group annuities and other products	84,184		88,576		88,679		89,135		89,122		84,184		89,122
	Ending total account value	195,237		200,759		203,101		215,978		217,580		195,237		217,580

_________

(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 14



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - U.S. FINANCIAL WELLNESS BUSINESSES - U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE
	(in millions)

		2018		2019				Year-to-date
		3Q	4Q	1Q		2Q	3Q	2018		2019		% change

	Revenues (1):
	Premiums	1,103	1,099	1,102		1,110	1,076	3,298		3,288		—%
	Policy charges and fee income	151	152	163		163	175	445		501		13%
	Net investment income	154	148	151		162	162	468		475		1%
	Asset management fees, commissions and other income	22	16	25		26	25	59		76		29%
	Total revenues	1,430	1,415	1,441		1,461	1,438	4,270		4,340		2%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,075	1,071	1,087		1,078	1,045	3,170		3,210		1%
	Interest credited to policyholders' account balances	69	71	70		73	80	211		223		6%
	Interest expense	—	1	1		—	1	1		2		100%
	Deferral of acquisition costs	—	—	(4	)	—	—	(1	)	(4	)	-300%
	Amortization of acquisition costs	1	1	1		2	2	4		5		25%
	General and administrative expenses	226	238	233		227	220	689		680		-1%
	Total benefits and expenses	1,371	1,382	1,388		1,380	1,348	4,074		4,116		1%
	Adjusted operating income before income taxes	59	33	53		81	90	196		224		14%

__________

(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 15



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES -U.S. WORKPLACE SOLUTIONS DIVISION - GROUP INSURANCE SUPPLEMENTARY INFORMATION
	(dollar amounts in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019


	GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	Group life	63		24		174		17		42		352		233
	Group disability	16		13		119		16		18		170		153
	Total	79		37		293		33		60		522		386
	Future Policy Benefits (1)(2):
	Group life	2,111		2,293		2,212		2,227		2,162
	Group disability	9		2		29		19		10
	Total	2,120		2,295		2,241		2,246		2,172
	Policyholders' Account Balances (1):
	Group life	8,840		8,889		8,798		8,887		8,635
	Group disability	187		200		198		183		190
	Total	9,027		9,089		8,996		9,070		8,825
	Separate Account Liabilities (1):
	Group life	23,881		24,044		24,809		26,048		26,361
	Group disability	—		—		—		—		—
	Total	23,881		24,044		24,809		26,048		26,361

	Group Life Insurance:
	Gross premiums, policy charges and fee income (3)(4)	1,101		1,094		1,068		1,075		989		3,265		3,132
	Earned premiums	870		866		847		842		806		2,596		2,495
	Earned policy charges and fee income	139		140		149		150		162		409		461

	Benefits ratio (5)	87.3	%	86.7	%	89.0	%	88.5	%	84.7	%	87.7	%	87.4	%
	Administrative operating expense ratio	11.5	%	13.0	%	11.7	%	12.2	%	13.1	%	11.9	%	12.3	%
	Persistency ratio	94.6	%	94.5	%	93.5	%	92.7	%	92.2	%

	Group Disability Insurance:
	Gross premiums, policy charges and fee income (3)	259		259		285		290		296		771		871
	Earned premiums	233		233		255		268		270		702		793
	Earned policy charges and fee income	12		12		14		13		13		36		40

	Benefits ratio (5)	78.9	%	81.5	%	74.6	%	74.5	%	79.4	%	76.5	%	76.2	%
	Administrative operating expense ratio	26.8	%	28.0	%	26.9	%	24.2	%	22.0	%	26.8	%	24.3	%
	Persistency ratio	94.2	%	93.9	%	94.5	%	94.4	%	93.9	%

	Total Group Insurance:
	Benefits ratio (5)	85.7	%	85.7	%	85.9	%	85.5	%	83.5	%	85.5	%	85.0	%
	Administrative operating expense ratio	14.5	%	15.9	%	14.9	%	14.8	%	15.2	%	14.8	%	14.9	%
__________

(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) The amounts for third and fourth quarters of 2018 have been reclassified to conform to current period presentation.
(5) Benefit ratios excluding the impact of the annual assumption updates and other refinements in the second quarter. Benefit ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 90.2%, 65.3% and 84.7% for the three months ended June 30, 2019, respectively.Benefit ratios including these impacts for Group Life, Group Disability, and Total Group Insurance are 88.0%, 73.1%, 84.7% and 87.3%, 73.9%, 84.7% for the nine months ended September 30, 2019 and September 30, 2018, respectively.

Page 16



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	COMBINED STATEMENTS OF OPERATIONS - U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	271		306		332		328		288		800		948		19%
	Policy charges and fee income	1,230		1,231		1,200		1,190		1,204		3,711		3,594		-3%
	Net investment income	684		700		726		779		792		2,027		2,297		13%
	Asset management fees, commissions and other income	493		488		459		499		496		1,534		1,454		-5%
	Total revenues	2,678		2,725		2,717		2,796		2,780		8,072		8,293		3%
	Benefits and Expenses (1):
	Insurance and annuity benefits	635		789		767		892		784		2,107		2,443		16%
	Interest credited to policyholders' account balances	278		283		265		288		297		818		850		4%
	Interest expense	199		201		212		220		238		580		670		16%
	Deferral of acquisition costs	(294	)	(333	)	(296	)	(321	)	(328	)	(813	)	(945	)	-16%
	Amortization of acquisition costs	210		216		206		459		215		663		880		33%
	General and administrative expenses	1,026		1,150		986		931		1,056		2,988		2,973		-1%
	Total benefits and expenses	2,054		2,306		2,140		2,469		2,262		6,343		6,871		8%
	Adjusted operating income before income taxes	624		419		577		327		518		1,729		1,422		-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. Beginning with the second quarter of 2019, revenues and expenses exclude market experience updates.

Page 17



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	37		71		99		88		51		108		238		120%
	Policy charges and fee income	719		679		669		687		677		2,167		2,033		-6%
	Net investment income	174		177		191		211		225		517		627		21%
	Asset management fees, commissions and other income	294		297		276		302		298		950		876		-8%
	Total revenues	1,224		1,224		1,235		1,288		1,251		3,742		3,774		1%
	Benefits and Expenses (1):
	Insurance and annuity benefits	85		128		119		134		100		242		353		46%
	Interest credited to policyholders' account balances	85		84		78		87		84		251		249		-1%
	Interest expense	17		16		18		28		43		51		89		75%
	Deferral of acquisition costs	(110	)	(113	)	(110	)	(127	)	(127	)	(307	)	(364	)	-19%
	Amortization of acquisition costs	139		115		116		140		128		396		384		-3%
	General and administrative expenses	554		549		542		564		564		1,629		1,670		3%
	Total benefits and expenses	770		779		763		826		792		2,262		2,381		5%
	Adjusted operating income before income taxes	454		445		472		462		459		1,480		1,393		-6%

	__________

	(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
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES SALES RESULTS AND ACCOUNT VALUES
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019


	SALES AND ACCOUNT VALUES:
	Variable Annuities:
	Beginning total account value	160,143		162,369		147,339		157,896		161,017		165,153		147,339
	Sales: Highest Daily Suite (1)	1,116		1,048		950		1,034		1,037		3,253		3,021
	Other variable annuities (2)	997		1,001		1,059		1,301		1,301		2,561		3,661
	Total sales	2,113		2,049		2,009		2,335		2,338		5,814		6,682
	Full surrenders and death benefits (3)	(2,271	)	(2,034	)	(1,914	)	(2,370	)	(2,539	)	(6,817	)	(6,823	)
	Sales, net of full surrenders and death benefits	(158	)	15		95		(35	)	(201	)	(1,003	)	(141	)
	Partial withdrawals and other benefit payments (3)	(1,037	)	(1,264	)	(1,142	)	(1,139	)	(1,141	)	(3,209	)	(3,422	)
	Net flows	(1,195	)	(1,249	)	(1,047	)	(1,174	)	(1,342	)	(4,212	)	(3,563	)
	Change in market value, interest credited, and other	4,360		(12,884	)	12,498		5,210		1,378		4,234		19,086
	Policy charges	(939	)	(897	)	(894	)	(915	)	(923	)	(2,806	)	(2,732	)
	Ending total account value	162,369		147,339		157,896		161,017		160,130		162,369		160,130
	Variable Annuities Account Value by Product: (4)
	Highest Daily Suite - risk retained by Prudential (1)	118,618		106,878		114,164		115,584		114,059		118,618		114,059
	Highest Daily Suite - externally reinsured living benefits	3,184		2,873		3,059		3,095		3,055		3,184		3,055
	Other variable annuities (2)	40,567		37,588		40,673		42,338		43,016		40,567		43,016
	Ending total account value	162,369		147,339		157,896		161,017		160,130		162,369		160,130
	Fixed Annuities and other products:
	Beginning total account value	3,502		3,593		3,741		3,994		4,296		3,473		3,741
	Sales	128		189		298		340		319		218		957
	Full surrenders and death benefits (3)	(25	)	(23	)	(26	)	(27	)	(29	)	(84	)	(82	)
	Sales, net of full surrenders and death benefits	103		166		272		313		290		134		875
	Partial withdrawals and other benefit payments (3)	(83	)	(90	)	(94	)	(90	)	(88	)	(251	)	(272	)
	Net flows	20		76		178		223		202		(117	)	603
	Interest credited and other	71		72		75		79		70		237		224
	Policy charges	—		—		—		—		—		—		—
	Ending total account value	3,593		3,741		3,994		4,296		4,568		3,593		4,568
	SALES BY DISTRIBUTION CHANNEL:
	Variable and Fixed Annuities (5):
	Insurance Agents	640		684		680		735		724		1,784		2,139
	Wirehouses	433		430		452		533		465		1,111		1,450
	Independent Financial Planners	999		974		1,001		1,212		1,269		2,708		3,482
	Bank Distribution	169		150		174		195		199		429		568
	Total	2,241		2,238		2,307		2,675		2,657		6,032		7,639
__________

(1) Includes variable annuities with "Highest Daily" optional living benefits retained by Prudential and predecessor "Lifetime Five" feature.
(2) Includes Prudential Defined Income (PDI), Legacy Protection Plus (LPP) death benefit and products without guaranteed minimum income and withdrawal benefits.
(3) The amounts for third and fourth quarters of 2018 and first quarter of 2019 have been reclassified to conform to current period presentation.
(4) The amounts for fourth quarter of 2018 have been revised to correct the previously reported amounts for a reclass between Highest Daily Suite - risk retained by Prudential and Other variable annuities products.
(5) Amounts represent gross sales.

Page 19



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES ACCOUNT VALUE ACTIVITY
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019

	Account Values in General Account (1):
	Beginning balance	9,932		10,006		10,298		10,429		10,696		9,892		10,298
	Premiums and deposits	318		373		466		522		507		785		1,495
	Full surrenders and death benefits (2)	(95	)	(99	)	(96	)	(108	)	(90	)	(317	)	(294	)
	Premiums and deposits net of full surrenders and death benefits	223		274		370		414		417		468		1,201
	Partial withdrawals and other benefit payments (2)	(141	)	(168	)	(163	)	(153	)	(151	)	(443	)	(467	)
	Net flows	82		106		207		261		266		25		734
	Interest credited and other	69		69		57		41		68		199		166
	Net transfers (to) from separate account	(76	)	117		(133	)	(35	)	(59	)	(109	)	(227	)
	Policy charges	(1	)	—		—		—		—		(1	)	—
	Ending balance	10,006		10,298		10,429		10,696		10,971		10,006		10,971
	Account Values in Separate Account (1):
	Beginning balance	153,713		155,956		140,782		151,461		154,617		158,734		140,782
	Premiums and deposits	1,923		1,865		1,841		2,153		2,150		5,247		6,144
	Full surrenders and death benefits (2)	(2,201	)	(1,958	)	(1,844	)	(2,289	)	(2,478	)	(6,584	)	(6,611	)
	Premiums and deposits net of full surrenders and death benefits	(278	)	(93	)	(3	)	(136	)	(328	)	(1,337	)	(467	)
	Partial withdrawals and other benefit payments (2)	(979	)	(1,186	)	(1,073	)	(1,076	)	(1,078	)	(3,017	)	(3,227	)
	Net flows	(1,257	)	(1,279	)	(1,076	)	(1,212	)	(1,406	)	(4,354	)	(3,694	)
	Change in market value, interest credited and other	4,362		(12,881	)	12,516		5,248		1,380		4,272		19,144
	Net transfers (to) from general account	76		(117	)	133		35		59		109		227
	Policy charges	(938	)	(897	)	(894	)	(915	)	(923	)	(2,805	)	(2,732	)
	Ending balance	155,956		140,782		151,461		154,617		153,727		155,956		153,727

__________
(1) Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company's general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.
(2) The amounts for third and fourth quarters of 2018 and first quarter of 2019 have been reclassified to conform to current period presentation.

Page 20



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES LIVING BENEFIT FEATURES
(in millions)

	2018		2019
	3Q	4Q	1Q	2Q	3Q


LIVING BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values with Living Benefit Features
Guaranteed minimum accumulation benefits	2,818	2,578	2,582	2,498	2,382
Guaranteed minimum withdrawal benefits	428	364	381	370	350
Guaranteed minimum income benefits	2,661	2,306	2,474	2,475	2,395
Guaranteed minimum withdrawal & income benefits - risk retained by Prudential	129,431	118,115	126,813	129,832	129,683
Guaranteed minimum withdrawal & income benefits - externally reinsured	3,184	2,873	3,059	3,096	3,055
Total	138,522	126,236	135,309	138,271	137,865
Living Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature - risk retained by Prudential	113,257	102,300	109,191	110,597	109,204
Account Values with Auto-Rebalancing Feature - externally reinsured	3,184	2,873	3,059	3,096	3,055
Account Values without Auto-Rebalancing Feature	22,081	21,063	23,059	24,578	25,606
Total	138,522	126,236	135,309	138,271	137,865
Living Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature - risk retained by Prudential	3,634	6,714	4,551	4,188	4,503
Net Amount at Risk with Auto-Rebalancing Feature - externally reinsured	—	—	—	—	—
Net Amount at Risk without Auto-Rebalancing Feature	757	1,226	799	702	709
Total	4,391	7,940	5,350	4,890	5,212
__________
(1) At end of period.

Page 21



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL ANNUITIES DEATH BENEFIT FEATURES
(in millions)

	2018		2019
	3Q	4Q	1Q	2Q	3Q


DEATH BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):
Variable Annuity Account Values by Death Benefit Features
Return of net deposits:
Account value	126,693	115,489	124,019	126,897	126,642
Net amount at risk	404	917	316	254	258
Minimum return, anniversary contract value, or maximum contract value:
Account value	31,057	27,673	29,334	29,453	28,799
Net amount at risk	2,916	5,071	3,374	3,022	3,117
Death Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature	116,441	105,172	112,250	113,693	112,259
Account Values without Auto-Rebalancing Feature	41,309	37,990	41,103	42,657	43,182
Total	157,750	143,162	153,353	156,350	155,441
Death Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature	1,379	3,115	1,755	1,482	1,557
Net Amount at Risk without Auto-Rebalancing Feature	1,941	2,873	1,935	1,794	1,818
Total	3,320	5,988	3,690	3,276	3,375
__________
(1) At end of period.

Page 22



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - STATEMENTS OF OPERATIONS - INDIVIDUAL LIFE
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	234		235		233		240		237		692		710		3	%
	Policy charges and fee income	511		552		531		503		527		1,544		1,561		1	%
	Net investment income	510		523		535		568		567		1,510		1,670		11	%
	Asset management fees, commissions and other income	199		191		183		197		198		584		578		-1	%
	Total revenues	1,454		1,501		1,482		1,508		1,529		4,330		4,519		4	%
	Benefits and Expenses (1):
	Insurance and annuity benefits	550		661		648		758		684		1,865		2,090		12	%
	Interest credited to policyholders' account balances	193		199		187		201		213		567		601		6	%
	Interest expense	182		185		194		192		195		529		581		10	%
	Deferral of acquisition costs	(184	)	(220	)	(186	)	(194	)	(201	)	(506	)	(581	)	-15	%
	Amortization of acquisition costs	71		101		90		319		87		267		496		86	%
	General and administrative expenses	472		601		444		367		492		1,359		1,303		-4	%
	Total benefits and expenses	1,284		1,527		1,377		1,643		1,470		4,081		4,490		10	%
	Adjusted operating income (loss) before income taxes	170		(26	)	105		(135	)	59		249		29		-88	%

__________
(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 23



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	U.S. FINANCIAL WELLNESS BUSINESSES - U.S. INDIVIDUAL SOLUTIONS DIVISION - INDIVIDUAL LIFE SUPPLEMENTARY INFORMATION
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019

	ANNUALIZED NEW BUSINESS PREMIUMS (1):
	Term life	55		55		51		53		49		158		153
	Guaranteed Universal life	23		29		21		24		24		68		69
	Other Universal life	44		51		30		48		35		99		113
	Variable life	41		58		61		56		67		105		184
	Total	163		193		163		181		175		430		519
	ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):
	Prudential Advisors	35		37		34		39		38		98		111
	Third party distribution	128		156		129		142		137		332		408
	Total	163		193		163		181		175		430		519
	ACCOUNT VALUE ACTIVITY:
	Policyholders' Account Balances (2):
	Beginning balance	27,942		28,347		28,728		28,737		28,321		26,861		28,728
	Premiums and deposits	790		1,072		783		866		855		2,262		2,504
	Surrenders and withdrawals	(280	)	(459	)	(291	)	(345	)	(340	)	(822	)	(976	)
	Net sales	510		613		492		521		515		1,440		1,528
	Benefit payments	(132	)	61		(103	)	(114	)	(120	)	(432	)	(337	)
	Net flows	378		674		389		407		395		1,008		1,191
	Interest credited and other	304		229		(24	)	(455	)	168		1,355		(311	)
	Net transfers (to) from separate account	136		(80	)	76		67		102		374		245
	Policy charges	(413	)	(442	)	(432	)	(435	)	(440	)	(1,251	)	(1,307	)
	Ending balance	28,347		28,728		28,737		28,321		28,546		28,347		28,546
	Separate Account Liabilities:
	Beginning balance	32,430		33,562		29,796		32,851		33,651		32,085		29,796
	Premiums and deposits	365		438		494		411		424		1,163		1,329
	Surrenders and withdrawals	(272	)	(262	)	(260	)	(258	)	(272	)	(837	)	(790	)
	Net sales	93		176		234		153		152		326		539
	Benefit payments	(41	)	(246	)	(95	)	(188	)	(16	)	(142	)	(299	)
	Net flows	52		(70	)	139		(35	)	136		184		240
	Change in market value, interest credited and other	1,450		(3,535	)	3,232		1,139		192		2,362		4,563
	Net transfers (to) from general account	(136	)	80		(76	)	(67	)	(102	)	(374	)	(245	)
	Policy charges	(234	)	(241	)	(239	)	(242	)	(249	)	(695	)	(730	)
	Ending balance	33,562		29,796		32,852		33,646		33,628		33,562		33,624
	FACE AMOUNT IN FORCE (3):
	Term life	779,181		788,013		795,539		803,327		808,979
	Guaranteed Universal life	144,831		145,861		146,751		147,885		148,777
	Other Universal life	49,552		50,650		51,100		52,140		52,839
	Variable life	162,881		160,747		164,118		165,215		166,405
	Total	1,136,445		1,145,272		1,157,509		1,168,567		1,177,000
__________

(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 24



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	3,950		3,913		4,585		3,906		4,150		12,258		12,641		3%
	Policy charges and fee income	129		133		127		114		127		401		368		-8%
	Net investment income	1,313		1,311		1,333		1,377		1,396		3,934		4,106		4%
	Asset management fees, commissions and other income	98		59		107		104		98		225		309		37%
	Total revenues	5,490		5,416		6,152		5,501		5,771		16,818		17,424		4%
	Benefits and Expenses (1):
	Insurance and annuity benefits	3,435		3,421		3,950		3,400		3,637		10,650		10,987		3%
	Interest credited to policyholders' account balances	227		220		236		224		233		687		693		1%
	Interest expense	6		6		6		8		7		15		21		40%
	Deferral of acquisition costs	(415	)	(414	)	(463	)	(394	)	(421	)	(1,303	)	(1,278	)	2%
	Amortization of acquisition costs	286		310		334		278		317		923		929		1%
	General and administrative expenses	1,061		1,137		1,167		1,136		1,207		3,316		3,510		6%
	Total benefits and expenses	4,600		4,680		5,230		4,652		4,980		14,288		14,862		4%
	Adjusted operating income before income taxes	890		736		922		849		791		2,530		2,562		1%

__________

(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 25



Prudential Financial, Inc.								��
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION - LIFE PLANNER OPERATIONS
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	1,975		2,035		2,446		2,123		2,131		6,329		6,700		6%
	Policy charges and fee income	95		99		94		75		95		295		264		-11%
	Net investment income	571		548		581		596		615		1,695		1,792		6%
	Asset management fees, commissions and other income	55		33		54		58		50		142		162		14%
	Total revenues	2,696		2,715		3,175		2,852		2,891		8,461		8,918		5%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,770		1,831		2,146		1,896		1,926		5,668		5,968		5%
	Interest credited to policyholders' account balances	62		55		68		56		66		188		190		1%
	Interest expense	3		3		3		4		4		8		11		38%
	Deferral of acquisition costs	(209	)	(220	)	(260	)	(220	)	(231	)	(666	)	(711	)	-7%
	Amortization of acquisition costs	135		161		171		136		158		472		465		-1%
	General and administrative expenses	486		536		566		542		601		1,550		1,709		10%
	Total benefits and expenses	2,247		2,366		2,694		2,414		2,524		7,220		7,632		6%
	Adjusted operating income before income taxes	449		349		481		438		367		1,241		1,286		4%


__________
(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 26



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION - GIBRALTAR LIFE & OTHER OPERATIONS
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	1,975		1,878		2,139		1,783		2,019		5,929		5,941		—%
	Policy charges and fee income	34		34		33		39		32		106		104		-2%
	Net investment income	742		763		752		781		781		2,239		2,314		3%
	Asset management fees, commissions and other income	43		26		53		46		48		83		147		77%
	Total revenues	2,794		2,701		2,977		2,649		2,880		8,357		8,506		2%
	Benefits and Expenses (1):
	Insurance and annuity benefits	1,665		1,590		1,804		1,504		1,711		4,982		5,019		1%
	Interest credited to policyholders' account balances	165		165		168		168		167		499		503		1%
	Interest expense	3		3		3		4		3		7		10		43%
	Deferral of acquisition costs	(206	)	(194	)	(203	)	(174	)	(190	)	(637	)	(567	)	11%
	Amortization of acquisition costs	151		149		163		142		159		451		464		3%
	General and administrative expenses	575		601		601		594		606		1,766		1,801		2%
	Total benefits and expenses	2,353		2,314		2,536		2,238		2,456		7,068		7,230		2%
	Adjusted operating income before income taxes	441		387		441		411		424		1,289		1,276		-1%

__________

(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
Third Quarter 2019

	INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION
	(in millions)

		2018		2019			Year-to-date
		3Q	4Q	1Q	2Q	3Q	2018	2019


	Actual exchange rate basis (1):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	1,537	1,542	1,966	1,599	1,656	4,954	5,221
	Gibraltar Life	2,009	1,912	2,172	1,822	2,051	6,035	6,045
	All other countries	533	592	574	599	570	1,670	1,743
	Total	4,079	4,046	4,712	4,020	4,277	12,659	13,009
	Annualized new business premiums (2):
	Japan, excluding Gibraltar Life	189	206	292	186	186	613	664
	Gibraltar Life	351	326	323	296	312	1,157	931
	All other countries	105	110	112	116	131	328	359
	Total	645	642	727	598	629	2,098	1,954
	Annualized new business premiums by distribution channel (2):
	Life Planner Operations	294	316	404	302	317	941	1,023
	Gibraltar Life Consultants	178	175	164	167	152	608	483
	Banks	123	95	108	85	119	385	312
	Independent Agency	50	56	51	44	41	164	136
	Total	645	642	727	598	629	2,098	1,954
	Constant exchange rate basis (3):
	Net premiums, policy charges and fee income:
	Japan, excluding Gibraltar Life	1,598	1,611	2,029	1,643	1,677	5,087	5,349
	Gibraltar Life	2,076	1,989	2,235	1,866	2,076	6,181	6,177
	All other countries	565	609	587	625	614	1,651	1,826
	Total	4,239	4,209	4,851	4,134	4,367	12,919	13,352
	Annualized new business premiums:
	Japan, excluding Gibraltar Life	193	210	296	189	187	621	672
	Gibraltar Life	353	328	325	297	314	1,162	936
	All other countries	107	113	113	120	136	318	369
	Total	653	651	734	606	637	2,101	1,977
	Annualized new business premiums by distribution channel:
	Life Planner Operations	300	323	409	309	323	939	1,041
	Gibraltar Life Consultants	180	177	166	168	152	612	486
	Banks	123	95	108	85	119	385	312
	Independent Agency	50	56	51	44	43	165	138
	Total	653	651	734	606	637	2,101	1,977

__________
(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 105 per U.S. dollar and Korean won 1,110 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 28



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION


		2018				2019
		3Q		4Q		1Q		2Q		3Q


	Face amount of individual policies in force at end of period (in billions) (1)(2):
	(Constant exchange rate basis)
	Japan, excluding Gibraltar Life	367		371		378		380		382
	Gibraltar Life	360		361		362		364		365
	All other countries	128		131		133		135		137
	Total	855		863		873		879		884
	Number of individual policies in force at end of period (in thousands) (2):
	Japan, excluding Gibraltar Life	3,860		3,907		3,975		4,015		4,060
	Gibraltar Life	7,224		7,218		7,214		7,198		7,189
	All other countries	2,116		2,134		2,152		2,194		2,200
	Total	13,200		13,259		13,341		13,407		13,449
	International life insurance policy persistency:
	Life Planner Operations:
	13 months	93.1	%	92.7	%	92.5	%	91.6	%	91.9	%
	25 months	86.9	%	86.6	%	86.4	%	86.8	%	86.1	%
	Gibraltar Life (3):
	13 months	93.7	%	93.9	%	94.1	%	94.2	%	94.4	%
	25 months	87.1	%	87.1	%	87.1	%	87.3	%	87.5	%
	Number of Life Planners at end of period:
	Japan	4,130		4,183		4,337		4,287		4,366
	All other countries	3,668		3,786		3,757		3,883		3,914
	Total Life Planners	7,798		7,969		8,094		8,170		8,280
	Gibraltar Life Consultants	8,030		7,964		7,997		7,767		7,633

__________
	(1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 105 per U.S. dollar and Korean won 1,110 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 29



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	STATEMENTS OF OPERATIONS - CORPORATE AND OTHER OPERATIONS
	(in millions)

		2018				2019						Year-to-date
		3Q		4Q		1Q		2Q		3Q		2018		2019		% change

	Revenues (1):
	Premiums	(6	)	(5	)	(6	)	(3	)	(2	)	(22	)	(11	)	50%
	Policy charges and fee income	(13	)	(13	)	(14	)	(12	)	(14	)	(38	)	(40	)	-5%
	Net investment income	101		131		132		147		156		321		435		36%
	Asset management fees, commissions and other income	(268	)	(269	)	(283	)	(296	)	(317	)	(810	)	(896	)	-11%
	Total revenues	(186	)	(156	)	(171	)	(164	)	(177	)	(549	)	(512	)	7%
	Benefits and Expenses (1):
	Insurance and annuity benefits	6		(7	)	12		5		3		(5	)	20		500%
	Interest credited to policyholders' account balances	—		—		—		—		—		—		—		-
	Interest expense	133		142		142		142		108		393		392		—%
	Deferral of acquisition costs	12		12		14		14		12		37		40		8%
	Amortization of acquisition costs	(11	)	(10	)	(11	)	(12	)	(12	)	(34	)	(35	)	-3%
	General and administrative expenses	48		36		84		22		(7	)	14		99		607%
	Total benefits and expenses	188		173		241		171		104		405		516		27%
	Adjusted operating loss before income taxes	(374	)	(329	)	(412	)	(335	)	(281	)	(954	)	(1,028	)	-8%
	Adjusted operating loss before income taxes comprised as follows:
	Interest income	7		43		44		42		48		43		134		212%
	Interest expense	(178	)	(194	)	(199	)	(200	)	(189	)	(531	)	(588	)	-11%
	Financial Wellness initiative - implementation costs	—		—		—		(19	)	(18	)	—		(37	)	-
	Long-term and deferred compensation expense	(37	)	53		(107	)	(30	)	7		(62	)	(130	)	-110%
	Other (2)	(166	)	(231	)	(150	)	(128	)	(129	)	(404	)	(407	)	-1%
	Adjusted operating loss before income taxes	(374	)	(329	)	(412	)	(335	)	(281	)	(954	)	(1,028	)	-8%

__________

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.
(2) Includes pension and employee benefits and other corporate activities, including consolidating adjustments.

Page 30



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

INVESTMENT PORTFOLIO COMPOSITION
(in millions)

			September 30, 2019							December 31, 2018
				Closed	PFI Excluding						Closed	PFI Excluding
			Total	Block	Closed Block Division					Total	Block	Closed Block Division
			Portfolio	Division	Amount	% of Total				Portfolio	Division	Amount	% of Total
		Fixed maturities:
		Public, available-for-sale, at fair value	327,741	29,920	297,821	65.2	%			295,312	26,203	269,109	64.8	%
		Public, held-to-maturity, at amortized cost	1,724	—	1,724	0.4	%			1,745	—	1,745	0.4	%
		Private, available-for-sale, at fair value	63,417	12,400	51,017	11.2	%			57,870	12,542	45,328	10.9	%
		Private, held-to-maturity, at amortized cost	234	—	234	0.1	%			268	—	268	0.1	%
		Fixed maturities, trading, at fair value	2,596	243	2,353	0.5	%			2,088	195	1,893	0.5	%
		Assets supporting experience-rated contractholder liabilities, at fair value	22,267	—	22,267	4.9	%			21,254	—	21,254	5.1	%
		Equity securities, at fair value	6,340	2,064	4,276	0.9	%			5,633	1,784	3,849	0.9	%
		Commercial mortgage and other loans, at book value	61,251	8,484	52,767	11.6	%			59,033	8,782	50,251	12.1	%
		Policy loans, at outstanding balance	12,022	4,302	7,720	1.7	%			12,016	4,410	7,606	1.8	%
		Other invested assets (1)	12,291	3,367	8,924	2.0	%			11,723	3,316	8,407	2.0	%
		Short-term investments	7,302	323	6,979	1.5	%			6,426	478	5,948	1.4	%
		Subtotal (2)	517,185	61,103	456,082	100.0	%			473,368	57,710	415,658	100.0	%
		Invested assets of other entities and operations (3)	6,319	—	6,319					5,877	—	5,877
		Total investments	523,504	61,103	462,401					479,245	57,710	421,535


	Fixed Maturities by Credit Quality (2)(4):		September 30, 2019							December 31, 2018
			PFI Excluding Closed Block Division							PFI Excluding Closed Block Division
				Gross	Gross						Gross	Gross
			Amortized	Unrealized	Unrealized	Fair				Amortized	Unrealized	Unrealized	Fair
			Cost	Gains	Losses	Value		% of Total		Cost	Gains	Losses	Value		% of Total
		Public Fixed Maturities:
		NAIC Rating (5)
		1	218,165	39,744	79	257,830		86.0	%	210,578	23,776	2,307	232,047		85.5	%
		2	28,117	3,576	93	31,600		10.4	%	28,246	1,453	1,195	28,504		10.5	%
		Subtotal - High or Highest Quality Securities	246,282	43,320	172	289,430		96.4	%	238,824	25,229	3,502	260,551		96.0	%
		3	5,643	600	85	6,158		2.1	%	5,973	280	240	6,013		2.2	%
		4	3,074	277	109	3,242		1.1	%	3,709	275	287	3,697		1.4	%
		5	930	71	101	900		0.3	%	725	85	57	753		0.3	%
		6	188	22	10	200		0.1	%	181	8	7	182		0.1	%
		Subtotal - Other Securities	9,835	970	305	10,500		3.6	%	10,588	648	591	10,645		4.0	%
		Total	256,117	44,290	477	299,930		100.0	%	249,412	25,877	4,093	271,196		100.0	%

		Private Fixed Maturities:
		NAIC Rating (5)
		1	12,399	862	75	13,186		25.6	%	11,712	362	261	11,813		25.9	%
		2	29,520	1,733	437	30,816		60.1	%	27,522	814	804	27,532		60.4	%
		Subtotal - High or Highest Quality Securities	41,919	2,595	512	44,002		85.7	%	39,234	1,176	1,065	39,345		86.3	%
		3	4,583	156	46	4,693		9.2	%	4,176	50	168	4,058		8.9	%
		4	2,066	40	75	2,031		4.0	%	1,545	16	81	1,480		3.2	%
		5	496	17	19	494		1.0	%	670	14	20	664		1.5	%
		6	46	4	3	47		0.1	%	72	5	11	66		0.1	%
		Subtotal - Other Securities	7,191	217	143	7,265		14.3	%	6,463	85	280	6,268		13.7	%
		Total	49,110	2,812	655	51,267		100.0	%	45,697	1,261	1,345	45,613		100.0	%
	__________
	(1) 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.
	(2) 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.
	(3) 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.
	(4) Excludes fixed maturity securities classified as trading.
	(5) Reflects equivalent ratings for investments of the international insurance operations. Includes, as of September 30, 2019 and December 31, 2018, 1,043 securities with amortized cost of $4,697 million (fair value $4,950 million) and 1,744 securities with amortized cost of $9,079 million (fair value $9,135 million), respectively, that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 31



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

INVESTMENT PORTFOLIO COMPOSITION - JAPANESE INSURANCE OPERATIONS AND EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)

			September 30, 2019			December 31, 2018
			Amount	% of Total		Amount	% of Total
	Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	144,332	74.2	%	133,084	74.6	%
		Public, held-to-maturity, at amortized cost	1,724	0.9	%	1,745	1.0	%
		Private, available-for-sale, at fair value	18,678	9.6	%	16,222	9.1	%
		Private, held-to-maturity, at amortized cost	234	0.1	%	268	0.1	%
		Fixed maturities, trading, at fair value	481	0.2	%	328	0.2	%
		Assets supporting experience-rated contractholder liabilities, at fair value	2,685	1.4	%	2,441	1.4	%
		Equity securities, at fair value	2,109	1.1	%	1,972	1.1	%
		Commercial mortgage and other loans, at book value	18,852	9.7	%	17,228	9.6	%
		Policy loans, at outstanding balance	2,845	1.5	%	2,715	1.5	%
		Other invested assets (3)	2,317	1.2	%	1,957	1.1	%
		Short-term investments	269	0.1	%	451	0.3	%
		Total	194,526	100.0	%	178,411	100.0	%


			September 30, 2019			December 31, 2018
			Amount	% of Total		Amount	% of Total
	Excluding Japanese Insurance Operations (2):
		Fixed maturities:
		Public, available-for-sale, at fair value	153,489	58.6	%	136,025	57.3	%
		Public, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Private, available-for-sale, at fair value	32,339	12.4	%	29,106	12.3	%
		Private, held-to-maturity, at amortized cost	—	0.0	%	—	0.0	%
		Fixed maturities, trading, at fair value	1,872	0.7	%	1,565	0.7	%
		Assets supporting experience-rated contractholder liabilities, at fair value	19,582	7.5	%	18,813	7.9	%
		Equity securities, at fair value	2,167	0.8	%	1,877	0.8	%
		Commercial mortgage and other loans, at book value	33,915	13.0	%	33,023	13.9	%
		Policy loans, at outstanding balance	4,875	1.9	%	4,891	2.1	%
		Other invested assets (3)	6,607	2.5	%	6,450	2.7	%
		Short-term investments	6,710	2.6	%	5,497	2.3	%
		Total	261,556	100.0	%	237,247	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 32



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

INVESTMENT RESULTS (1)
(in millions)

		Quarter Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (5)		Amount		(Losses)		Yield (5)		Amount		(Losses)
General Account (2)
	Fixed maturities (3)	3.83	%	2,882		192		3.83	%	2,671		89
	Equity securities	2.56	%	27		—		3.09	%	33		—
	Commercial mortgage and other loans	4.10	%	479		6		3.92	%	429		(1	)
	Policy loans	4.88	%	94		—		4.84	%	89		—
	Short-term investments and cash equivalents	2.61	%	107		—		2.56	%	77		(3	)
	Gross investment income before investment expenses	3.82	%	3,589		198		3.81	%	3,299		85
	Investment expenses	-0.14	%	(173	)	—		-0.15	%	(161	)	—
	Subtotal	3.68	%	3,416		198		3.66	%	3,138		85
	Other investments (3)			161		261				86		63
Investment results of other entities and operations (4)				271		44				262		7
Less, investment income related to adjusted operating income reconciling items				(116	)					(119	)
	Total			3,732		503				3,367		155


		Nine Months Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (5)		Amount		(Losses)		Yield (5)		Amount		(Losses)
General Account (2)
	Fixed maturities (3)	3.85	%	8,509		505		3.87	%	7,965		336
	Equity securities	2.72	%	83		—		2.79	%	90		—
	Commercial mortgage and other loans	4.09	%	1,398		(6	)	4.01	%	1,272		(4	)
	Policy loans	4.81	%	272		—		4.86	%	267		—
	Short-term investments and cash equivalents	2.77	%	310		1		2.06	%	209		(1	)
	Gross investment income before investment expenses	3.84	%	10,572		500		3.83	%	9,803		331
	Investment expenses	-0.14	%	(521	)	—		-0.15	%	(459	)	—
	Subtotal	3.70	%	10,051		500		3.68	%	9,344		331
	Other investments (3)			434		(1,203	)			266		762
Investment results of other entities and operations (4)				832		(1	)			786		64
Less, investment income related to adjusted operating income reconciling items				(341	)					(288	)
	Total			10,976		(704	)			10,108		1,157

__________

(1) Excludes Closed Block Division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and assets of our investment management operations, including assets that are managed for third parties, and those 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 our 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. 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 33



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS
(in millions)

		Quarter Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (1)		Amount		(Losses)		Yield (1)		Amount		(Losses)
Japanese Insurance Operations:
	Fixed maturities (2)	2.87	%	983		174		2.90	%	925		123
	Equity securities	1.25	%	7		—		2.13	%	12		—
	Commercial mortgage and other loans	4.11	%	190		(1	)	3.84	%	158		1
	Policy loans	3.94	%	28		—		3.92	%	25		—
	Short-term investments and cash equivalents	4.82	%	7		—		3.47	%	9		—
	Gross investment income before investment expenses	3.02	%	1,215		173		3.01	%	1,129		124
	Investment expenses	-0.14	%	(72	)	—		-0.13	%	(61	)	—
	Subtotal	2.88	%	1,143		173		2.88	%	1,068		124
	Other investments (2)			34		238				26		(95	)
	Total			1,177		411				1,094		29


		Nine Months Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (1)		Amount		(Losses)		Yield (1)		Amount		(Losses)
Japanese Insurance Operations:
	Fixed maturities (2)	2.86	%	2,875		500		2.93	%	2,770		471
	Equity securities	2.72	%	41		—		3.09	%	50		—
	Commercial mortgage and other loans	3.97	%	529		1		3.92	%	457		(1	)
	Policy loans	3.91	%	80		—		3.91	%	75		—
	Short-term investments and cash equivalents	4.23	%	21		—		2.41	%	26		—
	Gross investment income before investment expenses	3.01	%	3,546		501		3.05	%	3,378		470
	Investment expenses	-0.14	%	(211	)	—		-0.13	%	(174	)	—
	Subtotal	2.87	%	3,335		501		2.92	%	3,204		470
	Other investments (2)			137		607				86		(89	)
	Total			3,472		1,108				3,290		381
__________
(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. 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 34



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS (1)
(in millions)

		Quarter Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (4)		Amount		(Losses)		Yield (4)		Amount		(Losses)
Excluding Japanese Insurance Operations (2):
	Fixed maturities (3)	4.63	%	1,899		18		4.63	%	1,746		(34	)
	Equity securities	3.83	%	20		—		4.05	%	21		—
	Commercial mortgage and other loans	4.09	%	289		7		3.96	%	271		(2	)
	Policy loans	5.43	%	66		—		5.33	%	64		—
	Short-term investments and cash equivalents	2.53	%	100		—		2.50	%	68		(3	)
	Gross investment income before investment expenses	4.41	%	2,374		25		4.43	%	2,170		(39	)
	Investment expenses	-0.14	%	(101	)	—		-0.16	%	(100	)	—
	Subtotal	4.27	%	2,273		25		4.27	%	2,070		(39	)
	Other investments (3)			127		23				60		158
	Total			2,400		48				2,130		119


		Nine Months Ended September 30
		2019						2018
						Realized						Realized
		Investment Income				Gains /		Investment Income				Gains /
		Yield (4)		Amount		(Losses)		Yield (4)		Amount		(Losses)
Excluding Japanese Insurance Operations (2):
	Fixed maturities (3)	4.67	%	5,634		5		4.67	%	5,195		(135	)
	Equity securities	2.72	%	42		—		2.49	%	40		—
	Commercial mortgage and other loans	4.17	%	869		(7	)	4.05	%	815		(3	)
	Policy loans	5.33	%	192		—		5.38	%	192		—
	Short-term investments and cash equivalents	2.71	%	289		1		2.03	%	183		(1	)
	Gross investment income before investment expenses	4.47	%	7,026		(1	)	4.43	%	6,425		(139	)
	Investment expenses	-0.14	%	(310	)	—		-0.17	%	(285	)	—
	Subtotal	4.33	%	6,716		(1	)	4.26	%	6,140		(139	)
	Other investments (3)			297		(1,810	)			180		851
	Total			7,013		(1,811	)			6,320		712

__________
(1) Excludes Closed Block Division.
(2) Excludes commercial loans and assets supporting experience-rated contractholder liabilities where the investment results generally accrue to contractholders and assets of our investment management operations, including assets that are managed for third parties, and those 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. 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
Third Quarter 2019

	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 September 30, 2018
			Reconciling Items									Reconciling Items
		Adjusted Operating Income basis (1)	Total realized investment gains (losses), net, and related charges and adjustments	Market experience updates	Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	Change in experience-rated contractholder liabilities due to asset value changes	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 (2)	Adjusted Operating Income basis (1)	Total realized investment gains (losses), net, and related charges and adjustments	Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	Change in experience-rated contractholder liabilities due to asset value changes	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 (2)

	Revenues:
	Premiums	6,306	—	—	—	—	510	121	—	6,937	8,143	—	—	—	529	138	—	8,810
	Policy charges and fee income	1,563	(62)	18	—	—	—	—	—	1,519	1,557	(60)	—	—	—	1	—	1,498
	Net investment income	3,732	(8)	—	—	—	590	124	—	4,438	3,367	(10)	—	—	560	129	—	4,046
	Realized investment gains (losses), net	128	329	(83)	—	—	350	129	—	853	63	120	—	—	(4)	(28)	—	151
	Asset management fees, commissions and other income	1,199	61	—	91	—	32	15	(40)	1,358	1,302	161	10	—	164	36	(30)	1,643
	Total revenues	12,928	320	(65)	91	—	1,482	389	(40)	15,105	14,432	211	10	—	1,249	276	(30)	16,148
	Benefits and Expenses:
	Insurance and annuity benefits	6,773	(46)	150	—	—	1,309	203	—	8,389	8,464	(31)	—	—	1,099	225	—	9,757
	Interest credited to policyholders' account balances	984	(83)	7	—	160	33	5	—	1,106	940	31	—	21	33	5	—	1,030
	Interest expense	377	—	—	—	—	3	1	—	381	355	—	—	—	1	1	—	357
	Deferral of acquisition costs	(746)	—	—	—	—	—	(2)	—	(748)	(708)	—	—	—	—	(2)	—	(710)
	Amortization of acquisition costs	529	(19)	72	—	—	7	2	—	591	496	57	—	—	8	2	—	563
	General and administrative expenses	3,359	178	20	—	—	85	25	(6)	3,661	3,217	(23)	—	—	90	33	(4)	3,313
	Total benefits and expenses	11,276	30	249	—	160	1,437	234	(6)	13,380	12,764	34	—	21	1,231	264	(4)	14,310


		Nine Months Ended September 30, 2019									Nine Months Ended September 30, 2018
			Reconciling Items									Reconciling Items
		Adjusted Operating Income basis (1)	Total realized investment gains (losses), net, and related charges and adjustments	Market experience updates	Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	Change in experience-rated contractholder liabilities due to asset value changes	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 (2)	Adjusted Operating Income basis (1)	Total realized investment gains (losses), net, and related charges and adjustments	Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	Change in experience-rated contractholder liabilities due to asset value changes	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 (2)

	Revenues:
	Premiums	21,001	—	—	—	—	1,618	353	—	22,972	21,491	—	—	—	1,680	388	—	23,559
	Policy charges and fee income	4,623	(188)	26	—	—	—	2	—	4,463	4,702	(223)	—	—	—	3	—	4,482
	Net investment income	10,976	(27)	—	—	—	1,727	368	—	13,044	10,108	(30)	—	—	1,744	318	—	12,140
	Realized investment gains (losses), net	249	(1,145)	(98)	—	—	455	290	—	(249)	277	987	—	—	104	(107)	—	1,261
	Asset management fees, commissions and other income	3,833	343	—	832	—	357	100	(111)	5,354	3,772	(206)	(586)	—	272	(51)	(83)	3,118
	Total revenues	40,682	(1,017)	(72)	832	—	4,157	1,113	(111)	45,584	40,350	528	(586)	—	3,800	551	(83)	44,560
	Benefits and Expenses:
	Insurance and annuity benefits	22,116	—	262	—	—	3,765	575	—	26,718	22,477	(117)	—	—	3,422	2,030	—	27,812
	Interest credited to policyholders' account balances	2,887	(153)	7	—	876	97	15	—	3,729	2,783	65	—	(482)	99	9	—	2,474
	Interest expense	1,155	—	—	—	—	6	3	—	1,164	1,042	—	—	—	1	3	—	1,046
	Deferral of acquisition costs	(2,217)	—	—	—	—	—	(5)	—	(2,222)	(2,110)	—	—	—	—	(5)	—	(2,115)
	Amortization of acquisition costs	1,805	(180)	155	—	—	23	5	—	1,808	1,581	152	—	—	26	5	—	1,764
	General and administrative expenses	10,026	294	26	—	—	261	79	(40)	10,646	9,527	(90)	—	—	274	95	(8)	9,798
	Total benefits and expenses	35,772	(39)	450	—	876	4,152	672	(40)	41,843	35,300	10	—	(482)	3,822	2,137	(8)	40,779

__________
(1) See page 38 for a definition of adjusted operating income.
(2) U.S. generally accepted accounting principles.

Page 36



Prudential Financial, Inc.
Quarterly Financial Supplement
Third Quarter 2019

	COMBINED STATEMENTS OF OPERATIONS - AOI TO U.S. GAAP RECONCILIATION OF REVENUES AND BENEFITS AND EXPENSES
	(in millions)

		Three Months Ended December 31, 2018																		Three Months Ended March 31, 2019
				Reconciling Items																		Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net		Change in experience-rated contractholder liabilities due to asset value changes		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 (2)		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net	Change in experience-rated contractholder liabilities due to asset value changes	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 (2)

	Revenues:
	Premiums	11,487		—		—		—		—		621		112		—		12,220		7,256		—		—	—	526	118		—		7,900
	Policy charges and fee income	1,570		(51	)	—		—		—		—		1		—		1,520		1,542		(72	)	—	—	—	1		—		1,471
	Net investment income	3,382		(11	)	—		—		—		544		121		—		4,036		3,546		(10	)	—	—	563	117		—		4,216
	Realized investment gains (losses), net	249		379		—		—		—		26		62		—		716		20		(910	)	—	—	56	68		—		(766	)
	Asset management fees, commissions and other income	1,092		(500	)	—		(277	)	—		(313	)	(42	)	(20	)	(60	)	1,284		257		454	—	229	84		(38	)	2,270
	Total revenues	17,780		(183	)	—		(277	)	—		878		254		(20	)	18,432		13,648		(735	)	454	—	1,374	388		(38	)	15,091
	Benefits and Expenses:
	Insurance and annuity benefits	11,934		42		—		—		—		786		166		—		12,928		7,520		53		—	—	1,262	180		—		9,015
	Interest credited to policyholders' account balances	937		(25	)	—		—		(228	)	33		5		—		722		948		(43	)	—	403	32	5		—		1,345
	Interest expense	372		—		—		—		—		1		1		—		374		386		—		—	—	1	1		—		388
	Deferral of acquisition costs	(754	)	—		—		—		—		—		(2	)	—		(756	)	(759	)	—		—	—	—	(2	)	—		(761	)
	Amortization of acquisition costs	533		(34	)	—		—		—		9		1		—		509		540		(116	)	—	—	9	2		—		435
	General and administrative expenses	3,440		49		—		—		—		89		32		(8	)	3,602		3,408		9		—	—	89	28		(5	)	3,529
	Total benefits and expenses	16,462		32		—		—		(228	)	918		203		(8	)	17,379		12,043		(97	)	—	403	1,393	214		(5	)	13,951


		Three Months Ended June 30, 2019
				Reconciling Items
		Adjusted Operating Income basis (1)		Total realized investment gains (losses), net, and related charges and adjustments		Market experience updates		Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net		Change in experience-rated contractholder liabilities due to asset value changes		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 (2)

	Revenues:
	Premiums	7,439		—		—		—		—		582		114		—		8,135
	Policy charges and fee income	1,518		(54	)	8		—		—		—		1		—		1,473
	Net investment income	3,698		(9	)	—		—		—		574		127		—		4,390
	Realized investment gains (losses), net	101		(564	)	(15	)	—		—		49		93		—		(336	)
	Asset management fees, commissions and other income	1,350		25		—		287		—		96		1		(33	)	1,726
	Total revenues	14,106		(602	)	(7	)	287		—		1,301		336		(33	)	15,388
	Benefits and Expenses:
	Insurance and annuity benefits	7,823		(7	)	112		—		—		1,194		192		—		9,314
	Interest credited to policyholders' account balances	955		(27	)	—		—		313		32		5		—		1,278
	Interest expense	392		—		—		—		—		2		1		—		395
	Deferral of acquisition costs	(712	)	—		—		—		—		—		(1	)	—		(713	)
	Amortization of acquisition costs	736		(45	)	83		—		—		7		1		—		782
	General and administrative expenses	3,259		107		6		—		—		87		26		(29	)	3,456
	Total benefits and expenses	12,453		28		201		—		313		1,322		224		(29	)	14,512
__________
(1) See page 38 for a definition of adjusted operating income.
(2) U.S. generally accepted accounting principles.

Page 37



	Prudential Financial, Inc.
	Quarterly Financial Supplement
	Third Quarter 2019

	KEY DEFINITIONS AND FORMULAS

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

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

	Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholder liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. In addition, adjusted operating income excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations. Earnings attributable to noncontrolling interests is presented as a separate component of net income under GAAP and excluded from adjusted operating income.

	Adjusted operating income does not equate to "Net income" as determined in accordance with U.S. GAAP but is the measure of profit or loss we use to evaluate segment performance. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above.

	2. After-tax adjusted operating income:
	Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

	3. Annualized New Business Premiums:
	Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international insurance 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
	Third Quarter 2019

	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 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.

	18. Group Insurance Benefits Ratios:
	Ratio of policyholder benefits to earned 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
	Third Quarter 2019

	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. 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).

	26. Policy Persistency - International Insurance:
	13 month persistency represents the percentage of policies issued that are still in force at the beginning of their second policy year. 25 month persistency represents the percentage of policies issued that are still in force at the beginning of their third policy year.

	27. Prudential Advisors:
	Captive financial professionals and field managers in our insurance operations in the United States.

	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. 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.

	30. Variable Investment Income:
	Consists of income from equity and alternative investments along with prepayment fee income.

	31. 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
Third Quarter 2019


RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS
as of November 4, 2019
		Standard &		Fitch
	A.M. Best*	Poor's	Moody's*	Ratings*
The Prudential Insurance Company of America	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company	A+	AA-	Aa3	AA-
PRUCO Life Insurance Company of New Jersey	A+	AA-	NR	AA-
Prudential Annuities Life Assurance Corporation	A+	AA-	NR	AA-
Prudential Retirement Insurance and Annuity Company	A+	AA-	Aa3	AA-
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	A+	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	A+	NR	NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd.	NR	A+	NR	NR
Prudential Life Insurance Co. of Taiwan, Inc. (1)	NR	twAAA	NR	NR
CREDIT RATINGS:
as of November 4, 2019

Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F1
Long-Term Senior Debt	a-	A	A3	A-
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa1	BBB

The Prudential Insurance Company of America:
Capital and surplus notes	a	A	A2	A

Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-1	F1+
Long-Term Senior Debt	a+	AA-	A1	A+

PRICOA Global Funding I:
Long-Term Senior Debt	aa-	AA-	Aa3	AA-

* NR indicates not rated.
(1) Prudential Life Insurance Co. of Taiwan was assigned a financial strength rating by Taiwan Ratings Corporation, an S&P Global Company.






INVESTOR INFORMATION:

Corporate Offices:	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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Prudential Financial, Inc. 5.62 (PRS) 8-KPrudential Financial, Inc. Announces Third Quarter 2019 Results