PRUDENTIAL FINANCIAL INC

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

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FY2023 · Filed Feb 21, 2024

PRU$119.24-2.6%Stored close · as of Nov 6, 2026

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Contents

PGIM

Provides investment management services and solutions related to public fixed income, public equity, real estate debt and equity, private credit and other alternatives, and multi-asset class strategies, to institutional and retail clients globally, as well as our general account.

ProductsOur products and services are offered through the following businesses:•PGIM Fixed Income—provides global active asset management services across public fixed income markets.•Jennison Associates—provides active fundamental public equity and fixed income asset management services across an array of growth, value, global and specialty equity strategies, as well as fixed income strategies.•PGIM Quantitative Solutions—provides a range of systematic, customized solutions across equity, multi-asset, and liquid alternative platforms.•PGIM Private Capital—provides private credit solutions across the risk spectrum including investment grade, high yield, direct lending and mezzanine financing.•PGIM Real Estate—provides a broad range of public and private real estate debt and equity strategies as well as private equity investments with a focus on secondary transactions in the small and mid-cap market.•PGIM Investments—offers actively managed investment solutions, including mutual funds, listed and unlisted closed-end funds, exchange-traded funds (“ETFs”) and separately managed accounts to individual investors, defined contribution plans and financial intermediaries in the U.S., as well as Undertakings for the Collective Investment in Transferable Securities (“UCITS”) and other investment solutions to financial intermediaries in select countries across Europe, Asia and Latin America. Additionally, operates local asset management businesses in Taiwan and India and has interests in an operating joint venture in China.•PGIM Portfolio Advisory—provides public and private multi-asset class liability-driven investment solutions to institutional clients.We hold seed and co-investments in some of our investment products to either (i) seed new products or investment strategies in order to develop a track record prior to obtaining third-party investments, or (ii) co-invest alongside clients in PGIM-managed funds to demonstrate that our interests are aligned with theirs.

Marketing and DistributionWe primarily distribute products through the following channels:•Institutional◦Proprietary sales force for each PGIM business with independent marketing and client service teams.◦PGIM’s Institutional Relationship Group, which develops relationships with, and introduces PGIM’s broad capabilities to, large institutions globally.•Retail ◦Third-party intermediaries and product manufacturers/distributors globally who include our investment options in their products and platforms. ◦Distribution channels associated with other Prudential business segments. ◦Financial professionals associated with Prudential Advisors, Prudential’s proprietary nationwide sales organization.•General Account◦Provide investment management services across a broad array of asset classes for our general account.

PGIM (Continued)

Revenues and ProfitabilityOur revenues primarily come from:•Asset management fees, which are typically calculated based upon a percentage of assets under management. In certain asset management arrangements, we also receive performance-based incentive fees when the return on the managed assets exceeds certain benchmark returns or other performance targets. •Revenues from commercial mortgage origination and servicing.•Transaction fees earned in connection with the structuring, sale or purchase of assets, primarily related to real estate and private fixed income.•Investment returns from seed and co-investments.Our profitability is substantially impacted by:•Macro market movements (e.g., interest rates, credit spreads and equity market performance).•Our ability to achieve investment returns above the target benchmarks.•Our ability to attract and retain client investments.

CompetitionWe compete with numerous asset managers and other financial institutions. For our investment management products, we compete based on a number of factors, including investment performance, strategy and process, talent, organizational stability and client relationships. We offer products across multiple asset classes, with specialized investment teams that employ approaches designed to add value in each product area or asset class. Our organizational stability and robust institutional and retail businesses have helped attract and retain talent critical to delivering investment results for clients. Our private credit and commercial real estate lending businesses compete based on price, terms, execution and the strength of our relationship with the borrower.

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