PRUDENTIAL FINANCIAL INC

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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FY2024 · Filed Feb 13, 2025

PRU$122.05+2.4%Stored close · as of Nov 9, 2026

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Contents

Individual Life

U.S. Businesses—Individual Life

Develops and distributes variable life, universal life and term life insurance products primarily to U.S. mass middle (households with investable assets in excess of $25,000 or annual income in excess of $50,000), mass affluent (households with investable assets or annual income in excess of $100,000) and affluent (households with investable assets in excess of $250,000) customers with a focus on providing life insurance solutions to protect individuals, families and businesses and to support estate and wealth transfer planning.

ProductsWe offer a variety of products, consisting of base contracts and riders (such as our accelerated death benefit rider), that serve different protection needs and goals, including:Variable Life—permanent coverage for life with potential to accumulate policy cash value based on underlying investment options.•Our variable life policies offer flexibility in payment options and the potential to accumulate cash value through a suite of underlying investment options or a fixed rate option. •Indexed variable life policies provide index-linked investment options (index strategies) in addition to a suite of underlying investment options or a fixed rate option. Index strategies credit interest to the cash value that is linked to, but not an investment in, the performance of an external index, subject to certain parameters such as cap, step, participation, and buffer rates, as well as contractual minimums/maximums.Universal Life—permanent coverage for life with the potential to accumulate policy cash value.•Our universal life policies offer flexibility in payment options and the potential to accumulate cash value in an account that earns interest based on a crediting rate determined by the Company, subject to contractual minimums. •Indexed universal life policies provide interest credited to the cash value that is linked to, but not an investment in, the performance of an external index subject to certain cap and participation rates as well as contractual minimums/maximums.Term Life—coverage for a specified number of years with a guaranteed tax-advantaged death benefit.•Most of our term life policies offer an income tax-free death benefit and guaranteed premiums that will stay the same during the level-premium period.•Most of our term life policies also offer a conversion option that allows the policyholder to convert the policy into a permanent policy that can potentially cover the insured for life.Other•Final Expense Insurance—a whole life product that provides coverage in smaller face amounts, typically used for funeral expenses.

Marketing and DistributionOur distribution efforts, which are supported by a network of internal and external wholesalers, are executed through a diverse group of distributors, including: •Third-party distribution through:◦Independent brokers;◦Banks and wirehouses; and◦General agencies and producer groups. •Financial professionals associated with Prudential Advisors, Prudential’s proprietary nationwide sales organization. •Trusted Partnerships, via embedded digital solutions through:◦Credit Unions; ◦Mortgage originators;◦Affinities; and◦Digital marketing affiliates/paid media efforts.

Individual Life (Continued)

Revenues and ProfitabilityOur revenues primarily come in the form of:•Premiums that are fixed in accordance with the terms of the policies. •Policy charges and fee income consisting of in-force policy- and/or asset-based fees. •Investment income (which contributes to the net spread over interest credited on our products and related expenses).Our profitability is substantially impacted by our ability to appropriately price our products. We price our products based on our assumptions of future:•Mortality and morbidity;•Policyholder behavior;•Interest rates and investment returns;•Expenses;•Premium payment patterns;•Performance and cost of ceded reinsurance;•Separate account fund performance; and•Product-generated tax deductions.

CompetitionWe compete with many large, well-established life insurance companies in a mature market. We compete primarily based on price, service (including the speed and ease of underwriting), distribution channel relationships, brand recognition and financial strength.We periodically adjust product offerings, prices and features based on the market and our strategy, with a goal of achieving customer and enterprise value.

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