PRUDENTIAL FINANCIAL INC

Divested and Run-off Businesses Included in Corporate and Other

Income from our Divested and Run-off Businesses includes results from several 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. The results of these Divested and Run-off Businesses are reflected in our Corporate and Other operations but are excluded from adjusted operating income. A summary of the results of the Divested and Run-off Businesses reflected in our Corporate and Other operations is as follows for the periods indicated:

(1)Effective second quarter of 2024, the results of PGIMW are excluded from PGIM’s adjusted operating results and are included herein.

Long-Term Care. Results decreased $215 million, including an unfavorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2025 included a $7 million net charge, while results for 2024 included a $111 million net benefit from these updates.

Excluding this item, results decreased $97 million, primarily reflecting:

•less favorable impacts from changes in the market value of equity securities; and

•lower underwriting results driven by the absence of favorable changes in estimates of the liability for future policy benefits resulting from premium rate increases in the prior year.

•higher income from non-coupon investments; and

•lower net realized investment losses from derivatives and sales of fixed income securities.

Other Divested and Run-off Businesses. Results increased $292 million, primarily reflecting:

•the absence of impairments and charges related to management’s decisions to exit Assurance IQ (“AIQ”) and PGIM Wadhwani LLP (and their subsequent classifications as divested businesses in the first and second quarters of 2024, respectively); and

•favorable results related to the Full Service Retirement business.