PRUDENTIAL FINANCIAL INC

The following table sets forth Group Insurance’s operating results and benefits and administrative expense ratios for the periods indicated:

(1)Ratio of policyholder benefits to earned premiums plus policy charges and fee income.

(2)The benefits and administrative expense ratios are measures used to evaluate profitability and efficiency.

(3)Benefits ratios reflect the impact of our annual reviews and update of assumptions and other refinements. Excluding these impacts, the group life, group disability and total Group Insurance benefits ratios were 82.8%, 79.2% and 81.7% for the nine months ended September 30, 2026, respectively; and 84.8%, 73.6% and 81.7% for the nine months ended September 30, 2025, respectively.

(4)Ratio of operating and variable expenses (excluding commissions) to net premiums plus policy charges and fee income, excluding third-party administrator pass-through fees and expenses.

Adjusted operating income increased $11 million, primarily reflecting:

•higher underwriting results in our group life business, driven by more favorable mortality experience on non-experience-rated contracts; and

•higher underwriting results in our group disability business, primarily driven by positive impacts from long-term disability claim resolutions and a reserve refinement.

•higher operating and variable expenses, largely supporting business growth; and

•lower net investment spread results, primarily driven by lower income from non-coupon investments.

Revenues increased $59 million, primarily reflecting:

•higher premiums, primarily driven by business growth in our group disability business.

Benefits and expenses increased $48 million, primarily reflecting:

•higher general and administrative expenses, largely supporting business growth; and

•higher policyholders’ benefits, including changes in reserves, driven by business growth and less favorable claims experience on short-term disability contracts, partially offset by more favorable mortality experience on group life contracts and a positive impact from a long-term disability reserve refinement.

Adjusted operating income decreased $10 million, including a favorable comparative net impact from our annual reviews and update of assumptions and other refinements. Results for 2026 and 2025 included net benefits from this update of $28 million and $11 million, respectively.

Excluding this item, adjusted operating income decreased $27 million, primarily reflecting:

•higher operating and variable expenses, largely supporting business growth; and

•lower underwriting results in our group disability business, primarily driven by less favorable claims experience on long-term disability contracts.

•higher underwriting results in our group life business, driven by more favorable mortality experience on non-experience-rated contracts, partially offset by a positive impact in the prior year period from a reserve refinement for certain experience-rated contracts; and

•higher net investment spread results, primarily driven by higher reinvestment rates.

Revenues increased $66 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $88 million, primarily reflecting:

•higher premiums, primarily driven by business growth in our group disability business, partially offset by lower sales in our group life business and the absence of a positive reserve refinement for certain experience-rated contracts in the prior year period; and

•higher net investment income, primarily driven by higher reinvestment rates.

Benefits and expenses increased $76 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $115 million, primarily reflecting:

•higher general and administrative expenses, largely supporting business growth; and

•higher policyholders’ benefits, including changes in reserves, driven by business growth and less favorable claims experience on both long-term and short-term disability contracts, partially offset by more favorable mortality experience on group life contracts.

The following table sets forth Group Insurance’s annualized new business premiums, as defined under “—Segment Measures” above, for the periods indicated:

(1)Amounts exclude new premiums resulting from rate changes on existing policies, from additional coverage 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.

Total annualized new business premiums for the three months ended September 30, 2026 increased $5 million, primarily reflecting:

•higher sales in the National market segment in our group life business; and

•higher sales in the Premier market segment in our group disability business, primarily driven by medical stop loss sales

•lower sales in the National market segment in our group disability business.

Total annualized new business premiums for the nine months ended September 30, 2026 increased $127 million, primarily reflecting:

•higher sales in the Premier and National market segments in our group disability business, including higher medical stop loss and supplemental health product sales.

•lower sales in the Premier and National market segments in our group life business.