Prudential Financial : 2Q22 Investor Update

2Q22 Investor Update

Expanding access to investing, insurance, and retirement security

Prudential Investment Thesis

ROCK SOLID	DIFFERENTIATED	DISCIPLINED
Demonstrated financial	Thoughtful strategies and	Positioned for
strength	business design produce	long-term growth
	differentiated outcomes

TRANSFORMING TO BECOME A HIGHER GROWTH, LESS MARKET SENSITIVE, MORE NIMBLE BUSINESS

14%	10%	7%
Adjusted Operating ROE(1)	5-yr Annual Dividends Per Share CAGR(2)	5-yr Adjusted BVPS CAGR(3)

1. Based on 2021 after-tax adjusted operating income and average adjusted book value. Adjusted operating income reflects the reclassification of results of Full Service Retirement from the former Retirement business, which is now the Institutional Retirement Strategies business, to Divested and Run-off Businesses in Corporate & Other. Full Service Retirement results are excluded from adjusted operating income as a result of the operation being held-for-sale prior to its disposition on April 1, 2022. See reconciliation of non-GAAP measures in Appendix for more information.
2. From 2016 to 2021; based on annual dividend per share.
3. From 2016 to 2021; based on adjusted book value. See reconciliation of non-GAAP measures in Appendix for more information.

Expanding access to investing, insurance, and retirement security

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Complementary Businesses at Scale with Long-Term Growth Potential

Earnings Contribution(1)

PGIM 15%

International

Businesses $5.9

41%

billion

U.S.

Businesses

44%

Key Statistics

Revenues(2):$61B

Adjusted Book Value Per Share(3):	$104.19

Employees(4):	Approx. 40,000

Adjusted Dividend Yield(5):	5%

Note: Prior periods restated for reclassification of results of Full Service Retirement from the former Retirement business to Divested and Run-off Businesses in Corporate & Other.

1. Based on last twelve months of pre-tax adjusted operating income through 2Q22. Pie chart percentages exclude Corporate & Other operations loss of $1,574 million. See reconciliation of non-GAAP measures in Appendix for more information.
2. Based on last twelve months of revenue on a pre-tax adjusted operating income basis through 2Q22.
3. As of June 30, 2022. See reconciliation of non-GAAP measures in Appendix for more information.
4. As of December 31, 2021.
5. Based on 2Q22 annualized dividend per share divided by adjusted book value per share.

Expanding access to investing, insurance, and retirement security

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Executing on Plans to Reposition the Business

Divestitures

Acquisitions

Business Investment

• Full Service Retirement business(1)	• Programmatic acquisitions and
	investments in asset
• PALAC traditional Variable Annuity	management and emerging
block(1)	markets:
	- Alexforbes(2)

• Partnership with Mercado Libre to sell Life and A&H products
• Expanding FlexGuard suite of products

Reducing market sensitivity and investing in businesses to support higher growth

1. Completed sales of the Full Service Retirement business and the PALAC traditional Variable Annuity block in April 2022.
2. Completed acquisition of 15% strategic minority interest of Alexforbes in South Africa in 2Q22 and launched a public tender offer to increase stake up to 33%.

Expanding access to investing, insurance, and retirement security

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Expecting $750 Million of Cost Savings One Year Ahead of Target

($ in millions)

2023 Target

$50		$400		$635		$725

Run-Rate Savings

$750

2019

2020

2021

2Q22

Reducing costs while enhancing employee and customer experience

Note: Realized cost savings of ~$175 million in 2Q22, for a total of ~$345 million year-to-date.

Expanding access to investing, insurance, and retirement security

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