• Prudential Financial is like **MetLife for life insurance, annuities, and retirement services.**
• Prudential Financial is like **a blend of Northwestern Mutual for life insurance and Fidelity for retirement and investment management.**

Prudential Financial (PRU) Major Products and Services

• Individual Annuities: Services that provide guaranteed income streams for retirement, often with tax-deferred growth.
• Individual Life Insurance: Services offering financial protection to beneficiaries upon the policyholder's death.
• Group Insurance: Services providing life, disability, and other benefits to employees through employer-sponsored plans.
• Retirement Strategies (Institutional): Services offering defined benefit and defined contribution plan solutions for corporate clients.
• Asset Management (PGIM): Services managing investments for institutional clients and retail investors across various asset classes globally.

Prudential Financial (symbol: PRU) primarily serves a diverse customer base, including individuals, employers, and institutional investors. Given the breadth of its offerings and the sheer volume of individual policies and accounts, it's most appropriate to describe categories of individual customers, even when some services are facilitated through employers.

Prudential Financial serves the following major categories of customers:

• Individual Savers and Investors: This category includes individuals seeking to build wealth, save for retirement, and achieve other financial goals. They purchase a range of products such as annuities, mutual funds, and other investment products directly from Prudential or through financial advisors.
• Individuals Seeking Life and Health Protection: This segment comprises individuals and families looking for financial security and protection against life's uncertainties. They purchase individual life insurance policies (e.g., term, whole, universal life) and other protection-oriented products.
• Employees and Retirees of Client Companies (Group Benefits and Retirement Plans): While employers are the direct clients who select Prudential to provide group life insurance, disability insurance, 401(k) plans, defined benefit plans, and other retirement services, the ultimate beneficiaries and users of these services are the individual employees and retirees. Prudential's services facilitate their financial well-being and retirement planning.

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Andrew Sullivan, Chief Executive Officer

Andrew (Andy) Sullivan was appointed Chief Executive Officer of Prudential Financial, Inc. effective March 31, 2025. He joined Prudential in 2011 and has held various leadership positions, including Executive Vice President and head of Prudential's international businesses and global investment management, overseeing the International Insurance segment and PGIM, the firm's global asset management business. Prior to that, he was Executive Vice President and head of Prudential's U.S. Businesses and president of the Group Insurance business. Before joining Prudential, Sullivan served as a senior vice president with CareFirst BlueCross BlueShield and held several senior leadership positions at Cigna, where he led merger and acquisition initiatives for health care, international, and group insurance. Early in his career, he held management roles at Diamond Technology Partners and DaimlerChrysler. Sullivan also served as a nuclear submarine officer in the U.S. Navy.

Ken Tanji, Executive Vice President and Chief Financial Officer

Ken Tanji was appointed Executive Vice President and Chief Financial Officer of Prudential Financial, Inc. in December 2018. He is responsible for global financial management matters, including financial reporting, investor relations, treasury, tax, and corporate development. Tanji joined Prudential in 1988 and has held numerous leadership roles, including Senior Vice President and Treasurer, Chief Financial Officer of Prudential's International businesses, and Senior Financial Officer of Prudential Annuities. He also served as Prudential's business representative for its retail brokerage joint venture with Wachovia Securities.

Charles Lowrey, Executive Chairman of the Board

Charles Lowrey serves as the Executive Chairman of the Board for Prudential Financial, Inc. He previously served as CEO of the company, a role he assumed in 2018, succeeding John Strangfeld. Before joining Prudential in 2001, Lowrey was a managing director and head of the Americas for J.P. Morgan's Real Estate and Lodging Investment Banking group. Earlier in his career, he founded and managed an architecture firm in New York City. During his tenure as CEO, he oversaw the sale of the company's retirement business. He also served as president and CEO of PGIM, Prudential's global investment management business, and CEO of its real estate investment business, PGIM Real Estate.

Caroline Feeney, Executive Vice President and Global Head of Retirement and Insurance

Caroline Feeney holds the position of Executive Vice President and Global Head of Retirement and Insurance at Prudential Financial, a role effective March 31, 2025. She oversees Prudential's retirement and insurance businesses in 12 countries. Feeney joined Prudential in 1993 and has held several leadership roles, including Executive Vice President and head of U.S. Businesses, and president of Prudential Advisors, the company's national sales organization.

Salene Hitchcock-Gear, President, Individual Life Insurance

Salene Hitchcock-Gear is the President of Prudential Individual Life Insurance. She joined Prudential in 2017 as chief operating officer of Prudential Advisors and was appointed president of the Individual Life Insurance business in 2018. Prior to her time at Prudential, Hitchcock-Gear served as president and CEO of Ameritas Investment Corp. and president and CEO of Acacia Life Insurance Company.

The emergence of digital-first InsurTech companies poses a clear threat to Prudential Financial's traditional life insurance business. These companies leverage advanced technology, artificial intelligence, and data analytics to offer streamlined, often fully online, purchasing experiences for life insurance policies. By simplifying the application process, providing instant or near-instant underwriting decisions, and utilizing direct-to-consumer models, they challenge the traditional agent-driven distribution and lengthy underwriting processes that characterize legacy insurers like Prudential. This allows them to offer more transparent pricing, potentially lower costs, and a superior customer experience, particularly appealing to younger, digitally native demographics. Examples of such companies include Ethos, Bestow, Ladder Life, and Haven Life, which are actively gaining market share and pushing incumbents to rapidly innovate their digital offerings and cost structures.

Prudential Financial (symbol: PRU) operates in several key addressable markets for its main products and services, including life insurance, annuities, retirement services, and asset management.

• Life Insurance: The U.S. life insurance market was valued at approximately $1.93 trillion in 2024 and is projected to reach around $4.74 trillion by 2034. Other estimates suggest the U.S. life insurance market's gross written premium was $1.4 trillion in 2023.
• Annuities: The U.S. annuity market value is expected to reach $388.42 billion by 2029.
• Retirement Services: The U.S. retirement market, which includes assets held under retirement-related accounts such as defined contribution and defined benefit plans, and Individual Retirement Accounts (IRAs), was estimated at roughly $36 trillion as of 2024.
• Asset Management: The global asset management market size was estimated at $458.02 billion in 2023 and is expected to reach $3,677.39 billion by 2030. Another source indicates the global asset management market size was calculated at $685.09 billion in 2024 and is predicted to reach around $12,741.10 billion by 2034. Specifically for the U.S., the asset management market size was $189.07 billion in 2024 and is projected to be worth around $3,697.19 billion by 2034.

Prudential Financial (PRU) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion in High-Growth International Markets: Prudential Financial is focused on leveraging its strong market position in various Asian countries, including Japan, and expanding in emerging markets like Brazil. The company's international business segment is a significant contributor to earnings, and growth is being fueled by new retirement and savings product launches in Japan, as well as the expansion of third-party distribution in emerging markets. This strategic focus on fast-growing regions and differentiated products is expected to continue generating robust sales.
2. Diversification and Growth of Retirement and Insurance Product Offerings: The company is emphasizing the expansion of its market-leading businesses by introducing new financial solutions and broadening its distribution footprint. This includes a strong focus on areas such as pension risk transfer and individual annuities, which are addressing growing market needs. Prudential has also seen significant sales growth in its individual retirement products, particularly registered index-linked annuities and fixed annuities, and in group insurance for life and disability. The deliberate pivot towards more capital-efficient and higher-growth products is a core component of this strategy.
3. Growth in PGIM (Prudential Global Investment Management) through Asset Management: PGIM, Prudential's global investment manager, is expected to be a significant driver of revenue growth. This segment benefits from higher asset management fees, strong net inflows, and favorable investment performance. PGIM has reported robust affiliated and third-party flows, and its assets under management have increased due to market appreciation and strong investment performance. The company anticipates low double-digit earnings growth in PGIM, supported by strong asset management fee growth driven by net flows and market appreciation.
4. Technological Advancement and Enhanced Customer Experience: Prudential is investing in technology to boost operational efficiency and improve the customer experience. This includes initiatives to create a more integrated and digitally-enabled approach to customer service, which is designed to make the business more scalable and adaptable to future opportunities. These technological enhancements and customer-centric approaches are vital for driving sustained growth.

Share Repurchases

• Prudential Financial's Board of Directors authorized a share repurchase program of up to $1 billion for the period from January 1, 2025, through December 31, 2025.
• In 2024, Prudential Financial returned nearly $3 billion to shareholders, encompassing both dividends and share repurchases. $250 million of these were share repurchases in the fourth quarter of 2024.
• The company returned $731 million to shareholders in Q3 2025, which included $250 million in share repurchases. Additionally, the Board authorized up to $1.5 billion in common stock repurchases for 2022.

Outbound Investments

• In 2024, PGIM Private Capital, Prudential Financial's private capital arm, deployed $14.9 billion in senior debt and junior capital to over 238 middle-market companies and projects globally, with significant allocations to investment-grade ($10.5 billion) and below-investment-grade ($3.9 billion) categories, including $4.7 billion in real assets.
• Prudential, through its global asset management business PGIM, acquired a majority stake in Deerpath Capital Management, LP, a U.S.-based private credit and direct lending manager, in 2023.
• Prudential expanded its international longevity risk transfer business in 2023 with a $9.2 billion transaction with NN Life in the Dutch market.

Capital Expenditures

• Prudential Financial's capital deployment strategy aims to allocate 30%-40% towards organic growth.
• The company invests in its businesses by enhancing customer experiences, distribution, health, and technology capabilities.
• In 2024, Prudential provided over $40 million in grants and nearly $13 million in corporate contributions to non-profit organizations, alongside managing a $1 billion impact investing portfolio.