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1. Like MetLife (for its extensive insurance and annuity products) combined with BlackRock (for its significant institutional investment management services through PGIM).

2. A comprehensive financial services provider similar to Fidelity, but with a much larger and more prominent traditional life and group insurance business alongside its investment and retirement offerings.

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Prudential Financial (PRU) offers the following major products and services:

• Investment Management Services: Provides a range of investment management solutions, including public fixed income, equity, real estate, private credit, and multi-asset strategies, for institutional and retail clients.
• Retirement Products & Services: Offers retirement investment and income products, along with related services, to various retirement plan sponsors.
• Group Insurance Products: Includes group life, long-term and short-term disability, accidental death and dismemberment, and other supplemental health insurance, along with plan administration services.
• Individual Annuity Products: Develops and distributes individual variable and fixed annuity products primarily for mass affluent and affluent markets.
• Individual Life Insurance Products: Provides individual variable, term, and universal life insurance products to various market segments in the United States.
• Third-Party Insurance Distribution: Distributes a variety of third-party insurance products, such as life, health, Medicare, property and casualty, and term life, through digital and independent agent channels.

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Prudential Financial (PRU) serves a diverse customer base that includes both institutional clients and individual customers. While it provides services to various entities such as retirement plan sponsors, corporations, banks, and trusts, the provided description clearly outlines specific categories of individual customers it targets for products like individual annuities and life insurance.

For its individual products, Prudential Financial primarily serves the following customer categories:

• Mass Affluent Market: Individuals with substantial, but not exceedingly high, financial assets, often seeking sophisticated financial products.
• Affluent Market: Individuals with significant financial wealth and high net worth, typically targeted for advanced investment and insurance solutions.
• Mass Middle Market: Individuals and families with average income and assets, often seeking fundamental financial security and growth products like term and universal life insurance.

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• Berkshire Hathaway Inc. (BRK.A, BRK.B)
• Everest Re Group, Ltd. (ER)
• RenaissanceRe Holdings Ltd. (RNR)

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Andrew Sullivan, Chairman and Chief Executive Officer

Andrew Sullivan was appointed Chairman and Chief Executive Officer of Prudential Financial, Inc. on March 10, 2026. Prior to this role, he served as Executive Vice President and head of Prudential's international businesses and global investment management, and before that, as Executive Vice President and head of Prudential's U.S. Businesses and president of the firm’s Group Insurance business. Before joining Prudential in 2011, Sullivan was a Senior Vice President with CareFirst BlueCross BlueShield. He also held various senior leadership positions at Cigna, where he led merger and acquisition initiatives for healthcare, international, and group insurance. Earlier in his career, he held management roles at Diamond Technology Partners and DaimlerChrysler. Sullivan earned an executive MBA from the University of Delaware and a bachelor's degree in mechanical engineering from the United States Naval Academy, where he also served as a nuclear submarine officer.

Yanela Frias, Executive Vice President and Chief Financial Officer

Yanela Frias is the Executive Vice President and Chief Financial Officer of Prudential Financial, Inc., a position she was appointed to in March 2024. In this role, she oversees global financial management matters, including financial reporting, investor relations, treasury, tax, corporate development, actuarial, risk management, and internal audit. Frias has spent nearly her entire career at Prudential, having joined in 1997. Her prior roles within Prudential include president of Group Insurance, president of Prudential Retirement, and head of the Investment & Pension Solutions business within Prudential Retirement. She also served as CFO for Prudential's Individual Annuities and Individual Life Insurance businesses, and as an assistant treasurer. Frias holds a B.S. in accounting and an MBA in finance from Rutgers University and is a Certified Public Accountant.

Charles Lowrey, Executive Chairman

Charles Lowrey serves as the Executive Chairman of the Board for Prudential Financial, Inc., a role he assumed in March 2025 and will hold until his retirement at the end of the second quarter of 2026. He previously served as Chairman and Chief Executive Officer of Prudential Financial from 2018 to 2025. During his tenure at Prudential, which he joined in 2001, Lowrey held positions as Executive Vice President and Chief Operating Officer of Prudential's International businesses and U.S. businesses, as well as President and CEO of PGIM and CEO of PGIM Real Estate. Before joining Prudential, Lowrey was a managing director and head of the Americas for J.P. Morgan's Real Estate and Lodging Investment Banking group. He began his professional life as an architect, founding and managing an architecture firm in New York City for four years, during which he became a registered New York architect. As CEO, he oversaw the sale of the company's retirement business in 2021 and divested the retail advisory arm to LPL Financial in 2024. He also oversaw the acquisition of the online startup Assurance IQ for $2.35 billion in 2019. Lowrey holds an MBA from Harvard University, a master's degree in architecture from Yale University, and a bachelor's degree in architecture from Princeton University.

Stacey Goodman, Executive Vice President and Chief Information Officer

Stacey Goodman is the Executive Vice President and Chief Information Officer of Prudential Financial, a position she has held since joining the company in July 2019. She is responsible for overseeing information technology, including cybersecurity, across Prudential's global operations. Goodman has over 25 years of experience leveraging technology in financial institutions. Prior to Prudential, she served as Chief Information Officer at Freddie Mac and was the Chief Information and Operations Officer for CIT, where she was recognized by CIO Magazine with a Top 100 award in 2016 for technology transformation under her leadership. She also held global leadership positions at Bank of America, UBS, and PaineWebber, and began her career at Salomon Brothers. Goodman received her B.A. from Syracuse University and earned her Six Sigma certification in 2007.

Jacques Chappuis, President and Chief Executive Officer, PGIM

Jacques Chappuis serves as the President and Chief Executive Officer of PGIM, Prudential Financial’s global investment management business. Prior to his role at PGIM, Chappuis was formerly with Morgan Stanley.

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The key risks to Prudential Financial's business are:

1. Market Fluctuations and General Economic Conditions: Prudential's businesses are inherently exposed to volatility in financial markets and broader economic shifts. Fluctuations or negative trends in international economic and investment climates, including interest rate volatility, can materially impact the company's profitability and financial condition. Rising interest rates can lead to unrealized losses on bond holdings if not held to maturity, affecting future earnings and book value. Additionally, a stagflation environment could challenge its PGIM investment management segment due to reduced asset values and lower investment returns. Market volatility also poses a significant risk to Prudential's investment portfolio, influencing asset management fees and the ability to meet policyholder obligations.
2. Regulatory and Geopolitical Risks: Prudential's global operations are highly susceptible to adverse changes in regulations, legislation, or regulatory interpretations across various jurisdictions. Such changes can directly impact product offerings, distribution channels, competitiveness, profitability, and capital requirements. Geopolitical tensions may also restrict commercial activities and negatively affect Prudential's business interests in impacted regions. For instance, the company's international businesses, particularly in Japan, have demonstrated sensitivity to local regulatory changes, as evidenced by a voluntary suspension of new sales due to employee misconduct investigations.
3. Intense Competition and Business Segment Underperformance: Prudential operates in highly competitive markets for life insurance, retirement services, and asset management. This intense competition, driven by demographic shifts and demand for innovative products, can pressure pricing and market share. Underperformance in key business segments, such as Retirement Strategies, could significantly hinder the company's ability to achieve its overall growth targets for earnings per share.

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Prudential Financial (symbol: PRU) operates in several significant addressable markets for its diverse range of financial products and services. The size of these markets varies by product and geographic region.

Investment Management Services (PGIM)

• The global asset management industry's assets under management (AuM) reached approximately $139.9 trillion at the end of 2024. This market is projected to grow to $200 trillion by 2030.
• North American asset managers accounted for $88.2 trillion of the total AuM among the top 500 global firms in 2024, representing 63% of the total.

Retirement Products and Services

• Total U.S. retirement assets reached $48.1 trillion as of September 30, 2025. This includes individual retirement accounts (IRAs) holding $18.9 trillion and defined contribution plans, such as 401(k)s, holding $13.9 trillion.

Group Insurance

• The global group life insurance market size was valued at $174.7 billion in 2024 and is poised to grow to $429.1 billion by 2033. North America was the largest region in the group life insurance market in 2025. Approximately 70% of the North American group life insurance market share is held by the U.S.
• Over 118 million people in the U.S. were covered by group life insurance in 2023.
• While a specific market size for "group disability insurance" was not distinctly identified, the broader U.S. employee benefits industry is estimated to exceed $3 trillion annually.

Individual Annuities

• U.S. individual annuity sales reached a record high of $461.3 billion in 2025. This market is expected to reach $388.42 billion by 2029.

Individual Life Insurance

• The U.S. life insurance market was valued at $765.38 billion in 2023 and is projected to reach $1,476.31 billion by 2032. Another estimate places the U.S. life insurance market size at USD 1.93 trillion in 2024, predicted to reach around USD 4.74 trillion by 2034.
• Total premiums paid for individual life insurance in the U.S. amounted to $16.2 billion in 2024. There were 134.19 million individual life insurance policies in force across the United States in 2023.

Third-Party Products (via Assurance IQ)

• **Health Insurance (U.S.):** The U.S. health and medical insurance market stood at $1.65 trillion in 2026 and is projected to reach $2.15 trillion by 2031. Another source states the U.S. health insurance market was valued at $613.0 billion in 2024 and is expected to increase to $1,161.7 billion by 2032.
• **Property and Casualty Insurance:** The global property and casualty insurance market was valued at $4.30 trillion in 2025 and is projected to reach $9.49 trillion by 2035. The North American property and casualty insurance market size was approximately $1.27 trillion in 2025, expected to reach around $2.86 trillion by 2035. The U.S. property and casualty insurance market size in 2026 is estimated at $1.14 trillion and is expected to grow to $1.39 trillion by 2031.

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Here are 3-5 expected drivers of future revenue growth for Prudential Financial (PRU) over the next 2-3 years:

1. International Market Expansion: Prudential Financial is strategically prioritizing and expanding its presence in high-growth international markets, particularly in Asia and Africa. This expansion focuses on the retirement and health segments to capitalize on demographic shifts, including aging populations and a growing middle class, as well as addressing significant unmet insurance needs in these regions.
2. Growth in Fee-Oriented Businesses: The company is undergoing a strategic shift towards fee-oriented businesses, with a significant focus on its asset management arm (PGIM) and retirement solutions. These segments are anticipated to contribute a larger proportion of total profits, driven by strong asset management fee growth, positive net flows, and increased account value and sales.
3. Digital Transformation and Product Innovation: Prudential Financial is investing heavily in digital transformation, which includes expanding its digital advice platforms (such as PruBSMART and the integration of Assurance IQ), leveraging AI for underwriting and customer analytics, and launching innovative new products. These initiatives aim to enhance customer engagement, streamline operations, and introduce offerings like flexible indexed universal life products and active income solutions.
4. Enhanced Distribution Capabilities: The company is focused on strengthening and diversifying its distribution networks. This involves increasing the productivity and size of its agent force and expanding bancassurance partnerships, particularly in key growth markets. These efforts are designed to improve market penetration and access new customer segments more effectively.

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Capital Allocation Decisions for Prudential Financial (PRU)

Share Repurchases

• Prudential Financial authorized a $1 billion share repurchase program for the period of January 1, 2026, through December 31, 2026. The company is expected to fully utilize this authorization in 2026, maintaining a pace consistent with 2025.
• The company executed approximately $1.00 billion in share buybacks as of December 31, 2025.
• Share repurchases amounted to approximately $2.88 billion in 2024 and $1.50 billion in 2023. During 2023, the total capital returned to shareholders, including dividends and repurchases, was $2.85 billion.

Share Issuance

• Prudential Financial's outstanding common shares have generally decreased over the past few years, primarily due to share repurchase programs. Diluted average shares were 351.8 million in 2025, down from 357.5 million in 2024, 363.5 million in 2023, and 372.3 million in 2022.

Outbound Investments

• In September 2023, Prudential Financial invested approximately $200 million and acquired a 20% equity interest in Prismic, a Bermuda-exempted limited partnership that owns Prismic Re, a life and annuity reinsurance company. Concurrently, the company reinsured approximately $9 billion of structured settlement annuity contracts to Prismic Re.
• To enhance PGIM's capabilities, Prudential Financial acquired a majority stake in Deerpath Capital Management, LP, a U.S.-based private credit and direct lending manager.
• In March 2025, an additional investment of $103 million was made in Prismic to maintain Prudential Financial's 20% equity interest. This was in connection with reinsuring approximately $7 billion of USD-denominated Japanese whole life policies to Prismic Re International.