PRU · Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060

This 8-K discloses preliminary, unaudited financial results for Q1 2026 and introduces a significant structural shift in how Prudential reports its business segments — both of which carry high investor relevance. The $1.43 trillion PGIM AUM figure confirms continued scale in asset management, though the $35 million in PGIM’s ‘other related revenues’ (incentive fees, transaction fees, seed/co-investments) is materially lower than prior quarters’ run-rate — for example, PGIM’s full-year 2025 ‘Other Related Revenues’ totaled $156 million in Q1, $229 million in Q2, $244 million in Q3, and $249 million in Q4 — suggesting potential headwinds in performance-linked fee generation. More critically, the GA Portfolio’s alternative investment income is estimated $75–$95 million below expectations, directly implicating returns from private equity, hedge funds, and direct real estate — core components of Prudential’s long-duration investment strategy. The resegmentation itself reflects strategic prioritization: isolating run-off legacy products (now in ‘U.S. Legacy Products’) from actively distributed retirement and life offerings (now consolidated into ‘Retirement’ and retained ‘Individual Life’). This change is applied retrospectively and does not alter previously filed GAAP statements, but it fundamentally reshapes how investors assess growth, margin trends, and capital allocation across segments. The revised Q4 2025 supplement (Exhibit 99.1) serves only as a segmentation-adjusted baseline — no forward-looking guidance or updated forecasts are provided beyond the preliminary Q1 metrics, and all figures remain subject to completion of financial closing procedures.