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

Prudential Financial delivered solid Q1 2026 results with after-tax adjusted operating income rising 8% to $1.278 billion or $3.61 per share, driven by strength across PGIM and U.S. Businesses despite headwinds in International Businesses from the Prudential of Japan sales suspension. PGIM's 22% adjusted operating income growth to $190 million reflected higher asset management fees from agency earnings and strong investment performance, with AUM up 3% to $1.433 trillion amid equity market appreciation and balanced third-party inflows offsetting affiliated outflows. U.S. Businesses grew 3% to $956 million, led by Retirement's 9% increase to $572 million on higher net investment spreads and robust sales including $7.4 billion total with $3.3 billion retail annuities post new product launch and $1.4 billion pension risk transfer. Individual Life more than doubled to $139 million on favorable mortality and spreads, while Group Insurance declined to $38 million due to disability claims but sales surged 32%. International Businesses fell 4% to $810 million primarily from Japan suspension expenses, though offset by higher spreads, underwriting, and record Brazil earnings; sales dropped 27% on constant dollar basis. Corporate & Other loss narrowed to $330 million on lower expenses and FX gains. GAAP net income declined 16% to $597 million due to $621 million pre-tax realized investment losses and $295 million market risk benefit losses. CEO Andy Sullivan highlighted growing momentum, PGIM margin expansion on track, U.S. competitive positioning, Japan platform resilience, and Emerging Markets strength, positioning Prudential for durable value. Capital return remained strong at $746 million, with dividend yield over 5% on adjusted book value. Conference call scheduled for May 6, 2026.