PRUDENTIAL FINANCIAL INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - PRUDENTIAL FINANCIAL INC	d655237d8k.htm
EX-99.1 - EX-99.1 - PRUDENTIAL FINANCIAL INC	d655237dex991.htm

Exhibit 99.2

Prudential Financial, Inc. (PRU)

LOGO

Quarterly Financial Supplement

FINANCIAL SERVICES BUSINESSES

Fourth Quarter 2013

Reference is made to Prudential Financial, Inc.’s filings with the Securities and Exchange Commission for general information, and consolidated financial information, regarding Prudential Financial, Inc., including its Closed Block Business. All financial information in this document is unaudited.

February 5, 2014

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

CONTENTS


	Page
HIGHLIGHTS
Financial Highlights		1-3
Operations Highlights		4

FINANCIAL SERVICES BUSINESSES
Combined Statements of Operations		5
Combined Balance Sheets		6
Combining Statements of Operations by Division (Quarter)		7
Combining Statements of Operations by Division		8
Combining Balance Sheets by Division		9
Short-Term and Long-Term Debt		10

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION
Combined Statements of Operations		11
Combining Statements of Operations		12
Individual Annuities Sales Results and Account Values		13
Individual Annuities Account Value Activity		14
Individual Annuities Living Benefit Features		15
Individual Annuities Death Benefit Features		16
Retirement Segment Sales Results and Account Values		17
Supplementary Revenue and Assets Under Management Information for Asset Management Segment		18
Supplementary Assets Under Management Information for Asset Management Segment		19

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION
Combined Statements of Operations		20
Combining Statements of Operations		21
Individual Life Annualized New Business Premiums, Account Value Activity, and Face Amount in Force		22
Supplementary Information for Individual Life Insurance		23
Supplementary Information for Group Insurance		24

DEFERRED POLICY ACQUISITION COSTS & DEFERRED SALES INDUCEMENTS - INDIVIDUAL ANNUITIES, INDIVIDUAL LIFE AND GROUP INSURANCE		25

INTERNATIONAL INSURANCE DIVISION
Combined Statements of Operations		26
Combining Statements of Operations		27
Sales Results and Supplementary Information		28-29

INVESTMENT PORTFOLIO
Investment Portfolio Composition		30
Financial Services Businesses Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations		31
Financial Services Businesses Investment Results		32
Financial Services Businesses Investment Results - Japanese Insurance Operations		33
Financial Services Businesses Investment Results - Excluding Japanese Insurance Operations		34

RECLASSIFIED STATEMENTS OF OPERATIONS		35-39

RECLASSIFIED SUPPLEMENTARY INFORMATION		40

KEY DEFINITIONS AND FORMULAS		41-43

RATINGS AND INVESTOR INFORMATION		44

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

This quarterly financial supplement reflects, for all periods presented, a discretionary change to an accounting principle that we believe is preferable for the recognition of performance based incentive fee revenue within our Asset Management businesses. Under the newly adopted accounting principle, the Company records performance based incentive fee revenue when the contractual terms of the asset management fee arrangement have been satisfied such that the performance fee is no longer subject to clawback or contingency. Under the prior accounting principle, the Company accrued performance based incentive fee revenue quarterly based on measuring fund performance to date versus the performance benchmark stated in the investment management agreement, as if the contracts containing the fee arrangements were terminated as of the applicable balance sheet date. The Company adopted this revised accounting principle in the fourth quarter of 2013 with retrospective application for prior periods.

iii

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date						% Change			2012			2013
2013			2012			% Change			4Q			1Q			2Q			3Q			4Q

								*Financial Services Businesses:*
								Pre-tax adjusted operating income (loss) by division:
	3,847			2,261			70%	U.S. Retirement Solutions and Investment Management Division		714			769			851			1,231			996
	740			400			85%	U.S. Individual Life and Group Insurance Division		87			146			163			216			215
	3,152			2,704			17%	International Insurance Division		647			877			850			778			647
	(1,370	)		(1,338	)		-2%	Corporate and other operations		(372	)		(314	)		(347	)		(312	)		(397	)

	6,369			4,027			58%	Total pre-tax adjusted operating income		1,076			1,478			1,517			1,913			1,461
	1,783			1,008			77%	Income taxes, applicable to adjusted operating income		245			406			424			540			413

	4,586			3,019			52%	Financial Services Businesses after-tax adjusted operating income		831			1,072			1,093			1,373			1,048


								Reconciling items:
	(8,149	)		(2,809	)		-190%	Realized investment losses, net, and related charges and adjustments		(1,698	)		(3,003	)		(2,230	)		(556	)		(2,360	)
	(250	)		610			-141%	Investment gains (losses) on trading account assets supporting insurance liabilities, net		108			95			(471	)		103			23
	227			(540	)		142%	Change in experience-rated contractholder liabilities due to asset value changes		(94	)		(143	)		471			(73	)		(28	)
	29			(615	)		105%	Divested businesses		49			29			(84	)		43			41
	28			(29	)		197%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		16			(34	)		24			11			27

	(8,115	)		(3,383	)		-140%	Total reconciling items, before income taxes		(1,619	)		(3,056	)		(2,290	)		(472	)		(2,297	)
	(2,857	)		(816	)		-250%	Income taxes, not applicable to adjusted operating income		(614	)		(1,237	)		(700	)		(67	)		(853	)

	(5,258	)		(2,567	)		-105%	Total reconciling items, after income taxes		(1,005	)		(1,819	)		(1,590	)		(405	)		(1,444	)

	(672	)		452			-249%	Income (loss) from continuing operations (after-tax) of Financial Services Businesses before equity in earnings of operating joint ventures		(174	)		(747	)		(497	)		968			(396	)
	(48	)		10			-580%	Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests		(14	)		11			(22	)		(10	)		(27	)

	(720	)		462			-256%	Income (loss) from continuing operations attributable to Prudential Financial, Inc.		(188	)		(736	)		(519	)		958			(423	)
	107			50			114%	Earnings attributable to noncontrolling interests		21			35			27			13			32

	(613	)		512			-220%	Income (loss) from continuing operations (after-tax) of Financial Services Businesses		(167	)		(701	)		(492	)		971			(391	)
	7			17			-59%	Income (loss) from discontinued operations, net of taxes		3			1			2			8			(4	)

	(606	)		529			-215%	Net income (loss) of Financial Services Businesses		(164	)		(700	)		(490	)		979			(395	)
	107			50			114%	Less: Income attributable to noncontrolling interests		21			35			27			13			32

	(713	)		479			-249%	Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(185	)		(735	)		(517	)		966			(427	)

	17.7%			11.0%				Operating Return on Average Equity (based on adjusted operating income)		12.1%			16.2%			17.0%			21.4%			16.3%

								*Reconciliation to Consolidated Net Income (Loss) Attributable to Prudential Financial, Inc:*
	(713	)		479				Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc. (above)		(185	)		(735	)		(517	)		966			(427	)
	46			41				Net income (loss) of Closed Block Business attributable to Prudential Financial, Inc.		(18	)		15			3			61			(33	)

	(667	)		520				Consolidated net income (loss) attributable to Prudential Financial, Inc.		(203	)		(720	)		(514	)		1,027			(460	)

Page 1

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						Earnings per share of Common Stock (diluted): (1)
	9.67			6.40		Financial Services Businesses after-tax adjusted operating income		1.76			2.27			2.30			2.89			2.20

						Reconciling items:
	(17.28	)		(5.94	)	Realized investment losses, net, and related charges and adjustments		(3.61	)		(6.37	)		(4.72	)		(1.18	)		(5.01	)
	(0.53	)		1.29		Investment gains (losses) on trading account assets supporting insurance liabilities, net		0.23			0.20			(1.00	)		0.22			0.05
	0.48			(1.14	)	Change in experience-rated contractholder liabilities due to asset value changes		(0.20	)		(0.30	)		1.00			(0.15	)		(0.06	)
	0.06			(1.30	)	Divested businesses		0.10			0.06			(0.18	)		0.09			0.09
	0.07			0.05		Difference in earnings allocated to participating unvested share-based payment awards		—			0.02			0.02			0.01			0.01

	(17.20	)		(7.04	)	Total reconciling items, before income taxes		(3.48	)		(6.39	)		(4.88	)		(1.01	)		(4.92	)
	(5.96	)		(1.65	)	Income taxes, not applicable to adjusted operating income		(1.30	)		(2.54	)		(1.46	)		(0.14	)		(1.79	)

	(11.24	)		(5.39	)	Total reconciling items, after income taxes		(2.18	)		(3.85	)		(3.42	)		(0.87	)		(3.13	)

	(1.57	)		1.01		Income (loss) from continuing operations (after-tax) of Financial Services Businesses attributable to Prudential Financial, Inc.		(0.42	)		(1.58	)		(1.12	)		2.02			(0.93	)
	0.02			0.04		Income (loss) from discontinued operations, net of taxes		—			—			—			0.02			(0.01	)

	(1.55	)		1.05		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(0.42	)		(1.58	)		(1.12	)		2.04			(0.94	)


	463.1			465.6		Weighted average number of outstanding Common shares (basic)		462.6			464.3			464.1			462.6			461.5

	471.7			473.2		Weighted average number of outstanding Common shares (diluted) (2)		469.9			471.7			472.2			472.0			471.2

	2			20		Direct equity adjustments for earnings per share calculation		—			4			1			2			(5	)

	17			17		Earnings related to interest, net of tax, on exchangeable surplus notes (2)		4			4			5			4			4

						*Earnings allocated to participating unvested share-based payment awards for earnings per share calculation*
	43			29		Financial Services Businesses after-tax adjusted operating income		7			10			11			13			9
	8			7		Income from continuing operations (after-tax) of Financial Services Businesses		7			2			2			9			2

(1)

Diluted share count used in the diluted earnings per share calculation for GAAP measures is equal to weighted average basic common shares for the three months ended December 31, 2012, March 31, 2013, June 30, 2013, and December 31, 2013, as well as for the twelve months ended December 31, 2013, as all potential common shares are antidilutive due to the loss from continuing operations available to holders of Common Stock after direct equity adjustment.

(2)

In calculating diluted earnings per share under the if-converted method, the potential shares that would be issued related to the exchangeable surplus notes assuming a hypothetical exchange, weighted for the period the notes are outstanding, is added to the denominator, and interest expense, net of tax, is added to the numerator, if the overall effect is dilutive. For the twelve months ended December 31, 2012, the hypothetical impact of these shares was antidilutive and therefore excluded from the diluted earnings per share calculation for GAAP measures. The weighted average number of outstanding common shares used in the diluted earnings per share calculation for the twelve months ended December 31, 2012, for GAAP measures is 468.1 million.

Page 2

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date					2012			2013
2013		2012			4Q			1Q			2Q			3Q			4Q

				*Financial Services Businesses Capitalization Data (1):*
				Senior Debt:
				Short-term debt		2,409			2,153			2,545			3,043			2,594
				Long-term debt		18,460			18,009			17,083			17,083			17,069
				Junior Subordinated Long-Term Debt		4,594			5,804			4,884			4,884			4,884

				Attributed Equity:
				Including accumulated other comprehensive income		37,006			38,392			33,669			32,818			33,885
				Excluding accumulated other comprehensive income (3)		27,016			26,179			25,343			26,034			25,299
				Amount included above for foreign currency exchange rate remeasurement (4)		(179	)		(1,782	)		(2,796	)		(2,036	)		(2,818	)

				Excluding accumulated other comprehensive income and adjusted to remove amount included for foreign currency exchange rate remeasurement (4)		27,195			27,961			28,139			28,070			28,117


				Book value per share of Common Stock:
				Including accumulated other comprehensive income		79.04			81.77			71.76			70.05			72.30
				Excluding accumulated other comprehensive income (3)		57.70			55.76			54.01			55.57			53.98
				Amount included above for foreign currency exchange rate remeasurement (4)		(0.38	)		(3.80	)		(5.96	)		(4.35	)		(6.01	)

				Excluding accumulated other comprehensive income and adjusted to remove amount included for foreign currency exchange rate remeasurement (4)		58.08			59.56			59.97			59.92			59.99


				Number of diluted shares at end of period (2)		468.2			469.5			469.2			468.5			468.7

				*Common Stock Price Range (based on closing price):*
	92.43		64.65	High		59.89			60.41			73.03			82.62			92.43
	54.64		44.74	Low		48.74			54.64			54.91			73.30			75.99
	92.22		53.33	Close		53.33			58.99			73.03			77.98			92.22

				*Common Stock market capitalization (1)*		24,692			27,448			33,813			36,019			42,523

(1)	As of end of period.

(2)	The number of diluted shares at end of period excludes the impact of exchangeable surplus notes due to the antidilutive impact of conversion.

(3)	Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.

(4)	Represents cumulative impact of gains and losses resulting from foreign currency exchange rate remeasurement included in net income (loss).

Page 3

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

OPERATIONS HIGHLIGHTS


Year-to-date					2012		2013
2013		2012			4Q		1Q		2Q		3Q		4Q

				*Assets Under Management and Administration ($ billions) (1) (2):*
				Assets Under Management:
				Managed by U.S. Retirement Solutions and Investment Management Division:
				Asset Management Segment - Investment Management & Advisory Services
				Institutional customers		313.7		323.2		319.1		330.3		341.7
				Retail customers		138.7		143.8		152.4		159.1		170.7
				General account		374.6		373.3		354.5		358.7		357.5

				Total Investment Management and Advisory Services		827.0		840.3		826.0		848.1		869.9
				Non-proprietary assets under management		196.8		180.7		174.4		186.9		195.9

				Total managed by U.S. Retirement Solutions and Investment Management Division		1,023.8		1,021.0		1,000.4		1,035.0		1,065.8
				Managed by U.S. Individual Life and Group Insurance Division		16.4		22.6		21.5		21.9		22.3
				Managed by International Insurance Division		20.1		17.8		21.8		19.3		19.0

				Total assets under management		1,060.3		1,061.4		1,043.7		1,076.2		1,107.1
				Client assets under administration		69.2		105.5		106.2		111.1		116.6

				Total assets under management and administration		1,129.5		1,166.9		1,149.9		1,187.3		1,223.7


				Assets managed or administered for customers outside of the United States at end of period		243.8		241.2		236.7		244.2		242.9

				*Distribution Representatives (1):*
				Prudential Agents		2,615		2,701		2,724		2,780		2,722
				International Life Planners		7,058		7,101		7,113		7,208		7,248
				Gibraltar Life Consultants		11,333		10,252		9,795		9,298		9,327

	53		55	*Prudential Agent productivity ($ thousands)*		64		48		49		50		67

(1)	As of end of period.

(2)	At fair market value.

Page 4

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES

(in millions)


Year-to-date						% Change			2012			2013
2013			2012			% Change			4Q			1Q			2Q			3Q			4Q

								Revenues (1):
	23,115			62,083			-63%	Premiums		41,145			6,329			6,115			5,414			5,257
	5,614			4,597			22%	Policy charges and fee income		1,183			1,425			1,460			1,284			1,445
	11,530			10,370			11%	Net investment income		2,713			2,821			2,901			2,873			2,935
	5,022			4,053			24%	Asset management fees, commissions and other income		1,110			1,225			1,244			1,212			1,341

	45,281			81,103			-44%	Total revenues		46,151			11,800			11,720			10,783			10,978


								Benefits and Expenses (1):
	23,310			60,900			-62%	Insurance and annuity benefits		40,783			6,332			6,171			5,420			5,387
	3,702			3,804			-3%	Interest credited to policyholders’ account balances		944			966			929			886			921
	1,260			1,243			1%	Interest expense		313			327			331			296			306
	(2,902	)		(3,534	)		18%	Deferral of acquisition costs		(932	)		(864	)		(706	)		(646	)		(686	)
	1,394			1,966			-29%	Amortization of acquisition costs		581			475			502			31			386
	12,148			12,697			-4%	General and administrative expenses		3,386			3,086			2,976			2,883			3,203

	38,912			77,076			-50%	Total benefits and expenses		45,075			10,322			10,203			8,870			9,517

	6,369			4,027			58%	Adjusted operating income before income taxes		1,076			1,478			1,517			1,913			1,461


								Reconciling items:
	(9,956	)		(3,666	)		-172%	Realized investment losses, net, and related adjustments		(2,057	)		(3,305	)		(2,698	)		(1,319	)		(2,634	)
	1,807			857			111%	Related charges		359			302			468			763			274

	(8,149	)		(2,809	)		-190%	Total realized investment losses, net, and related charges and adjustments		(1,698	)		(3,003	)		(2,230	)		(556	)		(2,360	)

	(250	)		610			-141%	Investment gains (losses) on trading account assets supporting insurance liabilities, net		108			95			(471	)		103			23
	227			(540	)		142%	Change in experience-rated contractholder liabilities due to asset value changes		(94	)		(143	)		471			(73	)		(28	)
	29			(615	)		105%	Divested businesses		49			29			(84	)		43			41
	28			(29	)		197%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		16			(34	)		24			11			27

	(8,115	)		(3,383	)		-140%	Total reconciling items, before income taxes		(1,619	)		(3,056	)		(2,290	)		(472	)		(2,297	)


	(1,746	)		644			-371%	Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures		(543	)		(1,578	)		(773	)		1,441			(836	)
	(1,074	)		192			-659%	Income tax expense (benefit)		(369	)		(831	)		(276	)		473			(440	)

	(672	)		452			-249%	Income (loss) from continuing operations before equity in earnings of operating joint ventures		(174	)		(747	)		(497	)		968			(396	)

(1)

Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on trading account assets supporting insurance liabilities; and revenues of divested businesses, and include revenues representing equity in earnings of operating joint ventures other than those classified as divested businesses. Benefits and expenses exclude charges related to realized investment gains, net of losses; change in experience-rated contractholder liabilities due to asset value changes; and benefits and expenses of divested businesses and include charges for income attributable to non controlling interests.

Page 5

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINED BALANCE SHEETS - FINANCIAL SERVICES BUSINESSES

(in millions)


	12/31/2012		03/31/2013		06/30/2013		09/30/2013		12/31/2013

Assets:
Investments:
Fixed maturities, available for sale, at fair value (amortized cost $236,517; $232,366; $226,247; $231,616; $228,099)		254,917		254,222		242,059		245,032		243,654
Fixed maturities, held to maturity, at amortized cost (fair value $4,511; $4,186; $3,769; $3,872; $3,553)		4,268		3,878		3,562		3,629		3,312
Trading account assets supporting insurance liabilities, at fair value		20,590		20,890		20,658		21,131		20,827
Other trading account assets, at fair value		6,053		6,584		5,809		6,121		6,111
Equity securities, available for sale, at fair value (cost $4,302; $4,070; $4,102; $4,279; $4,561)		5,052		5,315		5,289		5,488		6,026
Commercial mortgage and other loans		27,125		28,744		28,320		29,709		31,335
Policy loans		6,455		6,861		6,679		6,827		6,753
Other long-term investments		8,016		7,689		7,847		7,904		8,304
Short-term investments		5,186		4,700		6,344		6,404		5,837

Total investments		337,662		338,883		326,567		332,245		332,159
Cash and cash equivalents		17,546		14,023		12,425		11,950		10,797
Accrued investment income		2,534		2,523		2,528		2,533		2,505
Deferred policy acquisition costs		13,688		13,968		14,547		15,812		16,101
Value of business acquired		3,248		4,167		3,846		3,837		3,675
Other assets		11,313		13,392		13,050		12,677		13,082
Separate account assets		253,254		266,308		264,054		275,091		285,060

Total assets		639,245		653,264		637,017		654,145		663,379


Liabilities:
Future policy benefits		165,212		160,290		153,683		158,857		156,601
Policyholders’ account balances		128,987		132,913		131,222		132,202		131,298
Securities sold under agreements to repurchase		3,436		3,679		3,707		3,530		4,128
Cash collateral for loaned securities		2,864		2,375		4,927		4,988		4,230
Income taxes		9,019		8,467		5,581		5,367		6,010
Senior short-term debt		2,409		2,153		2,545		3,043		2,594
Senior long-term debt		18,460		18,009		17,083		17,083		17,069
Junior subordinated long-term debt		4,594		5,804		4,884		4,884		4,884
Notes issued by consolidated variable interest entities		1,577		1,896		2,147		2,423		3,302
Other liabilities		11,818		12,389		12,877		13,229		13,715
Separate account liabilities		253,254		266,308		264,054		275,091		285,060

Total liabilities		601,630		614,283		602,710		620,697		628,891


Attributed Equity:
Accumulated other comprehensive income		9,990		12,213		8,326		6,784		8,586
Other attributed equity		27,016		26,179		25,343		26,034		25,299

Total attributed equity		37,006		38,392		33,669		32,818		33,885

Noncontrolling Interest		609		589		638		630		603

Total Equity		37,615		38,981		34,307		33,448		34,488

Total liabilities and equity		639,245		653,264		637,017		654,145		663,379

Page 6

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION

(in millions)


	Quarter Ended December 31, 2013
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		5,257			331			1,269			3,664			(7	)
Policy charges and fee income		1,445			690			634			136			(15	)
Net investment income		2,935			1,255			517			1,060			103
Asset management fees, commissions and other income		1,341			1,253			167			131			(210	)

Total revenues		10,978			3,529			2,587			4,991			(129	)


Benefits and Expenses (1):
Insurance and annuity benefits		5,387			733			1,522			3,150			(18	)
Interest credited to policyholders’ account balances		921			476			206			239			—
Interest expense		306			33			112			2			159
Deferral of acquisition costs		(686	)		(137	)		(190	)		(372	)		13
Amortization of acquisition costs		386			107			57			232			(10	)
General and administrative expenses		3,203			1,321			665			1,093			124

Total benefits and expenses		9,517			2,533			2,372			4,344			268


Adjusted operating income (loss) before income taxes		1,461			996			215			647			(397	)


	Quarter Ended December 31, 2012
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		41,145			31,979			1,274			7,901			(9	)
Policy charges and fee income		1,183			598			439			156			(10	)
Net investment income		2,713			1,096			408			1,105			104
Asset management fees, commissions and other income		1,110			1,135			117			47			(189	)

Total revenues		46,151			34,808			2,238			9,209			(104	)


Benefits and Expenses (1):
Insurance and annuity benefits		40,783			32,292			1,411			7,068			12
Interest credited to policyholders’ account balances		944			531			146			271			(4	)
Interest expense		313			33			83			2			195
Deferral of acquisition costs		(932	)		(233	)		(199	)		(518	)		18
Amortization of acquisition costs		581			166			80			350			(15	)
General and administrative expenses		3,386			1,305			630			1,389			62

Total benefits and expenses		45,075			34,094			2,151			8,562			268


Adjusted operating income (loss) before income taxes		1,076			714			87			647			(372	)

(1)

Page 7

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION

(in millions)


	Twelve Months Ended December 31, 2013
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		23,115			1,008			5,098			17,037			(28	)
Policy charges and fee income		5,614			2,628			2,432			599			(45	)
Net investment income		11,530			4,847			1,991			4,306			386
Asset management fees, commissions and other income		5,022			4,688			617			598			(881	)

Total revenues		45,281			13,171			10,138			22,540			(568	)


Benefits and Expenses (1):
Insurance and annuity benefits		23,310			2,538			6,201			14,606			(35	)
Interest credited to policyholders’ account balances		3,702			1,910			808			984			—
Interest expense		1,260			128			414			3			715
Deferral of acquisition costs		(2,902	)		(649	)		(773	)		(1,543	)		63
Amortization of acquisition costs		1,394			297			121			1,011			(35	)
General and administrative expenses		12,148			5,100			2,627			4,327			94

Total benefits and expenses		38,912			9,324			9,398			19,388			802


Adjusted operating income (loss) before income taxes		6,369			3,847			740			3,152			(1,370	)


	Twelve Months Ended December 31, 2012
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		62,083			32,504			5,128			24,484			(33	)
Policy charges and fee income		4,597			2,282			1,756			597			(38	)
Net investment income		10,370			4,080			1,619			4,268			403
Asset management fees, commissions and other income		4,053			4,088			465			237			(737	)

Total revenues		81,103			42,954			8,968			29,586			(405	)


Benefits and Expenses (1):
Insurance and annuity benefits		60,900			33,890			5,769			21,105			136
Interest credited to policyholders’ account balances		3,804			2,147			557			1,122			(22	)
Interest expense		1,243			144			323			3			773
Deferral of acquisition costs		(3,534	)		(1,091	)		(491	)		(2,024	)		72
Amortization of acquisition costs		1,966			411			424			1,173			(42	)
General and administrative expenses		12,697			5,192			1,986			5,503			16

Total benefits and expenses		77,076			40,693			8,568			26,882			933


Adjusted operating income (loss) before income taxes		4,027			2,261			400			2,704			(1,338	)

(1)

Page 8

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES COMBINING BALANCE SHEETS - BY DIVISION

(in millions)


	As of December 31, 2013
	Total Financial Services Businesses		U.S. Retirement Solutions & Investment Management Division		U.S. Individual Life & Group Insurance Division		International Insurance Division		Corporate and Other Operations
Assets:
Total investments		332,159		117,314		46,351		152,219		16,275
Deferred policy acquisition costs		16,101		5,715		4,295		6,407		(316	)
Other assets		30,059		11,207		10,088		8,102		662
Separate account assets		285,060		242,344		43,441		1,949		(2,674	)

Total assets		663,379		376,580		104,175		168,677		13,947


Liabilities:
Future policy benefits		156,601		49,521		12,520		91,145		3,415
Policyholders’ account balances		131,298		55,510		28,918		46,858		12
Debt		24,547		5,523		9,245		55		9,724
Other liabilities		31,385		9,800		5,629		11,821		4,135
Separate account liabilities		285,060		242,344		43,441		1,949		(2,674	)

Total liabilities		628,891		362,698		99,753		151,828		14,612


Attributed Equity:
Accumulated other comprehensive income (loss)		8,586		689		413		8,251		(767	)
Other attributed equity		25,299		12,590		4,009		8,588		112

Total attributed equity		33,885		13,279		4,422		16,839		(655	)

Noncontrolling Interest		603		603		—		10		(10	)

Total Equity		34,488		13,882		4,422		16,849		(665	)


Total liabilities and equity		663,379		376,580		104,175		168,677		13,947


	As of December 31, 2012
	Total Financial Services Businesses		U.S. Retirement Solutions & Investment Management Division		U.S. Individual Life & Group Insurance Division		International Insurance Division		Corporate and Other Operations
Assets:
Total investments		337,662		124,692		36,648		164,144		12,178
Deferred policy acquisition costs		13,688		4,036		3,298		6,589		(235	)
Other assets		34,641		13,895		6,422		11,506		2,818
Separate account assets		253,254		214,416		39,757		1,555		(2,474	)

Total assets		639,245		357,039		86,125		183,794		12,287


Liabilities:
Future policy benefits		165,212		54,799		10,252		96,874		3,287
Policyholders’ account balances		128,987		56,282		18,518		54,172		15
Debt		25,463		4,969		8,428		38		12,028
Other liabilities		28,714		9,424		5,172		13,016		1,102
Separate account liabilities		253,254		214,416		39,757		1,555		(2,474	)

Total liabilities		601,630		339,890		82,127		165,655		13,958


Attributed Equity:
Accumulated other comprehensive income (loss)		9,990		2,541		1,728		7,359		(1,638	)
Other attributed equity		27,016		13,989		2,270		10,776		(19	)

Total attributed equity		37,006		16,530		3,998		18,135		(1,657	)

Noncontrolling Interest		609		619		—		4		(14	)

Total Equity		37,615		17,149		3,998		18,139		(1,671	)


Total liabilities and equity		639,245		357,039		86,125		183,794		12,287

Page 9

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

SHORT-TERM AND LONG-TERM DEBT

(in millions)


	As of December 31, 2013								As of December 31, 2012
	Senior debt				Junior Subordinated Long-term Debt		Total Debt		Senior debt				Junior Subordinated Long-term Debt		Total Debt
	Short-term Debt		Long-term Debt		Junior Subordinated Long-term Debt		Total Debt		Short-term Debt		Long-term Debt		Junior Subordinated Long-term Debt		Total Debt
Financial Services Businesses
*Borrowings by use of proceeds:*
Capital Debt		309		5,036		4,884		10,229		668		5,381		4,594		10,643
Operating Debt - Investment related		1,867		8,035		—		9,902		1,258		9,203		—		10,461
Operating Debt - Specified businesses		418		3,802		—		4,220		483		3,876		—		4,359
Limited recourse and non-recourse borrowing		—		196		—		196		—		—		—		—

Total debt - Financial Services Businesses		2,594		17,069		4,884		24,547		2,409		18,460		4,594		25,463

Closed Block Business
Investment related		—		—		—		—		—		—		—		—
Limited recourse and non-recourse borrowing		75		1,600		—		1,675		75		1,675		—		1,750

Total debt		75		1,600		—		1,675		75		1,675		—		1,750


	As of December 31, 2013								As of December 31, 2012
	Prudential Financial, Inc.		The Prudential Insurance Co. of America (1)(2)		Other Affiliates		Total		Prudential Financial, Inc.		The Prudential Insurance Co. of America (1)(2)		Other Affiliates		Total
Financial Services Businesses
*Borrowings by sources:*
Capital Debt		8,817		1,042		370		10,229		9,149		1,042		452		10,643
Operating Debt - Investment related		6,281		411		3,210		9,902		6,955		293		3,213		10,461
Operating Debt - Specified businesses		2,969		1,251		—		4,220		2,740		1,468		151		4,359
Limited recourse and non-recourse borrowing		—		196		—		196		—		—		—		—

Total debt - Financial Services Businesses		18,067		2,900		3,580		24,547		18,844		2,803		3,816		25,463

(1)	Includes Prudential Funding, LLC.

(2)	Capital debt at Prudential Insurance Co. of America includes $941 million of surplus notes at both December 31, 2013 and December 31, 2012.

Page 10

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINED STATEMENTS OF OPERATIONS - U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION

(in millions)


Year-to-date						% Change			2012			2013
2013			2012			% Change			4Q			1Q			2Q			3Q			4Q

								Revenues (1):
	1,008			32,504			-97%	Premiums		31,979			145			256			276			331
	2,628			2,282			15%	Policy charges and fee income		598			619			654			665			690
	4,847			4,080			19%	Net investment income		1,096			1,160			1,236			1,196			1,255
	4,688			4,088			15%	Asset management fees, commissions and other income		1,135			1,122			1,156			1,157			1,253

	13,171			42,954			-69%	Total revenues		34,808			3,046			3,302			3,294			3,529


								Benefits and Expenses (1):
	2,538			33,890			-93%	Insurance and annuity benefits		32,292			524			683			598			733
	1,910			2,147			-11%	Interest credited to policyholders’ account balances		531			506			495			433			476
	128			144			-11%	Interest expense		33			33			31			31			33
	(649	)		(1,091	)		41%	Deferral of acquisition costs		(233	)		(235	)		(141	)		(136	)		(137	)
	297			411			-28%	Amortization of acquisition costs		166			145			137			(92	)		107
	5,100			5,192			-2%	General and administrative expenses		1,305			1,304			1,246			1,229			1,321

	9,324			40,693			-77%	Total benefits and expenses		34,094			2,277			2,451			2,063			2,533

	3,847			2,261			70%	Adjusted operating income before income taxes		714			769			851			1,231			996

(1)

Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINING STATEMENTS OF OPERATIONS - U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION

(in millions)


	Twelve Months Ended December 31, 2013												Quarter Ended December 31, 2013
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management			Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		1,008			108			900			—			331			29			302			—
Policy charges and fee income		2,628			2,421			207			—			690			637			53			—
Net investment income		4,847			693			4,067			87			1,255			167			1,061			27
Asset management fees, commissions and other income		4,688			1,243			854			2,591			1,253			325			230			698

Total revenues		13,171			4,465			6,028			2,678			3,529			1,158			1,646			725


Benefits and Expenses (1):
Insurance and annuity benefits		2,538			77			2,461			—			733			30			703			—
Interest credited to policyholders’ account balances		1,910			381			1,529			—			476			96			380			—
Interest expense		128			91			26			11			33			24			6			3
Deferral of acquisition costs		(649	)		(598	)		(29	)		(22	)		(137	)		(124	)		(9	)		(4	)
Amortization of acquisition costs		297			257			15			25			107			98			3			6
General and administrative expenses		5,100			2,172			987			1,941			1,321			542			268			511

Total benefits and expenses		9,324			2,380			4,989			1,955			2,533			666			1,351			516

Adjusted operating income before income taxes		3,847			2,085			1,039			723			996			492			295			209


	Twelve Months Ended December 31, 2012												Quarter Ended December 31, 2012
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management			Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		32,504			102			32,402			—			31,979			24			31,955			—
Policy charges and fee income		2,282			2,080			202			—			598			549			49			—
Net investment income		4,080			770			3,203			107			1,096			185			880			31
Asset management fees, commissions and other income		4,088			1,031			788			2,269			1,135			281			200			654

Total revenues		42,954			3,983			36,595			2,376			34,808			1,039			33,084			685


Benefits and Expenses (1):
Insurance and annuity benefits		33,890			573			33,317			—			32,292			55			32,237			—
Interest credited to policyholders’ account balances		2,147			452			1,695			—			531			121			410			—
Interest expense		144			109			20			15			33			24			5			4
Deferral of acquisition costs		(1,091	)		(1,016	)		(49	)		(26	)		(233	)		(200	)		(27	)		(6	)
Amortization of acquisition costs		411			338			49			24			166			131			29			6
General and administrative expenses		5,192			2,488			925			1,779			1,305			604			205			496

Total benefits and expenses		40,693			2,944			35,957			1,792			34,094			735			32,859			500

Adjusted operating income before income taxes		2,261			1,039			638			584			714			304			225			185

(1)

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Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES SALES RESULTS AND ACCOUNT VALUES

(in millions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						SALES AND ACCOUNT VALUES:

						Variable Annuities:
	131,608			109,743		Beginning total account value		128,949			131,608			139,034			137,775			143,697
	11,447			19,977		Sales		3,778			4,208			2,439			2,388			2,412
	(7,567	)		(6,646	)	Surrenders and withdrawals		(1,765	)		(1,776	)		(1,898	)		(1,824	)		(2,069	)

	3,880			13,331		Net sales		2,013			2,432			541			564			343
	(1,282	)		(1,169	)	Benefit payments		(313	)		(310	)		(326	)		(310	)		(336	)

	2,598			12,162		Net flows		1,700			2,122			215			254			7
	19,455			12,380		Change in market value, interest credited, and other		1,687			6,039			(666	)		6,479			7,603
	(3,194	)		(2,677	)	Policy charges		(728	)		(735	)		(808	)		(811	)		(840	)

	150,467			131,608		Ending total account value		131,608			139,034			137,775			143,697			150,467


						Fixed Annuities:
	3,734			3,792		Beginning total account value		3,756			3,734			3,714			3,699			3,681
	66			55		Sales		11			16			14			16			20
	(160	)		(160	)	Surrenders and withdrawals		(48	)		(41	)		(38	)		(40	)		(41	)

	(94	)		(105	)	Net redemptions		(37	)		(25	)		(24	)		(24	)		(21	)
	(335	)		(281	)	Benefit payments		(68	)		(71	)		(96	)		(83	)		(85	)

	(429	)		(386	)	Net flows		(105	)		(96	)		(120	)		(107	)		(106	)
	371			330		Interest credited and other		83			77			105			91			98
	(3	)		(2	)	Policy charges		—			(1	)		—			(2	)		—

	3,673			3,734		Ending total account value		3,734			3,714			3,699			3,681			3,673


						SALES BY DISTRIBUTION CHANNEL:

						Variable and Fixed Annuities (1):
	2,425			3,023		Insurance Agents		557			703			547			575			600
	2,246			4,932		Wirehouses		929			923			464			433			426
	4,978			8,808		Independent Financial Planners		1,661			1,935			1,009			1,001			1,033
	1,864			3,269		Bank Distribution		642			663			433			395			373

	11,513			20,032		Total		3,789			4,224			2,453			2,404			2,432

(1)	Amounts represent gross sales.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

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U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES ACCOUNT VALUE ACTIVITY

(in millions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						INDIVIDUAL ANNUITIES:

						Account Values in General Account (1):
	11,564			12,830		Beginning balance		11,929			11,564			11,148			10,903			10,409
	1,198			2,360		Premiums and deposits		476			488			258			230			222
	(963	)		(1,058	)	Surrenders and withdrawals		(288	)		(268	)		(245	)		(217	)		(233	)

	235			1,302		Net sales (redemptions)		188			220			13			13			(11	)
	(408	)		(357	)	Benefit payments		(86	)		(89	)		(116	)		(102	)		(101	)

	(173	)		945		Net flows		102			131			(103	)		(89	)		(112	)
	337			374		Interest credited and other		70			86			92			81			78
	(1,671	)		(2,583	)	Net transfers to separate account		(537	)		(632	)		(234	)		(484	)		(321	)
	(3	)		(2	)	Policy charges		—			(1	)		—			(2	)		—

	10,054			11,564		Ending balance		11,564			11,148			10,903			10,409			10,054


						Account Values in Separate Account (1):
	123,778			100,705		Beginning balance		120,776			123,778			131,600			130,571			136,969
	10,315			17,672		Premiums and deposits		3,313			3,736			2,195			2,174			2,210
	(6,764	)		(5,748	)	Surrenders and withdrawals		(1,525	)		(1,549	)		(1,691	)		(1,647	)		(1,877	)

	3,551			11,924		Net sales		1,788			2,187			504			527			333
	(1,209	)		(1,093	)	Benefit payments		(295	)		(292	)		(306	)		(291	)		(320	)

	2,342			10,831		Net flows		1,493			1,895			198			236			13
	19,489			12,336		Change in market value, interest credited and other		1,700			6,030			(653	)		6,489			7,623
	1,671			2,583		Net transfers from general account		537			632			234			484			321
	(3,194	)		(2,677	)	Policy charges		(728	)		(735	)		(808	)		(811	)		(840	)

	144,086			123,778		Ending balance		123,778			131,600			130,571			136,969			144,086

(1)

Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company’s general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

Page 14

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES LIVING BENEFIT FEATURES

(in millions)


	2012		2013
	4Q		1Q		2Q		3Q		4Q

LIVING BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):

Variable Annuity Account Values with Living Benefit Features
Guaranteed minimum accumulation benefits		7,947		7,764		7,290		7,037		6,799
Guaranteed minimum withdrawal benefits		947		945		895		889		886
Guaranteed minimum income benefits		3,556		3,639		3,519		3,583		3,667
Guaranteed minimum withdrawal & income benefits		94,804		101,688		101,686		107,109		113,246

Total		107,254		114,036		113,390		118,618		124,598


Living Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		91,954		98,362		98,119		102,783		107,910
Account Values without Auto-Rebalancing Feature		15,300		15,674		15,271		15,835		16,688

Total		107,254		114,036		113,390		118,618		124,598


Living Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		3,145		2,435		3,134		2,378		1,735
Net Amount at Risk without Auto-Rebalancing Feature		1,663		1,346		1,434		1,176		910

Total		4,808		3,781		4,568		3,554		2,645

(1)	At end of period.

Page 15

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES DEATH BENEFIT FEATURES

(in millions)


	2012		2013
	4Q		1Q		2Q		3Q		4Q

DEATH BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):

Variable Annuity Account Values by Death Benefit Features
Return of net deposits:
Account value		96,951		102,944		102,277		107,025		112,445
Net amount at risk		769		584		677		532		465
Minimum return, anniversary contract value, or maximum contract value:
Account value		31,687		33,046		32,511		33,592		34,846
Net amount at risk		4,207		3,574		3,931		3,330		2,817

Death Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		91,954		98,362		98,119		102,783		107,910
Account Values without Auto-Rebalancing Feature		36,684		37,628		36,669		37,834		39,381

Total		128,638		135,990		134,788		140,617		147,291


Death Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		958		715		1,064		774		613
Net Amount at Risk without Auto-Rebalancing Feature		4,018		3,443		3,544		3,088		2,669

Total		4,976		4,158		4,608		3,862		3,282

(1)	At end of period.

Page 16

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

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U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - RETIREMENT SEGMENT SALES RESULTS AND ACCOUNT VALUES

(in millions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						RETIREMENT SEGMENT SALES AND ACCOUNT VALUES

						Full Service:
	148,405			139,430		Beginning total account value		146,934			148,405			156,380			157,738			165,364
	20,677			16,390		Deposits and sales		3,903			5,679			3,697			5,455			5,846
	(18,711	)		(19,223	)	Withdrawals and benefits		(4,386	)		(4,676	)		(3,622	)		(4,627	)		(5,786	)
	23,131			11,808		Change in market value, interest credited, interest income and other activity		1,954			6,972			1,283			6,798			8,078

	173,502			148,405		Ending total account value		148,405			156,380			157,738			165,364			173,502


	1,966			(2,833	)	Net additions (withdrawals)		(483	)		1,003			75			828			60


						Stable value account values included above		42,836			43,065			43,365			44,186			44,013

						Institutional Investment Products:
	141,435			90,089		Beginning total account value		104,646			141,435			143,011			144,101			147,100
	17,294			55,005		Additions (1)		39,192			3,845			4,360			5,034			4,055
	(9,951	)		(8,495	)	Withdrawals and benefits		(2,586	)		(2,319	)		(2,462	)		(2,487	)		(2,683	)
	1,066			4,787		Change in market value, interest credited and interest income		788			202			(662	)		547			979
	(442	)		49		Other (2)		(605	)		(152	)		(146	)		(95	)		(49	)

	149,402			141,435		Ending total account value (3)		141,435			143,011			144,101			147,100			149,402


	7,343			46,510		Net additions		36,606			1,526			1,898			2,547			1,372

(1)

Includes $1 billion for the three months ended December 31, 2012, representing transfers of client balances from externally managed accounts to accounts managed by Prudential. These additions are offset within the “Other” category and there are no net impacts on ending account values for these transfers.

(2)

“Other” activity includes transfers to internally managed accounts of $(1) billion for the three months ended December 31, 2012. These transfers are offset in additions discussed above in note 1. The remainder of “Other” activity primarily represents changes in asset balances for externally managed accounts.

(3)

Ending total account values for Institutional Investment Products business includes $1.9 billion as of December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013, and December 31, 2013, respectively, related to collateralized funding agreements issued to the Federal Home Loan Bank of New York (FHLBNY).

Page 17

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

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U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT INFORMATION FOR ASSET MANAGEMENT SEGMENT


						Supplementary Revenue Information (in millions):
Year-to-date				% Change			2012		2013
2013		2012		% Change			4Q		1Q		2Q		3Q		4Q

						Analysis of revenues by type:
	1,881		1,667		13%	Asset management fees		433		451		467		472		491
	254		240		6%	Other related revenues		114		51		57		52		94
	543		469		16%	Service, distribution and other revenues		138		140		138		125		140

	2,678		2,376		13%	Total Asset Management segment revenues		685		642		662		649		725


						Analysis of asset management fees by source:
	838		775		8%	Institutional customers		201		203		207		210		218
	631		509		24%	Retail customers		132		145		154		161		171
	412		383		8%	General account		100		103		106		101		102

	1,881		1,667		13%	Total asset management fees		433		451		467		472		491


Supplementary Assets Under Management Information (in billions):
	December 31, 2013
	Equity		Fixed Income		Real Estate		Total
Institutional customers		63.4		243.8		34.5		341.7
Retail customers		117.0		51.5		2.2		170.7
General account		8.9		347.2		1.4		357.5

Total		189.3		642.5		38.1		869.9


	December 31, 2012
	Equity		Fixed Income		Real Estate		Total
Institutional customers		51.7		230.8		31.2		313.7
Retail customers		86.6		50.3		1.8		138.7
General account		9.4		363.7		1.5		374.6

Total		147.7		644.8		34.5		827.0

Page 18

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

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U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - SUPPLEMENTARY ASSETS UNDER MANAGEMENT INFORMATION FOR ASSET MANAGEMENT SEGMENT

(in billions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						Institutional Customers - Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	274.6			234.2		Beginning assets under management		263.8			274.6			282.9			279.6			290.0
	57.1			58.8		Additions		20.8			14.4			14.8			14.1			13.8
	(37.7	)		(41.6	)	Withdrawals		(12.4	)		(7.5	)		(11.7	)		(10.0	)		(8.5	)
	7.8			23.1		Change in market value		2.8			1.9			(6.1	)		6.0			6.0
	(0.5	)		0.2		Net money market flows		(0.1	)		(0.2	)		—			0.2			(0.5	)
	(0.8	)		(0.1	)	Other (1)		(0.3	)		(0.3	)		(0.3	)		0.1			(0.3	)

	300.5			274.6		Ending assets under management		274.6			282.9			279.6			290.0			300.5
	41.2			39.1		Affiliated institutional assets under management		39.1			40.3			39.5			40.3			41.2

	341.7			313.7		Total assets managed for institutional customers at end of period		313.7			323.2			319.1			330.3			341.7


	19.4			17.2		Net institutional additions, excluding money market activity		8.4			6.9			3.1			4.1			5.3


						Retail Customers - Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	91.1			69.6		Beginning assets under management		87.8			91.1			97.9			100.4			106.5
	40.2			37.0		Additions		10.1			10.9			12.4			7.1			9.8
	(35.8	)		(24.2	)	Withdrawals		(6.7	)		(9.1	)		(9.9	)		(8.5	)		(8.3	)
	19.5			8.8		Change in market value		(0.1	)		5.0			—			7.5			7.0
	—			(0.1	)	Net money market flows		—			—			—			—			—
	—			—		Other		—			—			—			—			—

	115.0			91.1		Ending assets under management		91.1			97.9			100.4			106.5			115.0
	55.7			47.6		Affiliated retail assets under management		47.6			45.9			52.0			52.6			55.7

	170.7			138.7		Total assets managed for retail customers at end of period		138.7			143.8			152.4			159.1			170.7


	4.4			12.8		Net retail additions (withdrawals), excluding money market activity		3.4			1.8			2.5			(1.4	)		1.5

(1)	“Other” activity represents transfers from the Retirement Segment, as a result of changes in the client contract form; and FX related to International assets under management.

Page 19

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINED STATEMENTS OF OPERATIONS - U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION

(in millions)


Year-to-date						% Change			2012			2013
2013			2012			% Change			4Q			1Q			2Q			3Q			4Q

								Revenues (1):
	5,098			5,128			-1%	Premiums		1,274			1,279			1,294			1,256			1,269
	2,432			1,756			38%	Policy charges and fee income		439			657			654			487			634
	1,991			1,619			23%	Net investment income		408			473			504			497			517
	617			465			33%	Asset management fees, commissions and other income		117			148			159			143			167

	10,138			8,968			13%	Total revenues		2,238			2,557			2,611			2,383			2,587


								Benefits and Expenses (1):
	6,201			5,769			7%	Insurance and annuity benefits		1,411			1,605			1,578			1,496			1,522
	808			557			45%	Interest credited to policyholders’ account balances		146			193			201			208			206
	414			323			28%	Interest expense		83			96			98			108			112
	(773	)		(491	)		-57%	Deferral of acquisition costs		(199	)		(220	)		(186	)		(177	)		(190	)
	121			424			-71%	Amortization of acquisition costs		80			73			102			(111	)		57
	2,627			1,986			32%	General and administrative expenses		630			664			655			643			665

	9,398			8,568			10%	Total benefits and expenses		2,151			2,411			2,448			2,167			2,372


	740			400			85%	Adjusted operating income before income taxes		87			146			163			216			215

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 20

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

COMBINING STATEMENTS OF OPERATIONS - U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION

(in millions)


	Twelve Months Ended December 31, 2013									Quarter Ended December 31, 2013
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance			Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		5,098			810			4,288			1,269			215			1,054
Policy charges and fee income		2,432			1,906			526			634			494			140
Net investment income		1,991			1,406			585			517			369			148
Asset management fees, commissions and other income		617			498			119			167			134			33

Total revenues		10,138			4,620			5,518			2,587			1,212			1,375


Benefits and Expenses (1):
Insurance and annuity benefits		6,201			1,902			4,299			1,522			481			1,041
Interest credited to policyholders’ account balances		808			576			232			206			146			60
Interest expense		414			407			7			112			110			2
Deferral of acquisition costs		(773	)		(762	)		(11	)		(190	)		(181	)		(9	)
Amortization of acquisition costs		121			111			10			57			54			3
General and administrative expenses		2,627			1,803			824			665			445			220

Total benefits and expenses		9,398			4,037			5,361			2,372			1,055			1,317

Adjusted operating income before income taxes		740			583			157			215			157			58


	Twelve Months Ended December 31, 2012									Quarter Ended December 31, 2012
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance			Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		5,128			725			4,403			1,274			183			1,091
Policy charges and fee income		1,756			1,251			505			439			304			135
Net investment income		1,619			1,033			586			408			262			146
Asset management fees, commissions and other income		465			358			107			117			91			26

Total revenues		8,968			3,367			5,601			2,238			840			1,398


Benefits and Expenses (1):
Insurance and annuity benefits		5,769			1,241			4,528			1,411			298			1,113
Interest credited to policyholders’ account balances		557			329			228			146			88			58
Interest expense		323			316			7			83			81			2
Deferral of acquisition costs		(491	)		(436	)		(55	)		(199	)		(144	)		(55	)
Amortization of acquisition costs		424			419			5			80			78			2
General and administrative expenses		1,986			1,114			872			630			340			290

Total benefits and expenses		8,568			2,983			5,585			2,151			741			1,410

Adjusted operating income (loss) before income taxes		400			384			16			87			99			(12	)

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 21

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

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U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - INDIVIDUAL LIFE ANNUALIZED NEW BUSINESS PREMIUMS, ACCOUNT VALUE ACTIVITY, AND FACE AMOUNT IN FORCE

(in millions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						ANNUALIZED NEW BUSINESS PREMIUMS (1):

	38			20		Variable life		8			9			7			9			13
	497			218		Universal life		90			157			124			107			109
	196			174		Term life		46			50			53			49			44

	731			412		Total		144			216			184			165			166


						ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):

	95			90		Prudential Agents		24			25			25			22			23
	636			322		Third party distribution		120			191			159			143			143

	731			412		Total		144			216			184			165			166


						ACCOUNT VALUE ACTIVITY:

						*Policyholders’ Account Balances (2)(3):*
	10,583			9,500		Beginning balance		10,058			10,583			20,026			20,710			21,367
	3,799			2,197		Premiums and deposits		709			1,108			965			892			834
	(1,063	)		(838	)	Surrenders and withdrawals		(213	)		(240	)		(305	)		(266	)		(252	)

	2,736			1,359		Net sales		496			868			660			626			582
	(419	)		(234	)	Benefit payments		(59	)		(133	)		(86	)		(91	)		(109	)

	2,317			1,125		Net flows		437			735			574			535			473
	1,170			32		Interest credited and other		111			276			299			360			235
	368			300		Net transfers from separate account		84			88			98			84			98
	(1,280	)		(374	)	Policy charges		(107	)		(340	)		(287	)		(322	)		(331	)
	8,684			—		Acquisition		—			8,684			—			—			—

	21,842			10,583		Ending balance		10,583			20,026			20,710			21,367			21,842


						*Separate Account Liabilities (3):*
	17,817			16,491		Beginning balance		17,835			17,817			24,611			24,555			25,380
	1,277			849		Premiums and deposits		218			305			384			196			392
	(902	)		(577	)	Surrenders and withdrawals		(154	)		(233	)		(315	)		(122	)		(232	)

	375			272		Net sales		64			72			69			74			160
	(121	)		(30	)	Benefit payments		(7	)		(41	)		(52	)		1			(29	)

	254			242		Net flows		57			31			17			75			131
	4,575			2,036		Change in market value, interest credited and other		173			1,487			353			991			1,744
	(368	)		(300	)	Net transfers to general account		(84	)		(88	)		(98	)		(84	)		(98	)
	(969	)		(652	)	Policy charges		(164	)		(243	)		(328	)		(157	)		(241	)
	5,607			—		Acquisition		—			5,607			—			—			—

	26,916			17,817		Ending balance		17,817			24,611			24,555			25,380			26,916


						FACE AMOUNT IN FORCE (4):

						Variable life		110,218			175,851			173,991			173,142			172,870
						Universal life		53,092			130,182			135,686			139,808			144,533
						Term life		506,868			597,272			606,212			614,032			621,289

						Total		670,178			903,305			915,889			926,982			938,692

(1)	Excludes corporate-owned life insurance.

(2)	Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.

(3)	Includes reclassifications during the second quarter of 2013 to conform presentation of certain acquired liabilities.

(4)	At end of period; before reinsurance ceded.

Page 22

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - SUPPLEMENTARY INFORMATION FOR INDIVIDUAL LIFE INSURANCE

(dollar amounts in millions)


Year-to-date					2012		2013
2013		2012			4Q		1Q		2Q		3Q		4Q

				Individual Life Insurance:

				Policy Surrender Experience:
	1,173		659	Cash value of surrenders		169		303		295		284		291
	2.8%		2.7%	Cash value of surrenders as a percentage of mean future policy benefits, policyholders’ account balances, and separate account balances		2.6%		3.1%		2.9%		2.7%		2.7%

				Death benefits per $1,000 of in force (1):
	4.54		4.71	Variable and universal life		4.17		4.35		4.19		5.31		4.41
	1.29		1.46	Term life		1.36		1.29		1.34		1.01		1.55
	3.22		3.01	Total, Individual Life Insurance		2.69		3.10		3.05		3.53		3.25

(1)	Annualized, for interim reporting periods. Amounts are stated net of reinsurance.

Page 23

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - SUPPLEMENTARY INFORMATION FOR GROUP INSURANCE

(dollar amounts in millions)


Year-to-date					2012			2013
2013		2012			4Q			1Q			2Q			3Q			4Q

				GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	240		304	Group life		51			148			15			33			44
	73		135	Group disability		7			45			7			13			8

	313		439	Total		58			193			22			46			52


				Future Policy Benefits (1) (2):
				Group life		2,385			2,297			2,292			2,123			2,281
				Group disability		4			34			23			13			3

				Total		2,389			2,331			2,315			2,136			2,284


				Policyholders’ Account Balances (1):
				Group life		7,726			7,657			7,696			7,822			7,928
				Group disability		209			212			214			233			251

				Total		7,935			7,869			7,910			8,055			8,179


				Separate Account Liabilities (1):
				Group life		21,940			23,076			22,352			22,017			22,706
				Group disability		—			—			—			—			—

				Total		21,940			23,076			22,352			22,017			22,706


				Group Life Insurance:
	4,099		4,177	Gross premiums, policy charges and fee income (3)		1,079			1,074			1,052			960			1,013
	3,915		3,983	Earned premiums, policy charges and fee income		994			997			1,001			948			969
	88.5%		90.9%	Benefits ratio		89.0	%		92.2	%		90.6	%		84.8	%		86.2	%
	10.1%		10.0%	Administrative operating expense ratio		11.8	%		9.2	%		9.6	%		11.1	%		10.8	%
				Persistency ratio		94.0	%		95.0	%		94.7	%		93.8	%		93.7	%

				Group Disability Insurance:
	967		959	Gross premiums, policy charges and fee income (3)		243			240			242			243			242
	899		925	Earned premiums, policy charges and fee income		232			231			220			223			225
	92.8%		98.1%	Benefits ratio		98.7	%		94.4	%		93.2	%		91.9	%		91.6	%
	26.6%		25.3%	Administrative operating expense ratio		28.4	%		26.7	%		25.6	%		25.9	%		28.1	%
				Persistency ratio		89.3	%		91.7	%		89.7	%		88.1	%		87.0	%

(1)	As of end of period.

(2)	The amounts shown exclude liabilities for unpaid claims and claim adjustment expenses.

(3)	Before returns of premiums to participating policyholders for favorable claims experience.

Page 24

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

DEFERRED POLICY ACQUISITION COSTS & DEFERRED SALES INDUCEMENTS - INDIVIDUAL ANNUITIES, INDIVIDUAL LIFE AND GROUP INSURANCE

(in millions)


Year-to-date							2012			2013
2013			2012				4Q			1Q			2Q			3Q			4Q

						DEFERRED POLICY ACQUISITION COSTS

						INDIVIDUAL ANNUITIES:
	3,829			2,390		Beginning balance		3,457			3,829			4,223			4,577			5,314
	598			1,016		Capitalization		200			223			127			124			124
	(257	)		(338	)	Amortization - operating results		(131	)		(134	)		(124	)		99			(98	)
	1,214			734		Amortization - realized investment gains and losses		288			271			291			510			142
	106			27		Impact of unrealized losses on AFS securities		15			34			60			4			8
	—			—		Other		—			—			—			—			—

	5,490			3,829		Ending balance		3,829			4,223			4,577			5,314			5,490


						INDIVIDUAL LIFE INSURANCE:
	3,116			3,192		Beginning balance		2,994			3,116			3,317			3,646			3,952
	762			436		Capitalization		144			220			188			173			181
	(111	)		(419	)	Amortization - operating results		(78	)		(71	)		(99	)		113			(54	)
	15			—		Amortization - realized investment gains and losses		—			2			5			4			4
	330			(93	)	Impact of unrealized (gains) or losses on AFS securities		56			50			235			16			29

	4,112			3,116		Ending balance		3,116			3,317			3,646			3,952			4,112


						GROUP INSURANCE:
	182			132		Beginning balance		129			182			180			175			177
	11			55		Capitalization		55			—			(2	)		4			9
	(10	)		(5	)	Amortization - operating results		(2	)		(2	)		(3	)		(2	)		(3	)
	—			—		Amortization - realized investment gains and losses		—			—			—			—			—
	—			—		Impact of unrealized losses on AFS securities		—			—			—			—			—

	183			182		Ending balance		182			180			175			177			183


						DEFERRED SALES INDUCEMENTS

						INDIVIDUAL ANNUITIES:
	1,357			1,000		Beginning balance		1,275			1,357			1,425			1,506			1,764
	53			258		Capitalization		18			16			15			13			9
	(137	)		(165	)	Amortization - operating results		(50	)		(54	)		(52	)		8			(39	)
	504			246		Amortization - realized investment gains and losses		107			92			101			235			76
	36			18		Impact of unrealized losses on AFS securities		7			14			17			2			3
	—			—		Other		—			—			—			—			—

	1,813			1,357		Ending balance		1,357			1,425			1,506			1,764			1,813

Page 25

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


Year-to-date						% Change			2012			2013
2013			2012			% Change			4Q			1Q			2Q			3Q			4Q

								Revenues (1):
	17,037			24,484			-30%	Premiums		7,901			4,914			4,570			3,889			3,664
	599			597			0%	Policy charges and fee income		156			159			162			142			136
	4,306			4,268			1%	Net investment income		1,105			1,093			1,067			1,086			1,060
	598			237			152%	Asset management fees, commissions and other income		47			184			141			142			131

	22,540			29,586			-24%	Total revenues		9,209			6,350			5,940			5,259			4,991


								Benefits and Expenses (1):
	14,606			21,105			-31%	Insurance and annuity benefits		7,068			4,203			3,904			3,349			3,150
	984			1,122			-12%	Interest credited to policyholders’ account balances		271			267			233			245			239
	3			3			0%	Interest expense		2			1			—			—			2
	(1,543	)		(2,024	)		24%	Deferral of acquisition costs		(518	)		(427	)		(397	)		(347	)		(372	)
	1,011			1,173			-14%	Amortization of acquisition costs		350			270			275			234			232
	4,327			5,503			-21%	General and administrative expenses		1,389			1,159			1,075			1,000			1,093

	19,388			26,882			-28%	Total benefits and expenses		8,562			5,473			5,090			4,481			4,344


	3,152			2,704			17%	Adjusted operating income before income taxes		647			877			850			778			647

(1)

Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 26

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

COMBINING STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


	Twelve Months Ended December 31, 2013									Quarter Ended December 31, 2013
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations			Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		17,037			6,770			10,267			3,664			1,651			2,013
Policy charges and fee income		599			349			250			136			86			50
Net investment income		4,306			1,616			2,690			1,060			418			642
Asset management fees, commissions and other income		598			243			355			131			49			82

Total revenues		22,540			8,978			13,562			4,991			2,204			2,787


Benefits and Expenses (1):
Insurance and annuity benefits		14,606			5,814			8,792			3,150			1,478			1,672
Interest credited to policyholders’ account balances		984			244			740			239			57			182
Interest expense		3			2			1			2			1			1
Deferral of acquisition costs		(1,543	)		(702	)		(841	)		(372	)		(173	)		(199	)
Amortization of acquisition costs		1,011			443			568			232			110			122
General and administrative expenses		4,327			1,660			2,667			1,093			428			665

Total benefits and expenses		19,388			7,461			11,927			4,344			1,901			2,443

Adjusted operating income before income taxes		3,152			1,517			1,635			647			303			344


	Twelve Months Ended December 31, 2012									Quarter Ended December 31, 2012
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations			Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		24,484			6,971			17,513			7,901			1,728			6,173
Policy charges and fee income		597			371			226			156			100			56
Net investment income		4,268			1,595			2,673			1,105			410			695
Asset management fees, commissions and other income		237			65			172			47			18			29

Total revenues		29,586			9,002			20,584			9,209			2,256			6,953


Benefits and Expenses (1):
Insurance and annuity benefits		21,105			5,799			15,306			7,068			1,471			5,597
Interest credited to policyholders’ account balances		1,122			261			861			271			52			219
Interest expense		3			—			3			2			—			2
Deferral of acquisition costs		(2,024	)		(819	)		(1,205	)		(518	)		(191	)		(327	)
Amortization of acquisition costs		1,173			441			732			350			115			235
General and administrative expenses		5,503			1,839			3,664			1,389			477			912

Total benefits and expenses		26,882			7,521			19,361			8,562			1,924			6,638

Adjusted operating income before income taxes		2,704			1,481			1,223			647			332			315

(1)

Revenues exclude realized investment gains, net of losses and related charges and adjustments, investment gains, net of losses, on trading account assets supporting insurance liabilities and include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 27

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION

(in millions)


Year-to-date					2012		2013
2013		2012			4Q		1Q		2Q		3Q		4Q

				INTERNATIONAL INSURANCE OPERATING DATA:

				Actual exchange rate basis (1):

				Net premiums, policy charges and fee income:
	5,395		5,729	Japan, excluding Gibraltar Life		1,389		1,559		1,292		1,271		1,273
	10,517		17,739	Gibraltar Life		6,229		3,093		3,024		2,337		2,063
	1,724		1,613	All other countries		439		421		416		423		464

	17,636		25,081	Total		8,057		5,073		4,732		4,031		3,800


				Annualized new business premiums:
	763		992	Japan, excluding Gibraltar Life		190		249		179		152		183
	1,756		2,724	Gibraltar Life		813		459		498		407		392
	365		362	All other countries		94		96		76		85		108

	2,884		4,078	Total		1,097		804		753		644		683


				Annualized new business premiums by distribution channel:
	1,128		1,354	Life Planners		284		345		255		237		291
	779		930	Gibraltar Life Consultants		213		204		232		176		167
	757		1,434	Banks		547		209		197		182		169
	220		360	Independent Agency		53		46		69		49		56

	2,884		4,078	Total		1,097		804		753		644		683


				Constant exchange rate basis (2):

				Net premiums, policy charges and fee income:
	6,111		5,621	Japan, excluding Gibraltar Life		1,380		1,704		1,468		1,460		1,479
	11,883		17,274	Gibraltar Life		6,112		3,326		3,484		2,695		2,378
	1,639		1,545	All other countries		412		392		403		408		436

	19,633		24,440	Total		7,904		5,422		5,355		4,563		4,293


				Annualized new business premiums:
	869		977	Japan, excluding Gibraltar Life		188		274		206		177		212
	1,904		2,635	Gibraltar Life		785		476		550		450		428
	345		344	All other countries		88		91		71		81		102

	3,118		3,956	Total		1,061		841		827		708		742


				Annualized new business premiums by distribution channel:
	1,214		1,321	Life Planners		276		365		277		258		314
	849		898	Gibraltar Life Consultants		207		212		256		195		186
	817		1,386	Banks		526		217		218		200		182
	238		351	Independent Agency		52		47		76		55		60

	3,118		3,956	Total		1,061		841		827		708		742

(1)	Translated based on applicable average exchange rates for the period shown.

(2)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 82 per U.S. dollar and Korean won 1150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 28

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION


	2012			2013
	4Q			1Q			2Q			3Q			4Q

Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan, excluding Gibraltar Life		351			356			359			361			364
Gibraltar Life		402			405			405			406			406
All other countries		106			106			107			108			110

Total		859			867			871			875			880


Number of individual policies in force at end of period (in thousands) (2):
Japan, excluding Gibraltar Life		2,825			2,880			2,911			2,936			2,969
Gibraltar Life		7,449			7,417			7,340			7,307			7,274
All other countries		1,662			1,680			1,697			1,715			1,742

Total		11,936			11,977			11,948			11,958			11,985


International life insurance policy persistency:

Excluding Gibraltar Life:
13 months		93.0	%		93.0	%		93.2	%		93.1	%		93.0	%
25 months		86.1	%		86.3	%		86.3	%		85.9	%		85.6	%

Gibraltar Life:
13 months		89.7	%		89.4	%		89.6	%		90.8	%		90.9	%
25 months		82.4	%		82.2	%		81.9	%		83.0	%		82.4	%

Number of Life Planners at end of period:
Japan		3,216			3,284			3,243			3,274			3,258
All other countries		3,842			3,817			3,870			3,934			3,990

Total life planners		7,058			7,101			7,113			7,208			7,248


Gibraltar Life Consultants		11,333			10,252			9,795			9,298			9,327

(1)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 82 per U.S. dollar and Korean won 1150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

(2)	Direct business only; policy count includes annuities.

Page 29

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	December 31, 2013									December 31, 2012
	Consolidated Portfolio		Closed Block Business		Financial Services Businesses					Consolidated Portfolio		Closed Block Business		Financial Services Businesses
	Consolidated Portfolio		Closed Block Business		Amount		% of Total			Consolidated Portfolio		Closed Block Business		Amount		% of Total
Fixed maturities:
Public, available-for-sale, at fair value		240,090		27,401		212,689		65.4	%		254,096		28,790		225,306		68.2	%
Public, held-to-maturity, at amortized cost		2,500		—		2,500		0.8	%		3,116		—		3,116		0.9	%
Private, available-for-sale, at fair value		46,461		15,811		30,650		9.4	%		46,875		17,629		29,246		8.8	%
Private, held-to-maturity, at amortized cost		812		—		812		0.2	%		1,152		—		1,152		0.3	%
Trading account assets supporting insurance liabilities, at fair value		20,827		—		20,827		6.4	%		20,590		—		20,590		6.2	%
Other trading account assets, at fair value		1,683		342		1,341		0.4	%		1,701		275		1,426		0.4	%
Equity securities, available-for-sale, at fair value		9,903		3,884		6,019		1.8	%		8,256		3,225		5,031		1.5	%
Commercial mortgage and other loans, at book value		40,806		9,673		31,133		9.6	%		36,231		9,608		26,623		8.1	%
Policy loans, at outstanding balance		11,766		5,013		6,753		2.1	%		11,575		5,120		6,455		2.0	%
Other long-term investments (1)		9,196		2,024		7,172		2.2	%		8,677		2,012		6,665		2.0	%
Short-term investments		7,311		1,866		5,445		1.7	%		6,385		1,261		5,124		1.6	%

Subtotal (2)		391,355		66,014		325,341		100.0	%		398,654		67,920		330,734		100.0	%

Invested assets of other entities and operations (3)		6,818		—		6,818					6,928		—		6,928

Total investments		398,173		66,014		332,159					405,582		67,920		337,662

Fixed Maturities by Credit Quality (2):


	December 31, 2013											December 31, 2012
	Financial Services Businesses											Financial Services Businesses
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		% of Total			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		% of Total
Public Fixed Maturities:

NAIC Rating (4)
1		171,777		14,808		2,719		183,866		85.4	%		181,892		15,753		985		196,660		86.0	%
2		24,281		2,029		781		25,529		11.8	%		25,074		2,029		439		26,664		11.7	%

Subtotal - High or Highest Quality Securities		196,058		16,837		3,500		209,395		97.2	%		206,966		17,782		1,424		223,324		97.7	%

3		4,078		256		136		4,198		1.9	%		3,670		128		204		3,594		1.6	%
4		1,391		162		33		1,520		0.7	%		1,351		100		122		1,329		0.6	%
5		125		22		9		138		0.1	%		340		20		58		302		0.1	%
6		116		20		3		133		0.1	%		55		10		17		48		0.0	%

Subtotal - Other Securities		5,710		460		181		5,989		2.8	%		5,416		258		401		5,273		2.3	%

Total		201,768		17,297		3,681		215,384		100.0	%		212,382		18,040		1,825		228,597		100.0	%


Private Fixed Maturities:
NAIC Rating (4)
1		7,766		712		92		8,386		26.6	%		7,237		811		52		7,996		26.2	%
2		18,378		1,534		157		19,755		62.7	%		17,350		1,659		217		18,792		61.7	%

Subtotal - High or Highest Quality Securities		26,144		2,246		249		28,141		89.3	%		24,587		2,470		269		26,788		87.9	%

3		2,243		156		16		2,383		7.6	%		2,416		173		29		2,560		8.4	%
4		667		29		18		678		2.2	%		631		33		7		657		2.2	%
5		197		9		7		199		0.6	%		310		7		16		301		1.0	%
6		97		11		1		107		0.3	%		131		29		—		160		0.5	%

Subtotal - Other Securities		3,204		205		42		3,367		10.7	%		3,488		242		52		3,678		12.1	%

Total		29,348		2,451		291		31,508		100.0	%		28,075		2,712		321		30,466		100.0	%

(1)	Other long-term investments consist of real estate and non-real estate related investments in joint ventures and partnerships, investment real estate held through direct ownership, and other miscellaneous investments.

(2)	Excludes (i) assets of our asset management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as “Separate account assets” on our balance sheet.

(3)	Includes invested assets of our asset management and derivative operations. Excludes assets of our asset management operations managed for third parties and those assets classified as “Separate account assets” on our balance sheet.

(4)

Reflects equivalent ratings for investments of the international insurance operations. Includes, as of December 31, 2013 and December 31, 2012, respectively, 306 securities with amortized cost of $806 million (fair value $831 million) and 104 securities with amortized cost of $793 million (fair value, $847 million) that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 30

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	December 31, 2013					December 31, 2012
	Amount		% of Total			Amount		% of Total
Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		112,501		81.0	%		124,710		82.2	%
Public, held-to-maturity, at amortized cost		2,500		1.8	%		3,116		2.0	%
Private, available-for-sale, at fair value		6,762		4.9	%		6,252		4.1	%
Private, held-to-maturity, at amortized cost		812		0.6	%		1,152		0.8	%
Trading account assets supporting insurance liabilities, at fair value		1,925		1.4	%		1,838		1.2	%
Other trading account assets, at fair value		884		0.6	%		1,195		0.8	%
Equity securities, available-for-sale, at fair value		2,557		1.9	%		2,126		1.4	%
Commercial mortgage and other loans, at book value		6,581		4.7	%		6,156		4.1	%
Policy loans, at outstanding balance		2,280		1.6	%		2,665		1.7	%
Other long-term investments (2)		1,576		1.1	%		2,215		1.5	%
Short-term investments		541		0.4	%		318		0.2	%

Total		138,919		100.0	%		151,743		100.0	%


	December 31, 2013					December 31, 2012
	Amount		% of Total			Amount		% of Total
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		100,188		53.8	%		100,596		56.2	%
Public, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Private, available-for-sale, at fair value		23,888		12.8	%		22,994		12.9	%
Private, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Trading account assets supporting insurance liabilities, at fair value		18,902		10.1	%		18,752		10.5	%
Other trading account assets, at fair value		457		0.2	%		231		0.1	%
Equity securities, available-for-sale, at fair value		3,462		1.9	%		2,905		1.6	%
Commercial mortgage and other loans, at book value		24,552		13.2	%		20,467		11.4	%
Policy loans, at outstanding balance		4,473		2.4	%		3,790		2.1	%
Other long-term investments (2)		5,596		3.0	%		4,450		2.5	%
Short-term investments		4,904		2.6	%		4,806		2.7	%

Total		186,422		100.0	%		178,991		100.0	%

(1)	Excludes assets classified as “Separate account assets” on our balance sheet.

(2)	Other long-term investments consist of real estate and non-real estate related investments in joint ventures and partnerships, investment real estate held through direct ownership, derivatives and other miscellaneous investments.

Page 31

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS

(in millions)


	Quarter Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (3)			Amount			Realized Gains / (Losses)			Yield (3)			Amount			Realized Gains / (Losses)
Financial Services Businesses (1):
Fixed maturities		3.80	%		2,159			(798	)		3.66	%		2,035			76
Equity securities		5.06	%		55			48			5.95	%		63			6
Commercial mortgage and other loans		4.73	%		302			(9	)		5.40	%		295			19
Policy loans		4.78	%		81			—			4.83	%		78			—
Short-term investments and cash equivalents		0.26	%		7			—			0.22	%		8			—
Other investments		8.47	%		174			(600	)		4.04	%		74			(593	)

Gross investment income before investment expenses		3.92	%		2,778			(1,359	)		3.69	%		2,553			(492	)
Investment expenses		-0.13	%		(86	)		—			-0.15	%		(87	)		—

Subtotal		3.79	%		2,692			(1,359	)		3.54	%		2,466			(492	)

Investment results of other entities and operations (2)					288			62						285			92
Less, investment income related to adjusted operating income reconciling items					(45	)								(38	)

Total					2,935			(1,297	)					2,713			(400	)


	Twelve Months Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (3)			Amount			Realized Gains / (Losses)			Yield (3)			Amount			Realized Gains / (Losses)
Financial Services Businesses (1):
Fixed maturities		3.79	%		8,575			(183	)		3.72	%		7,645			(148	)
Equity securities		6.19	%		256			130			6.14	%		249			(54	)
Commercial mortgage and other loans		4.98	%		1,169			(13	)		5.36	%		1,118			30
Policy loans		4.82	%		316			—			4.73	%		293			—
Short-term investments and cash equivalents		0.22	%		30			1			0.24	%		33			—
Other investments		7.04	%		553			(5,546	)		4.04	%		268			(1,642	)

Gross investment income before investment expenses		3.87	%		10,899			(5,611	)		3.75	%		9,606			(1,814	)
Investment expenses		-0.13	%		(308	)		—			-0.13	%		(273	)		—

Subtotal		3.74	%		10,591			(5,611	)		3.62	%		9,333			(1,814	)

Investment results of other entities and operations (2)					1,122			173						1,175			130
Less, investment income related to adjusted operating income reconciling items					(183	)								(138	)

Total					11,530			(5,438	)					10,370			(1,684	)

(1)

Excludes assets of commercial loans, trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders, derivative operations, assets of our asset management operations, including assets managed for third parties, and those assets classified as “Separate account assets” on our balance sheet. Realized gains / (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives.

(2)	Includes invested income of commercial loans, trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders and our asset management and derivative operations.

(3)

Yields are based on net investment income as reported under U.S. GAAP and do not include adjustments, such as settlements of duration management swaps that are included in adjusted operating income. Yields are annualized, for interim periods, and are based on quarterly average carrying values except for fixed maturities, equity securities and securities lending activity. Yields for fixed maturities are based on amortized cost. Yields for equity securities are based on cost. Yields for fixed maturities and short-term investments and cash equivalents are calculated net of liabilities and rebate expenses corresponding to securities lending activity. Yields exclude investment income and assets related to commercial loans and trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders and investment income on assets other than those included in invested assets. Prior period’s yields are presented on a basis consistent with the current presentation.

Page 32

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS

(in millions)


	Quarter Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (1)			Amount			Realized Gains / (Losses)			Yield (1)			Amount			Realized Gains / (Losses)
Japanese Insurance Operations:
Fixed maturities		2.95	%		810			61			2.73	%		861			21
Equity securities		3.48	%		16			52			3.14	%		15			1
Commercial mortgage and other loans		4.11	%		66			1			4.14	%		63			7
Policy loans		3.86	%		23			—			3.74	%		26			—
Short-term investments and cash equivalents		0.27	%		1			—			0.13	%		1			—
Other investments (2)		4.53	%		29			(164	)		5.35	%		48			(220	)

Gross investment income before investment expenses		3.03	%		945			(50	)		2.82	%		1,014			(191	)
Investment expenses		-0.12	%		(38	)		—			-0.13	%		(47	)		—

Total		2.91	%		907			(50	)		2.69	%		967			(191	)


	Twelve Months Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (1)			Amount			Realized Gains / (Losses)			Yield (1)			Amount			Realized Gains / (Losses)
Japanese Insurance Operations:
Fixed maturities		2.91	%		3,269			771			2.75	%		3,317			(188	)
Equity securities		4.69	%		82			118			3.36	%		65			(88	)
Commercial mortgage and other loans		4.21	%		258			6			4.15	%		237			16
Policy loans		3.70	%		88			—			3.60	%		99			—
Short-term investments and cash equivalents		0.19	%		4			—			0.16	%		5			—
Other investments (2)		6.12	%		170			(927	)		4.71	%		181			(142	)

Gross investment income before investment expenses		3.04	%		3,871			(32	)		2.83	%		3,904			(402	)
Investment expenses		-0.12	%		(156	)		—			-0.13	%		(184	)		—

Total		2.92	%		3,715			(32	)		2.70	%		3,720			(402	)

(1)

(2)	Realized gains / (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives.

Page 33

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS

(in millions)


	Quarter Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (2)			Amount			Realized Gains / (Losses)			Yield (2)			Amount			Realized Gains / (Losses)
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities		4.60	%		1,349			(859	)		4.88	%		1,174			55
Equity securities		6.16	%		39			(4	)		8.38	%		48			5
Commercial mortgage and other loans		4.93	%		236			(10	)		5.90	%		232			12
Policy loans		5.27	%		58			—			5.64	%		52			—
Short-term investments and cash equivalents		0.26	%		6			—			0.24	%		7			—
Other investments		10.24	%		145			(436	)		2.79	%		26			(373	)

Gross investment income before investment expenses		4.62	%		1,833			(1,309	)		4.63	%		1,539			(301	)
Investment expenses		-0.14	%		(48	)		—			-0.16	%		(40	)		—

Total		4.48	%		1,785			(1,309	)		4.47	%		1,499			(301	)


	Twelve Months Ended December 31
	2013									2012
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (2)			Amount			Realized Gains / (Losses)			Yield (2)			Amount			Realized Gains / (Losses)
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities		4.65	%		5,306			(954	)		5.09	%		4,328			40
Equity securities		7.30	%		174			12			8.70	%		184			34
Commercial mortgage and other loans		5.25	%		911			(19	)		5.82	%		881			14
Policy loans		5.45	%		228			—			5.62	%		194			—
Short-term investments and cash equivalents		0.23	%		26			1			0.26	%		28			—
Other investments		7.54	%		383			(4,619	)		3.13	%		87			(1,500	)

Gross investment income before investment expenses		4.56	%		7,028			(5,579	)		4.81	%		5,702			(1,412	)
Investment expenses		-0.14	%		(152	)		—			-0.13	%		(89	)		—

Total		4.42	%		6,876			(5,579	)		4.68	%		5,613			(1,412	)

(1)

(2)

Page 34

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

RECLASSIFIED FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Years ended December 31							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q

						*Financial Services Businesses:*
						Pre-tax adjusted operating income (loss) by division:
	2,144			2,038		U.S. Retirement Solutions and Investment Management Division		724			309			514			714			769			851			1,231
	645			656		U.S. Individual Life and Group Insurance Division		72			94			147			87			146			163			216
	2,263			1,887		International Insurance Division		597			678			782			647			877			850			778
	(1,112	)		(938	)	Corporate and other operations		(327	)		(225	)		(414	)		(372	)		(314	)		(347	)		(312	)

	3,940			3,643		Total pre-tax adjusted operating income		1,066			856			1,029			1,076			1,478			1,517			1,913
	1,023			979		Income taxes, applicable to adjusted operating income		287			206			270			245			406			424			540

	2,917			2,664		Financial Services Businesses after-tax adjusted operating income		779			650			759			831			1,072			1,093			1,373


						Reconciling items:
	847			(27	)	Realized investment gains (losses), net, and related charges and adjustments		(1,838	)		2,030			(1,303	)		(1,698	)		(3,003	)		(2,230	)		(556	)
	223			501		Investment gains on trading account assets supporting insurance liabilities, net		234			4			264			108			95			(471	)		103
	(123	)		(631	)	Change in experience-rated contractholder liabilities due to asset value changes		(246	)		54			(254	)		(94	)		(143	)		471			(73	)
	90			1		Divested businesses		1			22			(687	)		49			29			(84	)		43
	(227	)		(87	)	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		2			9			(56	)		16			(34	)		24			11

	810			(243	)	Total reconciling items, before income taxes		(1,847	)		2,119			(2,036	)		(1,619	)		(3,056	)		(2,290	)		(472	)
	424			35		Income taxes, not applicable to adjusted operating income		(117	)		540			(625	)		(614	)		(1,237	)		(700	)		(67	)

	386			(278	)	Total reconciling items, after income taxes		(1,730	)		1,579			(1,411	)		(1,005	)		(1,819	)		(1,590	)		(405	)

	3,303			2,386		Income (loss) from continuing operations (after-tax) of Financial Services Businesses before equity in earnings of operating joint ventures		(951	)		2,229			(652	)		(174	)		(747	)		(497	)		968
	148			63		Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests		(2	)		(10	)		36			(14	)		11			(22	)		(10	)

	3,451			2,449		Income (loss) from continuing operations attributable to Prudential Financial, Inc.		(953	)		2,219			(616	)		(188	)		(736	)		(519	)		958
	34			19		Earnings attributable to noncontrolling interests		6			16			7			21			35			27			13

	3,485			2,468		Income (loss) from continuing operations (after-tax) of Financial Services Businesses		(947	)		2,235			(609	)		(167	)		(701	)		(492	)		971
	35			32		Income (loss) from discontinued operations, net of taxes		7			8			(1	)		3			1			2			8

	3,520			2,500		Net income (loss) of Financial Services Businesses		(940	)		2,243			(610	)		(164	)		(700	)		(490	)		979
	34			19		Less: Income attributable to noncontrolling interests		6			16			7			21			35			27			13

	3,486			2,481		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(946	)		2,227			(617	)		(185	)		(735	)		(517	)		966


	11.1%			11.3%		Operating Return on Average Equity (based on adjusted operating income)		11.6%			9.6%			10.8%			12.1%			16.2%			17.0%			21.4%

						*Reconciliation to Consolidated Net Income (Loss) Attributable to Prudential Financial, Inc:*
	3,486			2,481		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc. (above)		(946	)		2,227			(617	)		(185	)		(735	)		(517	)		966
	146			495		Net income (loss) of Closed Block Business attributable to Prudential Financial, Inc.		21			(5	)		43			(18	)		15			3			61

	3,632			2,976		Consolidated net income (loss) attributable to Prudential Financial, Inc.		(925	)		2,222			(574	)		(203	)		(720	)		(514	)		1,027

Page 35

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

RECLASSIFIED FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Years ended December 31							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q
						*Earnings per share of Common Stock (diluted): (1)*
	5.97			5.64		Financial Services Businesses after-tax adjusted operating income		1.64			1.39			1.61			1.76			2.27			2.30			2.89

						Reconciling items:
	1.73			(0.06	)	Realized investment gains (losses), net, and related charges and adjustments		(3.85	)		4.29			(2.76	)		(3.61	)		(6.37	)		(4.72	)		(1.18	)
	0.46			1.05		Investment gains on trading account assets supporting insurance liabilities, net		0.49			0.01			0.56			0.23			0.20			(1.00	)		0.22
	(0.25	)		(1.33	)	Change in experience-rated contractholder liabilities due to asset value changes		(0.52	)		0.11			(0.54	)		(0.20	)		(0.30	)		1.00			(0.15	)
	0.18			—		Divested businesses		—			0.05			(1.46	)		0.10			0.06			(0.18	)		0.09
	(0.01	)		—		Difference in earnings allocated to participating unvested share-based payment awards		0.02			(0.03	)		0.01			—			0.02			0.02			0.01

	2.11			(0.34	)	Total reconciling items, before income taxes		(3.86	)		4.43			(4.19	)		(3.48	)		(6.39	)		(4.88	)		(1.01	)
	1.03			0.10		Income taxes, not applicable to adjusted operating income		(0.21	)		1.15			(1.26	)		(1.30	)		(2.54	)		(1.46	)		(0.14	)

	1.08			(0.44	)	Total reconciling items, after income taxes		(3.65	)		3.28			(2.93	)		(2.18	)		(3.85	)		(3.42	)		(0.87	)

	7.05			5.20		Income (loss) from continuing operations (after-tax) of Financial Services Businesses attributable to Prudential Financial, Inc.		(2.01	)		4.67			(1.32	)		(0.42	)		(1.58	)		(1.12	)		2.02
	0.07			0.06		Income from discontinued operations, net of taxes		0.01			0.02			—			—			—			—			0.02

	7.12			5.26		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(2.00	)		4.69			(1.32	)		(0.42	)		(1.58	)		(1.12	)		2.04


	480.2			466.8		Weighted average number of outstanding Common shares (basic)		469.2			466.1			464.4			462.6			464.3			464.1			462.6
	488.7			475.4		Weighted average number of outstanding Common shares (diluted)		477.5			473.5			471.8			469.9			471.7			472.2			472.0

	24			36		Direct equity adjustments for earnings per share calculation		8			8			4			—			4			1			2
	17			17		Earnings related to interest, net of tax, on exchangeable surplus notes		4			5			4			4			4			5			4

						*Earnings allocated to participating unvested share-based payment awards for earnings per share calculation*
	39			34		Financial Services Businesses after-tax adjusted operating income		9			6			7			7			10			11			13
	46			32		Income from continuing operations (after-tax) of Financial Services Businesses		—			21			—			7			2			2			9

(1)

Diluted share count used in the diluted earnings per share calculation for GAAP measures is equal to weighted average basic common shares for the three months ended March 31, 2012, September 30, 2012, December 31, 2012, March 31, 2013, and June 30, 2013, as all potential common shares are antidilutive due to the loss from continuing operations available to holders of Common Stock after direct equity adjustment.

Page 36

Quarterly Financial Supplement

Fourth Quarter 2013

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RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES

(in millions)


Years ended December 31							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q
						Revenues (1):
	21,038			14,912		Premiums		5,980			6,695			8,263			41,145			6,329			6,115			5,414
	4,032			3,482		Policy charges and fee income		1,078			1,085			1,251			1,183			1,425			1,460			1,284
	9,803			8,501		Net investment income		2,500			2,526			2,631			2,713			2,821			2,901			2,873
	4,053			3,156		Asset management fees, commissions and other income		931			929			1,083			1,110			1,225			1,244			1,212

	38,926			30,051		Total revenues		10,489			11,235			13,228			46,151			11,800			11,720			10,783


						Benefits and Expenses (1):
	19,919			14,557		Insurance and annuity benefits		5,484			6,404			8,229			40,783			6,332			6,171			5,420
	3,756			3,418		Interest credited to policyholders’ account balances		948			971			941			944			966			929			886
	1,163			1,049		Interest expense		308			311			311			313			327			331			296
	(3,027	)		(2,432	)	Deferral of acquisition costs		(809	)		(911	)		(882	)		(932	)		(864	)		(706	)		(646	)
	1,565			1,027		Amortization of acquisition costs		406			513			466			581			475			502			31
	11,610			8,789		General and administrative expenses		3,086			3,091			3,134			3,386			3,086			2,976			2,883

	34,986			26,408		Total benefits and expenses		9,423			10,379			12,199			45,075			10,322			10,203			8,870


	3,940			3,643		Adjusted operating income before income taxes		1,066			856			1,029			1,076			1,478			1,517			1,913


						Reconciling items:
	2,503			152		Realized investment gains (losses), net, and related adjustments		(2,716	)		3,058			(1,951	)		(2,057	)		(3,305	)		(2,698	)		(1,319	)
	(1,656	)		(179	)	Related charges		878			(1,028	)		648			359			302			468			763

	847			(27	)	Total realized investment gains (losses), net, and related charges and adjustments		(1,838	)		2,030			(1,303	)		(1,698	)		(3,003	)		(2,230	)		(556	)


	223			501		Investment gains on trading account assets supporting insurance liabilities, net		234			4			264			108			95			(471	)		103
	(123	)		(631	)	Change in experience-rated contractholder liabilities due to asset value changes		(246	)		54			(254	)		(94	)		(143	)		471			(73	)
	90			1		Divested businesses		1			22			(687	)		49			29			(84	)		43
	(227	)		(87	)	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		2			9			(56	)		16			(34	)		24			11

	810			(243	)	Total reconciling items, before income taxes		(1,847	)		2,119			(2,036	)		(1,619	)		(3,056	)		(2,290	)		(472	)


	4,750			3,400		Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures		(781	)		2,975			(1,007	)		(543	)		(1,578	)		(773	)		1,441
	1,447			1,014		Income tax expense (benefit)		170			746			(355	)		(369	)		(831	)		(276	)		473

	3,303			2,386		Income (loss) from continuing operations before equity in earnings of operating joint ventures		(951	)		2,229			(652	)		(174	)		(747	)		(497	)		968

(1)

Page 37

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS - U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION

(in millions)


Years ended December 31							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q
						Revenues (1):
	901			1,232		Premiums		116			248			161			31,979			145			256			276
	2,043			1,662		Policy charges and fee income		544			556			584			598			619			654			665
	4,086			4,237		Net investment income		999			983			1,002			1,096			1,160			1,236			1,196
	4,010			3,220		Asset management fees, commissions and other income		969			919			1,065			1,135			1,122			1,156			1,157

	11,040			10,351		Total revenues		2,628			2,706			2,812			34,808			3,046			3,302			3,294


						Benefits and Expenses (1):
	2,070			2,139		Insurance and annuity benefits		251			611			736			32,292			524			683			598
	2,285			2,415		Interest credited to policyholders’ account balances		544			568			504			531			506			495			433
	139			96		Interest expense		35			39			37			33			33			31			31
	(1,093	)		(1,154	)	Deferral of acquisition costs		(265	)		(288	)		(305	)		(233	)		(235	)		(141	)		(136	)
	602			272		Amortization of acquisition costs		97			168			(20	)		166			145			137			(92	)
	4,893			4,545		General and administrative expenses		1,242			1,299			1,346			1,305			1,304			1,246			1,229

	8,896			8,313		Total benefits and expenses		1,904			2,397			2,298			34,094			2,277			2,451			2,063


	2,144			2,038		Adjusted operating income before income taxes		724			309			514			714			769			851			1,231

(1)

Page 38

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS - ASSET MANAGEMENT SEGMENT

(in millions)


Years ended December 31							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q
						Revenues (1):
	—			—		Premiums		—			—			—			—			—			—			—
	—			—		Policy charges and fee income		—			—			—			—			—			—			—
	118			121		Net investment income		23			15			38			31			18			20			22
	2,413			1,852		Asset management fees, commissions and other income		540			481			594			654			624			642			627

	2,531			1,973		Total revenues		563			496			632			685			642			662			649


						Benefits and Expenses (1):
	—			—		Insurance and annuity benefits		—			—			—			—			—			—			—
	—			—		Interest credited to policyholders’ account balances		—			—			—			—			—			—			—
	13			13		Interest expense		3			5			3			4			3			3			2
	(23	)		(24	)	Deferral of acquisition costs		(7	)		(6	)		(7	)		(6	)		(7	)		(6	)		(5	)
	25			25		Amortization of acquisition costs		6			6			6			6			6			7			6
	1,628			1,436		General and administrative expenses		414			436			433			496			471			486			473

	1,643			1,450		Total benefits and expenses		416			441			435			500			473			490			476


	888			523		Adjusted operating income before income taxes		147			55			197			185			169			172			173

(1)

Page 39

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

RECLASSIFIED SUPPLEMENTARY INFORMATION - INTERNATIONAL INSURANCE SEGMENT

(dollar amounts in millions, unless otherwise noted)


Year ended December 31			2012								2013
2011			1Q		2Q		3Q		4Q		1Q		2Q		3Q

		Constant exchange rate basis (1):

		Net premiums, policy charges and fee income:
	5,098	Japan, excluding Gibraltar Life		1,498		1,371		1,372		1,380		1,704		1,468		1,460
	8,591	Gibraltar Life		2,713		3,484		4,965		6,112		3,326		3,484		2,695
	1,464	All other countries		370		381		382		412		392		403		408

	15,153	Total		4,581		5,236		6,719		7,904		5,422		5,355		4,563


		Annualized new business premiums:
	800	Japan, excluding Gibraltar Life		300		313		176		188		274		206		177
	1,976	Gibraltar Life		447		749		654		785		476		550		450
	307	All other countries		86		80		90		88		91		71		81

	3,083	Total		833		1,142		920		1,061		841		827		708


		Annualized new business premiums by distribution channel:
	1,107	Life Planners		386		393		266		276		365		277		258
	943	Gibraltar Life Consultants		184		309		198		207		212		256		195
	587	Banks		185		256		419		526		217		218		200
	446	Independent Agency		78		184		37		52		47		76		55

	3,083	Total		833		1,142		920		1,061		841		827		708


		Face amount of individual policies in force at end of period (in billions) (1)(2):
	339	Japan, excluding Gibraltar Life		343		346		348		351		356		359		361
	392	Gibraltar Life (3)		391		391		397		402		405		405		406
	102	All other countries		103		104		105		106		106		107		108

	833	Total		837		841		850		859		867		871		875

(1)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 82 per U.S. dollar and Korean won 1150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

(2)	Direct business only; policy count includes annuities.

(3)	Includes Star/Edison business from February 1, 2011 date of acquisition, amounting to face amount of $135 billion and 3.529 million individual policies as of that date.

Page 40

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

LOGO

KEY DEFINITIONS AND FORMULAS

1. Adjusted operating income before income taxes:

Adjusted operating income is a non-GAAP measure of performance of our Financial Services Businesses that excludes “Realized investment gains (losses), net”, as adjusted, and related charges and adjustments; net investment gains and losses on trading account assets supporting insurance liabilities; change in experience-rated contractholder liabilities due to asset value changes; results of divested businesses and discontinued operations; earnings attributable to noncontrolling interests; and the related tax effects thereof. Adjusted operating income includes equity in earnings of operating joint ventures and the related tax effects thereof. Revenues and benefits and expenses shown as components of adjusted operating income, are presented on the same basis as pre-tax adjusted operating income and are adjusted for the items above as well.

Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of a hedging program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are classified as other trading account assets.

Adjusted operating income does not equate to “Income from continuing operations” as determined in accordance with GAAP but is the measure of profit or loss we use to evaluate segment performance. Adjusted operating income is not a substitute for income determined in accordance with GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability factors of our businesses.

2. After-tax adjusted operating income:

Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes.

3. Annualized New Business Premiums:

Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Group disability amounts include dental products. Excess (unscheduled) and single premium business for the company’s domestic individual life and international insurance operations are included in annualized new business premiums based on a 10% credit.

4. Assets Under Management:

Fair market value or account value of assets which Prudential manages directly in proprietary products, such as mutual funds and variable annuities, in separate accounts, wrap-fee products and the general account, and assets invested in investment options included in the Company’s products that are managed by third party sub-managers (i.e., the non-proprietary investment options in the Company’s products).

5. Attributed Equity:

Amount of capital assigned to each of the Company’s segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment’s risks. Attributed equity for the Financial Services Businesses represents all of the Company’s equity that is not included in the Closed Block Business or attributable to noncontrolling interests.

6. Book value per share of Common Stock:

Equity attributed to Financial Services Businesses divided by the number of Common shares outstanding at end of period, on a diluted basis.

7. Borrowings - Capital Debt:

Borrowings that are or will be used for capital requirements at Prudential Financial, Inc as well as borrowings invested in equity or debt securities of direct or indirect subsidiaries of Prudential Financial, Inc., and subsidiary borrowings, utilized for capital requirements.

8. Borrowings - Operating Debt - Investment Related:

Debt issued to finance specific investment assets or portfolios of investment assets, including institutional spread lending investment portfolios as well as institutional and insurance company portfolio cash flow timing differences.

9. Borrowings - Operating Debt - Specified Businesses:

Borrowings primarily associated with the individual annuity and asset management businesses.

Page 41

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

KEY DEFINITIONS AND FORMULAS

10. Client Assets:

Fair market value of assets in client accounts of International brokerage operations, Prudential Bank and mortgage loan servicing business, that are not included in Assets Under Management. Prudential does not receive a management or administrative fee on these assets, but may receive a fee for executing trades, custody or recordkeeping services.

11. Earned Premiums:

The portion of a premium, net of any amount ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.

12. Earnings Per Share of Common Stock:

Net income (loss) for the Financial Services Businesses and the Closed Block Business is determined in accordance with GAAP and includes general and administrative expenses charged to each of the businesses based on the Company’s methodology for the allocation of such expenses. Cash flows between the Financial Services Businesses and the Closed Block Business related to administrative expenses are determined by a policy servicing fee arrangement that is based upon insurance and policies in force and statutory cash premiums. To the extent reported administrative expenses vary from these cash flow amounts, the differences are recorded, on an after-tax basis, as direct equity adjustments to the equity balances of each business. The direct equity adjustments modify earnings available to holders of Common Stock and Class B Stock for earnings per share purposes. Earnings per share of Common Stock based on adjusted operating income (loss) of the Financial Services Businesses reflects these adjustments as well.

13. Full Service:

The Full Service line of business provides retirement plan products and services to public, private and not-for-profit organizations. This business provides recordkeeping, plan administration, actuarial advisory services, participant education and communication services, trustee services and institutional and retail investment funds. This business mainly services defined contribution and defined benefit plans; non-qualified plans are also serviced. For clients with both defined contribution and defined benefit plans, integrated recordkeeping services are available.

14. Full Service Stable Value:

Our Full Service Stable Value products represent fixed rate options on investment funds offered to customers. These products contain an obligation to pay interest at a specified rate for a specific period of time. Upon termination these products repay account balances at market value immediately or may be liquidated at book value over time. Substantially all of these products are either fully or partially participating, with annual or semi-annual resets giving effect to previous investment experience. These products are issued through the general account, separate accounts or client-owned trusts. Profits from partially participating general account products result from the spread between the rate of return on investment assets and the interest rates credited to the customer, less expenses. For fully participating products, generally subject to a minimum interest rate guarantee, we earn fee income.

15. General Account:

Invested assets and policyholder liabilities and reserves for which the Company bears the investment risk. Excludes assets recognized for statutory purposes that are specifically allocated to a separate account. General account assets also include assets of the parent company, Prudential Financial, Inc.

16. Gibraltar Life Consultants:

Insurance representatives for Gibraltar Life, previously identified as Life Advisors.

17. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:

Ratio of administrative operating expenses (excluding commissions) to gross premiums, policy charges and fee income.

18. Group Life Insurance and Group Disability Insurance Benefits Ratios:

Ratio of policyholder benefits to earned premiums, policy charges and fee income.

19. Individual Annuity Account Values in General Account and Separate Account:

Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.

20. Individual Annuities - Net Amounts at Risk:

Living Benefit Features - For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.

Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Page 42

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

KEY DEFINITIONS AND FORMULAS

21. Insurance and Annuity Benefits:

Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.

22. International Life Planners:

Insurance agents in our insurance operations outside the United States, excluding Gibraltar Life Advisors.

23. Non-recourse and Limited-recourse Debt:

Limited and non-recourse borrowing is where the holder is entitled to collect only against the assets pledged to the debt as collateral or has only very limited rights to collect against other assets.

24. Operating return on average equity (based on adjusted operating income):

Adjusted operating income after-tax (giving effect to the direct equity adjustment for earnings per share calculation), annualized for interim periods, divided by average attributed equity for the Financial Services Businesses excluding accumulated other comprehensive income.

An alternative measure to operating return on average equity (based on adjusted operating income) is return on average equity (based on income from continuing operations). Return on average equity (based on income from continuing operations) represents income from continuing operations after-tax, for the Financial Services Businesses, attributable to Prudential Financial, Inc. as determined in accordance with GAAP (giving effect to the direct equity adjustment for earnings per share calculation), annualized for interim periods, divided by average total attributed equity for the Financial Services Businesses. Return on average equity (based on income from continuing operations) is (5.1)% for the three months ended December 31, 2013, 11.6% for the three months ended September 30, 2013, (5.8)% for the three months ended June 30, 2013, (7.8)% for the three months ended March 31, 2013, and (2.0)% for the three months ended December 31, 2012.

25. Policy Persistency - Group Insurance:

Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers’ Group Life Insurance and Prudential Employee Benefit Plan).

26. Policy Persistency - International Insurance:

13 month persistency represents the percentage of policies issued that are still in force at the beginning of their second policy year. 25 month persistency represents the percentage of policies issued that are still in force at the beginning of their third policy year.

27. Prudential Agents:

Insurance agents in our insurance operations in the United States.

28. Prudential Agent productivity:

Commissions on new sales of all products by Prudential Agents under contract for the entire period, divided by the number of those Prudential Agents. Excludes commissions on new sales by Prudential Agents hired or departed during the period. For interim reporting periods, the productivity measures are annualized.

29. Separate Accounts:

Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.

30. Wrap-Fee Products:

Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

Page 43

Prudential Financial, Inc.

Quarterly Financial Supplement

Fourth Quarter 2013

RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS

as of February 5, 2014


	A.M. Best	Standard & Poor’s	Moody’s	Fitch Ratings
The Prudential Insurance Company of America	A+	AA-	A1	A+
PRUCO Life Insurance Company	A+	AA-	A1	A+
PRUCO Life Insurance Company of New Jersey	A+	AA-	NR*	A+
Prudential Annuities Life Assurance Corporation	A+	AA-	NR	A+
Prudential Retirement Insurance and Annuity Company	A+	AA-	A1	A+
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	AA-	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	AA-	NR	NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd.	NR	AA-	NR	NR
Prudential Life Insurance Co. of Taiwan, Inc.	NR	twAA+	NR	NR

CREDIT RATINGS:
as of February 5, 2014

Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F2
Long-Term Senior Debt	a-	A	Baa1	BBB+
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa2	BBB-

The Prudential Insurance Company of America:
Capital and surplus notes	a	A	A3	A-

Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-1	F1
Long-Term Senior Debt	a+	AA-	A2	A

PRICOA Global Funding I
Long-Term Senior Debt	aa-	AA-	A1	A+

*	NR indicates not rated.

(1)	Prudential Life Insurance Co. of Taiwan was assigned a financial strength rating by Taiwan Ratings Corporation, a partner of Standard and Poor’s.

INVESTOR INFORMATION:


Corporate Offices:		Investor Information Hotline:

Prudential Financial, Inc.		Dial 877-998-ROCK for additional printed information or inquiries.
751 Broad Street
Newark, New Jersey 07102		Web Site:
		www.prudential.com

Common Stock:

Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.

Page 44

PRUDENTIAL FINANCIAL INC - FORM 8-K - EX-99.2 - February 5, 2014

Attached files