Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from              to             
Commission File Number 333-18053
 ____________________________________________________________ 
Pruco Life Insurance Company of New Jersey
(Exact Name of Registrant as Specified in its Charter)
New Jersey 22-2426091
(State or Other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer Identification Number)
213 Washington Street
Newark, NJ 07102
(973) 802-6000
(Address and Telephone Number of Registrant’s Principal Executive Offices)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Not ApplicableNot ApplicableNot Applicable
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer", "accelerated filer", "smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated Filer☐
Non-accelerated Filer☒Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☒
As of November 7, 2025, 400,000 shares of the registrant’s Common Stock (par value $5) were outstanding. As of such date, Pruco Life Insurance Company, an Arizona corporation, owned all of the registrant’s Common Stock.
Pruco Life Insurance Company of New Jersey meets the conditions set
forth in General Instruction (H) (1) (a) and (b) on Form 10-Q and
is therefore filing this Form 10-Q in the reduced disclosure format.

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Item 1A.
Item 6.
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FORWARD-LOOKING STATEMENTS
Certain of the statements included in this Quarterly Report on Form 10-Q, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Pruco Life Insurance Company of New Jersey and its subsidiary. There can be no assurance that future developments affecting Pruco Life Insurance Company of New Jersey and its subsidiary will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates and equity prices that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (5) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (6) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data (d) reliance on third-parties or (e) labor and employment matters; (7) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) state insurance laws and developments regarding group-wide supervision, capital and reserves, and (e) privacy and cybersecurity regulation; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) ratings downgrades; (10) market conditions that may adversely affect the sales or persistency of our products; (11) competition; (12) reputational damage; and (13) the impact on the Company of a continued shutdown of the U.S. government. Pruco Life Insurance Company of New Jersey does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of certain risks relating to our business and investment in our securities.


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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Unaudited Interim Statements of Financial Position
September 30, 2025 and December 31, 2024 (in thousands, except share amounts)
September 30, 2025December 31, 2024
ASSETS
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2025-$472; 2024-$0) (amortized cost: 2025-$3,575,236; 2024-$3,024,155)
$3,381,615 $2,716,937 
Fixed maturities, trading, at fair value (amortized cost: 2025-$22,145; 2024-$23,955)
22,486 21,252 
Equity securities, at fair value (cost: 2025-$80,633; 2024-$353)
81,324 62 
Policy loans1,121,275 1,118,589 
Short-term investments2,237 11,394 
Commercial mortgage and other loans (net of $2,771 and $1,713 allowance for credit losses at September 30, 2025 and December 31, 2024, respectively)
672,111 477,328 
Other invested assets (includes $114,260 and $55,624 of assets measured at fair value at September 30, 2025 and December 31, 2024, respectively)
304,676 233,212 
Total investments5,585,724 4,578,774 
Cash and cash equivalents144,963 170,825 
Deferred policy acquisition costs460,176 417,316 
Accrued investment income55,337 60,368 
Reinsurance recoverables and deposit receivables (includes $394,728 and $265,611 of embedded derivatives at fair value at September 30, 2025 and December 31, 2024, respectively)
5,687,885 4,929,428 
Receivables from parent and affiliates54,075 70,766 
Income tax assets100,616 113,718 
Market risk benefit assets496,751 492,444 
Other assets83,846 76,876 
Separate account assets15,015,462 14,507,553 
TOTAL ASSETS$27,684,835 $25,418,068 
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances$5,755,807 $4,928,299 
Future policy benefits2,703,432 2,517,483 
Market risk benefit liabilities496,751 492,444 
Reinsurance payables2,079,148 1,440,264 
Payables to parent and affiliates168 462 
Other liabilities289,698 281,973 
Separate account liabilities15,015,462 14,507,553 
Total liabilities26,340,466 24,168,478 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 15)
EQUITY
Common stock ($5 par value; 400,000 shares authorized, issued and outstanding)
2,000 2,000 
Additional paid-in capital1,037,569 1,032,513 
Retained earnings382,074 350,494 
Accumulated other comprehensive income (loss)(77,274)(135,417)
Total equity1,344,369 1,249,590 
TOTAL LIABILITIES AND EQUITY$27,684,835 $25,418,068 






See Notes to Unaudited Interim Financial Statements
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Unaudited Interim Statements of Operations and Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2025 and 2024 (in thousands)

  Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2025202420252024
REVENUES
Premiums (includes $(18), $47, $5 and $117 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 and 2024, respectively)
$11,523 $11,711 $34,207 $34,197 
Policy charges and fee income27,307 21,073 69,286 375,690 
Net investment income69,973 56,997 193,227 158,818 
Asset administration fees3,355 2,937 9,442 8,176 
Other income (loss)3,172 4,177 9,466 8,328 
Realized investment gains (losses), net(40,771)(36,690)(155,934)(48,288)
Change in value of market risk benefits, net of related hedging gains (losses)21,264 (5,333)6,672 10,520 
TOTAL REVENUES95,823 54,872 166,366 547,441 
BENEFITS AND EXPENSES
Policyholders’ benefits7,991 (3,548)55,235 564,099 
Change in estimates of liability for future policy benefits3,271 (1,040)(17,001)(5,224)
Interest credited to policyholders’ account balances21,814 19,212 39,965 60,410 
Amortization of deferred policy acquisition costs4,395 5,387 14,368 (14,749)
General, administrative and other expenses12,711 10,937 39,159 33,439 
TOTAL BENEFITS AND EXPENSES50,182 30,948 131,726 637,975 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES45,641 23,924 34,640 (90,534)
Income tax expense (benefit)3,977 10,012 3,060 (31,174)
NET INCOME (LOSS)$41,664 $13,912 $31,580 $(59,360)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments(28)269 673 184 
Net unrealized investment gains (losses)47,932 111,826 83,941 33,396 
Interest rate remeasurement of future policy benefits(4,476)(14,695)(4,368)(1,894)
Gain (loss) from changes in non-performance risk on market risk benefits(21,262)5,333 (6,670)(10,520)
Total22,166 102,733 73,576 21,166 
Less: Income tax expense (benefit) related to other comprehensive income (loss)4,651 21,574 15,433 4,445 
Other comprehensive income (loss), net of taxes17,515 81,159 58,143 16,721 
Comprehensive income (loss)$59,179 $95,071 $89,723 $(42,639)








See Notes to Unaudited Interim Financial Statements
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Unaudited Interim Statements of Equity
Three and Nine Months Ended September 30, 2025 and 2024 (in thousands)

Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity 
Balance, December 31, 2024$2,000 $1,032,513 $350,494 $(135,417)$1,249,590 
Comprehensive income (loss):
Net income (loss)(6,979)(6,979)
Other comprehensive income (loss), net of tax31,849 31,849 
Total comprehensive income (loss)(6,979)31,849 24,870 
Balance, March 31, 20252,000 1,032,513 343,515 (103,568)1,274,460 
Contributed capital1,500 1,500 
Comprehensive income (loss):
Net income (loss)(3,105)(3,105)
Other comprehensive income (loss), net of tax8,779 8,779 
Total comprehensive income (loss)(3,105)8,779 5,674 
Balance, June 30, 20252,000 1,034,013 340,410 (94,789)1,281,634 
Contributed capital3,556 3,556 
Comprehensive income (loss):
Net income (loss)41,664 41,664 
Other comprehensive income (loss), net of taxes17,515 17,515 
Total comprehensive income (loss)41,664 17,515 59,179 
Balance, September 30, 2025$2,000 $1,037,569 $382,074 $(77,274)$1,344,369 


 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity  
Balance, December 31, 2023$2,000 $1,032,513 $381,140 $(47,527)$1,368,126 
Comprehensive income (loss):
Net income (loss)(79,390)(79,390)
Other comprehensive income (loss), net of tax(46,038)(46,038)
Total comprehensive income (loss)(79,390)(46,038)(125,428)
Balance, March 31, 20242,000 1,032,513 301,750 (93,565)1,242,698 
Comprehensive income (loss):
Net income (loss)6,118 6,118 
Other comprehensive income (loss), net of tax(18,400)(18,400)
Total comprehensive income (loss)6,118 (18,400)(12,282)
Balance, June 30, 20242,000 1,032,513 307,868 (111,965)1,230,416 
Net income (loss)13,912 13,912 
Other comprehensive income (loss), net of tax81,159 81,159 
Total comprehensive income (loss)13,912 81,159 95,071 
Balance, September 30, 2024$2,000 $1,032,513 $321,780 $(30,806)$1,325,487 




See Notes to Unaudited Interim Financial Statements
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Unaudited Interim Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024 (in thousands)

20252024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$31,580 $(59,360)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income(1)(13,460)(14,826)
Interest credited to policyholders’ account balances39,965 60,410 
Realized investment (gains) losses, net155,934 48,288 
Change in value of market risk benefits, net of related hedging (gains) losses(6,672)(10,520)
Change in:
Future policy benefits and other insurance liabilities204,935 219,342 
Reinsurance related-balances(1)(197,584)22,260 
Accrued investment income5,031 5,533 
Net payables to (receivables from) parent and affiliates11,875 32,847 
Deferred policy acquisition costs(1)(42,860)(43,296)
Income taxes(2,330)(28,511)
Derivatives, net34,462 35,902 
Other, net(1)(24,003)(95,020)
Cash flows from (used in) operating activities196,873 173,049 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale187,420 86,927 
Fixed maturities, trading9,844 1,346 
Equity securities2 188 
Policy loans29,619 23,030 
Ceded policy loans(2,777)(25,103)
Short-term investments11,345 17,795 
Commercial mortgage and other loans11,392 4,423 
Other invested assets 16,316 829 
Notes receivable from parent and affiliates(1)13,062 0 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(715,808)(316,009)
Fixed maturities, trading(8,951)0 
Equity securities(80,282)(273)
Policy loans(26,926)(23,661)
Ceded policy loans3,542 2,688 
Short-term investments(2,274)(28,521)
Commercial mortgage and other loans(203,010)(132,908)
Other invested assets(33,955)(44,388)
Notes receivable from parent and affiliates(1)(8,469)(29,234)
Derivatives, net(1,039)(47)
Other, net106 0 
Cash flows from (used in) investing activities(800,843)(462,918)

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20252024
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits897,909 788,735 
Affiliated ceded policyholders’ account deposits(247,948)(264,370)
Policyholders’ account withdrawals(334,551)(308,204)
Affiliated ceded policyholders’ account withdrawals223,466 231,490 
Drafts outstanding5,066 (6,210)
Other, net34,166 24,592 
Cash flows from (used in) financing activities578,108 466,033 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(25,862)176,164 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR170,825 186,383 
CASH AND CASH EQUIVALENTS, END OF PERIOD$144,963 $362,547 
(1)Prior period amounts have been updated to conform to current period presentation.

Significant Non-Cash Transactions

2025
There were no significant non-cash transactions for the nine months ended September 30, 2025.

2024
"Cash flows from (used in) operating activities" for the nine months ended September 30, 2024 excludes certain non-cash activities in the amount of $193 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company ("PURE") and The Prudential Insurance Company of America ("Prudential Insurance"), effective January 1, 2024. See Note 11 for additional information.
























See Notes to Unaudited Interim Financial Statements
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements

1.    BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company of New Jersey (the "Company" or "PLNJ") is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of Prudential Insurance. Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

The Unaudited Interim Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Information

Although there are separate products within PLNJ, the Company is organized as a single reportable segment and manages the business activities on a total entity basis. The accounting policies are the same as those described in Note 2 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The Company analyzes operating performance using “Income (loss) from operations before income taxes”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits ("MRBs"); the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
2.    SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of September 30, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively.The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.Effective for fiscal years beginning after December 15, 2024, and permits early adoption.The ASU has no impact on the Company’s Financial Statements but will result in expanded disclosures in the Notes to the Financial Statements.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
3.    INVESTMENTS

Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
September 30, 2025
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$51,580 $1 $1,101 $0 $50,480 
Obligations of U.S. states and their political subdivisions138,047 110 8,836 0 129,321 
Foreign government securities88,132 341 15,294 0 73,179 
U.S. public corporate securities1,937,971 21,439 177,158 0 1,782,252 
U.S. private corporate securities418,855 8,898 5,960 0 421,793 
Foreign public corporate securities419,276 6,392 23,969 0 401,699 
Foreign private corporate securities281,916 16,599 11,667 472 286,376 
Asset-backed securities(1)134,678 540 398 0 134,820 
Commercial mortgage-backed securities89,562 501 3,435 0 86,628 
Residential mortgage-backed securities(2)15,219 175 327 0 15,067 
Total fixed maturities, available-for-sale$3,575,236 $54,996 $248,145 $472 $3,381,615 
(1)Includes credit-tranched securities collateralized by loan obligations, home equity, education loans and auto loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$51,847 $0 $3,041 $0 $48,806 
Obligations of U.S. states and their political subdivisions156,065 23 9,308 0 146,780 
Foreign government securities85,052 10 19,308 0 65,754 
U.S. public corporate securities1,759,560 4,794 217,474 0 1,546,880 
U.S. private corporate securities297,278 1,963 10,499 0 288,742 
Foreign public corporate securities258,728 799 30,374 0 229,153 
Foreign private corporate securities256,820 2,059 20,465 0 238,414 
Asset-backed securities(1)46,956 196 532 0 46,620 
Commercial mortgage-backed securities96,459 0 5,437 0 91,022 
Residential mortgage-backed securities(2)15,390 148 772 0 14,766 
Total fixed maturities, available-for-sale$3,024,155 $9,992 $317,210 $0 $2,716,937 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
September 30, 2025
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair Value  Gross
Unrealized
Losses		Fair Value  Gross
Unrealized
Losses		Fair Value  Gross
Unrealized
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $50,100 $1,101 $50,100 $1,101 
Obligations of U.S. states and their political subdivisions36,109 1,480 78,521 7,356 114,630 8,836 
Foreign government securities0 0 61,492 15,294 61,492 15,294 
U.S. public corporate securities54,502 3,493 923,238 173,665 977,740 177,158 
U.S. private corporate securities35,903 290 117,606 5,670 153,509 5,960 
Foreign public corporate securities27,391 111 132,016 23,858 159,407 23,969 
Foreign private corporate securities21,899 762 53,898 10,905 75,797 11,667 
Asset-backed securities4,250 2 5,602 396 9,852 398 
Commercial mortgage-backed securities0 0 71,127 3,435 71,127 3,435 
Residential mortgage-backed securities22 0 11,640 327 11,662 327 
Total fixed maturities, available-for-sale$180,076 $6,138 $1,505,240 $242,007 $1,685,316 $248,145 

December 31, 2024
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair Value  Gross
Unrealized
Losses		Fair Value  Gross
Unrealized
Losses		Fair Value  Gross
Unrealized
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$383 $3 $48,423 $3,038 $48,806 $3,041 
Obligations of U.S. states and their political subdivisions67,690 2,057 74,006 7,251 141,696 9,308 
Foreign government securities3,464 129 61,163 19,179 64,627 19,308 
U.S. public corporate securities427,698 12,874 894,799 204,600 1,322,497 217,474 
U.S. private corporate securities68,806 1,038 107,275 9,461 176,081 10,499 
Foreign public corporate securities68,181 2,154 108,111 28,220 176,292 30,374 
Foreign private corporate securities78,262 2,590 84,669 17,875 162,931 20,465 
Asset-backed securities2,143 12 6,914 520 9,057 532 
Commercial mortgage-backed securities0 0 91,022 5,437 91,022 5,437 
Residential mortgage-backed securities148 4 10,729 768 10,877 772 
Total fixed maturities, available-for-sale$716,775 $20,861 $1,487,111 $296,349 $2,203,886 $317,210 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
As of September 30, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $247 million and $313 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1 million and $4 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2025, the $242 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the consumer non-cyclical, utility, and finance sectors. As of December 31, 2024, the $296 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, consumer non-cyclical and finance sectors.

In accordance with its policy described in Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of September 30, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
September 30, 2025
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$66,681 $66,457 
Due after one year through five years848,546 864,413 
Due after five years through ten years764,781 785,638 
Due after ten years1,655,769 1,428,592 
Asset-backed securities134,678 134,820 
Commercial mortgage-backed securities89,562 86,628 
Residential mortgage-backed securities15,219 15,067 
Total fixed maturities, available-for-sale$3,575,236 $3,381,615 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

13        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$34,147 $5,444 $65,609 $8,718 
Proceeds from maturities/prepayments46,471 23,712 122,880 78,189 
Gross investment gains from sales and maturities396 163 907 428 
Gross investment losses from sales and maturities(1,705)(1,006)(3,151)(1,510)
(Addition to) release of allowance for credit losses(472)155 (472)(52)
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(1.1) million and $0.0 million for the nine months ended September 30, 2025 and 2024, respectively.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:
Three Months Ended September 30, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $0 $0 
Additions to allowance for credit losses not previously recorded0 0 472 0 0 0 472 
Additions (reductions) on securities with previous allowance0 0 0 0 0 0 0 
Balance, end of period$0 $0 $472 $0 $0 $0 $472 

Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $209 $0 $0 $2 $211 
Additions to allowance for credit losses not previously recorded0 0 0 0 0 0 0 
Additions (reductions) on securities with previous allowance0 0 (153)0 0 (2)(155)
Balance, end of period$0 $0 $56 $0 $0 $0 $56 


14        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $0 $0 
Additions to allowance for credit losses not previously recorded0 0 491 0 0 0 491 
Additions (reductions) on securities with previous allowance0 0 (19)0 0 0 (19)
Balance, end of period$0 $0 $472 $0 $0 $0 $472 

Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $4 $4 
Additions to allowance for credit losses not previously recorded0 0 209 0 0 2 211 
Additions (reductions) on securities with previous allowance0 0 (153)0 0 (6)(159)
Balance, end of period$0 $0 $56 $0 $0 $0 $56 

For additional information regarding the Company's methodology for developing its allowance and expected losses, see Note 2 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended September 30, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical sector within corporate securities primarily due to adverse projected cash flows. For the three months ended September 30, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a net release within the communications sector within corporate securities due to a recovery.

For the nine months ended September 30, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical sector within corporate securities primarily due to adverse projected cash flows. For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to a net addition in the communications sector within corporate securities due to adverse projected cash flows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was less than $1.0 million and $1.2 million during the three months ended September 30, 2025 and 2024, respectively, and $2.1 million and $0.9 million during the nine months ended September 30, 2025 and 2024, respectively.
15        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $1.0 million and $0.3 million during the three months ended September 30, 2025 and 2024, respectively, and $1.0 million and $(0.2) million during the nine months ended September 30, 2025 and 2024, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:

September 30, 2025December 31, 2024
Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$220,605 32.7 %$136,607 28.5 %
Health Care Senior Living(1)3,000 0.4 3,000 0.7 
Hospitality11,614 1.7 11,981 2.5 
Industrial208,110 30.8 166,012 34.6 
Office6,715 1.0 6,706 1.4 
Retail71,595 10.6 51,092 10.7 
Self-Storage(1)57,190 8.5 33,762 7.0 
Other(1)8,593 1.3 8,593 1.8 
Total commercial mortgage loans587,422 87.0 417,753 87.2 
Agricultural property loans87,460 13.0 61,288 12.8 
Total commercial mortgage and agricultural property loans674,882 100.0 %479,041 100.0 %
Allowance for credit losses(2,771)(1,713)
Total net commercial mortgage and agricultural property loans$672,111 $477,328 
(1)    Prior period amounts have been updated to conform to current period presentation.

As of September 30, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (18%), California (13%) and Washington (7%) and included loans secured by properties in Europe (6%) and Mexico (1%).

The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:

Three Months Ended September 30,
20252024
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$2,037 $106 $2,143 $1,056 $44 $1,100 
Addition to (release of) allowance for expected losses576 52 628 397 6 403 
Allowance, end of period$2,613 $158 $2,771 $1,453 $50 $1,503 
16        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30,
20252024
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$1,670 $43 $1,713 $1,107 $55 $1,162 
Addition to (release of) allowance for expected losses943 115 1,058 346 (5)341 
Allowance, end of period$2,613 $158 $2,771 $1,453 $50 $1,503 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For both the three months ended September 30, 2025 and 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was in the general reserve primarily related to loan originations.

For both the nine months ended September 30, 2025 and 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was in the general reserve primarily related to loan originations.

17        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
September 30, 2025
Amortized Cost by Origination Year
20252024202320222021PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$53,511 $66,481 $12,676 $29,629 $2,351 $66,105 $0 $230,753 
60%-69.99%114,784 109,105 61,202 4,941 347 18,334 0 308,713 
70%-79.99%8,309 23,602 6,297 0 0 2,310 0 40,518 
80% or greater0 0 0 0 0 7,438 0 7,438 
Total$176,604 $199,188 $80,175 $34,570 $2,698 $94,187 $0 $587,422 
Debt Service Coverage Ratio:
Greater than 1.2x$169,173 $192,845 $63,229 $34,570 $2,698 $85,801 $0 $548,316 
1.0 - 1.2x4,180 3,824 16,946 0 0 8,386 0 33,336 
Less than 1.0x3,251 2,519 0 0 0 0 0 5,770 
Total$176,604 $199,188 $80,175 $34,570 $2,698 $94,187 $0 $587,422 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$20,197 $32,000 $10,921 $13,305 $968 $849 $1,724 $79,964 
60%-69.99%3,769 0 2,000 0 0 0 1,727 7,496 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 0 
Total$23,966 $32,000 $12,921 $13,305 $968 $849 $3,451 $87,460 
Debt Service Coverage Ratio:
Greater than 1.2x$23,966 $31,000 $12,921 $960 $968 $849 $3,451 $74,115 
1.0 - 1.2x0 1,000 0 0 0 0 0 1,000 
Less than 1.0x0 0 0 12,345 0 0 0 12,345 
Total$23,966 $32,000 $12,921 $13,305 $968 $849 $3,451 $87,460 
18        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$65,002 $9,312 $19,739 $2,367 $2,198 $68,971 $0 $167,589 
60%-69.99%115,394 62,665 15,000 347 0 20,157 0 213,563 
70%-79.99%19,060 6,355 0 0 0 6,416 0 31,831 
80% or greater0 0 0 0 0 4,770 0 4,770 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Debt Service Coverage Ratio:
Greater than 1.2x$195,535 $71,280 $34,739 $2,714 $2,198 $95,444 $0 $401,910 
1.0 - 1.2x3,921 7,052 0 0 0 4,870 0 15,843 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$32,130 $10,875 $992 $1,002 $0 $904 $1,040 $46,943 
60%-69.99%0 2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 
Debt Service Coverage Ratio:
Greater than 1.2x$31,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $60,288 
1.0 - 1.2x1,000 0 0 0 0 0 0 1,000 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 

For additional information regarding the Company's commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
September 30, 2025
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$587,422 $0 $0 $0 $587,422 $0 
Agricultural property loans87,460 0 0 0 87,460 0 
Total$674,882 $0 $0 $0 $674,882 $0 
(1)As of September 30, 2025, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$417,753 $0 $0 $0 $417,753 $0 
Agricultural property loans61,288 0 0 0 61,288 0 
Total$479,041 $0 $0 $0 $479,041 $0 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For both the three months ended September 30, 2025 and 2024, there were no commercial mortgage and other loans acquired, respectively, other than those through direct origination, and there were no commercial mortgage and other loans sold.
For the nine months ended September 30, 2025 and 2024 there were $0.0 million and $12.6 million commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.
The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2025 and December 31, 2024.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

September 30, 2025December 31, 2024
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$108,950 $112,001 
Hedge funds74,563 58,312 
Real estate-related6,903 7,118 
Subtotal equity method190,416 177,431 
Fair value:
Private equity181 200 
Hedge funds1 2 
Real estate-related3,469 3,492 
Subtotal fair value3,651 3,694 
Total LPs/LLCs194,067 181,125 
Derivative instruments110,609 51,930 
Other(1)0 157 
Total other invested assets$304,676 $233,212 
(1) Includes tax advantaged investments.
20        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
September 30, 2025December 31, 2024
(in thousands)
Fixed maturities$37,102 $32,587 
Commercial mortgage and other loans3,051 1,980 
Policy loans14,490 25,110 
Short-term investments and cash equivalents694 691 
Total accrued investment income$55,337 $60,368 

There were no write-downs on accrued investment income for both the three and nine months ended September 30, 2025 and 2024.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Fixed maturities, available-for-sale$41,606 $30,979 $117,279 $87,612 
Fixed maturities, trading164 146 680 442 
Equity securities241 91 241 273 
Commercial mortgage and other loans9,116 4,721 23,528 11,643 
Policy loans12,844 13,387 38,791 39,421 
Other invested assets5,597 4,556 12,427 12,297 
Short-term investments and cash equivalents2,235 4,556 5,759 11,212 
Gross investment income71,803 58,436 198,705 162,900 
Less: investment expenses(1,830)(1,439)(5,478)(4,082)
Net investment income$69,973 $56,997 $193,227 $158,818 

21        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Fixed maturities(1)$(1,781)$(688)$(2,716)$(1,134)
Commercial mortgage and other loans(628)(403)(1,058)(341)
LPs/LLCs(2)0 1 0 (35)
Derivatives(12,917)(4,460)(89,192)(15,590)
Short-term investments and cash equivalents8 5 15 (43)
Ceded income on modified coinsurance assets(2)(3)(25,452)(31,145)(62,986)(31,145)
Other(2)(1)0 3 0 
Realized investment gains (losses), net$(40,771)$(36,690)$(155,934)$(48,288)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
September 30, 2025December 31, 2024
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$5 $(19)
Fixed maturity securities, available-for-sale without an allowance(193,154)(307,199)
Derivatives designated as cash flow hedges(1)(5,902)12,310 
Other investments349 288 
Net unrealized gains (losses) on investments$(198,702)$(294,620)
(1) For additional information regarding cash flow hedges, see Note 4.

Repurchase Agreements and Securities Lending
In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both September 30, 2025 and December 31, 2024, the Company had no repurchase agreements and no securities lending transactions.

4.    DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards and swaps
•Credit contracts: single and index reference credit default swaps

22        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Other types of financial contracts that the Company accounts for as derivatives include:
•Embedded derivatives

For detailed information on these contracts and the related strategies, see Note 4 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
September 30, 2025December 31, 2024
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$270,176 $5,758 $(15,712)$225,884 $13,344 $(1,391)
Total Derivatives Designated as Hedge Accounting Instruments:$270,176 $5,758 $(15,712)$225,884 $13,344 $(1,391)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$1,421,600 $5,496 $(12,700)$484,200 $2,649 $(6,417)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps27,691 1,046 (1,096)33,693 2,782 (216)
Foreign Currency
Foreign Currency Forwards24,815 144 (28)12,198 527 0 
Equity
Equity Total Return Swaps809,260 86,333 (87,215)450,000 28,166 (28,166)
Equity Options5,298,864 319,674 (197,044)2,930,701 107,964 (70,799)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$7,582,230 $412,693 $(298,083)$3,910,792 $142,088 $(105,598)
Total Derivatives(1)(2)$7,852,406 $418,451 $(313,795)$4,136,676 $155,432 $(106,989)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $433 million and $241 million as of September 30, 2025 and December 31, 2024, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables and deposit receivables".
(2)Recorded in "Other invested assets" and "Payables to parent and affiliates" on the Unaudited Interim Statements of Financial Position.

23        
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Statements of Financial Position.
September 30, 2025
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$418,451 $(307,842)$110,609 $(103,605)$7,004 
Total Assets$418,451 $(307,842)$110,609 $(103,605)$7,004 
Offsetting of Financial Liabilities:
Derivatives$313,795 $(313,795)$0 $0 $0 
Total Liabilities$313,795 $(313,795)$0 $0 $0 

December 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$155,432 $(103,502)$51,930 $(51,421)$509 
Total Assets$155,432 $(103,502)$51,930 $(51,421)$509 
Offsetting of Financial Liabilities:
Derivatives$106,989 $(106,989)$0 $0 $0 
Total Liabilities$106,989 $(106,989)$0 $0 $0 
(1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 14.







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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit or equity derivatives in any of its cash flow hedge accounting relationships.

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

Three Months Ended September 30, 2025
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(122)$0 $664 $161 $2,473 
Total cash flow hedges(122)0 664 161 2,473 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(467)0 0 0 0 
Currency178 0 0 0 0 
Currency/Interest Rate415 0 0 (8)0 
Equity98,153 0 0 0 0 
Embedded Derivatives(111,074)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(12,795)0 0 (8)0 
Total$(12,917)$0 $664 $153 $2,473 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2025
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1,039 $0 $2,141 $(4,325)$(18,212)
Total cash flow hedges1,039 0 2,141 (4,325)(18,212)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(11,872)0 0 0 0 
Currency(1,569)0 0 0 0 
Currency/Interest Rate(1,776)0 0 (41)0 
Equity125,889 0 0 0 0 
Embedded Derivatives(200,903)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(90,231)0 0 (41)0 
Total$(89,192)$0 $2,141 $(4,366)$(18,212)

Three Months Ended September 30, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$19 $0 $607 $(1,589)$(6,413)
Total cash flow hedges19 0 607 (1,589)(6,413)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(400)0 0 0 0 
Currency(484)0 0 0 0 
Currency/Interest Rate(946)0 0 (21)0 
Equity11,450 0 0 0 0 
Embedded Derivatives(14,099)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(4,479)0 0 (21)0 
Total$(4,460)$0 $607 $(1,610)$(6,413)

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)

Nine Months Ended September 30, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(321)$0 $1,670 $(1,014)$(1,676)
Total cash flow hedges(321)0 1,670 (1,014)(1,676)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate1,276 0 0 0 0 
Currency(217)0 0 0 0 
Currency/Interest Rate(23)0 0 (13)0 
Equity62,466 0 0 0 0 
Embedded Derivatives(78,771)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(15,269)0 0 (13)0 
Total$(15,590)$0 $1,670 $(1,027)$(1,676)
.

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

 (in thousands)
Balance, December 31, 2024$12,310 
Amount recorded in AOCI
Currency/Interest Rate(19,357)
Total amount recorded in AOCI(19,357)
Amount reclassified from AOCI to income
Currency/Interest Rate1,145 
Total amount reclassified from AOCI to income1,145 
Balance, September 30, 2025$(5,902)

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Unaudited Interim Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2025 values, it is estimated that a pre-tax gain of $2.3 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Credit Derivatives

The Company has no exposure from credit derivative positions where it has written or purchased credit protection as of September 30, 2025 and December 31, 2024.

Counterparty Credit Risk
The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.
5.    FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3 – Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in our valuation techniques during the period represented by these Unaudited Interim Financial Statements.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
September 30, 2025
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $50,480 $0 $$50,480 
Obligations of U.S. states and their political subdivisions0 129,321 0 129,321 
Foreign government securities0 73,179 0 73,179 
U.S. corporate public securities0 1,782,252 0 1,782,252 
U.S. corporate private securities0 409,354 12,439 421,793 
Foreign corporate public securities0 401,699 0 401,699 
Foreign corporate private securities0 280,184 6,192 286,376 
Asset-backed securities(2)0 122,769 12,051 134,820 
Commercial mortgage-backed securities0 67,751 18,877 86,628 
Residential mortgage-backed securities0 15,067 0 15,067 
Subtotal0 3,332,056 49,559 3,381,615 
Market risk benefit assets0 0 496,751 496,751 
Fixed maturities, trading0 18,722 3,764 22,486 
Equity securities80,986 338 0 81,324 
Short-term investments0 2,237 0 2,237 
Cash equivalents0 144,760 0 144,760 
Other invested assets(3)0 418,451 0 (307,842)110,609 
Reinsurance recoverables and deposit receivables0 0 394,728 394,728 
Receivables from parent and affiliates0 3,582 21,961 25,543 
Subtotal excluding separate account assets80,986 3,920,146 966,763 (307,842)4,660,053 
Separate account assets(4)(5)0 13,672,903 0 13,672,903 
Total assets$80,986 $17,593,049 $966,763 $(307,842)$18,332,956 
Market risk benefit liabilities$0 $0 $496,751 $$496,751 
Policyholders' account balances0 0 827,537 827,537 
Payables to parent and affiliates0 313,795 0 (313,795)0 
Total liabilities$0 $313,795 $1,324,288 $(313,795)$1,324,288 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
December 31, 2024
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $48,806 $0 $$48,806 
Obligations of U.S. states and their political subdivisions0 146,780 0 146,780 
Foreign government securities0 65,754 0 65,754 
U.S. corporate public securities0 1,546,880 0 1,546,880 
U.S. corporate private securities0 275,923 12,819 288,742 
Foreign corporate public securities0 229,153 0 229,153 
Foreign corporate private securities0 232,200 6,214 238,414 
Asset-backed securities(2)0 41,070 5,550 46,620 
Commercial mortgage-backed securities0 72,544 18,478 91,022 
Residential mortgage-backed securities0 14,766 0 14,766 
Subtotal0 2,673,876 43,061 2,716,937 
Market risk benefit assets0 0 492,444 492,444 
Fixed maturities, trading0 21,252 0 21,252 
Equity securities0 62 0 62 
Short-term investments0 10,222 172 10,394 
Cash equivalents0 167,579 0 167,579 
Other invested assets(3)0 155,432 0 (103,502)51,930 
Reinsurance recoverables and deposit receivables0 0 265,611 265,611 
Receivables from parent and affiliates0 0 30,136 30,136 
Subtotal excluding separate account assets0 3,028,423 831,424 (103,502)3,756,345 
Separate account assets(4)(5)0 13,251,913 0 13,251,913 
Total assets$0 $16,280,336 $831,424 $(103,502)$17,008,258 
Market risk benefit liabilities$0 $0 $492,444 $$492,444 
Policyholders' account balances0 0 506,305 506,305 
Payables to parent and affiliates0 106,989 0 (106,989)0 
Total liabilities$0 $106,989 $998,749 $(106,989)$998,749 
(1)“Netting” amounts represent cash collateral of $(6) million and $(3) million as of September 30, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity, education loans and auto loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of both September 30, 2025 and December 31, 2024, the fair value of such investments was $3.7 million.
(4)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate-owned life insurance fund. As of September 30, 2025 and December 31, 2024, the fair value of such investments was $1,343 million and $1,256 million, respectively.
(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Statements of Financial Position.


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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities – The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
September 30, 2025
Fair Value Valuation 
Techniques		Unobservable 
Inputs		MinimumMaximumWeighted
Average		Impact of Increase in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Corporate securities(3)$17,150 Discounted cash flowDiscount rate8.11 %12.97 %10.28 %Decrease
Commercial mortgage-backed securities$18,877 Discounted cash flowLiquidity premium0.90 %0.90 %0.90 %Decrease
Market risk benefit assets(4)$496,751 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.33 %1.65 %Increase
Utilization rate(7)37 %94 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Reinsurance recoverables and deposit receivables$394,728 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.33 %1.65 %Decrease
Option budget(11)(2)%9 %Increase
Receivables from parent and affiliates$21,961 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(4)$496,751 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.33 %1.65 %Decrease
Utilization rate(7)37 %94 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$827,537 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.33 %1.65 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(2)%9 %Increase

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
December 31, 2024
Fair Value Valuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Corporate securities(3)$16,803 Discounted cash flowDiscount rate8.74 %13.91 %11.72 %Decrease
Commercial mortgage-backed securities$18,478 Discounted cash flowLiquidity premium1.00 %1.00 %1.00%Decrease
Market risk benefit assets(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.29 %1.71 %Increase
Utilization rate(7)37 %94 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables$265,611 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Option budget(11)(1)%7 %Increase
Receivables from parent and affiliates$30,136 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Utilization rate(7)37 %94 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Decrease
Equity volatility curve16 %25 % Increase
Policyholders' account balances(10)$506,305 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.73 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities available-for-sale.
(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(6)The spread over the Secured Overnight Financing Rate ("SOFR") swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
(7)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both September 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(9)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(10)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:
Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.
Commercial Mortgage-backed Securities – Interrelationships may exist between the prepayment rate, the default rate and/ or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.
Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.


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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended September 30, 2025(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3(6)Transfers out of Level 3(6)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$20,900 $(321)$156 $(20)$0 $(2,084)$0 $0 $0 $18,631 $(357)
Structured securities(3)29,477 620 6,488 0 0 (107)0 0 (5,550)30,928 628 
Other assets:
Fixed maturities, trading1,643 5 2,116 0 0 0 0 0 0 3,764 4 
Equity securities0 (75)75 0 0 0 0 0 0 0 (75)
Short-term investments0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables(4)350,331 2,126 42,271 0 0 0 0 0 0 394,728 (123,999)
Receivables from parent and affiliates32,529 0 0 0 0 (10,568)0 0 0 21,961 0 
Liabilities:
Policyholders' account balances(4)(672,210)(113,064)0 0 (42,263)0 0 0 0 (827,537)15,237 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Three Months Ended September 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(466)$0 $774 $(9)$(472)$0 $743 
Other assets:
Fixed maturities, trading0 5 0 0 0 4 0 
Equity securities0 (75)0 0 0 (75)0 
Short-term investments0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables2,126 0 0 0 (123,999)0 0 
Liabilities:
Policyholders' account balances(113,064)0 0 0 15,237 0 0 

Nine Months Ended September 30, 2025(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3(6)Transfers out of Level 3(6)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$19,033 $152 $3,517 $(886)$0 $(3,185)$0 $0 $0 $18,631 $130 
Structured securities(3)24,028 769 14,338 0 0 (357)0 0 (7,850)30,928 797 
Other assets:
Fixed maturities, trading0 69 3,695 0 0 0 0 0 0 3,764 69 
Equity securities0 (75)75 0 0 0 0 0 0 0 (75)
Short-term investments172 (23)174 (137)0 (186)0 0 0 0 0 
Reinsurance recoverables and deposit receivables(4)265,611 7,982 121,135 0 0 0 0 0 0 394,728 (193,277)
Receivables from parent and affiliates30,136 0 4,887 (901)0 (12,161)0 0 0 21,961 0 
Liabilities:
Policyholders' account balances(4)(506,305)(202,356)0 0 (118,876)0 0 0 0 (827,537)4,627 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(478)$0 $1,427 $(28)$(472)$0 $1,399 
Other assets:
Fixed maturities, trading0 69 0 0 0 69 0 
Equity securities0 (75)0 0 0 (75)0 
Short-term investments12 0 (35)0 0 0 0 
Reinsurance recoverables and deposit receivables7,982 0 0 0 (193,277)0 0 
Liabilities:
Policyholders' account balances(202,356)0 0 0 4,627 0 0 

Three Months Ended September 30, 2024(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(7)Transfers into Level 3(6)Transfers out of Level 3(6)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$18,798 $203 $655 $0 $0 $(2,212)$0 $0 $0 $17,444 $179 
Structured securities(3)24,308 1,092 0 0 0 (97)0 0 0 25,303 1,093 
Other assets:
Equity securities4,320 327 0 0 0 0 0 0 0 4,647 327 
Reinsurance recoverables and deposit receivables(4)(8)127,289 17,856 51,231 0 0 0 5,183 0 0 201,559 (26,796)
Receivables from parent and affiliates16,606 0 12,628 0 0 0 0 0 0 29,234 0 
Liabilities:
Policyholders' account balances(4)(351,030)(32,059)0 0 (54,577)0 0 0 0 (437,666)14,303 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Three Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$1 $0 $1,295 $(1)$0 $0 $1,272 
Other assets:
Equity securities0 327 0 0 0 327 0 
Reinsurance recoverables and deposit receivables(8)17,856 0 0 0 (26,796)0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(32,059)0 0 0 14,303 0 0 

Nine Months Ended September 30, 2024(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(7)Transfers into Level 3(6)Transfers out of Level 3(6)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$19,629 $105 $5,954 $(87)$0 $(2,607)$(5,550)$0 $0 $17,444 $83 
Structured securities(3)19,204 872 0 0 0 (323)5,550 0 0 25,303 892 
Other assets:
Equity securities4,541 (167)273 0 0 0 0 0 0 4,647 (167)
Reinsurance recoverables and deposit receivables(4)(8)69,745 (7,851)134,482 0 0 0 5,183 0 0 201,559 (105,510)
Receivables from parent and affiliates0 0 33,924 (4,690)0 0 0 0 0 29,234 0 
Liabilities:
Policyholders' account balances(4)(237,316)(70,920)0 0 (129,430)0 0 0 0 (437,666)31,819 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$0 $0 $998 $(21)$0 $0 $975 
Other assets:
Equity securities0 (167)0 0 0 (167)0 
Reinsurance recoverables and deposit receivables(8)(7,851)0 0 0 (105,510)0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(70,920)0 0 0 31,819 0 0 
(1)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(2)Includes U.S. corporate private securities and foreign corporate private securities.
(3)Includes asset-backed and commercial mortgage-backed securities.
(4)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(5)Excludes MRB assets of $497 million and $528 million and MRB liabilities of $497 million and $528 million for the periods ended September 30, 2025 and 2024, respectively. See Note 10 for additional information.
(6)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(7)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(8)Prior period amounts have been updated to conform to current period presentation.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Fair Value of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
September 30, 2025
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $682,902 $682,902 $672,111 
Policy loans0 0 1,121,275 1,121,275 1,121,275 
Cash and cash equivalents203 0 0 203 203 
Accrued investment income0 55,337 0 55,337 55,337 
Reinsurance recoverables and deposit receivables0 0 24,125 24,125 25,336 
Receivables from parent and affiliates0 28,532 0 28,532 28,532 
Other assets0 5,819 0 5,819 5,819 
Total assets$203 $89,688 $1,828,302 $1,918,193 $1,908,613 
Liabilities:
Policyholders’ account balances - investment contracts$0 $124,201 $30,727 $154,928 $156,140 
Payables to parent and affiliates0 168 0 168 168 
Other liabilities0 80,289 0 80,289 80,289 
Total liabilities$0 $204,658 $30,727 $235,385 $236,597 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
December 31, 2024
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $473,122 $473,122 $477,328 
Policy loans0 0 1,118,589 1,118,589 1,118,589 
Short-term investments1,000 0 0 1,000 1,000 
Cash and cash equivalents3,246 0 0 3,246 3,246 
Accrued investment income0 60,368 0 60,368 60,368 
Reinsurance recoverables and deposit receivables0 0 24,111 24,111 25,915 
Receivables from parent and affiliates0 40,630 0 40,630 40,630 
Other assets0 3,396 0 3,396 3,396 
Total assets$4,246 $104,394 $1,615,822 $1,724,462 $1,730,472 
Liabilities:
Policyholders’ account balances - investment contracts$0 $126,224 $32,028 $158,252 $160,056 
Payables to parent and affiliates0 462 0 462 462 
Other liabilities0 67,206 0 67,206 67,206 
Total liabilities$0 $193,892 $32,028 $225,920 $227,724 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
6.    DEFERRED POLICY ACQUISITION COSTS AND DEFERRED REINSURANCE

Deferred Policy Acquisition Costs ("DAC")
The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Nine Months Ended September 30, 2025
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$67,323 $349,993 $417,316 
   Capitalization15,400 41,566 56,966 
   Amortization expense(3,001)(11,427)(14,428)
   Other(53)0 (53)
Balance, end of period$79,669 $380,132 459,801 
Other, end of period375 
Total balance, end of period$460,176 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)


Nine Months Ended September 30, 2024
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$82,008 $311,131 $393,139 
   Capitalization15,514 41,631 57,145 
   Amortization expense(5,773)(10,800)(16,573)
   Other(1)(15)(2,733)(2,748)
Balance, end of period$91,734 $339,229 $430,963 
(1)Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.

Deferred Reinsurance Losses ("DRL")

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:
Nine Months Ended September 30, 2025
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$14,578 $50,800 $65,378 
Amortization expense(1,020)(3,452)(4,472)
   Other4 0 4 
Balance, end of period$13,562 $47,348 $60,910 


Nine Months Ended September 30, 2024
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$15,968 $0 $15,968 
Amortization expense(1,060)0 (1,060)
   Other10 0 10 
Balance, end of period$14,918 $0 $14,918 


Deferred Reinsurance Gains ("DRG")

The following tables show a rollforward of DRG balances for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

Nine Months Ended September 30,
20252024
Variable / Universal Life
(in thousands)
Balance, beginning of period$208,644 $0 
Amortization(6,589)(5,959)
   Other(1)0 187,732 
Balance, end of period$202,055 $181,773 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance. See Note 11 for additional information.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
7.    SEPARATE ACCOUNTS
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets”, if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

September 30, 2025December 31, 2024
(in thousands)
Asset Type:
Mutual funds:
Equity$8,962,445 $8,454,468 
Fixed Income3,832,647 4,030,334 
Other877,810 767,111 
Other invested assets1,342,560 1,255,640 
Total$15,015,462 $14,507,553 
For the nine months ended September 30, 2025 and year ended December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:

Nine Months Ended September 30, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,578,627 $5,928,926 $14,507,553 
     Deposits63,442 197,628 261,070 
     Investment performance828,026 681,201 1,509,227 
     Policy charges(148,016)(86,582)(234,598)
     Surrenders and withdrawals(868,223)(68,023)(936,246)
     Benefit payments(3,932)(38,824)(42,756)
Net transfers (to) from general account(32,609)(47,118)(79,727)
     Other612 30,327 30,939 
Balance, end of period$8,417,927 $6,597,535 $15,015,462 
Cash surrender value(1)$8,338,949 $6,470,903 $14,809,852 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)

Nine Months Ended September 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$9,064,177 $5,012,926 $14,077,103 
Deposits60,136 185,619 245,755 
Investment performance958,449 816,250 1,774,699 
Policy charges(162,183)(82,614)(244,797)
Surrenders and withdrawals(797,020)(48,738)(845,758)
Benefit payments(7,537)(30,703)(38,240)
Net transfers (to) from general account(19,357)(38,011)(57,368)
Other479 29,333 29,812 
Balance, end of period$9,097,144 $5,844,062 $14,941,206 
Cash surrender value(1)$8,984,658 $5,727,288 $14,711,946 
(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
8.    LIABILITY FOR FUTURE POLICY BENEFITS

Liability for future policy benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit reserves;
•Deferred profit liability ("DPL"); and
•Additional insurance reserves ("AIR")

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for liability for future policy benefits. The impact was favorable for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in individual life insurance. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Benefit Reserves
The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

Nine Months Ended September 30, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,287,544 $0 $1,287,544 
Effect of cumulative changes in discount rate assumptions, beginning of period75,036 0 75,036 
Balance at original discount rate, beginning of period1,362,580 0 1,362,580 
Effect of assumption update(24,177)0 (24,177)
Effect of actual variances from expected experience and other activity(24,937)171 (24,766)
Adjusted balance, beginning of period1,313,466 171 1,313,637 
Issuances72,688 2,249 74,937 
Net premiums / considerations collected(115,292)(2,420)(117,712)
Interest accrual47,577 0 47,577 
Other adjustments(7,872)0 (7,872)
Balance at original discount rate, end of period1,310,567 0 1,310,567 
Effect of cumulative changes in discount rate assumptions, end of period(34,304)0 (34,304)
Balance, end of period$1,276,263 $0 $1,276,263 
Nine Months Ended September 30, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,499,241 $20,516 $2,519,757 
Effect of cumulative changes in discount rate assumptions, beginning of period164,980 1,477 166,457 
Balance at original discount rate, beginning of period2,664,221 21,993 2,686,214 
Effect of assumption update(50,976)0 (50,976)
Effect of actual variances from expected experience and other activity(26,253)295 (25,958)
Adjusted balance, beginning of period2,586,992 22,288 2,609,280 
Issuances72,688 2,249 74,937 
Interest accrual96,489 655 97,144 
Benefit payments(121,788)(2,262)(124,050)
Other adjustments(6,202)(93)(6,295)
Balance at original discount rate, end of period2,628,179 22,837 2,651,016 
Effect of cumulative changes in discount rate assumptions, end of period(81,385)(1,120)(82,505)
Balance, end of period$2,546,794 $21,717 $2,568,511 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,270,531 $21,717 $1,292,248 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring1,270,545 21,717 1,292,262 
Less: Reinsurance recoverables1,181,667 21,717 1,203,384 
Balance after reinsurance recoverables, end of period, post-flooring$88,878 $0 $88,878 

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of assumption update9,001 0 9,001 
Effect of actual variances from expected experience and other activity(50,258)(208)(50,466)
Adjusted balance, beginning of period1,377,477 (208)1,377,269 
Issuances73,754 3,124 76,878 
Net premiums / considerations collected(118,830)(2,916)(121,746)
Interest accrual48,583 0 48,583 
Balance at original discount rate, end of period1,380,984 0 1,380,984 
Effect of cumulative changes in discount rate assumptions, end of period(15,631)0 (15,631)
Balance, end of period$1,365,353 $0 $1,365,353 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of assumption update10,368 (241)10,127 
Effect of actual variances from expected experience and other activity(69,283)106 (69,177)
Adjusted balance, beginning of period2,604,976 19,864 2,624,840 
Issuances73,754 3,124 76,878 
Interest accrual96,145 560 96,705 
Benefit payments(109,055)(1,998)(111,053)
Other adjustments(215)2 (213)
Balance at original discount rate, end of period2,665,605 21,552 2,687,157 
Effect of cumulative changes in discount rate assumptions, end of period(22,362)(1,091)(23,453)
Balance, end of period$2,643,243 $20,461 $2,663,704 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,277,890 $20,461 $1,298,351 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring1,277,904 20,461 1,298,365 
Less: Reinsurance recoverables1,087,466 20,461 1,107,927 
Balance after reinsurance recoverables, end of period, post-flooring$190,438 $0 $190,438 
The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Nine Months Ended September 30, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,005,380 $0 
Discounted expected future gross premiums (at original discount rate)$1,984,926 $0 
Discounted expected future gross premiums (at current discount rate)$1,944,542 $0 
Undiscounted expected future benefits and expenses$4,245,670 $30,433 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)95
Weighted-average interest rate (at original discount rate)5.19 %4.16 %
Weighted-average interest rate (at current discount rate)5.22 %4.97 %
Nine Months Ended September 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,014,568 $0 
Discounted expected future gross premiums (at original discount rate)$2,009,087 $0 
Discounted expected future gross premiums (at current discount rate)$1,995,991 $0 
Undiscounted expected future benefits and expenses$4,312,461 $27,898 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.23 %3.92 %
Weighted-average interest rate (at current discount rate)4.93 %4.72 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
In the first nine months of 2025, there was a $2 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, offset by a $2 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Nine Months Ended September 30,
20252024
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,513 $1,365 
Effect of assumption update0 106 
Effect of actual variances from expected experience and other activity(5)(223)
Adjusted balance, beginning of period1,508 1,248 
Profits deferred907 364 
Interest accrual66 39 
Amortization(204)(148)
Other adjustments(4)1 
Balance, end of period, post-flooring2,273 1,504 
Less: Reinsurance recoverables2,273 1,504 
Balance after reinsurance recoverables, end of period$0 $0 
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:
Nine Months Ended September 30,
20252024
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$1,134,475 $986,166 
Flooring impact and amounts in AOCI32,954 56,487 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,167,429 1,042,653 
Effect of assumption update(1,821)14,446 
Effect of actual variances from expected experience and other activity15,307 (6,321)
Adjusted balance, beginning of period1,180,915 1,050,778 
Assessments collected(1)70,705 74,069 
Interest accrual30,446 27,463 
Benefits paid(13,628)(15,059)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,268,438 1,137,251 
Flooring impact and amounts in AOCI(26,985)(16,618)
Balance, including amounts in AOCI, end of period, post-flooring1,241,453 1,120,633 
Less: Reinsurance recoverables1,207,872 1,088,124 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$33,581 $32,509 
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
20252024
Weighted-average duration of the liability in years (at original discount rate)2627
Weighted-average interest rate (at original discount rate)3.36 %3.41 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Unaudited Interim Statements of Financial Position as of the periods indicated:
Nine Months Ended September 30,
20252024
(in thousands)
Benefit reserves, end of period, post-flooring$1,292,262 $1,298,365 
Deferred profit liability, end of period, post-flooring2,273 1,504 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring1,241,453 1,120,633 
Subtotal of amounts disclosed above2,535,988 2,420,502 
Other Future policy benefits reserves(1)167,444 166,702 
Total Future policy benefits$2,703,432 $2,587,204 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
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Table of Contents                                                   
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Revenue and Interest Expense
The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Statement of Operations for the periods indicated:

Nine Months Ended September 30, 2025
Revenues(1)
Term LifeVariable/Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$177,950 $0 $3,349 $181,299 
Deferred profit liability0 0 (760)(760)
Additional insurance reserves0 163,902 0 163,902 
Total$177,950 $163,902 $2,589 $344,441 


Nine Months Ended September 30, 2024
Revenues(1)
Term LifeVariable/Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$177,320 $0 $3,299 $180,619 
Deferred profit liability0 0 (139)(139)
Additional insurance reserves0 189,339 0 189,339 
Total$177,320 $189,339 $3,160 $369,819 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Nine Months Ended September 30, 2025
Interest Expense
Term LifeVariable/Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$48,912 $0 $655 $49,567 
Deferred profit liability0 0 66 66 
Additional insurance reserves0 30,446 0 30,446 
Total$48,912 $30,446 $721 $80,079 

Nine Months Ended September 30, 2024
Interest Expense
Term LifeVariable/Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$47,561 $0 $560 $48,121 
Deferred profit liability0 0 39 39 
Additional insurance reserves0 27,463 0 27,463 
Total$47,561 $27,463 $599 $75,623 
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Table of Contents                                                   
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
9.    POLICYHOLDERS' ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Nine Months Ended September 30, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$36,453 $1,370,563 $3,088,104 $4,495,120 
Deposits3,301 548,620 193,433 745,354 
Interest credited768 35,869 27,590 64,227 
Policy charges(35)(297)(108,790)(109,122)
Surrenders and withdrawals(4,897)(39,896)(125,261)(170,054)
Benefit payments(1,136)(2,317)(15,382)(18,835)
Net transfers (to) from separate account0 32,609 47,118 79,727 
Change in market value and other adjustments(1)0 145,658 52,277 197,935 
Balance, end of period$34,454 $2,090,809 $3,159,089 5,284,352 
Unearned revenue reserve461,226 
Other10,229 
Total Policyholders' account balance$5,755,807 
Weighted-average crediting rate2.89 %2.76 %1.18 %1.75 %
Net amount at risk(2)$0 $0 $36,251,505 $36,251,505 
Cash surrender value(3)$6,567 $2,023,251 $2,817,662 $4,847,480 

Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025 $592,581 $3,028,746 $3,656,352 
Deposits5,456 459,924 166,096 631,476 
Interest credited765 16,126 47,476 64,367 
Policy charges(40)(172)(110,124)(110,336)
Surrenders and withdrawals(4,827)(29,403)(108,291)(142,521)
Benefit payments(721)(2,951)(338)(4,010)
Net transfers (to) from separate account0 19,357 38,011 57,368 
Change in market value and other adjustments(1)0 55,577 15,342 70,919 
Balance, end of period$35,658 $1,111,039 $3,076,918 4,223,615 
Unearned revenue reserve410,876 
Other9,865 
Total Policyholders' account balance$4,644,356 
Weighted-average crediting rate2.89 %2.52 %2.07 %2.18 %
Net amount at risk(2)$0 $0 $35,095,242 $35,095,242 
Cash surrender value(3)$8,102 $1,089,086 $2,749,470 $3,846,658 
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)The net amount at risk calculation includes both general and separate account balances.    
(3)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points ("bps"), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
September 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
635 0 0 0 635 
2.00% - 2.99%
21,252 0 0 0 21,252 
3.00% - 4.00%
5,967 0 0 0 5,967 
Greater than 4.00%
0 0 0 0 0 
Total$27,854 $0 $0 $0 $27,854 
Variable Annuities
Less than 1.00%
$3,573 $0 $0 $0 $3,573 
1.00% - 1.99%
72,076 70,228 0 0 142,304 
2.00% - 2.99%
1,430 3 0 0 1,433 
3.00% - 4.00%
85,518 0 0 0 85,518 
Greater than 4.00%
109 0 0 0 109 
Total$162,706 $70,231 $0 $0 $232,937 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $34,604 $34,604 
1.00% - 1.99%
38,415 0 311,943 215,304 565,662 
2.00% - 2.99%
4,895 170,821 176,808 46,218 398,742 
3.00% - 4.00%
309,845 164,069 907,824 0 1,381,738 
Greater than 4.00%
354,751 0 0 0 354,751 
Total$707,906 $334,890 $1,396,575 $296,126 $2,735,497 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
September 30, 2024
Range of Guaranteed Minimum Crediting Rate(1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
893 0 0 0 893 
2.00% - 2.99%
20,130 0 0 0 20,130 
3.00% - 4.00%
7,367 0 0 0 7,367 
Greater than 4.00%
0 0 0 0 0 
Total$28,390 $0 $0 $0 $28,390 
Variable Annuities
Less than 1.00%
$2,951 $0 $0 $0 $2,951 
1.00% - 1.99%
114,191 50,620 1,534 0 166,345 
2.00% - 2.99%
1,279 2 0 0 1,281 
3.00% - 4.00%
99,705 861 0 0 100,566 
Greater than 4.00%
134 0 0 0 134 
Total$218,260 $51,483 $1,534 $0 $271,277 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $24,484 $24,484 
1.00% - 1.99%
27,959 0 285,234 207,376 520,569 
2.00% - 2.99%
4,264 162,137 174,910 42,874 384,185 
3.00% - 4.00%
252,340 235,856 915,873 0 1,404,069 
Greater than 4.00%
365,918 0 0 0 365,918 
Total$650,481 $397,993 $1,376,017 $274,734 $2,699,225 
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$423,240 $370,258 
Unearned revenue52,294 54,039 
Amortization expense(14,308)(13,421)
Balance, end of period$461,226 $410,876 
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Table of Contents                                                   
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
10.    MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Nine Months Ended September 30, 2025
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$190,687 $(190,687)$0 
Effect of cumulative changes in non-performance risk61,123 0 61,123 
Balance, beginning of period, before effect of changes in non-performance risk251,810 (190,687)61,123 
Attributed fees collected71,031 (71,031)0 
Claims paid(1,384)1,384 0 
Interest accrual10,852 (10,852)0 
Actual in force different from expected4,618 (4,618)0 
Effect of changes in interest rates10,495 (10,495)0 
Effect of changes in equity markets(91,963)91,963 0 
Effect of assumption update and other refinements13,514 (13,514)0 
Issuances4,898 (4,898)0 
Other adjustments2,052 (2,052)0 
Effect of changes in current period counterparty non-performance risk0 (6,672)(6,672)
Balance, end of period, before effect of changes in non-performance risk275,923 (221,472)54,451 
Effect of cumulative changes in non-performance risk(54,451)0 (54,451)
Balance, end of period$221,472 $(221,472)$0 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Nine Months Ended September 30, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected77,254 (77,254)0 
Claims paid(1,860)1,860 0 
Interest accrual14,294 (14,294)0 
Actual in force different from expected(405)405 0 
Effect of changes in interest rates1,642 (1,642)0 
Effect of changes in equity markets(143,284)143,284 0 
Effect of assumption update and other refinements(1)6,091 (6,091)0 
Issuances3,228 (3,228)0 
Other adjustments(1)600 (600)0 
Effect of changes in current period counterparty non-performance risk0 (10,520)(10,520)
Balance, end of period, before effect of changes in non-performance risk359,708 (269,851)89,857 
Effect of cumulative changes in non-performance risk(89,857)0 (89,857)
Balance, end of period$269,851 $(269,851)$0 
(1)    Prior period amounts have been updated to conform to current presentation.
In both 2025 and 2024, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death.

For guarantees of benefits that are payable in the event of death, the 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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

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. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

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.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
September 30, 2025September 30, 2024
Variable Annuities
($ in thousands)
Net amount at risk(1)$625,447 $582,042 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:
September 30, 2025September 30, 2024
Variable Annuities
(in thousands)
Direct and assumed$137,640 $128,830 
Ceded359,111 398,681 
Total market risk benefit assets$496,751 $527,511 
Direct and assumed$359,111 $398,681 
Ceded137,640 128,830 
Total market risk benefit liabilities$496,751 $527,511 
Net balance$0 $0 
11.    REINSURANCE

The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), PAR U, PURE, its parent companies, Pruco Life and Prudential Insurance, and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term (“YRT”) and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $173 million pre-tax recapture loss and a $188 million DRG, respectively. The DRG will be amortized into income over the estimated remaining life of the reinsured policies.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

“Change in value of market risk benefits, net of related hedging gains (losses)” includes the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into a reinsurance agreement to transfer the risk related to living benefit guarantees on variable annuities to Prudential Insurance. These reinsurance agreements are MRBs and have been accounted for in the same manner.

Reinsurance amounts included in the Company’s Unaudited Interim Statements of Financial Position were as follows:
September 30, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$5,687,885 $4,929,428 
Policy loans(34,261)(32,760)
Deferred policy acquisition costs(640,728)(647,934)
Deferred sales inducements(30,803)(32,573)
Market risk benefit assets359,111 341,565 
Other assets66,441 70,934 
Market risk benefit liabilities137,640 150,878 
Reinsurance payables2,079,148 1,440,264 
Other liabilities202,056 208,543 
Reinsurance recoverables and deposit receivables by counterparty were as follows:
 September 30, 2025December 31, 2024
 (in thousands)
Prudential Insurance$2,405,572 $1,856,410 
PARCC1,209,839 1,173,578 
Pruco Life1,053,442 914,840 
PURE1,011,928 981,917 
PAR U0 380 
Unaffiliated7,104 2,303 
Total reinsurance recoverables and deposit receivables$5,687,885 $4,929,428 


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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Reinsurance amounts, included in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Premiums:
Direct$57,840 $60,029 $178,436 $180,147 
Ceded(46,317)(48,318)(144,229)(145,950)
Net premiums$11,523 $11,711 $34,207 $34,197 
Policy charges and fee income:
Direct$94,972 $96,670 $277,253 $279,173 
Assumed5,582 9,022 13,810 44,737 
Ceded(1)(73,247)(84,619)(221,777)51,780 
Net policy charges and fee income$27,307 $21,073 $69,286 $375,690 
Net investment income:
Direct$70,298 $57,265 $194,188 $159,685 
Ceded(325)(268)(961)(867)
Net investment income$69,973 $56,997 $193,227 $158,818 
Asset administration fees:
Direct$9,591 $9,642 $27,870 $28,021 
Ceded(6,236)(6,705)(18,428)(19,845)
Net asset administration fees$3,355 $2,937 $9,442 $8,176 
Other income (loss):
Direct$1,522 $2,213 $4,498 $2,307 
Ceded1,650 1,964 4,968 6,021 
Net other income (loss)$3,172 $4,177 $9,466 $8,328 
Realized investment gains (losses), net:
Direct$(17,331)$(23,527)$(94,434)$(9,323)
Ceded(23,440)(13,163)(61,500)(38,965)
Realized investment gains (losses), net$(40,771)$(36,690)$(155,934)$(48,288)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct$66,328 $(39,273)$51,312 $119,558 
Ceded(45,064)33,940 (44,640)(109,038)
Net change in value of market risk benefits, net of related hedging gains (losses)$21,264 $(5,333)$6,672 $10,520 
Policyholders’ benefits (including change in reserves):
Direct$116,466 $85,234 $376,530 $307,749 
Assumed0 0 42 508 
Ceded(2)(108,475)(88,782)(321,337)255,842 
Net policyholders’ benefits (including change in reserves)$7,991 $(3,548)$55,235 $564,099 
Change in estimates of liability for future policy benefits:
Direct$2,370 $11,683 $(24,775)$31,021 
Ceded901 (12,723)7,774 (36,245)
Net change in estimates of liability for future policy benefits$3,271 $(1,040)$(17,001)$(5,224)
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Interest credited to policyholders’ account balances:
Direct$41,926 $34,328 $97,561 $98,038 
Ceded(20,112)(15,116)(57,596)(37,628)
Net interest credited to policyholders’ account balances$21,814 $19,212 $39,965 $60,410 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization$(30,418)$(29,702)$(90,170)$(123,367)
(1)Includes $(1.4) million and $(1.3) million of unaffiliated activity for the three months ended September 30, 2025 and 2024, respectively, and $(4.0) million and $(3.8) million for the nine months ended September 30, 2025 and 2024, respectively.
(2)Includes $(2.2) million and $0.0 million of unaffiliated activity for the three months ended September 30, 2025 and 2024, respectively, and $(3.3) million and $(2.3) million for the nine months ended September 30, 2025 and 2024, respectively.

The gross and net amounts of life insurance face amount in force were as follows:
September 30, 2025September 30, 2024
 (in thousands)
Direct gross life insurance face amount in force$158,586,995 $156,027,156 
Reinsurance ceded(148,932,605)(142,591,118)
Net life insurance face amount in force$9,654,390 $13,436,038 
Significant Affiliated Reinsurance Agreements
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement was terminated for certain new business, primarily universal life business, and such business was reinsured to Pruco Life under a YRT reinsurance agreement. As of January 1, 2020, the remaining portions of new business (specifically term policies) ceased being reinsured by the Company to Prudential Insurance, and a separate YRT reinsurance agreement was established with Pruco Life for term policies. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance in which the policies are ceded to PARCC. As a result of the recapture, the Company recognized a $6 million pre-tax recapture loss.

Effective April 1, 2016, the Company entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between Prudential Insurance and the Company. Effective February 1, 2023, the Company began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.

PAR U

Effective July 1, 2012, the Company reinsures 95% of all risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Effective January 1, 2024, the Company recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, the Company reinsures 100% of the risks associated with universal life policies with effective dates from January 1, 2015 to December 31, 2019.
Effective October 1, 2024, the Company recaptured 100% of the risks associated with the remaining universal life policies with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss, which includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.
PURE

Effective January 1, 2024, the Company reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2015.

PARCC
The Company reinsures 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC.
Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $52 million DRL that will be amortized into income over the estimated remaining life of the reinsured policies.
On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.
PAR Term
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term.
On November 20, 2024, PAR Term merged into PARCC.
Term Re

The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.
On November 20, 2024, Term Re merged into PARCC.
Pruco Life
Effective July 1, 2017, the Company entered into a YRT reinsurance agreement with Pruco Life for new business, primarily covering universal life policies. Effective January 1, 2020, the Company entered in a similar YRT reinsurance agreement with Pruco Life for new business relating to term policies. Under these agreements the majority of all mortality risk is ceded to Pruco Life. The Company also reinsures certain Corporate Owned Life Insurance (“COLI”) policies with Pruco Life. Through March 31, 2016, the Company reinsured Prudential Defined Income (“PDI”) living benefit guarantees with Pruco Life. Effective April 1, 2016, the Company recaptured PDI living benefit guarantees from Pruco Life and reinsured them, together with the related variable annuity base contracts, with Prudential Insurance.
Effective October 1, 2024, the Company entered into an agreement with Pruco Life to reinsure the Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates from January 1, 2015 to December 31, 2019, that were previously reinsured to PAR U. As a result of the transaction, the Company recognized a $37 million DRG that will be amortized into income over the estimated remaining life of the reinsured policies.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
On November 20, 2024, DART merged into PARCC.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
12.    INCOME TAXES
The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Income tax expense (benefit)” divided by projected “Income (loss) from operations before income taxes”. The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year.  

The Company's income tax provision amounted to an income tax expense of $3.1 million, or 8.83% of income (loss) from operations before income taxes in the first nine months of 2025, compared to an income tax benefit of $(31.2) million, or 34.43%, in the first nine months of 2024. The Company’s current and prior effective tax rates differed from the U.S. statutory tax rate of 21% primarily due to non-taxable investment income and tax credits.

Tax Law Change. H.R.1, also referred to as the “One Big Beautiful Bill Act” (the “Tax Act of 2025”), was enacted into law on July 4, 2025. While the Company is currently evaluating the impact of the Tax Act of 2025 on its future financial statements and related disclosures, the Company does not anticipate that the provisions of the Tax Act of 2025 will have a material impact on its effective tax rate and deferred tax positions beginning in the third quarter of 2025.

13.    EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Statements of Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2025 and 2024, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet Unrealized Investment Gains (Losses)(1)Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated Other Comprehensive Income (Loss)
(in thousands)
Balance, December 31, 2024$(1,279)$(197,236)$14,809 $48,289 $(135,417)
Change in OCI before reclassifications673 80,080 (4,368)(6,670)69,715 
Amounts reclassified from AOCI0 3,861 0 0 3,861 
Income tax benefit (expense)(133)(17,618)917 1,401 (15,433)
Balance, September 30, 2025$(739)$(130,913)$11,358 $43,020 $(77,274)

Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet Unrealized Investment Gains (Losses)(1)Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated Other Comprehensive Income (Loss)
(in thousands)
Balance, December 31, 2023$(1,079)$(130,117)$4,369 $79,300 $(47,527)
Change in OCI before reclassifications184 32,597 (1,894)(10,520)20,367 
Amounts reclassified from AOCI0 799 0 0 799 
Income tax benefit (expense)(47)(7,005)398 2,209 (4,445)
Balance, September 30, 2024$(942)$(103,726)$2,873 $70,989 $(30,806)
(1)Includes cash flow hedges of $(6) million and $12 million as of September 30, 2025 and December 31, 2024, respectively, and $4 million and $5 million as of September 30, 2024 and December 31, 2023, respectively.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$703 $(962)$(1,145)$335 
Net unrealized investment gains (losses) on available-for-sale securities(1,781)(687)(2,716)(1,134)
Total net unrealized investment gains (losses)(4)(1,078)(1,649)(3,861)(799)
Total reclassifications for the period$(1,078)$(1,649)$(3,861)$(799)
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits, policyholders’ account balances.
Net Unrealized Investment Gains (Losses)
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:

Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized Gains (Losses) on All Other 
Investments(1)		Other Costs(2)Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in thousands)
Balance, December 31, 2024$(19)$(294,601)$(28,133)$73,108 $52,409 $(197,236)
Net investment gains (losses) on investments arising during the period24 92,033 0 0 (19,323)72,734 
Reclassification adjustment for (gains) losses included in net income0 3,861 0 0 (810)3,051 
Impact of net unrealized investment (gains) losses
0 0 6,215 (18,192)2,515 (9,462)
Balance, September 30, 2025$5 $(198,707)$(21,918)$54,916 $34,791 $(130,913)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and deposit receivables.
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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
14.    RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.
Expense Charges and Allocations
The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.

The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $0.0 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $0.1 million for both the nine months ended September 30, 2025 and 2024. The expense charged to the Company for the deferred compensation program was $0.1 million for both the three months ended September 30, 2025 and 2024, and $0.4 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $0.3 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.8 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $0.5 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively, and $1.3 million for both the nine months ended September 30, 2025 and 2024.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $0.2 million for both the three months ended September 30, 2025 and 2024, and $0.5 million for both the nine months ended September 30, 2025 and 2024.

The Company is charged distribution expenses from Prudential's proprietary nationwide sales organization, "Prudential Advisors" through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $11 million for the three months ended September 30, 2025, and $33 million for the nine months ended September 30, 2025.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $13 million and $20 million for the three months ended September 30, 2025 and 2024, respectively, and $52 million and $54 million for the nine months ended September 30, 2025 and 2024, respectively.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $2 million and $3 million for the three months ended September 30, 2025 and 2024, respectively, and $7 million and $11 million for the nine months ended September 30, 2025 and 2024, respectively.

Corporate-Owned Life Insurance

The Company has sold three COLI policies to Prudential Insurance and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $3,137 million and $2,861 million at September 30, 2025 and December 31, 2024, respectively. Fees related to these COLI policies were $7 million for both the three months ended September 30, 2025 and 2024, and $21 million and $20 million for the nine months ended September 30, 2025 and 2024, respectively. The Company reinsures 90% of the first $1 million of mortality risk associated with each individual policy to Pruco Life, and 100% of the mortality risk in excess of $1 million.

In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $890 million and $897 million as of September 30, 2025 and December 31, 2024, respectively. Interest income related to the policy loan was $10 million and $11 million for the three months ended September 30, 2025 and 2024, respectively, and $31 million and $32 million for the nine months ended September 30, 2025 and 2024, respectively.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. (“PGIM”), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $0.8 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $2.2 million and $2.0 million for the nine months ended September 30, 2025 and 2024, respectively. These expenses are recorded as “Net investment income” in the Company's Unaudited Interim Statements of Operations and Comprehensive Income (Loss).

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $83 million and $71 million of investments in joint ventures as of September 30, 2025 and December 31, 2024, respectively. "Net investment income" related to these ventures includes gains(losses) of $1.8 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and $3.3 million and $3.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $6 million and $7 million for the three months ended September 30, 2025 and 2024, respectively, and $19 million and $20 million for the nine months ended September 30, 2025 and 2024, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Statements of Operations and Comprehensive Income (Loss).



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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $3 million and $2 million for the three months ended September 30, 2025 and 2024, respectively, and $8 million and $7 million for the nine months ended September 30, 2025 and 2024, respectively. These revenues are recorded as “Asset administration fees” in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss).

Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at September 30, 2025 and December 31, 2024 is as follows:
Maturity DatesInterest RatesSeptember 30, 2025December 31, 2024
(in thousands)
U.S. dollar fixed rate notes 2032-20330.00%-10.00 %$25,543 $30,135 
Total notes receivable - affiliated(1)$25,543 $30,135 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $0.0 million as of both September 30, 2025 and December 31, 2024, and is included in "Accrued investment income". Revenues related to these loans were $0.1 million for both the three months ended September 30, 2025 and 2024, and $0.1 million and $0.0 million for the nine months ended September 30, 2025 and 2024, respectively, and are included in “Other income (loss)”.
Affiliated Asset Transfers
The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the nine months ended September 30, 2025 and for the year ended December 31, 2024.
AffiliateDateTransactionSecurity TypeFair ValueBook ValueAPIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$632,927 $632,927 $0 $0 
Pruco LifeOctober 2024Transfer outFixed Maturities$632,927 $632,927 $0 $0 

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)

Debt Agreements

The Company is authorized to borrow funds up to $250 million from affiliates to meet its capital and other funding needs. There was no debt outstanding as of both September 30, 2025 and December 31, 2024.

The total interest expense to the Company related to loans payable to affiliates was $0.0 million for both the three months ended September 30, 2025 and 2024, and $0.0 million for both the nine months ended September 30, 2025 and 2024.

Contributed Capital and Dividends

In May and August 2025, the Company received capital contributions in the amount of $1.5 million and $3.6 million from Pruco Life, respectively. Through December 2024, the Company did not receive any capital contributions from Pruco Life.

Through September 2025 and December 2024, the Company did not pay any dividends to Pruco Life.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.

15.    COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
The Company has made commitments to fund commercial mortgage and agricultural property loans. As of September 30, 2025 and December 31, 2024, the outstanding balances on these commitments were $7 million and $24 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.0 million as of both September 30, 2025 and December 31, 2024, which is a change of $0.0 million for both the three and nine months ended September 30, 2025 and September 30, 2024. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of September 30, 2025 and December 31, 2024, $118 million and $127 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three or nine months ended September 30, 2025 or 2024.

Contingent Liabilities
On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.

The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.

It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
Notes to Unaudited Interim Financial Statements—(Continued)
Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of September 30, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $10 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 16 to the Company's Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and should be read in conjunction with the complete descriptions provided in the Form 10-K.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) addresses the financial condition of Pruco Life Insurance Company of New Jersey, or the “Company,” as of September 30, 2025, compared with December 31, 2024, and its results of operations for the three and nine months ended September 30, 2025 and 2024. You should read the following analysis of our financial condition and results of operations in conjunction with the MD&A, the "Risk Factors" section, and the audited Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as well as the statements under “Forward-Looking Statements” and the Unaudited Interim Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.

Overview

The Company is licensed to sell variable annuities, indexed variable annuities, fixed annuities, universal life insurance, variable life insurance and term life insurance in New Jersey and New York. The Company only sells such products in New York primarily through affiliated and unaffiliated distributors.
In August 2024, Pruco Life entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re") to coinsure certain guaranteed universal life policies issued by PLNJ. As part of the transaction, the Company will coinsure the guaranteed universal life policies to Pruco Life, with retrocession by Pruco Life of such liabilities on a coinsurance basis to Wilton Re. The transaction is subject to regulatory approvals and customary closing conditions.
Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life ("GUL") policies to Prudential Universal Reinsurance Entity Company ("PURE"), a wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential Insurance"), with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from Prudential Arizona Reinsurance Universal Company ("PAR U") and subsequently established yearly renewable term ("YRT") reinsurance for the subject GUL business with Prudential Insurance. See Note 11 to the Unaudited Interim Financial Statements for additional information.
Regulatory Developments
Interest Maintenance Reserves
In August 2025, the National Association of Insurance Commissioners (“NAIC”) extended the temporary statutory accounting treatment of net negative interest maintenance reserves (“IMR”) through December 31, 2026. This provision, which was set to expire on December 31, 2025, permits an insurer to admit net negative IMR up to 10% of their adjusted statutory surplus, provided such insurer’s risk-based capital (“RBC”) ratio remains above 300% of its Authorized Control Level RBC.

H.R.1 — One Big Beautiful Bill Act (the “Tax Act of 2025”)

See Note 12 to the Unaudited Interim Financial Statements for information about tax law changes included in the Tax Act of 2025.
Impact of Changes in the Interest Rate Environment
As a financial services company, market interest rates are a key driver of our liquidity and capital positions, cash flows, results of operations and financial position. Changes in interest rates can affect these in several ways, including favorable or adverse impacts to:
•investment-related activity, including: investment income returns, net investment spread results,
new money rates, mortgage loan prepayments and bond redemptions;
•the valuation of fixed income investments and derivative instruments;
•collateral posting requirements, hedging costs and other risk mitigation activities;
•customer account values and assets under management, including their impacts on fee-related income;
•insurance reserve levels, including market risk benefits ("MRBs"), and market experience true-ups;
•policyholder behavior, including surrender or withdrawal activity; and
•product offerings, design features, crediting rates and sales mix.
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For additional information regarding interest rate risks, see “Risk Factors—Market Risk” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Revenues and Expenses

The Company earns revenues principally from insurance premiums, mortality and expense fees, asset administration fees from insurance and investment products, and from net investment income on the investment of general account and other funds. The Company receives premiums primarily from the sale of individual life insurance and annuity products. The Company earns mortality and expense fees, and asset administration fees, primarily from the sale and servicing of universal life insurance and separate account products including variable life insurance and variable annuities. The Company’s operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, reinsurance premiums, commissions and other costs of selling and servicing the various products sold and interest credited on general account liabilities.
Accounting Policies & Pronouncements
Application of Critical Accounting Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews the estimates and assumptions used in the preparation of the Company's financial statements. If management determines that modifications to assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Unaudited Interim Financial Statements could change significantly.

Management believes the accounting policies relating to the following areas are most dependent on the application of estimates and assumptions and require management’s most difficult, subjective, or complex judgments:

•Insurance liabilities;
•Valuation of investments including derivatives, measurement of allowance for credit losses, and recognition of other-than-temporary impairments (“OTTI”);
•Reinsurance recoverables;
•Taxes on income; and
•Reserves for contingencies, including reserves for losses in connection with unresolved legal matters

Market Performance - Equity and Interest Rate Assumptions

The liability for future policy benefits for certain of our universal life type products includes quarterly adjustments for the impact of changes to our estimate of future rates of returns on investments to reflect actual fund performance and market conditions. A portion of the returns on investments for our variable life contracts are dependent upon the total rate of return on assets held in separate account investment options. This rate of return influences the fees we earn and expected claims to be paid on variable life contracts, as well as other sources of profit. Returns that are higher than our expectations for a given period produce higher than expected account balances, which increase the future fees we expect to earn on variable life contracts and decrease expected claims to be paid on variable life contracts. The opposite occurs when returns are lower than our expectations.








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The weighted average rate of return assumptions used in developing estimated market returns consider many factors specific to each product type, including asset durations, asset allocations and other factors. With regard to equity market assumptions, the near-term future rate of return assumption used in evaluating liabilities for future policy benefits for certain of our products, primarily our domestic variable life insurance products, is generally updated each quarter and is derived using a reversion to the mean approach, a common industry practice. Under this approach, we consider historical equity returns and adjust projected equity returns over an initial future period of five years (the “near-term”) so that equity returns converge to the long-term expected rate of return. If the near-term projected future rate of return is greater than our near-term maximum future rate of return of 15.0%, we use our maximum future rate of return. If the near-term projected future rate of return is lower than our near-term minimum future rate of return of 0%, we use our minimum future rate of return. As of September 30, 2025, our variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 2.2% near-term mean reversion equity expected rate of return.

With regard to interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products, we generally update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our 2025 annual reviews and update of assumptions and other refinements, we kept our long-term expectation of the 10-year U.S. Treasury rate unchanged and continue to grade to a rate of 3.5% over ten years. As part of our quarterly market experience updates, we update our near-term projections of interest rates to reflect changes in current rates.

For further discussion of impacts that could result from changes in these key estimates and assumptions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Adoption of New Accounting Pronouncements

See Note 2 to the Unaudited Interim Financial Statements for accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements.

Changes in Financial Position

Total assets increased $2.3 billion from $25.4 billion at December 31, 2024 to $27.7 billion at September 30, 2025. Significant components were:
•Total investments increased $1.0 billion driven by new sales of general account annuity products;
•Reinsurance recoverables and deposit receivables increased $0.8 billion primarily driven by the reinsurance of indexed annuities to Prudential Insurance; and
•Separate account assets increased $0.5 billion primarily driven by favorable equity markets and net inflows for life products, partially offset by net outflows related to annuity products.
Total liabilities increased $2.2 billion from $24.2 billion at December 31, 2024 to $26.3 billion at September 30, 2025. Significant components were:
•Policyholders' account balances increased $0.8 billion primarily driven by incremental indexed product sales; and
•Reinsurance payables increased $0.6 billion primarily driven by the reinsurance of indexed annuities to Prudential Insurance.
Total equity increased $0.1 billion from $1.2 billion at December 31, 2024 to $1.3 billion at September 30, 2025, primarily driven by life net income.

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Results of Operations

Income (loss) from Operations before Income Taxes

Three Months Comparison

Income (loss) from operations before income taxes increased $22 million from income of $24 million for the three months ended September 30, 2024 to income of $46 million for the three months ended September 30, 2025 primarily driven by:
•Higher Change in value of market risk benefits, net of related hedging gains (losses) due to changes in interest rates; and
•Higher Net investment income due to net business growth driven by incremental indexed product sales.
Partially offset by:
•Higher Policyholders’ benefits driven by reserve refinements for both the current and prior year periods related to term products; and
•Lower Realized investment gains (losses), net driven by changes in interest rates.
Nine Months Comparison

Income (loss) from operations before income taxes increased $126 million from loss of $91 million for the nine months ended September 30, 2024 to income of $35 million for the nine months ended September 30, 2025. The impact from our annual reviews and update of assumptions and other refinements was a net gain of $10 million. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) from operations increased $116 million primarily driven by:
•Lower Policyholders' benefits driven by the absence of the 2024 reinsurance recapture of the Company's GUL insurance policies.
Partially offset by:
•Lower Policy charges and fee income driven by the absence of the 2024 reinsurance recapture of the Company's GUL insurance policies.
•Lower Realized investments gains (losses), net from losses on indexed universal life ("IUL") embedded derivatives due to the increase in the present value of future index segment credits from lower rates.
Revenues, Benefits and Expenses
Three Months Comparison
Revenues increased $41 million from $55 million for the three months ended September 30, 2024 to $96 million for the three months ended September 30, 2025, primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Benefits and expenses increased $19 million from $31 million for the three months ended September 30, 2024 to $50 million for the three months ended September 30, 2025, primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Nine Months Comparison
Revenues decreased $381 million from revenues of $547 million for the nine months ended September 30, 2024 to revenues of $166 million for the nine months ended September 30, 2025. This includes an unfavorable comparative decrease of $31 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, revenues decreased $350 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

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Benefits and expenses decreased $506 million from $638 million for the nine months ended September 30, 2024 to $132 million for the nine months ended September 30, 2025. This includes a favorable comparative decrease of $41 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, benefits and expenses decreased $465 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Risks and Risk Mitigants:
Indexed Variable Annuity Risks and Risk Mitigants. The primary risk exposure of these indexed variable annuity products relates to the investment risks we bear in order to credit to the customer’s account balance the required crediting rate based on the performance of the elected indices at the end of each term. We manage this risk primarily through our investment strategies including derivatives and product design features, which include credit rate resetting subject to contractual minimums as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, our indexed variable annuity strategies have an interim value provision that provides protection from lapse in the case of rising interest rates.
Variable Annuity Risks and Risk Mitigants. The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates and market volatility, along with actuarial assumptions such as contractholder mortality, the timing and amount of annuitization and withdrawals, and contract lapses. For these risk exposures, achievement of our expected returns is subject to the risk that actual experience will differ from the assumptions used in the original pricing of these products. Prudential Financial, Inc. (“Prudential Financial”) manages our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of i) Product Design Features, and ii) our Asset Liability Management Strategy ("ALM"), as discussed below. Sales of traditional variable annuities with guaranteed living benefit riders were discontinued as of December 31, 2020.
Product Design Features:
A portion of the variable annuity contracts that we offer include an asset transfer feature. This feature is implemented at the contract level, and transfers assets between certain variable investment sub-accounts selected by the annuity contractholder and, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate account. The objective of the asset transfer feature is to reduce our exposure to equity market risk and market volatility. The asset transfer feature associated with highest daily living benefit products uses a designated bond fund sub-account within the separate account. The transfers are based on a static mathematical formula used with the particular benefit which considers a number of factors, including, but not limited to, the impact of investment performance on the contractholder’s total account value. Other product design features we utilize include, among others, asset allocation restrictions, minimum issuance age requirements and certain limitations on the amount of purchase payments, as well as a required minimum allocation to our general account for certain of our products. In addition, there is diversity in our fee arrangements, as certain fees are primarily based on the benefit guarantee amount, the contractholder account value and/or premiums, which helps preserve certain revenue streams when market fluctuations cause account values to decline.
Asset Liability Management Strategy (including fixed income instruments and derivatives):
We employ an ALM strategy that utilizes a combination of both traditional fixed income instruments and derivatives to meet expected liabilities associated with our annuity guarantees. The MRB liability that we hedge consists of expected living and death benefit claims under various market conditions, which are managed using fixed income instruments, derivatives, or a combination thereof. For our Prudential Defined Income variable annuity, we utilize fixed income instruments to meet expected liabilities. For the portion of our ALM strategy executed with derivatives, we enter into a range of exchange-traded and over-the-counter (“OTC”) equity, interest rate and credit derivatives, including, but not limited to: equity and treasury futures; total return, credit default and interest rate swaps; and options including equity options, swaptions, and floors and caps. The intent of this strategy is to more efficiently manage the capital and liquidity associated with these products while continuing to mitigate fluctuations in net income due to movements in capital markets. To achieve this, we periodically review and recalibrate the ALM strategy by optimizing the mix of derivatives and fixed income instruments to achieve expected outcomes.
Income Taxes

For information regarding income taxes, see Note 12 to the Unaudited Interim Financial Statements.

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Liquidity and Capital Resources
Overview
Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of our business, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our business, general economic conditions, our ability to borrow from affiliates and our access to the capital markets through affiliates as described herein.
Effective and prudent liquidity and capital management is a priority across the organization. Management monitors the liquidity of the Company on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework ("RAF") to ensure that all risks taken by the Company align with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts, including scenarios similar to, and more severe than, those occurring due to COVID-19, and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of the Company.
Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital and liquidity management. For information on these regulatory initiatives and their potential impact on us, see “Business—Regulation" and “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024.
Capital
We manage the Company to regulatory capital levels consistent with our "AA" ratings targets. We utilize the risk-based capital (“RBC”) ratio as a primary measure of capital adequacy. RBC is calculated based on statutory financial statements and risk formulas consistent with the practices of the National Association of Insurance Commissioners ("NAIC"). RBC considers, among other things, risks related to the type and quality of the invested assets, insurance-related risks associated with an insurer’s products and liabilities, interest rate risks and general business risks. RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public. The Company’s capital levels substantially exceed the minimum level required by applicable insurance regulations. Our regulatory capital levels may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators.
The regulatory capital level of the Company can be materially impacted by interest rate and equity market fluctuations, changes in the values of derivatives, the level of impairments recorded, and credit quality migration of the investment portfolio, among other items. In addition, the reinsurance of business or the recapture of business subject to reinsurance arrangements due to defaults by, or credit quality migration affecting, the reinsurers or for other reasons could negatively impact regulatory capital levels. The Company’s regulatory capital level is also affected by statutory accounting rules, which are subject to change by each applicable insurance regulator.
Captive Reinsurance Companies:
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Capital-Affiliated Captive Reinsurance Companies” included in our Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of our use of captive reinsurance companies.
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Liquidity
Our liquidity is managed to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity is provided by a variety of sources, as described more fully below, including portfolios of liquid assets. Our investment portfolios are integral to the overall liquidity of the Company. We use a projection process for cash flows from operations to ensure sufficient liquidity to meet projected cash outflows, including claims. The impact of Prudential Funding, LLC’s ("Prudential Funding"), a wholly-owned subsidiary of Prudential Insurance, financing capacity on liquidity (as described below) is considered in the internal liquidity measures of the Company.
Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios.
The principal sources of the Company’s liquidity are premiums and certain annuity considerations, investment and fee income, investment maturities, sales of investments and internal borrowings. The principal uses of that liquidity include benefits, claims, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends and returns of capital to the parent company, hedging and reinsurance activity and payments in connection with financing activities.
In managing liquidity, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations. We use surrender charges and other contract provisions to mitigate the extent, timing and profitability impact of withdrawals of funds by customers.
Liquid Assets
Liquid assets include cash and cash equivalents, short-term investments, U.S. Treasury fixed maturities, and fixed maturities that are not designated as held-to-maturity and public equity securities. As of September 30, 2025 and December 31, 2024, the Company had liquid assets of $3,633 million and $2,920 million, respectively. The portion of liquid assets comprised of cash and cash equivalents and short-term investments was $147 million and $182 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, $3,259 million, or 96%, of the fixed maturity investments in the Company's general account portfolios, were rated high or highest quality based on NAIC or equivalent rating.
Prudential Funding, LLC
Prudential Financial and Prudential Funding borrow funds in the capital markets primarily through the direct issuance of commercial paper. The borrowings serve as an additional source of financing to meet our working capital needs. Prudential Funding operates under a support agreement with Prudential Insurance whereby Prudential Insurance has agreed to maintain Prudential Funding’s positive tangible net worth at all times.
Term and Universal Life Reserve Financing
The Company uses affiliated captive reinsurance companies to finance the portion of the statutory reserves required to be held under Regulation XXX and Guideline AXXX that is considered to be non-economic. The financing arrangements involve the reinsurance of term and universal life business to our affiliated captive reinsurers and the issuance of surplus notes by those affiliated captives that are treated as capital for statutory purposes. These surplus notes are subordinated to policyholder obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval.

The affiliated captive reinsurance companies have entered into agreements with external counterparties providing for the issuance of surplus notes by our affiliated captive reinsurers in return for the receipt of credit-linked notes (“Credit-Linked Note Structures”). As of both September 30, 2025 and December 31, 2024, we had Credit-Linked Note Structures with an aggregate issuance capacity of $8,000 million to support Regulation XXX reserves, of which $7,560 million was outstanding and matures in 2044. These amounts exclude credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. Under the agreements, the affiliated captive receives in exchange for the surplus notes one or more credit-linked notes issued by a special-purpose affiliate of the Company with an aggregate principal amount equal to the surplus notes outstanding. The affiliated captive holds the credit-linked notes as assets supporting Regulation XXX or Guideline AXXX non-economic reserves, as applicable.

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As of September 30, 2025, our affiliated captive reinsurance companies had outstanding an aggregate of $200 million of debt issued for the purpose of financing Regulation XXX non-economic reserves. In addition, as of September 30, 2025, for purposes of financing Guideline AXXX reserves, one of our affiliated captives had approximately $3,982 million of surplus notes outstanding that were issued to affiliates.

The Company has introduced updated versions of its individual life products in conjunction with the requirement to adopt principle-based reserving by January 1, 2020. These updated products are currently priced to support the principle-based statutory reserve level without the need for reserve financing.

Item 4. Controls and Procedures
In order to ensure that the information we must disclose in our filings with the Securities and Exchange Commission (“SEC”) is recorded, processed, summarized, and reported on a timely basis, the Company’s management, including our Chief Executive Officer and Chief Financial Officer, have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Securities Exchange Act of 1934, as amended (“Exchange Act”) Rule 15d-15(e), as of September 30, 2025. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2025, our disclosure controls and procedures were effective. No change in our internal control over financial reporting, as defined in Exchange Act Rule 15d-15(f), occurred during the quarter ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

See Note 15 to the Unaudited Interim Financial Statements under “—Litigation and Regulatory Matters” for a description of certain pending litigation and regulatory matters affecting us, and certain risks to our business presented by such matters, which is incorporated herein by reference.

Item 1A. Risk Factors

You should carefully consider the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. These risks could materially affect our business, results of operations or financial condition or cause our actual results to differ materially from those expected or those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks are not exclusive, and additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.

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Item 6. Exhibits
EXHIBIT INDEX
101.INS - XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH - XBRL Taxonomy Extension Schema Document.
101.CAL - XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB - XBRL Taxonomy Extension Label Linkbase Document
101.PRE - XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF - XBRL Taxonomy Extension Definition Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Pruco Life Insurance Company of New Jersey
By:/s/ Markus Coombs
Name:Markus Coombs
Vice President and Chief Financial Officer
Date: November 7, 2025

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