Form: 424B3

Prospectus [Rule 424(b)(3)]


    Filed pursuant to Rule 424(b)(3)
    Registration File Nos. 333-104444,
    333-104444-01 and 333-104444-02

    Pricing Supplement No. 1 dated April 28, 2003
    to the Prospectus dated April 25, 2003 and
    the Prospectus Supplement dated April 25, 2003.

    GRAPHIC

    $500,000,000

    Prudential Financial, Inc.

    Medium-Term Notes, Series B
    Due One Year or More from Date of Issue

The note being purchased has the following terms:

Underwriters and Principal Amount:   J.P. Morgan Securities Inc.   $250,000,000
    Banc of America Securities LLC   25,000,000
    Bear, Stearns & Co. Inc.   25,000,000
    Blaylock & Partners, L.P.   25,000,000
    Citigroup Global Markets Inc.   25,000,000
    Credit Suisse First Boston LLC   25,000,000
    Deutsche Bank Securities Inc.   25,000,000
    Lehman Brothers Inc.   25,000,000
    UBS Warburg LLC   25,000,000
    Wachovia Securities, Inc.   25,000,000
    Sandler O'Neill & Partners, L.P.   12,500,000
    The Williams Capital Group, L.P.   12,500,000
    TOTAL   $500,000,000
Stated Maturity:   May 1, 2008    
Specified Currency:   U.S. Dollars    
  principal:   U.S. Dollars    
  interest:   U.S. Dollars    
  exchange rate agent:   not applicable    
Original Issue Date:   May 1, 2003    
Original Issue Price:   99.95%    
Underwriters Commission:   0.500%    
Net Proceeds to Prudential Financial:   99.45% or $497,250,000    
Original Issue Discount Note:   Not applicable    
Form of Note:        
  master global form only:   Yes    
  non-global form available:        
CUSIP No.   74432QAA3    
Redemption and Repayment:   Not applicable    
Interest Rate is Fixed:   Yes    
  annual rate:   3.750%    
  interest payment dates:   May 1 and November 1, commencing November 1, 2003    
  Regular record dates:   April 15 and October 15    
Defeasance applies as follows:        
  full defeasance—i.e., our right to be relieved of all our obligations on the note by placing funds in trust for the investor:   Yes    
  covenant defeasance—i.e., our right to be relieved of specified provisions of the note by placing funds in trust for the investor:   Yes    

Prudential Financial, Inc. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions paid to the underwriters will be approximately $139,000.

JPMorgan

Banc of America Securities LLC
        Bear, Stearns & Co. Inc.
                Blaylock & Partners, L.P.
                        Citigroup
                                Credit Suisse First Boston
                                        Deutsche Bank Securities
                                                 Lehman Brothers
                                                         UBS Warburg
                                                                 Wachovia Securities
                                                                         Sandler O'Neill & Partners, L.P.
                                                                                 The Williams Capital Group, L.P.