Exhibit 99.0

PRUDENTIAL FINANCIAL, INC.

ANNOUNCES FIRST QUARTER 2003 RESULTS

Newark, NJ – Prudential Financial, Inc. (NYSE:PRU) announced today net income for its Financial Services Businesses of $197 million (39 cents per Common share) for the first quarter of 2003, compared to $263 million (46 cents per Common share) for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $303 million, or 58 cents per Common share, for the first quarter of 2003, compared to $336 million, or 59 cents per Common share, for the first quarter of 2002. Pre-tax adjusted operating income of the Financial Services Businesses was $449 million in the first quarter of 2003, compared to $529 million in the year-ago quarter. Adjusted operating income excludes net realized investment gains and related charges and adjustments, results from divested businesses, and discontinued operations. After-tax adjusted operating income in the current quarter reflected a lower effective tax rate than the year-ago quarter, as discussed below.

“Prudential Financial’s first quarter results are on track with our objectives for the year. Our domestic businesses are benefiting from the actions we’ve taken to reduce our cost structure, and our international businesses continue to make a solid contribution to overall results. We are further encouraged by our strong sales results this quarter in individual life insurance, individual annuities, and international insurance,” said Chairman and CEO Arthur F. Ryan.

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“Our acquisition of American Skandia, which closed on May 1, will significantly strengthen our annuity business going forward. In addition, we expect the combination of our retail securities brokerage business with Wachovia Securities to close in the third quarter. Considering the impact we expect from these transactions, including related charges of approximately 25 cents per share in 2003 from the combination of the retail securities brokerage operations, we believe that Prudential Financial will achieve Common Stock earnings per share in the range of $2.25 to $2.40 for the year 2003, based on after-tax adjusted operating income. The 2003 expectation assumes continuation of all of Prudential’s existing businesses and appreciation in the S&P 500 index of 8% for the year,” Ryan said. This expectation is subject to change if these assumptions are not realized and as discussed under “Forward Looking Statements” below.

During the first quarter of 2003, the company announced its agreement to sell its specialty automobile insurance business, a component of its property and casualty insurance business. The results of the specialty automobile insurance business are included in discontinued operations for all periods presented.

We believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations of the Financial Services Businesses by highlighting the results from ongoing operations and the underlying profitability of our businesses. The schedules accompanying this release provide a reconciliation of adjusted operating income for the Financial Services Businesses to income from continuing operations in accordance with generally accepted accounting principles.

In the following business-level discussion, adjusted operating income refers to pre-tax results.

Financial Services Businesses

Prudential Financial’s Common Stock (NYSE:PRU) reflects the performance of its Financial Services Businesses, which consist of its Insurance, Investment, and International Insurance and Investments divisions and its Corporate and Other operations.

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The Insurance division reported pre-tax adjusted operating income of $172 million for the first quarter of 2003, a decrease of $31 million from $203 million in the year-ago quarter. Our Individual Life and Annuities segment reported adjusted operating income of $129 million for the current quarter, a $17 million decrease from the year-ago quarter. The segment’s individual life insurance business reported adjusted operating income of $106 million in the current quarter, compared to $117 million in the year-ago quarter. Current quarter mortality experience was within our expected range but less favorable than that of the strong year-ago quarter. The segment’s individual annuity business reported adjusted operating income of $23 million in the current quarter, compared to $29 million in the year-ago quarter, as asset-based fees were negatively affected by lower asset values. Our Group Insurance segment reported adjusted operating income of $34 million in the current quarter, compared to $37 million in the year-ago quarter. Our Property and Casualty Insurance segment reported adjusted operating income of $9 million for the current quarter, compared to $20 million in the year-ago quarter, when the segment benefited from stop-loss reinsurance recoveries of that amount.

The Investment division reported pre-tax adjusted operating income of $74 million in the first quarter of 2003, a decrease of $30 million from $104 million in the year-ago quarter. Our Investment Management segment reported adjusted operating income of $36 million for the current quarter, a decrease of $11 million from the year-ago quarter. The decrease came from lower fees in the current quarter due to market value declines in our equity assets under management. Our Financial Advisory segment reported a loss, on an adjusted operating income basis, of $24 million for the current quarter, compared to adjusted operating income of $7 million in the year-ago quarter, reflecting continued declines in individual investor transaction volume and asset values on which fees are based, partly mitigated by a lower expense level reflecting our cost reduction measures.

Adjusted operating income from our Retirement and Other Asset Management segments amounted to $62 million in the current quarter, compared to $50 million in the year-ago quarter, with the $12 million increase primarily a result of improved investment results in the Retirement segment’s guaranteed products business.

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The International Insurance and Investments division reported pre-tax adjusted operating income for the first quarter of 2003 of $175 million, a decrease of $27 million from $202 million in the year-ago quarter. The International Insurance segment reported adjusted operating income of $175 million for the quarter, compared to $204 million for the year-ago quarter. The segment’s Gibraltar Life operations reported adjusted operating income of $75 million for the current quarter, compared to $104 million for the year-ago quarter, which benefited from favorable mortality experience. Gibraltar Life’s $75 million adjusted operating income for the current quarter reflects increased reserves of about $15 million resulting from stronger policy persistency than we expected at this stage of its operations. We had estimated that policy surrenders would continue at a high level in the two years following Gibraltar Life’s restructuring and acquisition in April 2001. This high level of policy surrenders did not occur in the latest quarter. Adjusted operating income from our international insurance operations other than Gibraltar Life was $100 million in the current quarter, unchanged from the year-ago quarter. A less favorable level of policy benefits and expenses in the current quarter, including costs of relocating the Japanese operation to a new home office building in Tokyo, offset the impact of continued business growth in Japan and Korea.

Corporate and Other operations resulted in pre-tax adjusted operating income of $28 million in the first quarter of 2003, compared to $20 million in the year-ago quarter.

Assets under management and administration amounted to $550 billion at March 31, 2003, compared to $580 billion a year earlier and $556 billion at December 31, 2002. Assets under management were $376 billion at March 31, 2003, a decrease of $3 billion from a year earlier. The decrease reflects the market value declines in our equity assets under management.

The effective tax rate applied to adjusted operating income of the Financial Services Businesses was 32.5% for the first quarter of 2003, compared to 36.5% for the year-ago quarter and 33.6% for the full year 2002. The reduction in the rate during the current quarter from the rate applied for the full year 2002 reflected a lower overall rate applicable to our international operations.

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Net income of the Financial Services Businesses for the first quarter of 2003 amounted to $197 million, compared to $263 million in the year-ago quarter. Current quarter net income included $113 million of net realized investment losses and related charges and adjustments, and losses of $12 million from divested businesses. Net income also includes a loss of $22 million (net of related taxes) from discontinued operations. The realized losses in the current quarter included losses of $175 million from impairments and sales of credit-impaired securities, which were partially offset by realized gains from fixed maturities, including private bond prepayments. At March 31, 2003, gross unrealized losses on fixed maturity investments of the Financial Services Businesses amounted to $247 million. The loss from discontinued operations is primarily attributable to our agreement to sell our specialty automobile insurance business.

The net income of the Financial Services Businesses for the year-ago quarter included realized investment losses, net, and related charges and adjustments, of $96 million, reflecting losses of $141 million from impairments and sales of credit-impaired securities.

Closed Block Business

Prudential’s Class B Stock, which is not traded on any exchange, reflects the performance of its Closed Block Business.

The Closed Block Business includes our in-force participating life insurance and annuity policies, and assets that are being used for the payment of benefits and policyholder dividends on these policies, as well as other assets and equity that support these policies. We have ceased offering these participating policies.

The Closed Block Business reported a first quarter 2003 net loss of $1 million, compared to a net loss of $110 million for the year-ago quarter.

The Closed Block Business reported losses from operations before income taxes of $1 million for the first quarter of 2003 and $175 million for the year-ago quarter. Closed Block Business results included net realized investment gains of $41 million in the current quarter and realized investment losses of $79 million in the year-ago quarter.

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Consolidated Results

There is no legal separation of the Financial Services Businesses and the Closed Block Business, and holders of the Common Stock and the Class B Stock are both common stockholders of Prudential Financial, Inc.

On a consolidated basis, which includes the results of both the Financial Services Businesses and the Closed Block Business, Prudential Financial, Inc. reported net income of $196 million for the first quarter of 2003 and $153 million for the year-ago quarter.

Share Repurchase Program

During the first quarter of 2003, the company acquired 8.1 million shares of its Common Stock, at a total cost of approximately $250 million. From the commencement of share repurchases in May, 2002, through March 31, 2003, the company acquired 34.1 million shares of its Common Stock at a total cost of approximately $1.050 billion. This included 1.7 million shares repurchased and reissued directly to a company deferred compensation plan during 2002.

Forward-Looking Statements

Certain of the statements included in this release, including (but not limited to) those in the third paragraph hereof, 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,” 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 Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries 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 without limitation: general economic, market and political conditions, including the performance of financial markets, interest rate fluctuations and the continuing impact of the current economic environment; various domestic or international military or terrorist activities or conflicts; volatility in the securities markets;

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reestimates of our reserves for future policy benefits and claims; changes in our assumptions related to deferred policy acquisition costs; our exposure to contingent liabilities; catastrophe losses; investment losses and defaults; changes in our claims-paying or credit ratings; competition in our product lines and for personnel; fluctuations in foreign currency exchange rates and foreign securities markets; risks to our international operations; the impact of changing regulation or accounting practices; Prudential Financial, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; adverse litigation results; and changes in tax law. Prudential Financial, Inc. does not intend, and is under no obligation to, update any particular forward-looking statement included in this document.

As indicated above, our expectation of earnings per Common share is based on after-tax adjusted operating income. Adjusted operating income, which is not measured in accordance with generally accepted accounting principles (GAAP), excludes net realized investment gains and losses. A significant element of realized losses is impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles and can vary considerably across periods. The timing of other sales that would result in gains or losses is largely subject to our discretion and influenced by market opportunities. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of these transactions. Adjusted operating income also excludes the results of divested businesses, which are not relevant to our ongoing operations. Because we do not predict future realized investment gains (losses), we cannot provide a measure of our Common Stock earnings per share expectation based on income from continuing operations of the Financial Services Businesses, which is the GAAP measure most comparable to adjusted operating income.

The information referred to above, as well as the risks of our businesses described in our Annual Report on Form 10-K for the year ended December 31, 2002, should be considered by readers when reviewing forward-looking statements contained in this release.

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Earnings Conference Call

Members of Prudential’s senior management will host a conference call on Wednesday, May 7, 2003, at 11 a.m. ET, to discuss with the investment community the company’s first quarter results. The conference call will be broadcast live over the company’s Investor Relations Web site at: http://www.investor.prudential.com. Please log on fifteen minutes early in the event necessary software needs to be downloaded. The call will remain on the Investor Relations Web site for replay through May 21. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in Q&A by dialing (888) 428-4473 (domestic callers) or (651) 291-0561 (international callers). All others are encouraged to dial into the conference call in listen-only mode, using the same numbers. To listen to a replay of the conference call starting at 4:15 p.m. on May 7, dial (800) 475-6701 (domestic callers) or (320) 365-3844 (international callers). The access code for the replay is 681461.

Prudential Financial companies serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.

Financial Highlights

(in millions, except per share data)

See footnotes on page 4.

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Financial Services Businesses Division Highlights

(in millions, except as otherwise noted)

See footnotes on page 4.

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Financial Services Businesses Division Highlights

(in millions, except per share data or as otherwise noted)

See footnotes on page 4.

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