Exhibit 99.0

PRUDENTIAL FINANCIAL, INC.

ANNOUNCES THIRD QUARTER 2003 RESULTS

Newark, NJ – Prudential Financial, Inc. (NYSE:PRU) today reported net income for its Financial Services Businesses of $230 million (46 cents per Common share) for the third quarter of 2003, compared to $392 million (70 cents per Common share) for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $361 million (70 cents per Common share) for the third quarter of 2003, compared to $303 million (54 cents per Common share) for the third quarter of 2002. Pre-tax adjusted operating income of the Financial Services Businesses was $535 million in the third quarter of 2003, compared to $427 million in the year-ago quarter. Adjusted operating income excludes net realized investment gains / losses and related charges and adjustments, results from divested businesses, and discontinued operations.

For the first nine months of 2003, net income of the Financial Services Businesses amounted to $554 million ($1.09 per Common share) compared to $750 million ($1.34 per Common share) for the first nine months of 2002. After-tax adjusted operating income of the Financial Services Businesses for the first nine months of 2003 amounted to $1.010 billion ($1.92 per Common share) compared to $906 million ($1.61 per Common share) for the first nine months of 2002.

Third quarter 2003 adjusted operating income of the Financial Services Businesses includes transition costs of about 5 cents per Common share from the combination of our retail securities brokerage operations with Wachovia on July 1, 2003, and a gain of about 2 cents per Common share that we recognized on completion of the transaction. The

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company acquired American Skandia on May 1, 2003, and results of the Financial Services Businesses for the third quarter and first nine months of 2003 include its results from the date of acquisition. The company recently completed the sales of its principal property and casualty insurance businesses. The losses on these sales, substantially all of which were recognized in the second quarter, and the results of these businesses, other than retained overhead, are included in divested businesses for all periods presented.

“Our third quarter results reflect actions we’ve taken to strengthen the performance of our businesses, while using our capital more effectively. With the inclusion of the American Skandia and Wachovia transactions, our domestic businesses have made significant progress toward our targeted returns, and our international operations continued to produce solid results in the third quarter. The combination of our retail securities business with Wachovia, which closed on July 1, is off to a good start, and we expect to benefit from enhanced returns as the integration proceeds and cost savings are realized. Our annuity business, strengthened by the first full quarter of operations of American Skandia, made a significant contribution to our third quarter results and is benefiting from greatly expanded distribution. The sales of our property and casualty insurance businesses, which closed recently, provide a further opportunity to use our capital more effectively,” said Chairman and CEO Arthur F. Ryan.

“Considering the impact we expect from our recent transactions, including expected charges of approximately 5 cents to 10 cents per share in the fourth quarter 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 $2.40 to $2.50 for the year 2003, based on after-tax adjusted operating income. The 2003 expectation assumes stable equity markets over the remainder of the year,” Ryan said. This

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expectation is subject to change if these assumptions are not realized and as discussed under “Forward Looking Statements” below.

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.

Income (loss) from continuing operations before income taxes for the third quarter of 2003 was $183 million for the Insurance division, $126 million for the Investment division, $238 million for the International Insurance and Investments division, and $(78) million for Corporate and Other operations. For the year-ago quarter, income (loss) from continuing operations before income taxes was $(8) million for the Insurance division, $(49) million for the Investment division, $158 million for the International Insurance and Investments division, and $170 million for Corporate and Other operations.

Presented below is a discussion of the results of our divisions, based on a non-GAAP financial measure we call adjusted operating income. 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.

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The Insurance division reported pre-tax adjusted operating income of $197 million for the third quarter of 2003, an increase of $121 million from $76 million in the year-ago quarter. Our Individual Life and Annuities segment reported adjusted operating income of $167 million for the current quarter, representing a $121 million increase from the year-ago quarter, including a $59 million contribution from American Skandia, which we acquired on May 1. The segment’s individual life insurance business reported adjusted operating income of $89 million in the current quarter, compared to $115 million in the year-ago quarter, as current quarter claims experience was less favorable than that of the strong year-ago quarter. The segment’s existing individual annuity business reported adjusted operating income of $19 million in the current quarter, compared to a loss, on an adjusted operating income basis, of $69 million in the year-ago quarter which included an $89 million charge for additional amortization of deferred policy acquisition costs to reflect our lower estimate of profitability from annuities due to equity market conditions at that time. Our Group Insurance segment reported adjusted operating income of $30 million in the current quarter, unchanged from the year-ago quarter. Current quarter results benefited $8 million from refinements in our estimates of group life reserves and amounts due policyholders on experience-rated business, while the year-ago quarter benefited $19 million from refinements in our estimates of disability claim reserves for certain cases. Absent these refinements, Group Insurance adjusted operating income increased $11 million from the year-ago quarter, when we experienced unfavorable disability claims activity.

The Investment division reported pre-tax adjusted operating income of $83 million in the third quarter of 2003, an increase of $32 million from $51 million in the year-ago quarter. Our Financial Advisory segment reported adjusted operating income of $2 million for the current quarter. The segment’s current quarter adjusted operating income from retail securities brokerage operations amounted to $4 million. Results for the third quarter of 2003 reflect the

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combination of our retail securities brokerage business with Wachovia Securities LLC. Our 38% share of the venture’s results, excluding transition costs, was $47 million. Partially offsetting these results were expenses of $28 million related to obligations we retained in connection with the contributed businesses, primarily retained litigation. Third quarter results also include $34 million of transition costs and a $19 million pre-tax gain we recognized upon combination of the retail securities businesses on July 1. In the year-ago quarter, the Financial Advisory segment reported a loss, on an adjusted operating income basis, of $15 million. Adjusted operating income from our Retirement segment amounted to $39 million for the current quarter, compared to $24 million in the year-ago quarter, with the $15 million increase primarily a result of improved investment performance in the segment’s guaranteed products business reflecting favorable market activity in the current period. Adjusted operating income from the Investment Management and Other Asset Management segments amounted to $42 million in the current quarter, unchanged from the year-ago quarter.

The International Insurance and Investments division reported pre-tax adjusted operating income for the third quarter of 2003 of $223 million, an increase of $35 million from $188 million in the year-ago quarter. The International Insurance segment reported adjusted operating income of $215 million for the current quarter, compared to $186 million for the year-ago quarter. The segment’s Gibraltar Life operations reported adjusted operating income of $104 million for the current quarter, compared to $102 million for the year-ago quarter. The current quarter and year-ago quarter results each benefited $9 million from decreases in our estimated liability for guaranty fund assessments. Adjusted operating income from our international insurance operations other than Gibraltar Life was $111 million in the current quarter, an increase of $27 million from the year-ago quarter, reflecting continued business growth in Japan and Korea and a more favorable level of policy benefits and expenses in the current quarter.

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Corporate and Other operations reported pre-tax adjusted operating income of $32 million for the third quarter of 2003, compared to $112 million in the year-ago quarter. The $80 million decline reflected lower investment income, net of interest expense, reflecting our uses of net assets formerly included in Corporate and Other operations including the acquisition of American Skandia and share repurchases, as well as lower income from our own qualified pension plan.

Assets under management amounted to $421 billion at September 30, 2003, compared to $363 billion a year earlier and $378 billion at December 31, 2002. The American Skandia acquisition, on May 1, 2003, added $22 billion of variable annuity assets and $4 billion of mutual fund assets.

Net income of the Financial Services Businesses for the third quarter of 2003 amounted to $230 million, compared to $392 million in the year-ago quarter. Current quarter net income included $46 million of net realized investment losses and related charges and adjustments, a $20 million pre-tax loss from divested businesses, and a loss of $36 million (net of related taxes) from discontinued operations. The realized losses in the current quarter included losses of $46 million from impairments and sales of credit-impaired securities. At September 30, 2003, gross unrealized losses on fixed maturity investments of the Financial Services Businesses amounted to $367 million.

Net income of the Financial Services Businesses for the year-ago quarter included a $183 million benefit from the favorable resolution of a tax issue pertaining to our 1995 disposition of a subsidiary. Net income for the year-ago quarter also included pre-tax realized investment losses, net, and related charges and adjustments, of $143 million, a $13 million pre-tax loss from divested businesses, and income of $14 million (net of related taxes) from discontinued operations.

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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 third quarter 2003 net income of $77 million, compared to a net loss of $90 million for the year-ago quarter.

The Closed Block Business reported income from operations before income taxes of $120 million for the third quarter of 2003 and a loss from operations before income taxes of $142 million for the year-ago quarter. Closed Block Business results included net realized investment gains of $119 million in the current quarter and realized investment losses of $126 million in the year-ago quarter.

For the first nine months of 2003, the Closed Block Business reported net income of $145 million, compared to a net loss of $363 million for the first nine months of 2002.

The Closed Block Business reported income from operations before income taxes of $227 million for the first nine months of 2003 and a loss from operations before income taxes of $571 million for the first nine months of 2002.

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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 $307 million for the third quarter of 2003 and $302 million for the year-ago quarter, and reported net income of $699 million for the first nine months of 2003 and $387 million for the first nine months of 2002.

Share Repurchase Program

During the third quarter of 2003, the company acquired 7.1 million shares of its Common Stock, at a total cost of approximately $261 million. From the commencement of share repurchases in May 2002, through September 30, 2003, the company has acquired 48.6 million shares of its Common Stock at a total cost of approximately $1.549 billion. This includes 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 fifth 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

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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 economic environment; various domestic or international military or terrorist activities or conflicts; volatility in the securities markets; 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

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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. Additional historical information relating to our financial performance is located on our web site at www.investor.prudential.com.

Earnings Conference Call

Members of Prudential’s senior management will host a conference call on Wednesday, November 5, 2003, at 11 a.m. ET, to discuss with the investment community the company’s third 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 November 20. 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 November 5, dial (800) 475-6701 (domestic callers) or (320) 365-3844 (international callers). The access code for the replay is 681468.

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, mutual funds, annuities,

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pension and retirement related services and administration, asset management, securities brokerage, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.

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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)