Exhibit 99.0

PRUDENTIAL FINANCIAL, INC.

ANNOUNCES THIRD QUARTER 2008 RESULTS

NEWARK, N.J. – Prudential Financial, Inc. (NYSE:PRU) today reported a net loss for its Financial Services Businesses of $108 million (23 cents per Common share) for the third quarter of 2008, compared to net income of $860 million ($1.88 per Common share) for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $308 million (74 cents per Common share) for the third quarter of 2008, compared to $976 million ($2.13 per Common share) for the third quarter of 2007. Adjusted operating income is a non-GAAP measure as discussed below.

For the first nine months of 2008, net income for the Financial Services Businesses amounted to $544 million ($1.32 per Common share) compared to $2.720 billion ($5.86 per Common share) for the first nine months of 2007. After-tax adjusted operating income for the Financial Services Businesses for the first nine months of 2008 amounted to $1.905 billion ($4.43 per Common share) compared to $2.693 billion ($5.80 per Common share) for the first nine months of 2007.

“Unfavorable financial market conditions are having a substantial negative effect on reported results of our domestic businesses and market values in our investment portfolio. We believe that our strong balance sheet, financial flexibility, and balanced mix of businesses and risks position us well to manage through the challenging current environment and to achieve long-term results consistent with our goals. Our risk management skills and innovative products, supported by a history of making and keeping promises for more than 130 years, form an attractive value proposition in a market with renewed focus on protecting wealth and retirement security,” said Chairman and Chief Executive Officer John Strangfeld.

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In light of current market volatility and extraordinary events and developments affecting financial markets generally, the Company has determined to withdraw its earnings guidance for 2008.

Adjusted operating income is not calculated under generally accepted accounting principles (GAAP). Information regarding adjusted operating income, a non-GAAP measure, is discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures,” and a reconciliation of adjusted operating income to the most comparable GAAP measure is provided in the tables that accompany this release.

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

Third quarter 2008 pre-tax adjusted operating income for the Financial Services Businesses includes a net negative impact of $591 million from annual reviews of actuarial assumptions including the impact of market conditions, and other significant discrete items, as discussed below and enumerated in a schedule accompanying this release.

The Insurance division reported adjusted operating income of $32 million for the third quarter of 2008, compared to $556 million in the year-ago quarter.

Our Individual Life segment reported adjusted operating income of $238 million for the current quarter, compared to $251 million in the year-ago quarter. Current quarter results benefited from a $79 million net reduction in amortization of deferred policy acquisition and other costs reflecting updates of our actuarial assumptions based on an annual review, while results for the year-ago quarter included a net benefit from similar items totaling $78 million. Current quarter adjusted operating income also included $53 million from compensation received based on multi-year profitability of third party products we distribute, while results for the year-ago quarter included a similar benefit amounting to $57 million. Excluding these items, adjusted operating income of the Individual Life segment decreased $10 million from a year ago. Higher net

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amortization of deferred policy acquisition and other costs relating to current quarter experience, reflecting less favorable separate account performance than that of the year-ago quarter, was partially offset by more favorable mortality experience in the current quarter.

Our Individual Annuities segment reported a loss, on an adjusted operating income basis, of $307 million in the current quarter, compared to adjusted operating income of $205 million in the year-ago quarter. Current quarter results include a charge of $380 million representing a net increase in costs associated with guaranteed minimum death benefits and amortization of deferred policy acquisition and other costs based on an annual review, reflecting an updated estimate of profitability for this business that was largely driven by declines in customer account values through September 30, 2008 and included revised assumptions as to costs associated with death benefit guarantees. Results for the year-ago quarter included a $30 million net benefit from a similar annual review. Less favorable results from mark-to-market of embedded derivatives and related hedge positions associated with living benefits, after related amortization of deferred policy acquisition costs, contributed $44 million to the decrease in adjusted operating income, reflecting net costs of $37 million in the current quarter compared to a benefit of $7 million in the year-ago quarter. The current quarter net costs reflected financial market conditions and changes in assumptions associated with the annual review. Excluding the items relating to the annual reviews and mark-to-market of embedded derivatives and related hedge positions, adjusted operating income for the Individual Annuities segment declined $58 million from the year-ago quarter. This decrease came largely from higher net amortization of deferred policy acquisition and other costs, and higher costs for guaranteed minimum death and other benefits, in each case relating to unfavorable current quarter experience driven by market value declines in customer account values.

Our Group Insurance segment reported adjusted operating income of $101 million in the current quarter, essentially unchanged from $100 million in the year-ago quarter. Results for the current quarter and the year-ago quarter each benefited $13 million from refinements of group disability reserves based on annual reviews.

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The Investment division reported a loss, on an adjusted operating income basis, of $92 million for the third quarter of 2008, compared to adjusted operating income of $311 million in the year-ago quarter.

The Retirement segment reported adjusted operating income of $133 million for the current quarter, compared to $65 million in the year-ago quarter. Current quarter results benefited $12 million from net refinements of amortization of deferred policy acquisition costs and related items, including the impact of an annual review of actuarial assumptions, while results for the year-ago quarter included an $81 million charge reflecting payments to clients who authorized us to proceed on their behalf to pursue remedies associated with losses attributable to certain investment funds managed by State Street Global Advisers, Inc. Excluding these items, adjusted operating income of the Retirement segment was $25 million below the level of the year-ago quarter, reflecting higher expenses including costs to enhance client service and distribution capabilities as well as lower fees associated with market value declines in customer account values.

The Asset Management segment reported a loss of $8 million for the current quarter, compared to adjusted operating income of $161 million for the year-ago quarter. The decrease came primarily from unfavorable results from the segment’s proprietary investing business, which included current quarter losses of approximately $110 million from investment results in fixed income and equity investments compared to income of approximately $10 million from corresponding investment results in the year-ago quarter. In addition, current quarter results reflected a lower contribution from performance-based fees, primarily related to institutional real estate funds, than the year-ago quarter.

Our Financial Advisory segment reported a loss of $217 million for the current quarter, compared to adjusted operating income of $85 million for the year-ago quarter. The Financial Advisory segment reflects our retail securities brokerage joint venture with Wachovia. On January 1, 2008, Wachovia combined the acquired retail securities brokerage business of A.G. Edwards, Inc. with the joint venture. The Company’s initial share of the results of the joint venture and transition costs, subsequent to this combination, is based on a diluted ownership level which is currently being finalized. Based on our estimate of the level of ownership, our share of the venture resulted in a loss of $215 million, after absorption of $235 million of costs associated with the

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settlement with regulators of investigations concerning the underwriting, sale, and subsequent auction of certain auction rate securities by Wachovia Securities, as well as $37 million of transition costs related to Wachovia’s acquisition of A. G. Edwards. For the year-ago quarter, our 38% share of the venture resulted in adjusted operating income of $97 million. In addition to our share of the venture’s results, the Financial Advisory segment’s results for the current quarter include expenses of $2 million related to obligations and costs we retained in connection with the contributed businesses primarily for litigation and regulatory matters, while results for the year-ago quarter include $12 million of such costs.

The International Insurance and Investments division reported adjusted operating income of $497 million for the third quarter of 2008, compared to $537 million in the year-ago quarter.

The International Insurance segment reported adjusted operating income of $460 million for the current quarter, an increase of $37 million from the year-ago quarter. The segment’s Life Planner insurance operations reported adjusted operating income of $293 million for the current quarter, an increase of $27 million from the year-ago quarter, reflecting continued business growth together with an improved contribution from investment results reflecting duration lengthening. The segment’s Gibraltar Life operations reported adjusted operating income of $167 million for the current quarter, an increase of $10 million from the year-ago quarter. Current quarter results benefited from an improved contribution from investment results, reflecting increased investing in U.S. dollar-based securities, increased exposure to corporate securities, and investment duration lengthening. Foreign currency exchange rates, including the impact of the Company’s currency hedging programs, did not have a significant effect on the comparison of results for the segment’s international insurance businesses.

The International Investments segment reported adjusted operating income of $37 million for the current quarter, compared to $114 million in the year-ago quarter. Current quarter results include income of $14 million from market value changes in securities held relating to trading exchange memberships, while results for the year-ago quarter included income of $37 million from the sale of an interest in operating joint ventures; income of $22 million from market value changes

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in securities held relating to trading exchange memberships; and a benefit of $17 million from recoveries related to a former investment of our Korean asset management operations. Excluding these items, adjusted operating income from the International Investments segment decreased $15 million, primarily due to less favorable results from the segment’s Korean asset management operations.

Corporate and Other operations resulted in a loss, on an adjusted operating income basis, of $21 million in the third quarter of 2008, compared to a loss of $12 million in the year-ago quarter. The real estate and relocation business reported a loss of $4 million for the current quarter, compared to adjusted operating income of $21 million in the year-ago quarter. Lower expenses for corporate and other operations in the current quarter were largely offset by increased interest expense, net of investment income, reflecting the company’s issuance of $1.5 billion of junior subordinated long-term debt securities earlier this year.

Assets under management amounted to $602 billion at September 30, 2008, compared to $637 billion a year earlier and $648 billion at December 31, 2007.

The net loss of the Financial Services Businesses amounted to $108 million for the third quarter of 2008, compared to net income of $860 million in the year-ago quarter. The current quarter net loss includes $547 million of pre-tax net realized investment losses and related charges and adjustments. Considering current market conditions and in light of recent general guidance from the SEC and FASB regarding the application of existing accounting guidance for securities investments during periods of stressed financial market conditions, commencing in the third quarter of 2008 our determinations of whether declines in value are other-than-temporary, for securities which we have the intent and ability to hold until recovery of value, place greater emphasis on our analysis of underlying credit characteristics than on the extent and duration of declines in fair value. Net realized investment losses in the current quarter include $502 million of losses from impairments and sales of credit-impaired securities. The losses from impairments and sales of credit-impaired securities reflect $420 million on fixed maturity investments and derivatives, including $91 million of impairments relating to asset-backed securities collateralized by sub-prime mortgages, and $71 million of impairments on equity securities. The Company estimates that

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approximately $38 million of the $91 million impairments recorded on asset-backed securities collateralized by sub-prime mortgages represent credit-related losses, based on lower expected collection of cash flows.

At September 30, 2008, gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses amounted to $5.850 billion, including $5.099 billion on investment-grade securities. Gross unrealized losses include $1.201 billion related to asset-backed securities collateralized by sub-prime mortgages. Gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses at September 30, 2008 include $1.970 billion of declines in value of 20% or more of amortized cost, of which $397 million represents such declines in value for three months or more. An additional $772 million of the gross unrealized losses at September 30, 2008 represent declines in value ranging from 15% to 20% of amortized cost, of which $184 million represents such declines in value for three months or more. Gross unrealized losses on general account fixed maturity investments of the Financial Services Businesses amounted to $1.970 billion at year-end 2007. Net unrealized losses on general account fixed maturity investments of the Financial Services Businesses amounted to $3.522 billion at September 30, 2008, compared to net unrealized gains of $1.332 billion at December 31, 2007.

The net loss for the current quarter also reflects pre-tax decreases of $534 million in recorded asset values and $388 million in recorded liabilities representing changes in value which will ultimately accrue to contractholders. These changes primarily represent interest rate related mark-to-market adjustments. The net loss for the current quarter also includes $3 million of pre-tax losses from divested businesses. In addition, net income for the current quarter includes income from discontinued operations of $5 million (net of related taxes).

Net income of the Financial Services Businesses for the year-ago quarter included $180 million of pre-tax net realized investment losses and related charges and adjustments, increases of $36 million in recorded assets and $6 million in recorded liabilities for which changes in value will ultimately accrue to contractholders, and losses of $27 million from divested businesses, in each case before income taxes. In addition, net income for the year-ago quarter included losses from discontinued operations of $4 million (net of related taxes).

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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 a loss from continuing operations before income taxes of $113 million for the third quarter of 2008, compared to income from continuing operations before income taxes of $8 million for the year-ago quarter, reflecting less favorable investment results in the current quarter. The Closed Block Business reported a net loss for the third quarter of 2008 of $58 million, compared to net income of $7 million for the year-ago quarter.

For the first nine months of 2008, the Closed Block Business reported a loss from continuing operations before income taxes of $101 million, compared to income from continuing operations before income taxes of $160 million for the first nine months of 2007. The Closed Block Business reported a net loss of $51 million for the first nine months of 2008 compared to net income of $113 million for the first nine months of 2007.

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 a net loss of $166 million for the third quarter of 2008, compared to net income of $867 million for the year-ago quarter, and reported net income of $493 million for the first nine months of 2008 and $2.833 billion for the first nine months of 2007.

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Share Repurchases and Issuance

During the third quarter of 2008, the company acquired 5.4 million shares of its Common Stock, at a total cost of $375 million. From the commencement of share repurchases in May 2002, through September 30, 2008, the company has acquired 213 million shares of its Common Stock at a total cost of $13.013 billion. As previously announced, in light of recent market volatility and extraordinary events and developments affecting financial markets generally, including market conditions for issuance of certain capital instruments such as hybrid securities, the Company suspended all purchases of its Common Stock under its existing share repurchase program effective October 10, 2008.

Forward-Looking Statements and Non-GAAP Measures

Certain of the statements included in this release 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 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, among others: (1) general economic, market and political conditions, including the performance and fluctuations of fixed income, equity, real estate, and other financial markets, particularly in light of the stress experienced by the global financial markets that began in the second half of 2007 and substantially increased in the third quarter of 2008; (2) the availability and cost of external financing for our operations, which has been affected by the stress experienced by the global financial markets ; (3) interest rate fluctuations; (4) reestimates of our reserves for future policy benefits and claims; (5) differences between actual experience regarding mortality,

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morbidity, persistency, surrender experience, interest rates or market returns and the assumptions we use in pricing our products, establishing liabilities and reserves or for other purposes; (6) changes in our assumptions related to deferred policy acquisition costs, valuation of business acquired or goodwill; (7) changes in our claims-paying or credit ratings; (8) investment losses and defaults; (9) competition in our product lines and for personnel; (10) changes in tax law; (11) economic, political, currency and other risks relating to our international operations; (12) fluctuations in foreign currency exchange rates and foreign securities markets; (13) regulatory or legislative changes , including government actions in response to the stress experienced by the global financial markets; (14) changes in our claims paying or financial strength ratings; (15) adverse determinations in litigation or regulatory matters and our exposure to contingent liabilities, including in connection with our divestiture or winding down of businesses; (16) domestic or international military actions, natural or man-made disasters including terrorist activities or pandemic disease, or other events resulting in catastrophic loss of life; (17) ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks; (18) effects of acquisitions, divestitures and restructurings, including possible difficulties in integrating and realizing the projected results of acquisitions; (19) changes in statutory or U.S. GAAP accounting principles, practices or policies; (20) changes in assumptions for retirement expense; (21) Prudential Financial, Inc.’s primary reliance, as a holding company, on dividends or distributions from its subsidiaries to meet debt payment obligations and the ability of the subsidiaries to pay such dividends or distributions in light of our ratings objectives and/or applicable regulatory restrictions; and (22) risks due to the lack of legal separation between our Financial Services Businesses and our Closed Block Business. Prudential Financial, Inc. does not intend, and is under no obligation, to update any particular forward-looking statement included in this document.

Adjusted operating income is a non-GAAP measure of performance of our Financial Services Businesses. Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses.

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Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax profile.

Realized investment gains (losses) representing profit or loss of certain of our businesses which primarily originate investments for sale or syndication to unrelated investors, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Realized investment gains and losses from products that are free standing derivatives or contain embedded derivatives, and from associated derivative portfolios that are part of an economic hedging program related to the risk of those products, are included in adjusted operating income. Adjusted operating income excludes gains and losses from changes in value of certain assets and liabilities related to foreign currency exchange movements that have been economically hedged, as well as counterparty credit losses on derivative positions experienced during the third quarter of 2008.

Adjusted operating income also excludes investment gains and losses on trading account assets supporting insurance liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values will ultimately accrue to contractholders. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of these transactions. In addition, adjusted operating income excludes the results of divested businesses, which are not relevant to our ongoing operations. Discontinued operations, which is presented as a separate component of net income under GAAP, is also excluded from adjusted operating income.

We believe that the presentation of adjusted operating income as we measure it for management purposes enhances 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. However, adjusted operating income is not a substitute for income determined in accordance with GAAP, and the excluded items are important to an understanding of our overall results of operations. 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 GAAP.

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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, 2007, 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 Thursday, October 30, 2008 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: 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 14. 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 (877) 777-1971 (domestic callers) or (612) 332-0226 (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 2:30 p.m. on October 30, through November 7, dial (800) 475-6701 (domestic callers) or (320) 365-3844 (international callers). The access code for the replay is 904644.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $602 billion of assets under management as of September 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.news.prudential.com.

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Prudential Financial, Inc.

Financial Services Businesses - Third Quarter 2008

Impact of Annual Actuarial Updates, Including the Impact of Market Conditions, and Other Significant Discrete Items

(in millions)

Financial Highlights

(in millions, except per share data, unaudited)

See footnotes on last page.

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Financial Highlights

(in millions, except per share data, unaudited)

See footnotes on last page.

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Financial Highlights

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

See footnotes on last page.

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Financial Highlights

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

See footnotes on last page.

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Realized investment gains (losses) representing profit or loss of certain of our businesses which primarily originate investments for sale or syndication to unrelated investors, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Realized investment gains and losses from products that are free standing derivatives or contain embedded derivatives, and from associated derivative portfolios that are part of an economic hedging program related to the risk of those products, are included in adjusted operating income. Adjusted operating income excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged, as well as counterparty credit losses on derivative positions experienced during the third quarter of 2008.