1

Investor Day 12.04.08

Prudential Financial, Inc.

Investor Day

December 4, 2008

Exhibit 99.2

2

Investor Day 12.04.08

Certain

of

the

statements

included

in

this

presentation

constitute

forward-looking

statements

within

the

meaning

of

the

U.S.

Private

Securities

Litigation

Reform

Act

of

1995.

It

is

possible

that

actual

results

may

differ

materially

from

any

expectations

or

predictions

expressed

in

this

presentation.

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,

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

presentation.

_______________________________________________________________________________

Prudential Financial, Inc. of the United States is not affiliated with Prudential PLC which is headquartered in the United Kingdom.

Forward-Looking Statements

3

Investor Day 12.04.08

This

presentation

includes

references

to

“adjusted

operating

income.”

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.

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

on

the

following

pages

provide

a

reconciliation

of

adjusted

operating

income

to

income

from

continuing

operations

in

accordance

with

GAAP.

Return

on

equity

(“ROE”)

based

on

adjusted

operating

income

is

determined

by

dividing

adjusted

operating

income

after-tax

(giving

effect

to

the

direct

equity

adjustment

for

earnings

per

share

calculation),

annualized

for

interim

periods,

by

average

attributed

equity

for

the

Financial

Services

Businesses

excluding

accumulated

other

comprehensive

income

related

to

unrealized

gains

and

losses

on

investments

and

accumulated

other

comprehensive

income

related

to

pension

and

postretirement

benefits.

Our

expectations

of

Common

Stock

earnings

per

share

and

ROE

are

based

on

after-tax

adjusted

operating

income.

Because

we

do

not

predict

future

realized

investment

gains

/

losses

or

recorded

changes

in

asset

and

liability

values

that

will

ultimately

accrue

to

contractholders,

we

cannot

provide

a

measure

of

our

Common

Stock

earnings

per

share

or

ROE

expectations

based

on

income

from

continuing

operations

of

the

Financial

Services

Businesses

, which

is

the

GAAP

measure

most

comparable

to

adjusted

operating

income.

For

additional

information

about

adjusted

operating

income

and

the

comparable

GAAP

measure

please

refer

to

our

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2007,

our

Current

Report

on

Form

8-K

dated

May

16,

2008

to

retrospectively

adjust

portions

of

the

Company’s

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2007,

and

our

Quarterly

Report

on

Form

10-Q

and

10-Q/A

for

the

quarter

ended

September

30,

2008

located

on

the

Investor

Relations

Web

site

at

www.investor.prudential.com.

Additional

historical

information

relating

to

the

Company’s

financial

performance,

including

its

third

quarter

2008

Quarterly

Financial

Supplement,

is

also

located

on

the

Investor

Relations

website.

The

information

referred

to

above

and

on

the

prior

page,

as

well

as

the

risks

of

our

businesses

described

in

our

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2007,

and

our

Quarterly

Report

on

Form

10-Q

and

10-Q/A

for

the

quarter

ended

September

30,

2008,

should

be

considered

by

readers

when

reviewing

forward-looking

statements

contained

in

this

presentation.

Non–GAAP Measure

4

Investor Day 12.04.08

Reconciliation between adjusted operating income

and the comparable GAAP measure

Nine months ended

(in millions, except per share data)

September 30, 2008

Financial Services Businesses:

Pre-tax adjusted operating income (loss) by division:

Insurance Division

670

$                        

Investment Division

697

International Insurance and Investments Division

1,415

Corporate and other operations

(61)

Total pre-tax adjusted operating income

2,721

Income taxes, applicable to adjusted operating income

717

Financial Services Businesses after-tax adjusted operating income

2,004

Reconciling items:

Realized investment losses, net, and related charges and adjustments

(1,711)

Investment gains (losses) on trading account assets supporting insurance liabilities, net

(919)

Change

in

experience-rated

contractholder

liabilities

due

to

asset

value

changes

682

Divested businesses

(276)

Equity in earnings of operating joint ventures

108

Total reconciling items, before income taxes

(2,116)

Income taxes, not applicable to adjusted operating income

(715)

Total reconciling items, after income taxes

(1,401)

Income from continuing operations (after-tax) of Financial Services Businesses

before equity in earnings of operating joint ventures

603

Equity in earnings of operating joint ventures, net of taxes

(62)

Income (loss) from continuing operations (after-tax) of Financial Services Businesses

541

Income (loss) from discontinued operations, net of taxes

3

Net income (loss) of Financial Services Businesses

544

$                        

Earnings per share of Common Stock (diluted):

Financial Services Businesses after-tax adjusted operating income

4.65

$                       

Reconciling items:

Realized investment losses, net, and related charges and adjustments

(3.90)

Investment gains (losses) on trading account assets supporting insurance liabilities, net

(2.10)

Change

in

experience-rated

contractholder

liabilities

due

to

asset value

changes

1.55

Divested businesses

(0.62)

Equity in earnings of operating joint ventures

0.25

Total reconciling items, before income taxes

(4.82)

Income taxes, not applicable to adjusted operating income

(1.63)

Total reconciling items, after income taxes

(3.19)

Income from continuing operations (after-tax) of Financial Services Businesses

before equity in earnings of operating joint ventures

1.46

Equity in earnings of operating joint ventures, net of taxes

(0.14)

Income (loss) from continuing operations (after-tax) of Financial Services Businesses

1.32

Income (loss) from discontinued operations, net of taxes

0.00

Net income (loss) of Financial Services Businesses

1.32

$                       

Weighted average number of outstanding Common shares (diluted)

438.6

Reconciliation to Consolidated Net Income of Prudential Financial, Inc:

Net income (loss) of Financial Services Businesses (above)

544

$                        

Net income (loss) of Closed Block Business

(51)

Consolidated net income (loss)

493

$                        

Direct equity adjustments for earnings per share calculations

36

$                          

5

Investor Day 12.04.08

Reconciliation between adjusted operating income

and the comparable GAAP measure (continued)

Nine months ended

(in millions)

September 30, 2008

Revenues (1):

Premiums

8,861

$                     

Policy charges and fee income

2,342

Net investment income

6,332

Asset management fees, commissions and other income

2,608

Total revenues

20,143

Benefits and Expenses (1):

Insurance and annuity benefits

9,066

Interest credited to policyholders' account balances

2,462

Interest expense

787

Deferral of acquisition costs

(1,735)

Amortization of acquisition costs

891

General and administrative expenses

5,951

Total benefits and expenses

17,422

Adjusted operating income before income taxes

2,721

Reconciling items:

Realized investment gains (losses), net, and related adjustments

(1,756)

Related charges

45

Total

realized

investment

gains

(losses),

net,

and

related

charges

and

adjustments

(1,711)

Investment gains (losses) on trading account assets supporting insurance liabilities, net

(919)

Change

in

experience-rated

contractholder

liabilities

due

to

asset

value

changes

682

Divested businesses

(276)

Equity in earnings of operating joint ventures

108

Total reconciling items, before income taxes

(2,116)

Income

from

continuing

operations

before

income

taxes

and

equity

in

earnings

of operating joint ventures

605

Income tax expense

2

Income from continuing operations before equity in earnings of operating joint ventures

603

$                        

(1) Revenues exclude realized investment gains, net of losses and related charges and adjustments; investment gains, net of losses, on trading account assets supporting insurance

liabilities, and revenues of divested businesses, and include revenues representing equity in earnings of operating joint ventures.  Benefits and expenses exclude charges related to

realized

investment

gains,

net

of

losses;

change

in

experience-rated

contractholder

liabilities

due

to

asset

value

changes

and

benefits

and

expenses

of

divested

businesses.

Prudential Financial, Inc.

Prudential Financial, Inc.

Rich Carbone

Chief Financial Officer

Rich Carbone

Chief Financial Officer

7

Investor Day 12.04.08

Considerations for 4Q 2008

(1)

•

Ending S&P 500 level of 800

•

16% full year 2008 effective tax rate

•

4Q08 Individual Annuities charges:

–

DAC and related items; GMDB/GMIB reserve increases -

expected

pre-tax charge of $1.2 billion

–

Living benefits hedging breakage through November, net of DAC

amortization, amounted to a pre-tax loss of approximately $225 million

•

Wachovia joint venture classified as a divested business

•

Not reflected in guidance: potential impairments of goodwill and

equity investments in operating joint ventures:

–

Goodwill balance -

$950 million

(2)

–

Equity investments in operating joint ventures currently under

impairment review -

$600 million

(2)

1)

Financial Services Businesses

2)

Balance Sheet carrying amount as of September 30, 2008

8

Investor Day 12.04.08

4Q 2008 Update

(1)

•

Expected

4Q08

credit

losses

of

$300

million

to

$400

million

(2)(3)

•

Expected 4Q08 impairments of equity securities of $300 million to

$400 million

(2)

•

General Account fixed maturity gross unrealized losses of

$13.4 billion as of November 21, 2008 ($5.9 billion as of

September 30, 2008)

1)

Financial Services Businesses

2)

Pre-tax; estimate as of December 3, 2008; amount subject to change based on December 2008

developments

3)

Includes impairments and sales of credit impaired securities

9

Investor Day 12.04.08

Considerations for 2009

(1)

•

2008 baseline earnings

•

Ending S&P 500 level of 900; average of 850

•

25% effective tax rate

•

US Dollar @ 106 Yen

•

Wachovia joint venture removed from AOI for all periods

1)

Financial Services Businesses

10

Investor Day 12.04.08

Earnings Guidance

(1)

1)

Based on after-tax adjusted operating income for the Financial Services Businesses

2)

Excludes impact of potential impairments of goodwill and equity investments in operating joint ventures

$5.25 -

$5.65

Non-Recurring/

Unsustainable 2008 Items

$2.05

Baseline 2008

Earnings  Level

(2)

$5.40 -

$5.60

Sept. 2008 YTD

$4.65

4Q08 Guidance

(2)

($1.10) –

($1.30)

2008 Guidance

(2)

$3.35 –

$3.55

Includes expected 4Q08 loss for Individual Annuities

segment:

-$1.4 billion pre-tax (loss of $1.80 per share):

-Reflects expected charges for DAC and related

items, increased GMDB and GMIB reserves, living

benefits hedging breakage

2009 Guidance

11

Investor Day 12.04.08

Prudential Financial, Inc.

Prudential Financial, Inc.

Prudential Financial, Inc.

John Strangfeld

CEO and Chairman

John Strangfeld

CEO and Chairman

13

Investor Day 12.04.08

Long-Term Objectives

•

Balanced mix of businesses and risks

•

Well positioned in protection and retirement &

accumulation markets –

domestic and international

•

Mid-teens ROE in normal markets

•

Double digit EPS growth

•

Managed for strong capital position

14

Investor Day 12.04.08