November 7, 2012 - QUARTERLY FINANCIAL SUPPLEMENT - 8-K: Current report

Exhibit 99.2

Prudential Financial, Inc. (PRU)

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Quarterly Financial Supplement

FINANCIAL SERVICES BUSINESSES

THIRD QUARTER 2012

Reference is made to Prudential Financial, Inc.’s filings with the Securities and Exchange Commission for general information, and consolidated financial information, regarding Prudential Financial, Inc., including its Closed Block Business. All financial information in this document is unaudited.

November 7, 2012

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

CONTENTS


	Page
HIGHLIGHTS
Financial Highlights		1-3
Operations Highlights		4

FINANCIAL SERVICES BUSINESSES
Combined Statements of Operations		5
Combined Balance Sheets		6
Combining Statements of Operations by Division (Quarter)		7
Combining Statements of Operations by Division		8
Combining Balance Sheets by Division		9
Short-Term and Long-Term Debt		10

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION
Combined Statements of Operations		11
Combining Statements of Operations		12
Individual Annuities Sales Results and Account Values		13
Individual Annuities Account Value Activity		14
Individual Annuities Living Benefit Features		15
Individual Annuities Death Benefit Features		16
Retirement Segment Sales Results and Account Values		17
Supplementary Revenue and Assets Under Management Information for Asset Management Segment		18
Supplementary Assets Under Management and Assets Under Administration Information for Asset Management Segment		19

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION
Combined Statements of Operations		20
Combining Statements of Operations		21
Individual Life Annualized New Business Premiums, Account Value Activity, and Face Amount in Force		22
Supplementary Information for Individual Life Insurance		23
Supplementary Information for Group Insurance		24

DEFERRED POLICY ACQUISITION COSTS & DEFERRED SALES INDUCEMENTS - INDIVIDUAL ANNUITIES, INDIVIDUAL LIFE AND GROUP INSURANCE		25

INTERNATIONAL INSURANCE DIVISION
Combined Statements of Operations		26
Combining Statements of Operations		27
Sales Results and Supplementary Information		28-29

INVESTMENT PORTFOLIO
Investment Portfolio Composition		30
Financial Services Businesses Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations		31
Financial Services Businesses Investment Results		32
Financial Services Businesses Investment Results - Japanese Insurance Operations		33
Financial Services Businesses Investment Results - Excluding Japanese Insurance Operations		34

INDIVIDUAL ANNUITIES - LINE ITEM IMPACT OF THIRD QUARTER 2011 AND 2012 ACTUARIAL UPDATES		35

INDIVIDUAL LIFE - LINE ITEM IMPACT OF THIRD QUARTER 2011 AND 2012 ACTUARIAL UPDATES		36

RECLASSIFIED STATEMENT OF OPERATIONS		37-42

RECLASSIFIED SUPPLEMENTARY INFORMATION		43

KEY DEFINITIONS AND FORMULAS		44-46

RATINGS AND INVESTOR INFORMATION		47

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

This quarterly financial supplement reflects, for all periods presented, the classification of the results for the Company’s long-term care insurance business, formerly reported in the Group Insurance segment, as a “divested business” and excluded from adjusted operating income as a result of the Company’s decision to discontinue sales of long-term care policies.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date						% Change			2011						2012
2012			2011			% Change			3Q			4Q			1Q			2Q			3Q

								*Financial Services Businesses:*
								Pre-tax adjusted operating income (loss) by division:
	1,504			1,247			21%	U.S. Retirement Solutions and Investment Management Division		42			668			698			302			504
	313			465			-33%	U.S. Individual Life and Group Insurance Division		156			180			72			94			147
	2,070			1,788			16%	International Insurance Division		660			595			606			681			783
	(1,079	)		(858	)		-26%	Corporate and other operations		(349	)		(286	)		(364	)		(263	)		(452	)

	2,808			2,642			6%	Total pre-tax adjusted operating income		509			1,157			1,012			814			982
	729			673			8%	Income taxes, applicable to adjusted operating income		103			305			273			196			260

	2,079			1,969			6%	Financial Services Businesses after-tax adjusted operating income		406			852			739			618			722


								Reconciling items:
	(1,111	)		1,443			-177%	Realized investment gains (losses), net, and related charges and adjustments		1,817			(596	)		(1,838	)		2,030			(1,303	)
	502			170			195%	Investment gains on trading account assets supporting insurance liabilities, net		10			53			234			4			264
	(446	)		(76	)		-487%	Change in experience-rated contractholder liabilities due to asset value changes		68			(47	)		(246	)		54			(254	)
	(657	)		49			-1441%	Divested businesses		43			52			4			24			(685	)
	(27	)		(201	)		87%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(87	)		12			5			8			(40	)

	(1,739	)		1,385			-226%	Total reconciling items, before income taxes		1,851			(526	)		(1,841	)		2,120			(2,018	)
	(193	)		612			-132%	Income taxes, not applicable to adjusted operating income		743			(183	)		(111	)		534			(616	)

	(1,546	)		773			-300%	Total reconciling items, after income taxes		1,108			(343	)		(1,730	)		1,586			(1,402	)

	533			2,742			-81%	Income (loss) from continuing operations (after-tax) of Financial Services Businesses before equity in earnings of operating joint ventures		1,514			509			(991	)		2,204			(680	)
	7			117			-94%	Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests		57			(7	)		(4	)		(9	)		20

	540			2,859			-81%	Income (loss) from continuing operations attributable to Prudential Financial, Inc.		1,571			502			(995	)		2,195			(660	)
	51			64			-20%	Earnings attributable to noncontrolling interests		10			8			11			15			25

	591			2,923			-80%	Income from continuing operations (after-tax) of Financial Services Businesses		1,581			510			(984	)		2,210			(635	)
	14			21			-33%	Income (loss) from discontinued operations, net of taxes		(9	)		14			7			8			(1	)

	605			2,944			-79%	Net income (loss) of Financial Services Businesses		1,572			524			(977	)		2,218			(636	)
	51			64			-20%	Less: Income attributable to noncontrolling interests		10			8			11			15			25

	554			2,880			-81%	Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		1,562			516			(988	)		2,203			(661	)

	10.2%			10.0%				Operating Return on Average Equity (based on adjusted operating income)		6.0%			12.3%			11.1%			9.1%			10.3%

								*Reconciliation to Consolidated Net Income Attributable to Prudential Financial, Inc:*
	554			2,880				Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc. (above)		1,562			516			(988	)		2,203			(661	)
	59			64				Net income (loss) of Closed Block Business attributable to Prudential Financial, Inc.		32			82			21			(5	)		43

	613			2,944				Consolidated net income (loss) attributable to Prudential Financial, Inc.		1,594			598			(967	)		2,198			(618	)

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Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						Earnings per share of Common Stock (diluted): (1)
	4.41			4.02		Financial Services Businesses after-tax adjusted operating income		0.84			1.77			1.56			1.32			1.53

						Reconciling items:
	(2.34	)		2.93		Realized investment gains (losses), net, and related charges and adjustments		3.71			(1.25	)		(3.85	)		4.29			(2.76	)
	1.06			0.35		Investment gains on trading account assets supporting insurance liabilities, net		0.02			0.11			0.49			0.01			0.56
	(0.94	)		(0.15	)	Change in experience-rated contractholder liabilities due to asset value changes		0.14			(0.10	)		(0.52	)		0.11			(0.54	)
	(1.39	)		0.10		Divested businesses		0.09			0.11			0.01			0.05			(1.45	)
	0.03			(0.02	)	Difference in earnings allocated to participating unvested share-based payment awards		(0.03	)		—			0.02			(0.03	)		0.01

	(3.58	)		3.21		Total reconciling items, before income taxes		3.93			(1.13	)		(3.85	)		4.43			(4.18	)
	(0.35	)		1.43		Income taxes, not applicable to adjusted operating income		1.58			(0.40	)		(0.19	)		1.13			(1.24	)

	(3.23	)		1.78		Total reconciling items, after income taxes		2.35			(0.73	)		(3.66	)		3.30			(2.94	)

	1.18			5.80		Income (loss) from continuing operations (after-tax) of Financial Services Businesses attributable to Prudential Financial, Inc.		3.19			1.04			(2.10	)		4.62			(1.41	)
	0.03			0.05		Income (loss) from discontinued operations, net of taxes		(0.01	)		0.03			0.01			0.02			—

	1.21			5.85		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		3.18			1.07			(2.09	)		4.64			(1.41	)


	466.6			484.0		Weighted average number of outstanding Common shares (basic)		481.2			469.2			469.2			466.1			464.4

	474.3			492.7		Weighted average number of outstanding Common shares (diluted) (2)		489.3			477.0			477.5			473.5			471.8

	20			25		Direct equity adjustments for earnings per share calculation		8			(1	)		8			8			4

	13			13		Earnings related to interest, net of tax, on exchangeable surplus notes (2)		4			4			4			5			4

						*Earnings allocated to participating unvested share-based payment awards for earnings per share calculation*
	21			27		Financial Services Businesses after-tax adjusted operating income		6			11			8			6			7
	6			38		Income from continuing operations (after-tax) of Financial Services Businesses		20			9			—			20			—

(1)

Diluted share count used in the diluted earnings per share calculation for GAAP measures is equal to weighted average basic common shares for the three months ended March 31, 2012 and September 30, 2012 as all potential common shares are anti-dilutive due to the loss from continuing operations available to holders of common stock after direct equity adjustment.

(2)

In calculating diluted earnings per share under the if-converted method, the potential shares that would be issued related to the exchangeable surplus notes assuming a hypothetical exchange, weighted for the period the notes are outstanding, is added to the denominator, and interest expense, net of tax, is added to the numerator, if the overall effect is dilutive. For the nine months ended September 30, 2012, the hypothetical impact of these shares was antidilutive and therefore excluded from the diluted earnings per share calculation for GAAP measures. The weighted average number of outstanding common shares used in the diluted earnings per share calculation for the nine months ended September 30, 2012 for GAAP measures is 469.2 million.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date					2011				2012
2012		2011			3Q		4Q		1Q		2Q		3Q

				*Financial Services Businesses Capitalization Data (1):*
				Senior Debt:
				Short-term debt		2,899		2,336		3,655		3,226		3,013
				Long-term debt		20,651		21,353		21,110		21,030		19,576
				Junior Subordinated Long-Term Debt		1,519		1,519		1,519		1,519		2,519

				Attributed Equity:
				Including accumulated other comprehensive income		32,901		32,817		33,509		36,559		37,131
				Excluding total accumulated other comprehensive income		27,916		27,567		26,436		28,460		27,715

				Total Capitalization:
				Including accumulated other comprehensive income		55,071		55,689		56,138		59,108		59,226
				Excluding total accumulated other comprehensive income		50,086		50,439		49,065		51,009		49,810

				Book value per share of Common Stock:
				Including accumulated other comprehensive income		68.77		69.07		70.80		78.07		79.51
				Excluding total accumulated other comprehensive income		58.35		58.02		55.85		60.77		59.35

				Number of diluted shares at end of period (2)		478.4		475.1		473.3		468.3		467.0

				*Common Stock Price Range (based on closing price):*
	64.65		67.32	High		65.26		57.32		64.65		64.50		58.63
	44.74		43.93	Low		43.93		43.91		51.30		44.74		45.46
	54.51		46.86	Close		46.86		50.12		63.39		48.43		54.51

				*Common Stock market capitalization (1)*		22,113		23,456		29,667		22,472		25,184

(1)	As of end of period.

(2)	The number of diluted shares at end of period excludes the impact of exchangeable surplus notes due to the anti-dilutive impact of conversion at $98.78 per share.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

OPERATIONS HIGHLIGHTS


Year-to-date					2011				2012
2012		2011			3Q		4Q		1Q		2Q		3Q

				*Assets Under Management and Administration ($ billions) (1) (2):*
				Assets Under Management :
				Managed by U.S. Retirement Solutions and Investment Management Division:
				Asset Management Segment - Investment Management & Advisory Services
				Institutional customers		258.8		269.1		283.2		286.4		300.2
				Retail customers		110.1		117.9		123.6		130.2		132.3
				General account		230.5		232.1		230.0		233.6		237.7

				Total Investment Management and Advisory Services		599.4		619.1		636.8		650.2		670.2
				Non-proprietary assets under management		136.1		152.2		176.8		176.2		193.0

				Total managed by U.S. Retirement Solutions and Investment Management Division		735.5		771.3		813.6		826.4		863.2
				Managed by U.S. Individual Life and Group Insurance Division		13.6		13.8		14.8		13.6		13.7
				Managed by International Insurance Division		122.2		115.6		114.5		121.1		128.0

				Total assets under management		871.3		900.7		942.9		961.1		1,004.9
				Client assets under administration		82.6		85.7		89.2		87.1		88.4

				Total assets under management and administration		953.9		986.4		1,032.1		1,048.2		1,093.3


				Assets managed or administered for customers outside of the United States at end of period		213.2		208.9		214.6		223.0		237.3

				*Distribution Representatives (1):*
				Prudential Agents		2,571		2,529		2,603		2,607		2,662
				International Life Planners		6,699		6,792		6,819		6,806		6,929
				Gibraltar Life Consultants		12,936		12,791		12,219		12,031		11,683

	52		50	*Prudential Agent productivity ($ thousands)*		52		64		45		54		58

(1)	As of end of period.

(2)	At fair market value.

Page 4

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES

(in millions)


Year-to-date						% Change			2011						2012
2012			2011			% Change			3Q			4Q			1Q			2Q			3Q

								Revenues (1):
	20,938			15,492			35%	Premiums		5,332			5,546			5,980			6,695			8,263
	3,414			2,999			14%	Policy charges and fee income		979			1,033			1,078			1,085			1,251
	7,657			7,281			5%	Net investment income		2,508			2,522			2,500			2,526			2,631
	2,985			3,026			-1%	Asset management fees, commissions and other income		952			1,034			937			941			1,107

	34,994			28,798			22%	Total revenues		9,771			10,135			10,495			11,247			13,252


								Benefits and Expenses (1):
	20,117			14,973			34%	Insurance and annuity benefits		5,340			4,946			5,484			6,404			8,229
	2,860			2,803			2%	Interest credited to policyholders’ account balances		1,040			953			948			971			941
	930			864			8%	Interest expense		296			299			308			311			311
	(2,602	)		(2,266	)		-15%	Deferral of acquisition costs		(777	)		(761	)		(809	)		(911	)		(882	)
	1,385			1,187			17%	Amortization of acquisition costs		408			378			406			513			466
	9,496			8,595			10%	General and administrative expenses		2,955			3,163			3,146			3,145			3,205

	32,186			26,156			23%	Total benefits and expenses		9,262			8,978			9,483			10,433			12,270

	2,808			2,642			6%	Adjusted operating income before income taxes		509			1,157			1,012			814			982


								Reconciling items:
	(1,609	)		3,175			-151%	Realized investment gains (losses), net, and related adjustments		3,385			(672	)		(2,716	)		3,058			(1,951	)
	498			(1,732	)		129%	Related charges		(1,568	)		76			878			(1,028	)		648

	(1,111	)		1,443			-177%	Total realized investment gains (losses), net, and related charges and adjustments		1,817			(596	)		(1,838	)		2,030			(1,303	)

	502			170			195%	Investment gains on trading account assets supporting insurance liabilities, net		10			53			234			4			264
	(446	)		(76	)		-487%	Change in experience-rated contractholder liabilities due to asset value changes		68			(47	)		(246	)		54			(254	)
	(657	)		49			-1441%	Divested businesses		43			52			4			24			(685	)
	(27	)		(201	)		87%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(87	)		12			5			8			(40	)

	(1,739	)		1,385			-226%	Total reconciling items, before income taxes		1,851			(526	)		(1,841	)		2,120			(2,018	)


	1,069			4,027			-73%	Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures		2,360			631			(829	)		2,934			(1,036	)
	536			1,285			-58%	Income tax expense (benefit)		846			122			162			730			(356	)

	533			2,742			-81%	Income (loss) from continuing operations before equity in earnings of operating joint ventures		1,514			509			(991	)		2,204			(680	)

(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 other than those classified as divested businesses. 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 and include charges for income attributable to non controlling interests.

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Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINED BALANCE SHEETS - FINANCIAL SERVICES BUSINESSES

(in millions)


	09/30/2011		12/31/2011		03/31/2012		06/30/2012		09/30/2012

Assets:
Investments:
Fixed maturities, available for sale, at fair value (amortized cost $195,462; $197,784; $195,582; $202,699; $208,474)		205,102		208,132		208,419		217,232		226,015
Fixed maturities, held to maturity, at amortized cost (fair value $5,484; $5,354; $5,006; $5,041; $5,018)		5,195		5,107		4,775		4,771		4,720
Trading account assets supporting insurance liabilities, at fair value		19,535		19,481		19,679		19,729		20,132
Other trading account assets, at fair value		6,237		5,228		4,860		5,349		5,610
Equity securities, available for sale, at fair value (cost $4,280; $4,165; $4,041; $4,188; $4,253)		4,561		4,413		4,629		4,651		4,821
Commercial mortgage and other loans		25,315		26,391		26,205		26,643		27,057
Policy loans		6,176		6,263		6,191		6,291		6,551
Other long-term investments		5,919		5,830		5,517		5,655		6,133
Short-term investments		6,764		8,593		7,196		8,253		7,825

Total investments		284,804		289,438		287,471		298,574		308,864
Cash and cash equivalents		14,734		13,201		12,980		13,390		13,102
Accrued investment income		2,147		2,177		2,147		2,180		2,230
Deferred policy acquisition costs		11,658		12,056		13,008		12,612		13,250
Other assets		16,626		15,748		15,641		14,964		15,353
Separate account assets		207,366		218,380		236,567		235,268		247,510

Total assets		537,335		551,000		567,814		576,988		600,309


Liabilities:
Future policy benefits		118,179		119,248		116,721		123,555		132,209
Policyholders’ account balances		129,074		129,074		128,038		128,423		130,227
Securities sold under agreements to repurchase		2,555		3,118		3,806		4,656		4,662
Cash collateral for loaned securities		2,334		2,254		2,226		2,247		2,442
Income taxes		7,308		6,993		8,094		9,073		9,318
Senior short-term debt		2,899		2,336		3,655		3,226		3,013
Senior long-term debt		20,651		21,353		21,110		21,030		19,576
Junior subordinated long-term debt		1,519		1,519		1,519		1,519		2,519
Other liabilities		11,894		13,320		11,973		10,823		11,011
Separate account liabilities		207,366		218,380		236,567		235,268		247,510

Total liabilities		503,779		517,595		533,709		539,820		562,487


Attributed Equity:
Accumulated other comprehensive income		4,985		5,250		7,073		8,099		9,416
Other attributed equity		27,916		27,567		26,436		28,460		27,715

Total attributed equity		32,901		32,817		33,509		36,559		37,131

Noncontrolling Interest		655		588		596		609		691

Total Equity		33,556		33,405		34,105		37,168		37,822

Total liabilities and equity		537,335		551,000		567,814		576,988		600,309

Page 6

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION

(in millions)


	Quarter Ended September 30, 2012
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1) :
Premiums		8,263			161			1,295			6,814			(7	)
Policy charges and fee income		1,251			584			537			139			(9	)
Net investment income		2,631			1,001			409			1,126			95
Asset management fees, commissions and other income		1,107			1,068			127			100			(188	)

Total revenues		13,252			2,814			2,368			8,179			(109	)


Benefits and Expenses (1):
Insurance and annuity benefits		8,229			736			1,433			5,982			78
Interest credited to policyholders’ account balances		941			504			139			303			(5	)
Interest expense		311			37			83			1			190
Deferral of acquisition costs		(882	)		(305	)		(103	)		(494	)		20
Amortization of acquisition costs		466			(20	)		210			279			(3	)
General and administrative expenses		3,205			1,358			459			1,325			63

Total benefits and expenses		12,270			2,310			2,221			7,396			343


Adjusted operating income (loss) before income taxes		982			504			147			783			(452	)


	Quarter Ended September 30, 2011
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		5,332			189			1,301			3,838			4
Policy charges and fee income		979			519			319			150			(9	)
Net investment income		2,508			999			393			1,026			90
Asset management fees, commissions and other income		952			882			77			116			(123	)

Total revenues		9,771			2,589			2,090			5,130			(38	)


Benefits and Expenses (1):
Insurance and annuity benefits		5,340			698			1,459			3,034			149
Interest credited to policyholders’ account balances		1,040			623			134			292			(9	)
Interest expense		296			35			48			—			213
Deferral of acquisition costs		(777	)		(243	)		(82	)		(467	)		15
Amortization of acquisition costs		408			249			(54	)		235			(22	)
General and administrative expenses		2,955			1,185			429			1,376			(35	)

Total benefits and expenses		9,262			2,547			1,934			4,470			311


Adjusted operating income (loss) before income taxes		509			42			156			660			(349	)

(1)

Page 7

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION

(in millions)


	Nine Months Ended September 30, 2012
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1) :
Premiums		20,938			525			3,854			16,583			(24	)
Policy charges and fee income		3,414			1,684			1,317			441			(28	)
Net investment income		7,657			2,982			1,211			3,184			280
Asset management fees, commissions and other income		2,985			2,920			348			251			(534	)

Total revenues		34,994			8,111			6,730			20,459			(306	)


Benefits and Expenses (1):
Insurance and annuity benefits		20,117			1,598			4,358			14,037			124
Interest credited to policyholders’ account balances		2,860			1,616			411			851			(18	)
Interest expense		930			111			240			1			578
Deferral of acquisition costs		(2,602	)		(858	)		(292	)		(1,506	)		54
Amortization of acquisition costs		1,385			245			344			823			(27	)
General and administrative expenses		9,496			3,895			1,356			4,183			62

Total benefits and expenses		32,186			6,607			6,417			18,389			773


Adjusted operating income (loss) before income taxes		2,808			1,504			313			2,070			(1,079	)


	Nine Months Ended September 30, 2011
	Total Financial Services Businesses			U.S. Retirement Solutions & Investment Management Division			U.S. Individual Life & Group Insurance Division			International Insurance Division			Corporate and Other Operations
Revenues (1):
Premiums		15,492			644			3,868			10,997			(17	)
Policy charges and fee income		2,999			1,531			1,088			406			(26	)
Net investment income		7,281			3,077			1,164			2,752			288
Asset management fees, commissions and other income		3,026			2,826			233			344			(377	)

Total revenues		28,798			8,078			6,353			14,499			(132	)


Benefits and Expenses (1):
Insurance and annuity benefits		14,973			1,654			4,251			8,910			158
Interest credited to policyholders’ account balances		2,803			1,736			392			702			(27	)
Interest expense		864			104			141			1			618
Deferral of acquisition costs		(2,266	)		(853	)		(232	)		(1,234	)		53
Amortization of acquisition costs		1,187			504			92			640			(49	)
General and administrative expenses		8,595			3,686			1,244			3,692			(27	)

Total benefits and expenses		26,156			6,831			5,888			12,711			726


Adjusted operating income (loss) before income taxes		2,642			1,247			465			1,788			(858	)

(1)

Page 8

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES COMBINING BALANCE SHEETS - BY DIVISION

(in millions)


	As of September 30, 2012
	Total Financial Services Businesses		U.S. Retirement Solutions & Investment Management Division		U.S. Individual Life & Group Insurance Division		International Insurance Division		Corporate and Other Operations
Assets:
Total investments		308,864		97,088		35,898		164,819		11,059
Deferred policy acquisition costs		13,250		3,665		3,123		6,683		(221	)
Other assets		30,685		10,122		5,093		13,318		2,152
Separate account assets		247,510		210,539		37,944		1,441		(2,414	)

Total assets		600,309		321,414		82,058		186,261		10,576


Liabilities:
Future policy benefits		132,209		22,745		9,922		96,132		3,410
Policyholders’ account balances		130,227		57,093		17,771		55,804		(441	)
Debt		25,108		5,114		7,347		73		12,574
Other liabilities		27,433		9,178		4,691		13,299		265
Separate account liabilities		247,510		210,539		37,944		1,441		(2,414	)

Total liabilities		562,487		304,669		77,675		166,749		13,394


Attributed Equity:
Accumulated other comprehensive income (loss)		9,416		2,136		1,809		6,708		(1,237	)
Other attributed equity		27,715		14,040		2,574		12,672		(1,571	)

Total attributed equity		37,131		16,176		4,383		19,380		(2,808	)

Noncontrolling Interest		691		569		—		132		(10	)

Total Equity		37,822		16,745		4,383		19,512		(2,818	)


Total liabilities and equity		600,309		321,414		82,058		186,261		10,576


	As of December 31, 2011
	Total Financial Services Businesses		U.S. Retirement Solutions & Investment Management Division		U.S. Individual Life & Group Insurance Division		International Insurance Division		Corporate and Other Operations
Assets:
Total investments		289,438		97,005		33,282		148,946		10,205
Deferred policy acquisition costs		12,056		2,587		3,324		6,141		4
Other assets		31,126		9,271		4,546		12,756		4,553
Separate account assets		218,380		183,785		35,665		1,118		(2,188	)

Total assets		551,000		292,648		76,817		168,961		12,574


Liabilities:
Future policy benefits		119,248		20,451		9,441		87,199		2,157
Policyholders’ account balances		129,074		57,878		16,806		54,908		(518	)
Debt		25,208		4,704		7,047		18		13,439
Other liabilities		25,685		10,379		3,623		10,280		1,403
Separate account liabilities		218,380		183,785		35,665		1,118		(2,188	)

Total liabilities		517,595		277,197		72,582		153,523		14,293


Attributed Equity:
Accumulated other comprehensive income (loss)		5,250		2,072		1,333		3,089		(1,244	)
Other attributed equity		27,567		12,754		2,902		12,298		(387	)

Total attributed equity		32,817		14,826		4,235		15,387		(1,631	)

Noncontrolling Interest		588		625		—		51		(88	)

Total Equity		33,405		15,451		4,235		15,438		(1,719	)


Total liabilities and equity		551,000		292,648		76,817		168,961		12,574

Page 9

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

SHORT-TERM AND LONG-TERM DEBT

(in millions)


	As of September 30, 2012								As of December 31, 2011
	Senior debt				Junior Subordinated Long-term Debt				Senior debt				Junior Subordinated Long-term Debt
	Short-term Debt		Long-term Debt		Junior Subordinated Long-term Debt		Total Debt		Short-term Debt		Long-term Debt		Junior Subordinated Long-term Debt		Total Debt
Financial Services Businesses
*Borrowings by use of proceeds:*
Capital Debt		768		8,599		2,519		11,886		450		9,255		1,519		11,224
Investment related		1,372		7,163		—		8,535		926		7,971		—		8,897
Securities business related		545		526		—		1,071		857		661		—		1,518
Specified other businesses		328		3,288		—		3,616		103		3,466		—		3,569
Limited recourse and non-recourse borrowing		—		—		—		—		—		—		—		—

Total debt - Financial Services Businesses		3,013		19,576		2,519		25,108		2,336		21,353		1,519		25,208

Closed Block Business
Investment related		—		—		—		—		—		—		—		—
Limited recourse and non-recourse borrowing		—		1,750		—		1,750		—		1,750		—		1,750

Total debt		—		1,750		—		1,750		—		1,750		—		1,750


	As of September 30, 2012								As of December 31, 2011
	Prudential Financial, Inc.		The Prudential Insurance Co. of America (1)(2)		Other Affiliates		Total		Prudential Financial, Inc.		The Prudential Insurance Co. of America (1)(2)		Other Affiliates		Total
Financial Services Businesses
*Borrowings by sources:*
Capital Debt		10,347		1,041		498		11,886		9,662		1,040		522		11,224
Investment related		4,632		688		3,215		8,535		4,970		710		3,217		8,897
Securities business related		797		163		111		1,071		1,086		422		10		1,518
Specified other businesses		1,820		1,796		—		3,616		2,834		735		—		3,569
Limited recourse and non-recourse borrowing		—		—		—		—		—		—		—		—

Total debt - Financial Services Businesses		17,596		3,688		3,824		25,108		18,552		2,907		3,749		25,208

(1)	Includes Prudential Funding, LLC.

(2)	Capital debt at Prudential Insurance Co. of America includes $940 million of Surplus Notes for September 30, 2012 and December 31, 2011 respectively.

Page 10

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINED STATEMENTS OF OPERATIONS - U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION

(in millions)


Year-to-date						% Change			2011						2012
2012			2011			% Change			3Q			4Q			1Q			2Q			3Q

								Revenues (1):
	525			644			-18%	Premiums		189			257			116			248			161
	1,684			1,531			10%	Policy charges and fee income		519			512			544			556			584
	2,982			3,077			-3%	Net investment income		999			1,010			996			985			1,001
	2,920			2,826			3%	Asset management fees, commissions and other income		882			963			948			904			1,068

	8,111			8,078			0%	Total revenues		2,589			2,742			2,604			2,693			2,814


								Benefits and Expenses (1):
	1,598			1,654			-3%	Insurance and annuity benefits		698			416			251			611			736
	1,616			1,736			-7%	Interest credited to policyholders’ account balances		623			549			544			568			504
	111			104			7%	Interest expense		35			35			35			39			37
	(858	)		(853	)		-1%	Deferral of acquisition costs		(243	)		(240	)		(265	)		(288	)		(305	)
	245			504			-51%	Amortization of acquisition costs		249			98			97			168			(20	)
	3,895			3,686			6%	General and administrative expenses		1,185			1,216			1,244			1,293			1,358

	6,607			6,831			-3%	Total benefits and expenses		2,547			2,074			1,906			2,391			2,310

	1,504			1,247			21%	Adjusted operating income before income taxes		42			668			698			302			504

(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. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 11

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINING STATEMENTS OF OPERATIONS - U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION

(in millions)


	Nine Months Ended September 30, 2012												Quarter Ended September 30, 2012
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management			Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		525			78			447			—			161			24			137			—
Policy charges and fee income		1,684			1,531			153			—			584			531			53			—
Net investment income		2,982			585			2,323			74			1,001			197			767			37
Asset management fees, commissions and other income		2,920			750			588			1,582			1,068			266			205			597

Total revenues		8,111			2,944			3,511			1,656			2,814			1,018			1,162			634


Benefits and Expenses (1):
Insurance and annuity benefits		1,598			518			1,080			—			736			385			351			—
Interest credited to policyholders’ account balances		1,616			331			1,285			—			504			72			432			—
Interest expense		111			85			15			11			37			29			5			3
Deferral of acquisition costs		(858	)		(816	)		(22	)		(20	)		(305	)		(288	)		(10	)		(7	)
Amortization of acquisition costs		245			207			20			18			(20	)		(36	)		10			6
General and administrative expenses		3,895			1,884			720			1,291			1,358			649			264			445

Total benefits and expenses		6,607			2,209			3,098			1,300			2,310			811			1,052			447

Adjusted operating income before income taxes		1,504			735			413			356			504			207			110			187


	Nine Months Ended September 30, 2011												Quarter Ended September 30, 2011
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management			Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		644			97			547			—			189			27			162			—
Policy charges and fee income		1,531			1,387			144			—			519			469			50			—
Net investment income		3,077			593			2,396			88			999			195			786			18
Asset management fees, commissions and other income		2,826			659			538			1,629			882			214			173			495

Total revenues		8,078			2,736			3,625			1,717			2,589			905			1,171			513


Benefits and Expenses (1):
Insurance and annuity benefits		1,654			501			1,153			—			698			331			367			—
Interest credited to policyholders’ account balances		1,736			454			1,282			—			623			182			441			—
Interest expense		104			83			11			10			35			28			4			3
Deferral of acquisition costs		(853	)		(810	)		(25	)		(18	)		(243	)		(230	)		(8	)		(5	)
Amortization of acquisition costs		504			447			38			19			249			233			9			7
General and administrative expenses		3,686			1,772			712			1,202			1,185			553			247			385

Total benefits and expenses		6,831			2,447			3,171			1,213			2,547			1,097			1,060			390

Adjusted operating income (loss) before income taxes		1,247			289			454			504			42			(192	)		111			123

(1)

Page 12

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES SALES RESULTS AND ACCOUNT VALUES

(in millions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						SALES AND ACCOUNT VALUES:

						Variable Annuities:
	109,743			102,348		Beginning total account value		112,202			102,879			109,743			120,276			120,326
	16,199			15,818		Sales		4,472			4,406			4,943			5,344			5,912
	(4,881	)		(5,523	)	Surrenders and withdrawals		(1,623	)		(1,526	)		(1,676	)		(1,626	)		(1,579	)

	11,318			10,295		Net sales		2,849			2,880			3,267			3,718			4,333
	(856	)		(816	)	Benefit payments		(272	)		(276	)		(285	)		(288	)		(283	)

	10,462			9,479		Net flows		2,577			2,604			2,982			3,430			4,050
	10,693			(7,285	)	Change in market value, interest credited, and other		(11,330	)		4,835			8,171			(2,742	)		5,264
	(1,949	)		(1,663	)	Policy charges		(570	)		(575	)		(620	)		(638	)		(691	)

	128,949			102,879		Ending total account value		102,879			109,743			120,276			120,326			128,949


						Fixed Annuities:
	3,792			3,837		Beginning total account value		3,825			3,810			3,792			3,778			3,768
	44			53		Sales		15			16			16			14			14
	(112	)		(139	)	Surrenders and withdrawals		(46	)		(44	)		(43	)		(34	)		(35	)

	(68	)		(86	)	Net redemptions		(31	)		(28	)		(27	)		(20	)		(21	)
	(213	)		(199	)	Benefit payments		(67	)		(77	)		(83	)		(62	)		(68	)

	(281	)		(285	)	Net flows		(98	)		(105	)		(110	)		(82	)		(89	)
	247			259		Interest credited and other		83			87			96			73			78
	(2	)		(1	)	Policy charges		—			—			—			(1	)		(1	)

	3,756			3,810		Ending total account value		3,810			3,792			3,778			3,768			3,756


						SALES BY DISTRIBUTION CHANNEL:

						Variable and Fixed Annuities (1):
	2,466			2,491		Insurance Agents		736			732			764			799			903
	4,003			3,383		Wirehouses		1,040			1,180			1,233			1,299			1,471
	7,147			7,318		Independent Financial Planners		1,922			1,822			2,103			2,338			2,706

	2,627			2,679		Bank Distribution		789			688			859			922			846
	16,243			15,871		Total		4,487			4,422			4,959			5,358			5,926

(1)	Amounts represent gross sales.

Page 13

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES ACCOUNT VALUE ACTIVITY

(in millions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						INDIVIDUAL ANNUITIES:

						Account Values in General Account (1):
	12,830			13,223		Beginning balance		12,185			12,971			12,830			12,277			12,355
	1,884			1,401		Premiums and deposits		489			505			548			662			674
	(770	)		(935	)	Surrenders and withdrawals		(295	)		(179	)		(278	)		(253	)		(239	)

	1,114			466		Net sales		194			326			270			409			435
	(271	)		(255	)	Benefit payments		(82	)		(92	)		(101	)		(84	)		(86	)

	843			211		Net flows		112			234			169			325			349
	304			308		Interest credited and other		102			104			96			111			97
	(2,046	)		(770	)	Net transfers (to) from separate account		572			(479	)		(818	)		(357	)		(871	)
	(2	)		(1	)	Policy charges		—			—			—			(1	)		(1	)

	11,929			12,971		Ending balance		12,971			12,830			12,277			12,355			11,929


						Account Values in Separate Account:
	100,705			92,962		Beginning balance		103,842			93,718			100,705			111,777			111,739
	14,359			14,470		Premiums and deposits		3,998			3,917			4,411			4,696			5,252
	(4,223	)		(4,727	)	Surrenders and withdrawals		(1,374	)		(1,391	)		(1,441	)		(1,407	)		(1,375	)

	10,136			9,743		Net sales		2,624			2,526			2,970			3,289			3,877
	(798	)		(760	)	Benefit payments		(257	)		(261	)		(267	)		(266	)		(265	)

	9,338			8,983		Net flows		2,367			2,265			2,703			3,023			3,612
	10,636			(7,334	)	Change in market value, interest credited and other		(11,349	)		4,818			8,171			(2,780	)		5,245
	2,046			770		Net transfers (to) from general account		(572	)		479			818			357			871
	(1,949	)		(1,663	)	Policy charges		(570	)		(575	)		(620	)		(638	)		(691	)

	120,776			93,718		Ending balance		93,718			100,705			111,777			111,739			120,776

(1)

Premiums and deposits, and surrenders and withdrawals, are classified within the general account and separate account for purposes of this presentation based on the allocation of customer funds. For example, premiums allocated by customers to separate account investments at the time of sale, while remitted through the company’s general account, are shown as separate account premium in this display, rather than as general account premium and transfers to the separate account.

Page 14

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES LIVING BENEFIT FEATURES

(in millions)


	2011				2012
	3Q		4Q		1Q		2Q		3Q

LIVING BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):

Variable Annuity Account Values with Living Benefit Features
Guaranteed minimum accumulation benefits		8,844		8,771		8,724		8,368		8,224
Guaranteed minimum withdrawal benefits		1,018		1,031		1,066		984		980
Guaranteed minimum income benefits		3,580		3,685		3,874		3,603		3,631
Guaranteed minimum withdrawal & income benefits		66,080		72,154		81,156		83,110		91,366

Total		79,522		85,641		94,820		96,065		104,201


Living Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		64,769		70,341		78,622		80,811		88,672
Account Values without Auto-Rebalancing Feature		14,753		15,300		16,198		15,254		15,529

Total		79,522		85,641		94,820		96,065		104,201


Living Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		4,996		4,238		2,650		3,938		3,013
Net Amount at Risk without Auto-Rebalancing Feature		2,934		2,361		1,652		2,008		1,701

Total		7,930		6,599		4,302		5,946		4,714

(1)	At end of period.

Page 15

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - INDIVIDUAL ANNUITIES DEATH BENEFIT FEATURES

(in millions)


	2011				2012
	3Q		4Q		1Q		2Q		3Q

DEATH BENEFIT FEATURES ACCOUNT VALUE AND NET AMOUNT AT RISK (1):

Variable Annuity Account Values by Death Benefit Features
Return of net deposits:
Account value		72,971		78,334		86,442		87,311		94,401
Net amount at risk		3,238		2,083		963		1,390		850
Minimum return, anniversary contract value, or maximum contract value:
Account value		27,022		28,414		30,685		30,037		31,510
Net amount at risk		6,751		5,699		4,173		4,975		4,268

Death Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		64,769		70,341		78,622		80,811		88,672
Account Values without Auto-Rebalancing Feature		35,224		36,407		38,505		36,537		37,239

Total		99,993		106,748		117,127		117,348		125,911


Death Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		3,042		2,154		995		1,596		983
Net Amount at Risk without Auto-Rebalancing Feature		6,947		5,628		4,141		4,769		4,135

Total		9,989		7,782		5,136		6,365		5,118

(1)	At end of period.

Page 16

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - RETIREMENT SEGMENT SALES RESULTS AND ACCOUNT VALUES

(in millions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						RETIREMENT SEGMENT SALES AND ACCOUNT VALUES

						Full Service:
	139,430			141,313		Beginning total account value		146,580			134,198			139,430			145,991			142,405
	12,487			12,942		Deposits and sales		3,966			3,879			4,646			4,363			3,478
	(14,837	)		(13,267	)	Withdrawals and benefits		(4,126	)		(5,893	)		(7,103	)		(3,671	)		(4,063	)
	9,854			(6,790	)	Change in market value, interest credited, interest income and other activity (1)		(12,222	)		7,246			9,018			(4,278	)		5,114

	146,934			134,198		Ending total account value		134,198			139,430			145,991			142,405			146,934


	(2,350	)		(325	)	Net additions (withdrawals)		(160	)		(2,014	)		(2,457	)		692			(585	)


						Stable value account values included above		40,889			41,142			41,169			41,634			42,044

						Institutional Investment Products:
	90,089			64,183		Beginning total account value		74,131			80,513			90,089			93,853			102,443
	15,813			16,948		Additions		5,571			10,825			4,399			8,457			2,957
	(5,909	)		(4,066	)	Withdrawals and benefits (2)		(1,501	)		(2,084	)		(1,538	)		(2,832	)		(1,539	)
	3,999			3,848		Change in market value, interest credited and interest income		2,176			733			928			1,562			1,509
	654			(400	)	Other (3)		136			102			(25	)		1,403			(724	)

	104,646			80,513		Ending total account value		80,513			90,089			93,853			102,443			104,646


	9,904			12,882		Net additions		4,070			8,741			2,861			5,625			1,418

(1)

Includes $(1.4) billion for the three months ended June 30, 2012 and the nine months ending September 30, 2012, representing the divestiture of bank deposits previously held by Prudential Bank & Trust, as a result of the Company’s decision to limit its operations to trust services. Also includes $469 million for the three months ended December 31, 2011, representing the addition of Prudential’s Non-Qualified pension plan transferred from a third party administrator. All divestitures occurred in the second quarter of 2012.

(2)

Includes $(16) million, $(10) million, $(7) million, $(886) million, and $(9) million for the three months ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012, and September 30, 2012 respectively, and $(902) million and $(68) million for the nine months ended September 30, 2012 and 2011, respectively, representing transfers of client balances managed by Prudential to externally managed accounts. These withdrawals are offset within the “Other” category and there are no net impacts on ending account values for these transfers.

(3)

“Other” activity includes transfers to the Asset Management segment of $131 million for the three months ended September 30, 2012, and $0 million and $(415) million for the nine months ended September 30, 2012 and 2011, respectively. “Other” activity also includes $16 million, $10 million, $7 million, $886 million, and $9 million for the three months ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012, and September 30, 2012 respectively, and $902 million and $68 million for the nine months ended September 30, 2012 and 2011, respectively, related to transfers discussed above in note 2. The remainder of “Other” activity primarily represents changes in asset balances for externally managed accounts.

Page 17

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - SUPPLEMENTARY REVENUE AND ASSETS UNDER MANAGEMENT

INFORMATION FOR ASSET MANAGEMENT SEGMENT


						Supplementary Revenue Information (in millions):
Year-to-date				%			2011				2012
2012		2011		Change			3Q		4Q		1Q		2Q			3Q

						Analysis of revenues by type:
	1,181		1,091		8%	Asset management fees		367		376		386		389			406
	117		241		-51%	Other related revenues		35		98		30		(26	)		113
	358		385		-7%	Service, distribution and other revenues		111		120		123		120			115

	1,656		1,717		-4%	Total Asset Management segment revenues		513		594		539		483			634



						Analysis of asset management fees by source:
	564		530		6%	Institutional customers		178		184		187		186			191
	359		319		13%	Retail customers		107		107		115		118			126
	258		242		7%	General account		82		85		84		85			89

	1,181		1,091		8%	Total asset management fees		367		376		386		389			406


Supplementary Assets Under Management Information (in billions):
	September 30, 2012
	Equity		Fixed Income		Real Estate		Total
Institutional customers		49.1		220.5		30.6		300.2
Retail customers		85.3		45.6		1.4		132.3
General account		4.6		231.7		1.4		237.7

Total		139.0		497.8		33.4		670.2


	September 30, 2011
	Equity		Fixed Income		Real Estate		Total
Institutional customers		42.2		189.6		27.0		258.8
Retail customers		63.7		45.0		1.4		110.1
General account		3.8		225.4		1.3		230.5

Total		109.7		460.0		29.7		599.4

Page 18

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION - SUPPLEMENTARY ASSETS UNDER MANAGEMENT AND ADMINISTRATION INFORMATION FOR ASSET MANAGEMENT SEGMENT

(in billions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						Institutional Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	231.5			197.6		Beginning assets under management		218.9			221.6			231.5			244.6			248.6
	37.2			33.8		Additions		10.6			14.2			13.9			10.9			12.4
	(28.4	)		(20.8	)	Withdrawals		(8.5	)		(10.5	)		(8.5	)		(10.9	)		(9.0	)
	20.2			10.9		Change in market value		0.8			5.9			7.6			3.8			8.8
	0.4			(0.3	)	Net money market flows		(0.2	)		0.3			0.1			0.1			0.2
	—			0.4		Other (1)		—			—			—			0.1			(0.1	)

	260.9			221.6		Ending assets under management		221.6			231.5			244.6			248.6			260.9
	39.3			37.2		Affiliated institutional assets under management		37.2			37.6			38.6			37.8			39.3

	300.2			258.8		Total assets managed for institutional customers at end of period		258.8			269.1			283.2			286.4			300.2


	8.8			13.0		Net institutional additions, excluding money market activity		2.1			3.7			5.4			—			3.4


						Retail Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	64.2			61.6		Beginning assets under management		66.8			58.9			64.2			75.0			75.4
	24.5			17.3		Additions		6.2			6.6			8.7			9.0			6.8
	(15.8	)		(15.0	)	Withdrawals		(5.7	)		(5.4	)		(5.5	)		(5.2	)		(5.1	)
	8.1			(4.6	)	Change in market value		(8.4	)		4.1			7.6			(3.4	)		3.9
	—			—		Net money market flows		—			—			—			—			—
	—			(0.4	)	Other (2)		—			—			—			—			—

	81.0			58.9		Ending assets under management		58.9			64.2			75.0			75.4			81.0
	51.3			51.2		Affiliated retail assets under management		51.2			53.7			48.6			54.8			51.3

	132.3			110.1		Total assets managed for retail customers at end of period		110.1			117.9			123.6			130.2			132.3


	8.7			2.3		Net retail additions, excluding money market activity		0.5			1.2			3.2			3.8			1.7

(1)	“Other” activity represents transfers from the Retirement Segment as a result of changes in client contract form.

(2)	Amounts for the nine months ended September 2011 represent a reclassification of certain fund balances to affiliated retail assets under management.

Page 19

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINED STATEMENTS OF OPERATIONS - U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION

(in millions)


Year-to-date						% Change			2011						2012
2012			2011			% Change			3Q			4Q			1Q			2Q			3Q

								Revenues (1):
	3,854			3,868			0%	Premiums		1,301			1,276			1,269			1,290			1,295
	1,317			1,088			21%	Policy charges and fee income		319			384			391			389			537
	1,211			1,164			4%	Net investment income		393			389			400			402			409
	348			233			49%	Asset management fees, commissions and other income		77			104			107			114			127

	6,730			6,353			6%	Total revenues		2,090			2,153			2,167			2,195			2,368


								Benefits and Expenses (1):
	4,358			4,251			3%	Insurance and annuity benefits		1,459			1,367			1,473			1,452			1,433
	411			392			5%	Interest credited to policyholders’ account balances		134			135			133			139			139
	240			141			70%	Interest expense		48			73			77			80			83
	(292	)		(232	)		-26%	Deferral of acquisition costs		(82	)		(85	)		(89	)		(100	)		(103	)
	344			92			274%	Amortization of acquisition costs		(54	)		49			57			77			210
	1,356			1,244			9%	General and administrative expenses		429			434			444			453			459

	6,417			5,888			9%	Total benefits and expenses		1,934			1,973			2,095			2,101			2,221


	313			465			-33%	Adjusted operating income before income taxes		156			180			72			94			147

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 20

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINING STATEMENTS OF OPERATIONS - U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION

(in millions)


	Nine Months Ended September 30, 2012								Quarter Ended September 30, 2012
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance		Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		3,854			542			3,312		1,295			184			1,111
Policy charges and fee income		1,317			947			370		537			407			130
Net investment income		1,211			771			440		409			261			148
Asset management fees, commissions and other income		348			267			81		127			96			31

Total revenues		6,730			2,527			4,203		2,368			948			1,420


Benefits and Expenses (1):
Insurance and annuity benefits		4,358			943			3,415		1,433			299			1,134
Interest credited to policyholders’ account balances		411			241			170		139			83			56
Interest expense		240			235			5		83			80			3
Deferral of acquisition costs		(292	)		(292	)		—		(103	)		(103	)		—
Amortization of acquisition costs		344			341			3		210			209			1
General and administrative expenses		1,356			774			582		459			268			191

Total benefits and expenses		6,417			2,242			4,175		2,221			836			1,385


Adjusted operating income before income taxes		313			285			28		147			112			35


	Nine Months Ended September 30, 2011								Quarter Ended September 30, 2011
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance		Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		3,868			537			3,331		1,301			182			1,119
Policy charges and fee income		1,088			694			394		319			156			163
Net investment income		1,164			729			435		393			248			145
Asset management fees, commissions and other income		233			171			62		77			57			20

Total revenues		6,353			2,131			4,222		2,090			643			1,447


Benefits and Expenses (1):
Insurance and annuity benefits		4,251			868			3,383		1,459			303			1,156
Interest credited to policyholders’ account balances		392			222			170		134			77			57
Interest expense		141			141			—		48			48			—
Deferral of acquisition costs		(232	)		(232	)		—		(82	)		(82	)		—
Amortization of acquisition costs		92			88			4		(54	)		(56	)		2
General and administrative expenses		1,244			700			544		429			242			187

Total benefits and expenses		5,888			1,787			4,101		1,934			532			1,402


Adjusted operating income before income taxes		465			344			121		156			111			45

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 21

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - INDIVIDUAL LIFE ANNUALIZED NEW BUSINESS PREMIUMS, ACCOUNT VALUE ACTIVITY, AND FACE AMOUNT IN FORCE

(in millions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						ANNUALIZED NEW BUSINESS PREMIUMS (1) :

	13			21		Variable life		8			4			4			5			4
	128			66		Universal life		21			29			34			42			52
	127			116		Term life		41			42			41			44			42

	268			203		Total		70			75			79			91			98


						ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):

	66			62		Prudential Agents		21			22			20			24			22
	202			141		Third party distribution		49			53			59			67			76

	268			203		Total		70			75			79			91			98


						ACCOUNT VALUE ACTIVITY:

						*Policyholders’ Account Balances (2):*
	9,500			8,773		Beginning balance		9,086			9,364			9,500			9,792			10,021
	1,488			1,177		Premiums and deposits		401			454			480			502			506
	(625	)		(581	)	Surrenders and withdrawals		(184	)		(199	)		(196	)		(220	)		(209	)

	863			596		Net sales		217			255			284			282			297
	(175	)		(170	)	Benefit payments		(70	)		(51	)		(57	)		(65	)		(53	)

	688			426		Net flows		147			204			227			217			244
	(79	)		208		Interest credited and other		126			(44	)		88			28			(195	)
	216			228		Net transfers from separate account		93			59			70			78			68
	(267	)		(271	)	Policy charges		(88	)		(83	)		(93	)		(94	)		(80	)

	10,058			9,364		Ending balance		9,364			9,500			9,792			10,021			10,058


						*Separate Account Liabilities:*
	16,491			17,156		Beginning balance		17,544			15,506			16,491			17,842			17,113
	631			681		Premiums and deposits		246			215			208			211			212
	(423	)		(544	)	Surrenders and withdrawals		(128	)		(150	)		(145	)		(130	)		(148	)

	208			137		Net sales		118			65			63			81			64
	(23	)		(29	)	Benefit payments		(5	)		(8	)		(7	)		(8	)		(8	)

	185			108		Net flows		113			57			56			73			56
	1,863			(1,023	)	Change in market value, interest credited and other		(1,890	)		1,151			1,530			(562	)		895
	(216	)		(228	)	Net transfers to general account		(93	)		(59	)		(70	)		(78	)		(68	)
	(488	)		(507	)	Policy charges		(168	)		(164	)		(165	)		(162	)		(161	)

	17,835			15,506		Ending balance		15,506			16,491			17,842			17,113			17,835


						FACE AMOUNT IN FORCE (3):

						Variable life		113,349			113,039			113,118			111,530			111,159
						Universal life		39,644			41,063			42,751			45,161			47,943
						Term life		471,453			477,235			483,890			491,724			499,051

						Total		624,446			631,337			639,759			648,415			658,153

(1)	Excludes corporate-owned life insurance.

(2)	Includes fixed rate funds, alliance deposits, supplementary contracts and deferred revenues on variable products.

(3)	At end of period; before reinsurance ceded.

Page 22

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - SUPPLEMENTARY INFORMATION FOR INDIVIDUAL LIFE INSURANCE

(dollar amounts in millions)


Year-to-date					2011				2012
2012		2011			3Q		4Q		1Q		2Q		3Q

				Individual Life Insurance:

				Policy Surrender Experience:
	489		623	Cash value of surrenders		148		155		170		155		165
	2.7%		3.6%	Cash value of surrenders as a percentage of mean future policy benefits, policyholders’ account balances, and separate account balances		2.5%		2.7%		2.8%		2.5%		2.6%

				Death benefits per $1,000 of in force (1):
	4.89		4.66	Variable and universal life		5.00		4.18		4.35		5.90		4.38
	1.50		1.13	Term life		1.21		0.99		1.42		2.08		1.00
	3.12		2.82	Total, Individual Life Insurance		3.03		2.49		2.86		3.89		2.60

(1)	Annualized, for interim reporting periods. Amounts are stated net of reinsurance.

Page 23

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION - SUPPLEMENTARY INFORMATION FOR GROUP INSURANCE

(dollar amounts in millions)


Year-to-date					2011						2012
2012		2011			3Q			4Q			1Q			2Q			3Q

				GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	253		437	Group life		23			49			211			24			18
	128		129	Group disability		17			20			81			19			28

	381		566	Total		40			69			292			43			46


				Future Policy Benefits (1):
				Group life		2,184			2,418			2,325			2,300			2,231
				Group disability		19			8			37			28			17

				Total		2,203			2,426			2,362			2,328			2,248


				Policyholders’ Account Balances (1):
				Group life		7,027			7,127			7,188			7,310			7,522
				Group disability		176			179			168			182			193

				Total		7,203			7,306			7,356			7,492			7,715


				Separate Account Liabilities (1):
				Group life		19,148			19,174			19,826			19,506			20,110
				Group disability		—			—			—			—			—

				Total		19,148			19,174			19,826			19,506			20,110


				Group Life Insurance:
	3,098		3,162	Gross premiums, policy charges and fee income (2)		1,050			1,040			1,064			1,015			1,019
	2,989		3,066	Earned premiums, policy charges and fee income		1,064			999			990			989			1,010
	91.5%		90.6%	Benefits ratio		89.3	%		86.0	%		95.4	%		88.6	%		90.7	%
	9.4%		8.3%	Administrative operating expense ratio		8.7	%		8.9	%		9.1	%		9.9	%		9.2	%
				Persistency ratio		96.2	%		95.8	%		95.4	%		95.0	%		94.5	%

				Group Disability Insurance:
	716		675	Gross premiums, policy charges and fee income (2)		222			228			232			245			239
	693		659	Earned premiums, policy charges and fee income		218			224			230			232			231
	97.8%		91.5%	Benefits ratio		94.0	%		104.0	%		102.2	%		97.4	%		93.9	%
	24.3%		24.6%	Administrative operating expense ratio		25.2	%		25.4	%		25.9	%		23.3	%		23.8	%
				Persistency ratio		89.7	%		88.5	%		93.9	%		91.6	%		90.5	%

(1)	As of end of period.

(2)	Before returns of premiums to participating policyholders for favorable claims experience.

Page 24

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

DEFERRED POLICY ACQUISITION COSTS & DEFERRED SALES INDUCEMENTS - INDIVIDUAL ANNUITIES, INDIVIDUAL LIFE AND GROUP INSURANCE

(in millions)


Year-to-date							2011						2012
2012			2011				3Q			4Q			1Q			2Q			3Q

						DEFERRED POLICY ACQUISITION COSTS

						INDIVIDUAL ANNUITIES:
	2,390			3,019		Beginning balance		3,300			2,131			2,390			3,252			2,619
	816			810		Capitalization		230			228			254			274			288
	(207	)		(447	)	Amortization - operating results		(233	)		(89	)		(86	)		(157	)		36
	446			(1,205	)	Amortization - realized investment gains and losses		(1,138	)		73			675			(747	)		518
	12			(30	)	Impact of unrealized (gains) or losses on AFS securities		(28	)		47			19			(3	)		(4	)
	—			(16	)	Other (1)		—			—			—			—			—

	3,457			2,131		Ending balance		2,131			2,390			3,252			2,619			3,457


						INDIVIDUAL LIFE INSURANCE:
	3,192			3,214		Beginning balance		3,187			3,263			3,192			3,242			3,238
	292			232		Capitalization		82			85			89			100			103
	(341	)		(88	)	Amortization - operating results		56			(47	)		(56	)		(76	)		(209	)
	—			—		Amortization - realized investment gains and losses		—			—			—			—			—
	(149	)		(95	)	Impact of unrealized (gains) or losses on AFS securities		(62	)		(109	)		17			(28	)		(138	)

	2,994			3,263		Ending balance		3,263			3,192			3,242			3,238			2,994


						GROUP INSURANCE:
	132			138		Beginning balance		136			134			132			131			130
	—			—		Capitalization		—			—			—			—			—
	(3)			(4	)	Amortization - operating results		(2	)		(2	)		(1	)		(1	)		(1	)
	—			—		Amortization - realized investment gains and losses		—			—			—			—			—
	—			—		Impact of unrealized losses on AFS securities		—			—			—			—			—

	129			134		Ending balance		134			132			131			130			129


						DEFERRED SALES INDUCEMENTS

						INDIVIDUAL ANNUITIES:
	1,000			1,348		Beginning balance		1,415			915			1,000			1,306			1,032
	240			279		Capitalization		72			79			82			88			70
	(115	)		(221	)	Amortization - operating results		(105	)		(41	)		(45	)		(68	)		(2	)
	139			(493	)	Amortization - realized investment gains and losses		(455	)		29			262			(295	)		172
	11			(14	)	Impact of unrealized (gains) or losses on AFS securities		(12	)		18			7			1			3
	—			16		Other (1)		—			—			—			—			—

	1,275			915		Ending balance		915			1,000			1,306			1,032			1,275

(1)	“Other” activity for the nine months ended September 2011 reflects a reclassification between the balances, as of January 1, 2011, of deferred policy acquisition costs and deferred sales inducements for Individual Annuities due to a refinement in methodology for allocating such balances.

Page 25

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


Year-to-date						%			2011						2012
2012			2011			Change			3Q			4Q			1Q			2Q			3Q

								Revenues (1):
	16,583			10,997			51%	Premiums		3,838			4,018			4,605			5,164			6,814
	441			406			9%	Policy charges and fee income		150			146			152			150			139
	3,184			2,752			16%	Net investment income		1,026			1,025			1,023			1,035			1,126
	251			344			-27%	Asset management fees, commissions and other income		116			101			69			82			100

	20,459			14,499			41%	Total revenues		5,130			5,290			5,849			6,431			8,179


								Benefits and Expenses (1):
	14,037			8,910			58%	Insurance and annuity benefits		3,034			3,175			3,752			4,303			5,982
	851			702			21%	Interest credited to policyholders’ account balances		292			276			278			270			303
	1			1			0%	Interest expense		—			—			1			(1	)		1
	(1,506	)		(1,234	)		-22%	Deferral of acquisition costs		(467	)		(450	)		(470	)		(542	)		(494	)
	823			640			29%	Amortization of acquisition costs		235			240			260			284			279
	4,183			3,692			13%	General and administrative expenses		1,376			1,454			1,422			1,436			1,325

	18,389			12,711			45%	Total benefits and expenses		4,470			4,695			5,243			5,750			7,396


	2,070			1,788			16%	Adjusted operating income before income taxes		660			595			606			681			783

(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 include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 26

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

COMBINING STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


	Nine Months Ended September 30, 2012									Quarter Ended September 30, 2012
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations			Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		16,583			5,243			11,340			6,814			1,727			5,087
Policy charges and fee income		441			271			170			139			83			56
Net investment income		3,184			1,185			1,999			1,126			418			708
Asset management fees, commissions and other income		251			47			204			100			9			91

Total revenues		20,459			6,746			13,713			8,179			2,237			5,942


Benefits and Expenses (1):
Insurance and annuity benefits		14,037			4,328			9,709			5,982			1,436			4,546
Interest credited to policyholders’ account balances		851			209			642			303			80			223
Interest expense		1			—			1			1			—			1
Deferral of acquisition costs		(1,506	)		(628	)		(878	)		(494	)		(190	)		(304	)
Amortization of acquisition costs		823			326			497			279			76			203
General and administrative expenses		4,183			1,362			2,821			1,325			442			883

Total benefits and expenses		18,389			5,597			12,792			7,396			1,844			5,552

Adjusted operating income before income taxes		2,070			1,149			921			783			393			390


	Nine Months Ended September 30, 2011									Quarter Ended September 30, 2011
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations			Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		10,997			4,779			6,218			3,838			1,612			2,226
Policy charges and fee income		406			279			127			150			98			52
Net investment income		2,752			1,076			1,676			1,026			378			648
Asset management fees, commissions and other income		344			(17	)		361			116			(12	)		128

Total revenues		14,499			6,117			8,382			5,130			2,076			3,054


Benefits and Expenses (1):
Insurance and annuity benefits		8,910			3,943			4,967			3,034			1,325			1,709
Interest credited to policyholders’ account balances		702			184			518			292			66			226
Interest expense		1			—			1			—			—			—
Deferral of acquisition costs		(1,234	)		(554	)		(680	)		(467	)		(185	)		(282	)
Amortization of acquisition costs		640			346			294			235			121			114
General and administrative expenses		3,692			1,252			2,440			1,376			418			958

Total benefits and expenses		12,711			5,171			7,540			4,470			1,745			2,725

Adjusted operating income before income taxes		1,788			946			842			660			331			329

(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 include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 27

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION

(in millions)


Year-to-date					2011			2012
2012		2011			3Q	4Q		1Q		2Q		3Q

				INTERNATIONAL INSURANCE OPERATING DATA:

				Actual exchange rate basis (1):

				Net premiums, policy charges and fee income:
	4,340		3,893	Japan, excluding Gibraltar Life	1,310		1,317		1,531		1,393		1,416
	11,510		6,345	Gibraltar Life	2,278		2,440		2,837		3,530		5,143
	1,174		1,165	All other countries	400		407		389		391		394

	17,024		11,403	Total	3,988		4,164		4,757		5,314		6,953


				Annualized new business premiums:
	802		609	Japan, excluding Gibraltar Life	209		207		305		316		181
	1,911		1,487	Gibraltar Life	570		555		469		762		680
	268		247	All other countries	82		87		89		86		93

	2,981		2,343	Total	861		849		863		1,164		954


				Annualized new business premiums by distribution channel:
	1,070		856	Life Planners	291		294		394		402		274
	717		699	Gibraltar Life Consultants	269		280		193		316		208
	887		451	Banks	173		152		193		261		433
	307		337	Independent Agency	128		123		83		185		39

	2,981		2,343	Total	861		849		863		1,164		954


				Constant exchange rate basis (2):

				Net premiums, policy charges and fee income:
	4,132		3,736	Japan, excluding Gibraltar Life	1,225		1,227		1,460		1,336		1,336
	10,817		6,083	Gibraltar Life	2,135		2,268		2,633		3,378		4,806
	1,159		1,086	All other countries	371		404		378		391		390

	16,108		10,905	Total	3,731		3,899		4,471		5,105		6,532


				Annualized new business premiums:
	772		587	Japan, excluding Gibraltar Life	198		194		294		307		171
	1,810		1,424	Gibraltar Life	537		519		439		735		636
	264		230	All other countries	75		86		86		85		93

	2,846		2,241	Total	810		799		819		1,127		900


				Annualized new business premiums by distribution channel:
	1,036		817	Life Planners	273		280		380		392		264
	679		666	Gibraltar Life Consultants	253		262		181		305		193
	839		436	Banks	165		144		182		251		406
	292		322	Independent Agency	119		113		76		179		37

	2,846		2,241	Total	810		799		819		1,127		900

(1)	Translated based on applicable average exchange rates for the period shown.

(2)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 85 per U.S. dollar; Korean won 1180 per U.S. dollar. U.S. denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 28

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION


	2011						2012
	3Q			4Q			1Q			2Q			3Q

Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan, excluding Gibraltar Life		326			328			332			335			338
Gibraltar Life		378			380			378			379			385
All other countries		103			105			105			106			106

Total		807			813			815			820			829


Number of individual policies in force at end of period (in thousands) (2):
Japan, excluding Gibraltar Life		2,647			2,678			2,725			2,773			2,794
Gibraltar Life		7,459			7,477			7,453			7,417			7,432
All other countries		1,555			1,575			1,606			1,624			1,643

Total		11,661			11,730			11,784			11,814			11,869


International life insurance policy persistency: (3)

Excluding Gibraltar Life:
13 months		92.7	%		92.8	%		93.0	%		93.0	%		93.0	%
25 months		85.1	%		85.4	%		85.2	%		85.4	%		85.7	%

Gibraltar Life:
13 months		93.0	%		93.1	%		93.0	%		90.6	%		90.4	%
25 months		85.8	%		85.8	%		85.8	%		81.6	%		82.0	%

Number of Life Planners at end of period:
Japan		3,144			3,137			3,165			3,116			3,169
All other countries		3,555			3,655			3,654			3,690			3,760

Total life planners		6,699			6,792			6,819			6,806			6,929


Gibraltar Life Consultants		12,936			12,791			12,219			12,031			11,683

(1)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 85 per U.S. dollar; Korean won 1180 per U.S. dollar. U.S. denominated activity is included based on the amounts as transacted in U.S. dollars.

(2)	Direct business only; policy count includes annuities.

(3)	Excludes Star/Edison business for 1Q 2012 and prior periods.

Page 29

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	September 30, 2012									December 31, 2011
	Consolidated		Closed Block		Financial Services Businesses					Consolidated		Closed Block		Financial Services Businesses
	Portfolio		Business		Amount		% of Total			Portfolio		Business		Amount		% of Total
Fixed maturities:
Public, available-for-sale, at fair value		226,161		29,549		196,612		65.7	%		209,297		30,211		179,086		64.3	%
Public, held-to-maturity, at amortized cost		3,438		—		3,438		1.1	%		3,743		—		3,743		1.3	%
Private, available-for-sale, at fair value		46,685		17,817		28,868		9.7	%		43,243		16,305		26,938		9.7	%
Private, held-to-maturity, at amortized cost		1,282		—		1,282		0.5	%		1,364		—		1,364		0.5	%
Trading account assets supporting insurance liabilities, at fair value		20,132		—		20,132		6.7	%		19,481		—		19,481		7.0	%
Other trading account assets, at fair value		1,917		264		1,653		0.6	%		2,421		317		2,104		0.8	%
Equity securities, available-for-sale, at fair value		7,979		3,171		4,808		1.6	%		7,523		3,122		4,401		1.6	%
Commercial mortgage and other loans, at book value		36,109		9,765		26,344		8.8	%		34,113		9,040		25,073		9.0	%
Policy loans, at outstanding balance		11,701		5,150		6,551		2.2	%		11,559		5,296		6,263		2.2	%
Other long-term investments (1)		6,832		2,022		4,810		1.5	%		6,471		1,990		4,481		1.6	%
Short-term investments		6,007		1,470		4,537		1.6	%		6,137		528		5,609		2.0	%

Subtotal (2)		368,243		69,208		299,035		100.0	%		345,352		66,809		278,543		100.0	%

Invested assets of other entities and operations (3)		9,829		—		9,829					10,895		—		10,895

Total investments		378,072		69,208		308,864					356,247		66,809		289,438

Fixed Maturities by Credit Quality (2):


	September 30, 2012											December 31, 2011
	Financial Services Businesses											Financial Services Businesses
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		% of Total			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		% of Total
Public Fixed Maturities:
NAIC Rating (4)
1		162,378		15,565		918		177,025		88.4	%		151,700		11,143		1,756		161,087		88.0	%
2		17,408		1,805		476		18,737		9.3	%		17,017		1,298		797		17,518		9.6	%

Subtotal - High or Highest Quality Securities		179,786		17,370		1,394		195,762		97.7	%		168,717		12,441		2,553		178,605		97.6	%

3		3,152		77		281		2,948		1.5	%		3,446		66		574		2,938		1.6	%
4		1,254		76		150		1,180		0.6	%		1,328		34		296		1,066		0.6	%
5		376		8		108		276		0.1	%		443		6		174		275		0.1	%
6		123		13		28		108		0.1	%		219		15		105		129		0.1	%

Subtotal - Other Securities		4,905		174		567		4,512		2.3	%		5,436		121		1,149		4,408		2.4	%

Total		184,691		17,544		1,961		200,274		100.0	%		174,153		12,562		3,702		183,013		100.0	%


Private Fixed Maturities:
NAIC Rating (4)
1		7,113		804		63		7,854		26.0	%		7,018		730		84		7,664		27.0	%
2		17,180		1,574		293		18,461		61.1	%		15,847		1,273		362		16,758		59.1	%

Subtotal - High or Highest Quality Securities		24,293		2,378		356		26,315		87.1	%		22,865		2,003		446		24,422		86.1	%

3		2,472		180		37		2,615		8.7	%		2,532		134		43		2,623		9.2	%
4		675		37		7		705		2.3	%		715		14		20		709		2.5	%
5		406		15		19		402		1.3	%		490		5		42		453		1.6	%
6		162		31		5		188		0.6	%		130		31		3		158		0.6	%

Subtotal - Other Securities		3,715		263		68		3,910		12.9	%		3,867		184		108		3,943		13.9	%

Total		28,008		2,641		424		30,225		100.0	%		26,732		2,187		554		28,365		100.0	%

(1)	Other long-term investments consist of real estate and non-real estate related investments in joint ventures and partnerships, investment real estate held through direct ownership, and other miscellaneous investments.

(2)	Excludes (i) assets of our trading and banking, (ii) assets of our asset management operations, including assets managed for third parties, and (iii) those assets classified as “separate account assets” on our balance sheet.

(3)	Includes invested assets of trading and banking and asset management operations. Excludes assets of our asset management operations managed for third parties and those assets classified as “separate account assets” on our balance sheet.

(4)

Reflects equivalent ratings for investments of the international insurance operations. Includes, as of September 30, 2012 and December 31, 2011, respectively, 138 securities with amortized cost of $1,318 million (fair value $1,387 million) and 110 securities with amortized cost of $817 million (fair value, $852 million) that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 30

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	September 30, 2012					December 31, 2011
	Amount		% of Total			Amount		% of Total
Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		125,028		81.8	%		111,857		80.3	%
Public, held-to-maturity, at amortized cost		3,438		2.3	%		3,743		2.7	%
Private, available-for-sale, at fair value		5,973		3.9	%		5,020		3.6	%
Private, held-to-maturity, at amortized cost		1,282		0.8	%		1,364		1.0	%
Trading account assets supporting insurance liabilities, at fair value		1,833		1.2	%		1,732		1.2	%
Other trading account assets, at fair value		1,367		0.9	%		1,496		1.1	%
Equity securities, available-for-sale, at fair value		2,030		1.3	%		1,932		1.4	%
Commercial mortgage and other loans, at book value		6,179		4.1	%		5,672		4.1	%
Policy loans, at outstanding balance		2,857		1.9	%		2,873		2.0	%
Other long-term investments (2)		2,316		1.5	%		2,892		2.1	%
Short-term investments		467		0.3	%		702		0.5	%

Total		152,770		100.0	%		139,283		100.0	%


	September 30, 2012					December 31, 2011
	Amount		% of Total			Amount		% of Total
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		71,584		48.9	%		67,229		48.3	%
Public, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Private, available-for-sale, at fair value		22,895		15.7	%		21,918		15.7	%
Private, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Trading account assets supporting insurance liabilities, at fair value		18,299		12.5	%		17,749		12.8	%
Other trading account assets, at fair value		286		0.2	%		608		0.4	%
Equity securities, available-for-sale, at fair value		2,778		1.9	%		2,469		1.8	%
Commercial mortgage and other loans, at book value		20,165		13.8	%		19,401		13.9	%
Policy loans, at outstanding balance		3,694		2.5	%		3,390		2.4	%
Other long-term investments (2)		2,494		1.7	%		1,589		1.2	%
Short-term investments		4,070		2.8	%		4,907		3.5	%

Total		146,265		100.0	%		139,260		100.0	%

(1)	Excludes assets classified as “Separate account assets” on our balance sheet.

(2)	Other long-term investments consist of real estate and non-real estate related investments in joint ventures and partnerships, investment real estate held through direct ownership, derivatives and other miscellaneous investments.

Page 31

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS

(in millions)


	Quarter Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (3)			Amount			(Losses)			Yield (3)			Amount			(Losses)
Financial Services Businesses (1):
Fixed maturities		3.69	%		1,897			(92	)		3.81	%		1,825			(84	)
Equity securities		6.49	%		68			10			5.78	%		49			(82	)
Commercial mortgage and other loans		5.27	%		282			8			5.31	%		262			26
Policy loans		4.60	%		73			—			4.72	%		72			—
Short-term investments and cash equivalents		0.24	%		8			—			0.39	%		13			—
Other investments		5.20	%		82			(1,473	)		3.86	%		80			2,353

Gross investment income before investment expenses		3.76	%		2,410			(1,547	)		3.81	%		2,301			2,213
Investment expenses		-0.12	%		(61	)		—			-0.12	%		(59	)		—

Subtotal		3.64	%		2,349			(1,547	)		3.69	%		2,242			2,213

Investment results of other entities and operations (2)					316			28						301			75
Less, investment income related to adjusted operating income reconciling items					(34	)								(35	)

Total					2,631			(1,519	)					2,508			2,288


	Nine Months Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (3)			Amount			(Losses)			Yield (3)(4)			Amount			(Losses)
Financial Services Businesses (1):
Fixed maturities		3.75	%		5,610			(224	)		3.92	%		5,214			(114	)
Equity securities		6.11	%		186			(59	)		6.22	%		185			(97	)
Commercial mortgage and other loans		5.27	%		824			11			5.45	%		763			47
Policy loans		4.62	%		215			—			4.72	%		205			—
Short-term investments and cash equivalents		0.25	%		24			—			0.42	%		40			—
Other investments		4.09	%		194			(1,050	)		4.45	%		213			2,463

Gross investment income before investment expenses		3.77	%		7,053			(1,322	)		3.93	%		6,619			2,299
Investment expenses		-0.12	%		(186	)		—			-0.13	%		(172	)		—

Subtotal		3.65	%		6,867			(1,322	)		3.79	%		6,447			2,299

Investment results of other entities and operations (2)					890			38						929			162
Less, investment income related to adjusted operating income reconciling items					(100	)								(95	)

Total					7,657			(1,284	)					7,281			2,461

(1)

Excludes assets of our trading, banking, commercial loans and trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders, assets of our asset management operations, including assets managed for third parties, and those assets classified as “separate account assets” on our balance sheet. Realized gains / (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives.

(2)	Includes investment income of trading, banking, asset management operations, commercial loans, and trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders.

(3)

Yields are based on net investment income as reported under U.S. GAAP and do not include adjustments, such as settlements of duration management swaps that are included in adjusted operating income. Yields are annualized, for interim periods, and are based on quarterly average carrying values except for fixed maturities, equity securities and securities lending activity. Yields for fixed maturities are based on amortized cost. Yields for equity securities are based on cost. Yields for fixed maturities and short term investments and cash equivalents are calculated net of liabilities and rebate expenses corresponding to securities lending activity. Yields exclude investment income and assets related to commercial loans and trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders and investment income on assets other than those included in invested assets. Prior period’s yields are presented on a basis consistent with the current presentation.

(4)	Yields for the nine months ended September 30, 2011 are weighted for seven months of income and assets related to the Star and Edison businesses.

Page 32

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS

(in millions)


	Quarter Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (1)			Amount			(Losses)			Yield (1)			Amount			(Losses)
Japanese Insurance Operations:
Fixed maturities		2.71	%		844			(97	)		2.75	%		774			(115	)
Equity securities		4.58	%		22			(10	)		3.70	%		12			(75	)
Commercial mortgage and other loans		4.18	%		62			4			4.07	%		55			4
Policy loans		3.57	%		25			—			3.51	%		24			—
Short-term investments and cash equivalents		0.14	%		1			—			0.70	%		7			—
Other investments (3)		6.00	%		59			18			4.25	%		63			539

Gross investment income before investment expenses		2.83	%		1,013			(85	)		2.84	%		935			353
Investment expenses		-0.11	%		(39	)		—			-0.11	%		(37	)		—

Total		2.72	%		974			(85	)		2.73	%		898			353


	Nine Months Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (1)			Amount			(Losses)			Yield (1)(2)			Amount			(Losses)
Japanese Insurance Operations:
Fixed maturities		2.73	%		2,456			(209	)		2.74	%		2,047			(237	)
Equity securities		3.40	%		50			(89	)		3.47	%		56			(121	)
Commercial mortgage and other loans		4.09	%		174			9			4.15	%		155			13
Policy loans		3.50	%		73			—			3.44	%		66			—
Short-term investments and cash equivalents		0.16	%		4			—			0.77	%		20			1
Other investments (3)		4.45	%		133			78			4.44	%		144			405

Gross investment income before investment expenses		2.80	%		2,890			(211	)		2.83	%		2,488			61
Investment expenses		-0.12	%		(124	)		—			-0.12	%		(105	)		—

Total		2.68	%		2,766			(211	)		2.71	%		2,383			61

(1)

(2)	Yields for the nine months ended September 30, 2011 are weighted for seven months of income and assets related to the Star and Edison businesses.

(3)	Realized gains / (losses) for Other investments includes changes in fair value of product-related and other derivatives and embedded derivatives.

Page 33

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS

(in millions)


	Quarter Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (2)			Amount			(Losses)			Yield (2)			Amount			(Losses)
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities		5.21	%		1,053			5			5.31	%		1,051			31
Equity securities		8.19	%		46			20			8.13	%		37			(7	)
Commercial mortgage and other loans		5.69	%		220			4			5.78	%		207			22
Policy loans		5.41	%		48			—			5.72	%		48			—
Short-term investments and cash equivalents		0.28	%		7			—			0.28	%		6			—
Other investments		3.91	%		23			(1,491	)		2.83	%		17			1,814

Gross investment income before investment expenses		4.94	%		1,397			(1,462	)		4.96	%		1,366			1,860
Investment expenses		-0.13	%		(22	)		—			-0.13	%		(22	)		—

Total		4.81	%		1,375			(1,462	)		4.83	%		1,344			1,860


	Nine Months Ended September 30
	2012									2011
	Investment Income						Realized Gains /			Investment Income						Realized Gains /
	Yield (2)			Amount			(Losses)			Yield (2)			Amount			(Losses)
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities		5.30	%		3,154			(15	)		5.43	%		3,167			123
Equity securities		8.65	%		136			30			8.97	%		129			24
Commercial mortgage and other loans		5.72	%		650			2			5.93	%		608			34
Policy loans		5.53	%		142			—			5.75	%		139			—
Short-term investments and cash equivalents		0.28	%		20			—			0.30	%		20			(1	)
Other investments		3.49	%		61			(1,128	)		4.46	%		69			2,058

Gross investment income before investment expenses		4.98	%		4,163			(1,111	)		5.12	%		4,131			2,238
Investment expenses		-0.13	%		(62	)		—			-0.14	%		(67	)		—

Total		4.85	%		4,101			(1,111	)		4.99	%		4,064			2,238

(1)

(2)

Page 34

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

INDIVIDUAL ANNUITIES - LINE ITEM IMPACT OF THIRD QUARTER 2011 AND 2012 ACTUARIAL UPDATES

(in millions)


	Insurance and Annuity Benefits				Interest Credited to Policyholders’ Account Balances					Amortization of Deferred Policy Acquisition Costs					General and Administrative Expenses					Pre-Tax Adjusted Operating Income
	Third Quarter 2011		Third Quarter 2012		Third Quarter 2011		Third Quarter 2012			Third Quarter 2011		Third Quarter 2012			Third Quarter 2011		Third Quarter 2012			Third Quarter 2011			Third Quarter 2012
Actuarial Item:

Annual review of assumptions including: actual and expected fund performance, persistency, investment margins, costs associated with guaranteed benefits, and other elements of gross profits.		230		296		59		(57	)		129		(168	)		6		(16	)		(424	)		(55	)


Reported amount		331		385		182		72			233		(36	)		553		649


Amount excluding impact of items indicated above		101		89		123		129			104		132			547		665

Page 35

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

INDIVIDUAL LIFE - LINE ITEM IMPACT OF THIRD QUARTER 2011 AND 2012 ACTUARIAL UPDATES

(in millions)


	Policy Charges and Fee Income (1)					Insurance and Annuity Benefits (2)					Amortization of Deferred Policy Acquisition Costs					Pre-Tax Adjusted Operating Income
	Third Quarter 2011			Third Quarter 2012		Third Quarter 2011			Third Quarter 2012		Third Quarter 2011			Third Quarter 2012		Third Quarter 2011		Third Quarter 2012
Actuarial Item:

Annual review of assumptions for mortality, persistency, premium payment pattern, and other elements of expected gross profits, and guaranteed minimum death benefits		(125	)		121		(4	)		11		(148	)		137		27		(27	)


Reported amount		156			407		303			299		(56	)		209


Amount excluding impact of items indicated above		281			286		307			288		92			72

(1)	Includes unearned revenue reserve, subject to amortization based on gross profits.

(2)	Includes terminal dividend reserve, accumulated over estimated contract period.

Page 36

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Years ended December 31							2011												2012
2010			2009				1Q			2Q			3Q			4Q			1Q			2Q

						*Financial Services Businesses:*

						Pre-tax adjusted operating income (loss) by division:
	2,002			1,218		U.S. Retirement Solutions and Investment Management Division		600			605			42			668			698			302
	656			817		U.S. Individual Life and Group Insurance Division		133			176			156			180			72			94
	1,915			1,676		International Insurance Division		628			500			660			595			606			681
	(954	)		(793	)	Corporate and other operations		(270	)		(239	)		(349	)		(286	)		(364	)		(263	)

	3,619			2,918		Total pre-tax adjusted operating income		1,091			1,042			509			1,157			1,012			814
	947			707		Income taxes, applicable to adjusted operating income		294			276			103			305			273			196

	2,672			2,211		Financial Services Businesses after-tax adjusted operating income		797			766			406			852			739			618


						Reconciling items:
	(27	)		(1,669	)	Realized investment gains (losses), net, and related charges and adjustments		(375	)		1			1,817			(596	)		(1,838	)		2,030
	501			1,601		Investment gains (losses) on trading account assets supporting insurance liabilities, net		(17	)		177			10			53			234			4
	(631	)		(899	)	Change in experience-rated contractholder liabilities due to asset value changes		34			(178	)		68			(47	)		(246	)		54
	18			2,117		Divested businesses		(4	)		10			43			52			4			24
	(95	)		(2,364	)	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(133	)		19			(87	)		12			5			8

	(234)			(1,214	)	Total reconciling items, before income taxes		(495	)		29			1,851			(526	)		(1,841	)		2,120
	41			(657	)	Income taxes, not applicable to adjusted operating income		(144	)		13			743			(183	)		(111	)		534

	(275)			(557	)	Total reconciling items, after income taxes		(351	)		16			1,108			(343	)		(1,730	)		1,586

	2,397			1,654		Income (loss) from continuing operations (after-tax) of Financial Services Businesses before equity in earnings of operating joint ventures		446			782			1,514			509			(991	)		2,204
	71			1,557		Equity in earnings of operating joint ventures, net of taxes and earnings from continuing operations attributable to noncontrolling interests		79			(19	)		57			(7	)		(4	)		(9	)

	2,468			3,211		Income (loss) from continuing operations attributable to Prudential Financial, Inc.		525			763			1,571			502			(995	)		2,195
	11			(34	)	Earnings from continuing operations attributable to noncontrolling interests		25			29			10			8			11			15

	2,479			3,177		Income (loss) from continuing operations (after-tax) of Financial Services Businesses		550			792			1,581			510			(984	)		2,210
	32			(19	)	Income (loss) from discontinued operations, net of taxes, attributable to Prudential Financial, Inc.		14			16			(9	)		14			7			8

	2,511			3,158		Net income (loss) of Financial Services Businesses		564			808			1,572			524			(977	)		2,218
	11			(34	)	Less: Income (loss) attributable to noncontrolling interests		25			29			10			8			11			15

	2,500			3,192		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		539			779			1,562			516			(988	)		2,203

	11.3%			11.3%		Operating Return on Average Equity (based on adjusted operating income)		12.5%			11.6%			6.0%			12.3%			11.1%			9.1%

						*Reconciliation to Consolidated Net Income Attributable to Prudential Financial, Inc:*
	2,500			3,192		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc. (above)		539			779			1,562			516			(988	)		2,203
	495			(286	)	Net income (loss) of Closed Block Business attributable to Prudential Financial, Inc.		22			10			32			82			21			(5	)

	2,995			2,906		Consolidated net income (loss) attributable to Prudential Financial, Inc.		561			789			1,594			598			(967	)		2,198

Page 37

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Years ended December 31						2011												2012
2010		2009				1Q			2Q			3Q			4Q			1Q			2Q

					Earnings per share of Common Stock (diluted): (1)
	5.66		4.98		Financial Services Businesses after-tax adjusted operating income		1.62			1.55			0.84			1.77			1.56			1.32

					Reconciling items:
	(0.06)		(3.72	)	Realized investment gains (losses), net, and related charges and adjustments		(0.76	)		—			3.71			(1.25	)		(3.85	)		4.29
	1.05		3.57		Investment gains (losses) on trading account assets supporting insurance liabilities, net		(0.03	)		0.36			0.02			0.11			0.49			0.01
	(1.33)		(2.01	)	Change in experience-rated contractholder liabilities due to asset value changes		0.07			(0.36	)		0.14			(0.10	)		(0.52	)		0.11
	0.04		4.72		Divested businesses		(0.01	)		0.02			0.09			0.11			0.01			0.05
	—		(0.02	)	Difference in earnings allocated to participating unvested share-based payment awards		0.01			—			(0.03	)		—			0.02			(0.03	)

	(0.30)		2.54		Total reconciling items, before income taxes		(0.72	)		0.02			3.93			(1.13	)		(3.85	)		4.43
	0.12		0.33		Income taxes, not applicable to adjusted operating income		(0.18	)		0.02			1.58			(0.40	)		(0.19	)		1.13

	(0.42)		2.21		Total reconciling items, after income taxes		(0.54	)		—			2.35			(0.73	)		(3.66	)		3.30

	5.24		7.19		Income (loss) from continuing operations (after-tax) of Financial Services Businesses attributable to Prudential Financial, Inc.		1.08			1.55			3.19			1.04			(2.10	)		4.62
	0.06		(0.04	)	Income (loss) from discontinued operations, net of taxes, attributable to Prudential Financial, Inc.		0.02			0.03			(0.01	)		0.03			0.01			0.02

	5.30		7.15		Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		1.10			1.58			3.18			1.07			(2.09	)		4.64


	466.8		444.6		Weighted average number of outstanding Common shares (basic)		484.9			486.0			481.2			469.2			469.2			466.1

	475.4		448.2		Weighted average number of outstanding Common shares (diluted)		493.9			494.8			489.3			477.0			477.5			473.5

	36		43		Direct equity adjustments for earnings per share calculation		9			8			8			(1	)		8			8

	17		5		Earnings related to interest, net of tax, on exchangeable surplus notes		4			5			4			4			4			5

					*Earnings allocated to participating unvested share-based payment awards for earnings per share calculation*
	34		25		Financial Services Businesses after-tax adjusted operating income		11			10			6			11			8			6
	32		36		Income from continuing operations (after-tax) of Financial Services Businesses		7			11			20			9			0			20

(1)

Diluted share count used in the diluted earnings per share calculation for GAAP measures is equal to weighted average basic common shares for the three months ended March 31, 2012 as all potential common shares are anti-dilutive due to the loss from continuing operations available to holders of common stock after direct equity adjustment.

Page 38

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES

(in millions)


Years ended December 31							2011												2012
2010			2009				1Q			2Q			3Q			4Q			1Q			2Q

						Revenues (1):
	14,912			12,925		Premiums		4,741			5,419			5,332			5,546			5,980			6,695
	3,482			3,032		Policy charges and fee income		982			1,038			979			1,033			1,078			1,085
	8,501			8,144		Net investment income		2,277			2,496			2,508			2,522			2,500			2,526
	3,192			2,279		Asset management fees, commissions and other income		1,039			1,035			952			1,034			937			941

	30,087			26,380		Total revenues		9,039			9,988			9,771			10,135			10,495			11,247


						Benefits and Expenses (1):
	14,557			12,382		Insurance and annuity benefits		4,559			5,074			5,340			4,946			5,484			6,404
	3,418			3,376		Interest credited to policyholders’ account balances		829			934			1,040			953			948			971
	1,049			955		Interest expense		279			289			296			299			308			311
	(2,432	)		(2,135	)	Deferral of acquisition costs		(732	)		(757	)		(777	)		(761	)		(809	)		(911	)
	1,027			937		Amortization of acquisition costs		356			423			408			378			406			513
	8,849			7,947		General and administrative expenses		2,657			2,983			2,955			3,163			3,146			3,145

	26,468			23,462		Total benefits and expenses		7,948			8,946			9,262			8,978			9,483			10,433

	3,619			2,918		Adjusted operating income before income taxes		1,091			1,042			509			1,157			1,012			814


						Reconciling items:
	152			(1,213	)	Realized investment gains (losses), net, and related adjustments		(365	)		155			3,385			(672	)		(2,716	)		3,058
	(179	)		(456	)	Related charges		(10	)		(154	)		(1,568	)		76			878			(1,028	)

	(27	)		(1,669	)	Total realized investment gains (losses), net, and related charges and adjustments		(375	)		1			1,817			(596	)		(1,838	)		2,030

	501			1,601		Investment gains on trading account assets supporting insurance liabilities, net		(17	)		177			10			53			234			4
	(631	)		(899	)	Change in experience-rated contractholder liabilities due to asset value changes		34			(178	)		68			(47	)		(246	)		54
	18			2,117		Divested businesses		(4	)		10			43			52			4			24
	(95	)		(2,364	)	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(133	)		19			(87	)		12			5			8

	(234	)		(1,214	)	Total reconciling items, before income taxes		(495	)		29			1,851			(526	)		(1,841	)		2,120


	3,385			1,704		Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures		596			1,071			2,360			631			(829	)		2,934
	988			50		Income tax expense		150			289			846			122			162			730

	2,397			1,654		Income (loss) from continuing operations before equity in earnings of operating joint ventures		446			782			1,514			509			(991	)		2,204

(1)

Page 39

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS - U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION

(in millions)


Years ended December 31						2011												2012
2010		2009				1Q			2Q			3Q			4Q			1Q			2Q

					Revenues (1):
	4,613		4,427		Premiums		1,284			1,283			1,301			1,276			1,269			1,290
	1,455		1,508		Policy charges and fee income		385			384			319			384			391			389
	1,477		1,361		Net investment income		381			390			393			389			400			402
	312		365		Asset management fees, commissions and other income		74			82			77			104			107			114

	7,857		7,661		Total revenues		2,124			2,139			2,090			2,153			2,167			2,195


					Benefits and Expenses (1):
	5,058		4,749		Insurance and annuity benefits		1,425			1,367			1,459			1,367			1,473			1,452
	511		492		Interest credited to policyholders’ account balances		128			130			134			135			133			139
	162		181		Interest expense		45			48			48			73			77			80
	(327)		(419	)	Deferral of acquisition costs		(72	)		(78	)		(82	)		(85	)		(89	)		(100	)
	176		159		Amortization of acquisition costs		68			78			(54	)		49			57			77
	1,621		1,682		General and administrative expenses		397			418			429			434			444			453

	7,201		6,844		Total benefits and expenses		1,991			1,963			1,934			1,973			2,095			2,101


	656		817		Adjusted operating loss before income taxes		133			176			156			180			72			94

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 40

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS—GROUP INSURANCE SEGMENT

(in millions)


Years ended December 31						2011								2012
2010		2009				1Q		2Q		3Q		4Q		1Q			2Q

					Revenues (1):
	3,899		3,741		Premiums		1,112		1,100		1,119		1,097		1,094			1,107
	478		484		Policy charges and fee income		121		110		163		126		126			114
	574		552		Net investment income		145		145		145		140		146			146
	89		117		Asset management fees, commissions and other income		21		21		20		21		25			25

	5,040		4,894		Total revenues		1,399		1,376		1,447		1,384		1,391			1,392


					Benefits and Expenses (1):
	3,938		3,707		Insurance and annuity benefits		1,128		1,099		1,156		1,091		1,179			1,102
	227		229		Interest credited to policyholders’ account balances		57		56		57		58		56			58
	—		—		Interest expense		—		—		—		—		—			2
	(3)		(11	)	Deferral of acquisition costs		—		—		—		—		—			—
	10		9		Amortization of acquisition costs		1		1		2		2		1			1
	694		657		General and administrative expenses		178		179		187		191		195			196

	4,866		4,591		Total benefits and expenses		1,364		1,335		1,402		1,342		1,431			1,359


	174		303		Adjusted operating loss before income taxes		35		41		45		42		(40	)		33

(1)	Revenues exclude realized investment gains, net of losses and related charges and adjustments. Benefits and expenses exclude charges related to realized investment gains, net of losses.

Page 41

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED COMBINED STATEMENTS OF OPERATIONS—CORPORATE AND OTHER OPERATIONS

(in millions)


Years ended December 31							2011												2012
2010			2009				1Q			2Q			3Q			4Q			1Q			2Q

						Revenues (1):
	(27	)		(22	)	Premiums		(10	)		(11	)		4			(5	)		(10	)		(7	)
	(42	)		(39	)	Policy charges and fee income		(8	)		(9	)		(9	)		(9	)		(9	)		(10	)
	318			233		Net investment income		87			111			90			98			81			104
	(487	)		(425	)	Asset management fees, commissions and other income		(127	)		(127	)		(123	)		(134	)		(187	)		(159	)

	(238	)		(253	)	Total revenues		(58	)		(36	)		(38	)		(50	)		(125	)		(72	)


						Benefits and Expenses (1):
	45			25		Insurance and annuity benefits		2			7			149			(12	)		8			38
	(70	)		(121	)	Interest credited to policyholders’ account balances		(10	)		(8	)		(9	)		(7	)		(7	)		(6	)
	788			702		Interest expense		200			205			213			191			195			193
	63			57		Deferral of acquisition costs		22			16			15			14			15			19
	(40	)		(36	)	Amortization of acquisition costs		(12	)		(15	)		(22	)		(9	)		(8	)		(16	)
	(70	)		(87	)	General and administrative expenses		10			(2	)		(35	)		59			36			(37	)

	716			540		Total benefits and expenses		212			203			311			236			239			191


	(954	)		(793	)	Adjusted operating loss before income taxes		(270	)		(239	)		(349	)		(286	)		(364	)		(263	)

(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 include revenues representing equity in earnings of operating joint ventures. Benefits and expenses exclude charges related to realized investment gains, net of losses and change in experience-rated contractholder liabilities due to asset value changes and include charges for income attributable to non controlling interests.

Page 42

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RECLASSIFIED SUPPLEMENTARY INFORMATION—GROUP INSURANCE SEGMENT

(dollar amounts in millions)


Years ended December 31							2011												2012
2010			2009				1Q			2Q			3Q			4Q			1Q			2Q

						GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	446			339		Group life		392			22			23			49			211			24
	122			192		Group disability		97			15			17			20			81			19

	568			531		Total		489			37			40			69			292			43


						Future Policy Benefits (1):
						Group life		2,233			2,202			2,184			2,418			2,325			2,300
						Group disability		42			31			19			8			37			28

						Total		2,275			2,233			2,203			2,426			2,362			2,328


						Policyholders’ Account Balances (1):
						Group life		6,943			7,075			7,027			7,127			7,188			7,310
						Group disability		167			172			176			179			168			182

						Total		7,110			7,247			7,203			7,306			7,356			7,492


						Separate Account Liabilities (1):
						Group life		19,292			20,027			19,148			19,174			19,826			19,506
						Group disability		—			—			—			—			—			—

						Total		19,292			20,027			19,148			19,174			19,826			19,506


						Group Life Insurance
	3,721			3,601		Gross premiums, policy charges and fee income (2)		1,066			1,046			1,050			1,040			1,064			1,015
	3,538			3,414		Earned premiums, policy charges and fee income		1,010			992			1,064			999			990			989
	89.7%			88.4%		Benefits ratio		92.3%			90.4%			89.3%			86.0%			95.4%			88.6%
	9.0%			9.2%		Administrative operating expense ratio		8.2%			8.1%			8.7%			8.9%			9.1%			9.9%
	92.1%			94.3%		Persistency ratio		97.2%			96.6%			96.2%			95.8%			95.4%			95.0%

						Group Disability Insurance:
	857			835		Gross premiums, policy charges and fee income (2)		227			226			222			228			232			245
	839			811		Earned premiums, policy charges and fee income		223			218			218			224			230			232
	91.2%			84.9%		Benefits ratio		87.5%			93.0%			94.0%			104.0%			102.2%			97.4%
	24.2%			20.6%		Administrative operating expense ratio		23.9%			24.6%			25.2%			25.4%			25.9%			23.3%
	92.1%			90.9%		Persistency ratio		93.3%			91.6%			89.7%			88.5%			93.9%			91.6%

						DEFERRED POLICY ACQUISITION COSTS:

	145			143		GROUP INSURANCE:
	3			11		Beginning balance		138			137			136			134			132			131
	(10	)		(9	)	Capitalization		—			—			—			—			—			—
	—			—		Amortization - operating results		(1	)		(1	)		(2	)		(2	)		(1	)		(1	)
	—			—		Amortization - realized investment gains and losses		—			—			—			—			—			—
	—			—		Impact of unrealized losses on AFS securities		—			—			—			—			—			—

	138			145		Ending balance		137			136			134			132			131			130

(1)	As of end of period.

(2)	Before returns of premiums to participating policyholders for favorable claims experience.

Page 43

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

KEY DEFINITIONS AND FORMULAS

1. Adjusted operating income before income taxes:

Adjusted operating income is a non-GAAP measure of performance of our Financial Services Businesses that excludes “Realized investment gains (losses), net”, as adjusted, and related charges and adjustments; net investment gains and losses on trading account assets supporting insurance liabilities; change in experience-rated contractholder liabilities due to asset value changes; results of divested businesses and discontinued operations; earnings attributable to noncontrolling interests; and the related tax effects thereof. Adjusted operating income includes equity in earnings of operating joint ventures and the related tax effects thereof. Revenues and benefits and expenses shown as components of adjusted operating income, are presented on the same basis as pre-tax adjusted operating income and are adjusted for the items above as well.

Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of a hedging program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are classified as other trading account assets.

Adjusted operating income does not equate to “Income from continuing operations” as determined in accordance with GAAP but is the measure of profit or loss we use to evaluate segment performance. Adjusted operating income is not a substitute for income determined in accordance with GAAP, and our definition of adjusted operating income may differ from that used by other companies. The items above are important to an understanding of our overall results of operations. However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances the understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability factors of our businesses.

2. After-tax adjusted operating income:

Adjusted operating income before taxes, as defined above, less the income tax effect applicable to adjusted operating income before taxes.

3. Annualized New Business Premiums:

Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers’ Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company’s domestic individual life and international insurance operations are included in annualized new business premiums based on a 10% credit.

4. Assets Under Management:

Fair market value or account value of assets which Prudential manages directly in proprietary products, such as mutual funds and variable annuities, in separate accounts, wrap-fee products and the general account, and assets invested in investment options included in the Company’s products that are managed by third party sub-managers (i.e., the non-proprietary investment options in the Company’s products).

5. Attributed Equity:

Amount of capital assigned to each of the Company’s segments for purposes of measuring segment adjusted operating income before income taxes, established at a level which management considers necessary to support the segment’s risks. Attributed equity for the Financial Services Businesses represents all of the Company’s equity that is not included in the Closed Block Business or attributable to noncontrolling interests.

6. Book value per share of Common Stock:

Equity attributed to Financial Services Businesses divided by the number of Common shares outstanding at end of period, on a diluted basis.

7. Borrowings - Capital Debt:

Borrowings that are or will be used for capital requirements at Prudential Financial, Inc as well as borrowings invested in equity or debt securities of direct or indirect subsidiaries of Prudential Financial, Inc., and subsidiary borrowings, utilized for capital requirements.

8. Borrowings - Investment Related:

Debt issued to finance specific investment assets or portfolios of investment assets, including institutional spread lending investment portfolios, real estate, and real estate related investments held in consolidated joint ventures, as well as institutional and insurance company portfolio cash flow timing differences.

9. Borrowings - Securities Business Related:

Debt issued to finance primarily the liquidity of our broker-dealers, and our capital markets and other securities business related operations including our discontinued commercial mortgage conduit related activities.

10. Borrowings - Specified Other Businesses:

Borrowings associated with consumer banking activities, the individual annuity business, real estate franchises, and relocation services.

Page 44

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

KEY DEFINITIONS AND FORMULAS

11. Client Assets:

Fair market value of assets in client accounts of International brokerage operations, Prudential Bank and mortgage loan servicing business, that are not included in Assets Under Management. Prudential does not receive a management or administrative fee on these assets, but may receive a fee for executing trades, custody or recordkeeping services.

12. Earned Premiums:

The portion of a premium, net of any amount ceded, that represents coverage already provided or that belongs to the insurer based on the part of the policy period that has passed.

13. Earnings Per Share of Common Stock:

Net income (loss) for the Financial Services Businesses and the Closed Block Business is determined in accordance with GAAP and includes general and administrative expenses charged to each of the businesses based on the Company’s methodology for the allocation of such expenses. Cash flows between the Financial Services Businesses and the Closed Block Business related to administrative expenses are determined by a policy servicing fee arrangement that is based upon insurance and policies in force and statutory cash premiums. To the extent reported administrative expenses vary from these cash flow amounts, the differences are recorded, on an after-tax basis, as direct equity adjustments to the equity balances of each business. The direct equity adjustments modify earnings available to holders of Common Stock and Class B Stock for earnings per share purposes. Earnings per share of Common Stock based on adjusted operating income (loss) of the Financial Services Businesses reflects these adjustments as well.

14. Full Service:

The Full Service line of business provides retirement plan products and services to public, private and not-for-profit organizations. This business provides recordkeeping, plan administration, actuarial advisory services, participant education and communication services, trustee services and institutional and retail investment funds. This business mainly services defined contribution and defined benefit plans; non-qualified plans are also serviced. For clients with both defined contribution and defined benefit plans, integrated recordkeeping services are available. For participants leaving these plans, a range of rollover products are provided through a broker-dealer bank.

15. Full Service Stable Value:

Our Full Service Stable Value products represent fixed rate options on investment funds offered to customers. These products contain an obligation to pay interest at a specified rate for a specific period of time. Upon termination these products repay account balances at market value immediately or may be liquidated at book value over time. Substantially all of these products are either fully or partially participating, with annual or semi-annual resets giving effect to previous investment experience. These products are issued through the general account, separate accounts or client-owned trusts. Profits from partially participating general account products result from the spread between the rate of return on investment assets and the interest rates credited to the customer, less expenses. For fully participating products, generally subject to a minimum interest rate guarantee, we earn fee income.

16. General Account:

Invested assets and policyholder liabilities and reserves for which the Company bears the investment risk. Excludes assets recognized for statutory purposes that are specifically allocated to a separate account. General account assets also include assets of the parent company, Prudential Financial, Inc.

17. Gibraltar Life Consultants:

Insurance representatives for Gibraltar Life, previously identified as Life Advisors.

18. Group Life Insurance and Group Disability Insurance Administrative Operating Expense Ratios:

Ratio of administrative operating expenses (excluding commissions) to gross premiums, policy charges and fee income.

19. Group Life Insurance and Group Disability Insurance Benefits Ratios:

Ratio of policyholder benefits to earned premiums, policy charges and fee income.

20. Individual Annuity Account Values in General Account and Separate Account:

Amounts represent the breakdown of invested customer funds in annuities either written or reinsured by the Company.

21. Individual Annuities - Net Amounts at Risk:

Living Benefit Features—For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance.

Death Benefit Features - Net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Page 45

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

KEY DEFINITIONS AND FORMULAS

22. Insurance and Annuity Benefits:

Total death benefits, annuity benefits, disability benefits, other policy benefits, and losses paid or incurred, under insurance and annuity contracts, plus the change in reserves for future policy benefits, losses and loss adjustment expenses.

23. International Life Planners:

Insurance agents in our insurance operations outside the United States, excluding Gibraltar Life Advisors.

24. Non-recourse and Limited-recourse Debt:

Limited and non-recourse borrowing is where the holder is entitled to collect only against the assets pledged to the debt as collateral or has only very limited rights to collect against other assets.

25. Operating return on average equity (based on adjusted operating income):

Adjusted operating income after-tax (giving effect to the direct equity adjustment for earnings per share calculation), annualized for interim periods, divided by average attributed equity for the Financial Services Businesses excluding accumulated other comprehensive income.

An alternative measure to operating return on average equity (based on adjusted operating income) is return on average equity (based on income from continuing operations). Return on average equity (based on income from continuing operations) represents income from continuing operations after-tax, for the Financial Services Businesses, attributable to Prudential Financial, Inc. as determined in accordance with GAAP (giving effect to the direct equity adjustment for earnings per share calculation), annualized for interim periods, divided by average total attributed equity for the Financial Services Businesses. Return on average equity (based on income from continuing operations) is 2.1% for the nine months ended September 30, 2012, 12.8% for the nine months ended September 30, 2011, (7.1)% for the three months ended September 30, 2012, 25.2% for the three months ended June 30, 2012, (11.9)% for the three months ended March 31, 2012, 6.1% for the three months ended December 31, 2011, and 19.8% for the three months ended September 30, 2011.

26. Policy Persistency - Group Insurance:

Percentage of the premiums in force at the end of the prior year that are still in force at the end of the period (excluding Servicemembers’ Group Life Insurance and Prudential Employee Benefit Plan).

27. Policy Persistency - International Insurance:

13 month persistency represents the percentage of policies issued that are still in force at the beginning of their second policy year. 25 month persistency represents the percentage of policies issued that are still in force at the beginning of their third policy year.

28. Prudential Agents:

Insurance agents in our insurance operations in the United States.

29. Prudential Agent productivity:

Commissions on new sales of all products by Prudential Agents under contract for the entire period, divided by the number of those Prudential Agents. Excludes commissions on new sales by Prudential Agents hired or departed during the period. For interim reporting periods, the productivity measures are annualized.

30. Separate Accounts:

Assets of our insurance companies allocated under certain policies and contracts that are segregated from the general account and other separate accounts. The policyholder or contractholder predominantly bears the risk of investments held in a separate account.

31. Wrap-Fee Products:

Investment products generating asset-based fees in which the funds of the customer are generally invested in other investment products such as mutual funds.

Page 46

Prudential Financial, Inc.

Quarterly Financial Supplement

Third Quarter 2012

RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS

as of November 7, 2012


	A.M. Best	Standard & Poor’s	Moody’s	Fitch Ratings
The Prudential Insurance Company of America	A+	AA-	A2	A+
PRUCO Life Insurance Company	A+	AA-	A2	A+
PRUCO Life Insurance Company of New Jersey	A+	AA-	NR*	A+
Prudential Annuities Life Assurance Corporation	A+	AA-	NR	A+
Prudential Retirement Insurance and Annuity Company	A+	AA-	A2	A+
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	AA-	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	AA-	NR	NR

CREDIT RATINGS:
as of November 7, 2012

Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F2
Long-Term Senior Debt (1)	a-	A	Baa2	BBB+
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa3	BBB-

The Prudential Insurance Company of America :
Capital and surplus notes	a	A	Baa1	A-

Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-2	F1
Long-Term Senior Debt	a+	AA-	A3	A

PRICOA Global Funding I
Long-Term Senior Debt	aa-	AA-	A2	A+

*	NR indicates not rated.

(1)	Includes the retail medium-term notes program.

INVESTOR INFORMATION:


Corporate Offices:		Investor Information Hotline:
Prudential Financial, Inc.		Dial 877-998-ROCK for additional printed information or inquiries.
751 Broad Street
Newark, New Jersey 07102		Web Site:
		www.prudential.com

Common Stock:

Common Stock of Prudential Financial, Inc. is traded on the New York Stock Exchange under the symbol PRU.

Page 47

Form: 8-K

Documents