May 7, 2014 - EX-99.2 - 8-K: Current report | Prudential Financial, Inc. (PRU)

Exhibit 99.2

Prudential Financial, Inc. (PRU)

LOGO

Quarterly Financial Supplement

FINANCIAL SERVICES BUSINESSES

First Quarter 2014

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.

May 7, 2014

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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		7
Combining Balance Sheets by Division		8
Short-Term and Long-Term Debt		9

U.S. RETIREMENT SOLUTIONS AND INVESTMENT MANAGEMENT DIVISION
Combined Statements of Operations		10
Combining Statements of Operations		11
Individual Annuities Sales Results and Account Values		12
Individual Annuities Account Value Activity		13
Individual Annuities Living Benefit Features		14
Individual Annuities Death Benefit Features		15
Retirement Segment Sales Results and Account Values		16
Supplementary Revenue and Assets Under Management Information for Asset Management Segment		17
Supplementary Assets Under Management Information for Asset Management Segment		18

U.S. INDIVIDUAL LIFE AND GROUP INSURANCE DIVISION
Combined Statements of Operations		19
Combining Statements of Operations		20
Individual Life Annualized New Business Premiums, Account Value Activity, and Face Amount in Force		21
Supplementary Information for Individual Life Insurance		22
Supplementary Information for Group Insurance		23

DEFERRED POLICY ACQUISITION COSTS & DEFERRED SALES INDUCEMENTS - INDIVIDUAL ANNUITIES, INDIVIDUAL LIFE AND GROUP INSURANCE		24

INTERNATIONAL INSURANCE DIVISION
Combined Statements of Operations		25
Combining Statements of Operations		26
Sales Results and Supplementary Information		27-28

INVESTMENT PORTFOLIO
Investment Portfolio Composition		29
Financial Services Businesses Investment Portfolio Composition - Japanese Insurance Operations and Excluding Japanese Insurance Operations		30
Financial Services Businesses Investment Results		31
Financial Services Businesses Investment Results - Japanese Insurance Operations		32
Financial Services Businesses Investment Results - Excluding Japanese Insurance Operations		33

RECLASSIFIED SUPPLEMENTARY INFORMATION		34

KEY DEFINITIONS AND FORMULAS		35-37

RATINGS AND INVESTOR INFORMATION		38

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL HIGHLIGHTS

(in millions)


Year-to-date						%			2013												2014
2014			2013			Change			1Q			2Q			3Q			4Q			1Q

								*Financial Services Businesses:*
								Pre-tax adjusted operating income (loss) by division:
	945			769			23%	U.S. Retirement Solutions and Investment Management Division		769			851			1,231			996			945
	131			146			-10%	U.S. Individual Life and Group Insurance Division		146			163			216			215			131
	837			877			-5%	International Insurance Division		877			850			778			647			837
	(342	)		(314	)		-9%	Corporate and other operations		(314	)		(347	)		(312	)		(397	)		(342	)

	1,571			1,478			6%	Total pre-tax adjusted operating income		1,478			1,517			1,913			1,461			1,571
	434			406			7%	Income taxes, applicable to adjusted operating income		406			424			540			413			434

	1,137			1,072			6%	Financial Services Businesses after-tax adjusted operating income		1,072			1,093			1,373			1,048			1,137


								Reconciling items:
	(8	)		(3,003	)		100%	Realized investment losses, net, and related charges and adjustments		(3,003	)		(2,230	)		(556	)		(2,360	)		(8	)
	101			95			6%	Investment gains (losses) on trading account assets supporting insurance liabilities, net		95			(471	)		103			23			101
	(43	)		(143	)		70%	Change in experience-rated contractholder liabilities due to asset value changes		(143	)		471			(73	)		(28	)		(43	)
	73			29			152%	Divested businesses		29			(84	)		43			41			73
	11			(34	)		132%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(34	)		24			11			27			11

	134			(3,056	)		104%	Total reconciling items, before income taxes		(3,056	)		(2,290	)		(472	)		(2,297	)		134
	39			(1,237	)		103%	Income taxes, not applicable to adjusted operating income		(1,237	)		(700	)		(67	)		(853	)		39

	95			(1,819	)		105%	Total reconciling items, after income taxes		(1,819	)		(1,590	)		(405	)		(1,444	)		95

	1,232			(747	)		265%	Income (loss) from continuing operations (after-tax) of Financial Services Businesses before equity in earnings of operating joint ventures		(747	)		(497	)		968			(396	)		1,232
	(11	)		11			-200%	Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests		11			(22	)		(10	)		(27	)		(11	)

	1,221			(736	)		266%	Income (loss) from continuing operations attributable to Prudential Financial, Inc.		(736	)		(519	)		958			(423	)		1,221
	11			35			-69%	Earnings attributable to noncontrolling interests		35			27			13			32			11

	1,232			(701	)		276%	Income (loss) from continuing operations (after-tax) of Financial Services Businesses		(701	)		(492	)		971			(391	)		1,232
	4			1			300%	Income (loss) from discontinued operations, net of taxes		1			2			8			(4	)		4

	1,236			(700	)		277%	Net income (loss) of Financial Services Businesses		(700	)		(490	)		979			(395	)		1,236
	11			35			-69%	Less: Income attributable to noncontrolling interests		35			27			13			32			11

	1,225			(735	)		267%	Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(735	)		(517	)		966			(427	)		1,225

	17.7%			16.2%				Operating Return on Average Equity (based on adjusted operating income)		16.2%			17.0%			21.4%			16.3%			17.7%

								*Reconciliation to Consolidated Net Income (Loss) Attributable to Prudential Financial, Inc:*
	1,225			(735	)			Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc. (above)		(735	)		(517	)		966			(427	)		1,225
	13			15				Net income (loss) of Closed Block Business attributable to Prudential Financial, Inc.		15			3			61			(33	)		13

	1,238			(720	)			Consolidated net income (loss) attributable to Prudential Financial, Inc.		(720	)		(514	)		1,027			(460	)		1,238

Page 1

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						Earnings per share of Common Stock (diluted): (1)
	2.40			2.27		Financial Services Businesses after-tax adjusted operating income		2.27			2.30			2.89			2.20			2.40

						Reconciling items:
	(0.02	)		(6.37	)	Realized investment losses, net, and related charges and adjustments		(6.37	)		(4.72	)		(1.18	)		(5.01	)		(0.02	)
	0.21			0.20		Investment gains (losses) on trading account assets supporting insurance liabilities, net		0.20			(1.00	)		0.22			0.05			0.21
	(0.09	)		(0.30	)	Change in experience-rated contractholder liabilities due to asset value changes		(0.30	)		1.00			(0.15	)		(0.06	)		(0.09	)
	0.16			0.06		Divested businesses		0.06			(0.18	)		0.09			0.09			0.16
	—			0.02		Difference in earnings allocated to participating unvested share-based payment awards		0.02			0.02			0.01			0.01			—

	0.26			(6.39	)	Total reconciling items, before income taxes		(6.39	)		(4.88	)		(1.01	)		(4.92	)		0.26
	0.08			(2.54	)	Income taxes, not applicable to adjusted operating income		(2.54	)		(1.46	)		(0.14	)		(1.79	)		0.08

	0.18			(3.85	)	Total reconciling items, after income taxes		(3.85	)		(3.42	)		(0.87	)		(3.13	)		0.18

	2.58			(1.58	)	Income (loss) from continuing operations (after-tax) of Financial Services Businesses attributable to Prudential Financial, Inc.		(1.58	)		(1.12	)		2.02			(0.93	)		2.58
	0.01			—		Income (loss) from discontinued operations, net of taxes		—			—			0.02			(0.01	)		0.01

	2.59			(1.58	)	Net income (loss) of Financial Services Businesses attributable to Prudential Financial, Inc.		(1.58	)		(1.12	)		2.04			(0.94	)		2.59


	460.9			464.3		Weighted average number of outstanding Common shares (basic)		464.3			464.1			462.6			461.5			460.9

	470.3			471.7		Weighted average number of outstanding Common shares (diluted)		471.7			472.2			472.0			471.2			470.3

	(2	)		4		Direct equity adjustments for earnings per share calculation		4			1			2			(5	)		(2	)

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

						*Earnings allocated to participating unvested share-based payment awards for earnings per share calculation*
	10			10		Financial Services Businesses after-tax adjusted operating income		10			11			13			9			10
	11			2		Income from continuing operations (after-tax) of Financial Services Businesses		2			2			9			2			11

(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, 2013, June 30, 2013, and December 31, 2013, as all potential common shares are antidilutive due to the loss from continuing operations available to holders of Common Stock after direct equity adjustment.

Page 2

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL HIGHLIGHTS

(in millions, except per share data)


Year-to-date					2013												2014
2014		2013			1Q			2Q			3Q			4Q			1Q

				*Financial Services Businesses Capitalization Data (1):*
				Senior Debt:
				Short-term debt		2,153			2,545			3,043			2,594			3,944
				Long-term debt		18,009			17,083			17,083			17,069			16,081
				Junior Subordinated Long-Term Debt		5,804			4,884			4,884			4,884			4,884

				Attributed Equity:
				Including accumulated other comprehensive income		38,392			33,669			32,818			33,885			36,770
				Excluding accumulated other comprehensive income (3)		26,179			25,343			26,034			25,299			26,117
				Amount included above for foreign currency exchange rate remeasurement (4)		(1,782	)		(2,796	)		(2,036	)		(2,818	)		(2,668	)

				Excluding accumulated other comprehensive income and adjusted to remove amount included for foreign currency exchange rate remeasurement (4)		27,961			28,139			28,070			28,117			28,785


				Book value per share of Common Stock:
				Including accumulated other comprehensive income		81.77			71.76			70.05			72.30			78.87
				Excluding accumulated other comprehensive income (3)		55.76			54.01			55.57			53.98			56.02
				Amount included above for foreign currency exchange rate remeasurement (4)		(3.80	)		(5.96	)		(4.35	)		(6.01	)		(5.72	)

				Excluding accumulated other comprehensive income and adjusted to remove amount included for foreign currency exchange rate remeasurement (4)		59.56			59.97			59.92			59.99			61.74


				Number of diluted shares at end of period (2)		469.5			469.2			468.5			468.7			466.2

				*Common Stock Price Range (based on closing price):*
	91.23		60.41	High		60.41			73.03			82.62			92.43			91.23
	80.45		54.64	Low		54.64			54.91			73.30			75.99			80.45
	84.65		58.99	Close		58.99			73.03			77.98			92.22			84.65

				*Common Stock market capitalization (1)*		27,448			33,813			36,019			42,523			38,973

(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 antidilutive impact of conversion.

(3)	Foreign currency translation adjustments and the cumulative impact of foreign currency exchange rate remeasurement, except for those items remeasured through net income (loss), are a component of accumulated other comprehensive income.

(4)	Represents cumulative impact of gains and losses resulting from foreign currency exchange rate remeasurement included in net income (loss).

Page 3

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

OPERATIONS HIGHLIGHTS


Year-to-date					2013								2014
2014		2013			1Q		2Q		3Q		4Q		1Q

				*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		323.2		319.1		330.3		341.7		352.2
				Retail customers		143.8		152.4		159.1		170.7		172.9
				General account		373.3		354.5		358.7		357.5		365.8

				Total Investment Management and Advisory Services		840.3		826.0		848.1		869.9		890.9
				Non-proprietary assets under management		180.7		174.4		186.9		195.9		197.8

				Total managed by U.S. Retirement Solutions and Investment Management Division		1,021.0		1,000.4		1,035.0		1,065.8		1,088.7
				Managed by U.S. Individual Life and Group Insurance Division		22.6		21.5		21.9		22.3		23.1
				Managed by International Insurance Division		17.8		21.8		19.3		19.0		19.1

				Total assets under management		1,061.4		1,043.7		1,076.2		1,107.1		1,130.9
				Client assets under administration		105.5		106.2		111.1		116.6		120.5

				Total assets under management and administration		1,166.9		1,149.9		1,187.3		1,223.7		1,251.4


				Assets managed or administered for customers outside of the United States at end of period		241.2		236.7		244.2		242.9		251.7

				*Distribution Representatives (1):*
				Prudential Agents		2,701		2,724		2,780		2,722		2,759
				International Life Planners		7,101		7,113		7,208		7,248		7,194
				Gibraltar Life Consultants		10,252		9,795		9,298		9,327		8,806

	44		48	*Prudential Agent productivity ($ thousands)*		48		49		50		67		44

(1)	As of end of period.

(2)	At fair market value.

Page 4

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

COMBINED STATEMENTS OF OPERATIONS - FINANCIAL SERVICES BUSINESSES

(in millions)


Year-to-date						%			2013												2014
2014			2013			Change			1Q			2Q			3Q			4Q			1Q

								Revenues (1):
	5,130			6,329			-19%	Premiums		6,329			6,115			5,414			5,257			5,130
	1,509			1,425			6%	Policy charges and fee income		1,425			1,460			1,284			1,445			1,509
	3,017			2,821			7%	Net investment income		2,821			2,901			2,873			2,935			3,017
	1,280			1,225			4%	Asset management fees, commissions and other income		1,225			1,244			1,212			1,341			1,280

	10,936			11,800			-7%	Total revenues		11,800			11,720			10,783			10,978			10,936


								Benefits and Expenses (1):
	5,417			6,332			-14%	Insurance and annuity benefits		6,332			6,171			5,420			5,387			5,417
	925			966			-4%	Interest credited to policyholders’ account balances		966			929			886			921			925
	321			327			-2%	Interest expense		327			331			296			306			321
	(668	)		(864	)		23%	Deferral of acquisition costs		(864	)		(706	)		(646	)		(686	)		(668	)
	469			475			-1%	Amortization of acquisition costs		475			502			31			386			469
	2,901			3,086			-6%	General and administrative expenses		3,086			2,976			2,883			3,203			2,901

	9,365			10,322			-9%	Total benefits and expenses		10,322			10,203			8,870			9,517			9,365

	1,571			1,478			6%	Adjusted operating income before income taxes		1,478			1,517			1,913			1,461			1,571


								Reconciling items:
	49			(3,305	)		101%	Realized investment gains (losses), net, and related adjustments		(3,305	)		(2,698	)		(1,319	)		(2,634	)		49
	(57	)		302			-119%	Related charges		302			468			763			274			(57	)

	(8	)		(3,003	)		100%	Total realized investment losses, net, and related charges and adjustments		(3,003	)		(2,230	)		(556	)		(2,360	)		(8	)

	101			95			6%	Investment gains (losses) on trading account assets supporting insurance liabilities, net		95			(471	)		103			23			101
	(43	)		(143	)		70%	Change in experience-rated contractholder liabilities due to asset value changes		(143	)		471			(73	)		(28	)		(43	)
	73			29			152%	Divested businesses		29			(84	)		43			41			73
	11			(34	)		132%	Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests		(34	)		24			11			27			11

	134			(3,056	)		104%	Total reconciling items, before income taxes		(3,056	)		(2,290	)		(472	)		(2,297	)		134


	1,705			(1,578	)		208%	Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures		(1,578	)		(773	)		1,441			(836	)		1,705
	473			(831	)		157%	Income tax expense (benefit)		(831	)		(276	)		473			(440	)		473

	1,232			(747	)		265%	Income (loss) from continuing operations before equity in earnings of operating joint ventures		(747	)		(497	)		968			(396	)		1,232

(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.

Page 5

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

COMBINED BALANCE SHEETS - FINANCIAL SERVICES BUSINESSES

(in millions)


	03/31/2013		06/30/2013		09/30/2013		12/31/2013		03/31/2014

Assets:
Investments:
Fixed maturities, available for sale, at fair value (amortized cost $232,366; $226,247; $231,616; $228,099; $232,097)		254,222		242,059		245,032		243,654		251,059
Fixed maturities, held to maturity, at amortized cost (fair value $4,186; $3,769; $3,872; $3,553; $3,537)		3,878		3,562		3,629		3,312		3,275
Trading account assets supporting insurance liabilities, at fair value		20,890		20,658		21,131		20,827		20,935
Other trading account assets, at fair value		6,584		5,809		6,121		6,111		7,692
Equity securities, available for sale, at fair value (cost $4,070; $4,102; $4,279; $4,561; $4,785)		5,315		5,289		5,488		6,026		6,249
Commercial mortgage and other loans		28,744		28,320		29,709		31,335		32,471
Policy loans		6,861		6,679		6,827		6,753		6,862
Other long-term investments		7,689		7,847		7,904		8,304		8,393
Short-term investments		4,700		6,344		6,404		5,837		4,625

Total investments		338,883		326,567		332,245		332,159		341,561
Cash and cash equivalents		14,023		12,425		11,950		10,797		11,294
Accrued investment income		2,523		2,528		2,533		2,505		2,532
Deferred policy acquisition costs		13,968		14,547		15,812		16,101		16,229
Value of business acquired		4,167		3,846		3,837		3,675		3,610
Other assets		13,392		13,050		12,677		13,082		13,412
Separate account assets		266,308		264,054		275,091		285,060		288,161

Total assets		653,264		637,017		654,145		663,379		676,799


Liabilities:
Future policy benefits		160,290		153,683		158,857		156,601		161,466
Policyholders’ account balances		132,913		131,222		132,202		131,298		131,899
Securities sold under agreements to repurchase		3,679		3,707		3,530		4,128		4,864
Cash collateral for loaned securities		2,375		4,927		4,988		4,230		4,035
Income taxes		8,467		5,581		5,367		6,010		7,328
Senior short-term debt		2,153		2,545		3,043		2,594		3,944
Senior long-term debt		18,009		17,083		17,083		17,069		16,081
Junior subordinated long-term debt		5,804		4,884		4,884		4,884		4,884
Notes issued by consolidated variable interest entities		1,896		2,147		2,423		3,302		4,101
Other liabilities		12,389		12,877		13,229		13,715		12,625
Separate account liabilities		266,308		264,054		275,091		285,060		288,161

Total liabilities		614,283		602,710		620,697		628,891		639,388


Attributed Equity:
Accumulated other comprehensive income		12,213		8,326		6,784		8,586		10,653
Other attributed equity		26,179		25,343		26,034		25,299		26,117

Total attributed equity		38,392		33,669		32,818		33,885		36,770

Noncontrolling Interest		589		638		630		603		641

Total Equity		38,981		34,307		33,448		34,488		37,411

Total liabilities and equity		653,264		637,017		654,145		663,379		676,799

Page 6

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

FINANCIAL SERVICES BUSINESSES COMBINING STATEMENTS OF OPERATIONS - BY DIVISION

(in millions)


	Three Months Ended March 31, 2014
	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		5,130			197			1,240			3,696			(3	)
Policy charges and fee income		1,509			695			688			138			(12	)
Net investment income		3,017			1,276			558			1,084			99
Asset management fees, commissions and other income		1,280			1,187			172			157			(236	)

Total revenues		10,936			3,355			2,658			5,075			(152	)


Benefits and Expenses (1):
Insurance and annuity benefits		5,417			660			1,621			3,113			23
Interest credited to policyholders’ account balances		925			476			210			239			—
Interest expense		321			36			124			—			161
Deferral of acquisition costs		(668	)		(128	)		(143	)		(412	)		15
Amortization of acquisition costs		469			132			99			250			(12	)
General and administrative expenses		2,901			1,234			616			1,048			3

Total benefits and expenses		9,365			2,410			2,527			4,238			190


Adjusted operating income (loss) before income taxes		1,571			945			131			837			(342	)


	Three Months Ended March 31, 2013
	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		6,329			145			1,279			4,914			(9	)
Policy charges and fee income		1,425			619			657			159			(10	)
Net investment income		2,821			1,160			473			1,093			95
Asset management fees, commissions and other income		1,225			1,122			148			184			(229	)

Total revenues		11,800			3,046			2,557			6,350			(153	)


Benefits and Expenses (1):
Insurance and annuity benefits		6,332			524			1,605			4,203			—
Interest credited to policyholders’ account balances		966			506			193			267			—
Interest expense		327			33			96			1			197
Deferral of acquisition costs		(864	)		(235	)		(220	)		(427	)		18
Amortization of acquisition costs		475			145			73			270			(13	)
General and administrative expenses		3,086			1,304			664			1,159			(41	)

Total benefits and expenses		10,322			2,277			2,411			5,473			161


Adjusted operating income (loss) before income taxes		1,478			769			146			877			(314	)

(1)

Page 7

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

FINANCIAL SERVICES BUSINESSES COMBINING BALANCE SHEETS - BY DIVISION

(in millions)


	As of March 31, 2014
	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		341,561		122,348		47,955		156,496		14,762
Deferred policy acquisition costs		16,229		5,740		4,269		6,540		(320	)
Other assets		30,848		11,136		10,445		9,156		111
Separate account assets		288,161		244,951		43,925		2,114		(2,829	)

Total assets		676,799		384,175		106,594		174,306		11,724


Liabilities:
Future policy benefits		161,466		51,326		12,971		93,665		3,504
Policyholders’ account balances		131,899		55,535		29,139		47,222		3
Debt		24,909		5,605		9,518		39		9,747
Other liabilities		32,953		11,715		6,098		12,800		2,340
Separate account liabilities		288,161		244,951		43,925		2,114		(2,829	)

Total liabilities		639,388		369,132		101,651		155,840		12,765


Attributed Equity:
Accumulated other comprehensive income (loss)		10,653		1,558		864		8,930		(699	)
Other attributed equity		26,117		12,894		4,079		9,477		(333	)

Total attributed equity		36,770		14,452		4,943		18,407		(1,032	)

Noncontrolling Interest		641		591		—		59		(9	)

Total Equity		37,411		15,043		4,943		18,466		(1,041	)


Total liabilities and equity		676,799		384,175		106,594		174,306		11,724


	As of December 31, 2013
	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		332,159		117,314		46,351		152,219		16,275
Deferred policy acquisition costs		16,101		5,715		4,295		6,407		(316	)
Other assets		30,059		11,207		10,088		8,102		662
Separate account assets		285,060		242,344		43,441		1,949		(2,674	)

Total assets		663,379		376,580		104,175		168,677		13,947


Liabilities:
Future policy benefits		156,601		49,521		12,520		91,145		3,415
Policyholders’ account balances		131,298		55,510		28,918		46,858		12
Debt		24,547		5,523		9,245		55		9,724
Other liabilities		31,385		9,800		5,629		11,821		4,135
Separate account liabilities		285,060		242,344		43,441		1,949		(2,674	)

Total liabilities		628,891		362,698		99,753		151,828		14,612


Attributed Equity:
Accumulated other comprehensive income (loss)		8,586		689		413		8,251		(767	)
Other attributed equity		25,299		12,590		4,009		8,588		112

Total attributed equity		33,885		13,279		4,422		16,839		(655	)

Noncontrolling Interest		603		603		—		10		(10	)

Total Equity		34,488		13,882		4,422		16,849		(665	)


Total liabilities and equity		663,379		376,580		104,175		168,677		13,947

Page 8

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

SHORT-TERM AND LONG-TERM DEBT

(in millions)


	As of March 31, 2014								As of December 31, 2013
	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		316		5,436		4,884		10,636		309		5,036		4,884		10,229
Operating Debt - Investment related		2,902		6,872		—		9,774		1,867		8,035		—		9,902
Operating Debt - Specified businesses		726		3,480		—		4,206		418		3,802		—		4,220
Limited recourse and non-recourse borrowing		—		293		—		293		—		196		—		196

Total debt - Financial Services Businesses		3,944		16,081		4,884		24,909		2,594		17,069		4,884		24,547

Closed Block Business
Investment related		—		—		—		—		—		—		—		—
Limited recourse and non-recourse borrowing		75		1,600		—		1,675		75		1,600		—		1,675

Total debt		75		1,600		—		1,675		75		1,600		—		1,675


	As of March 31, 2014								As of December 31, 2013
	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		9,217		1,042		377		10,636		8,817		1,042		370		10,229
Operating Debt - Investment related		5,837		729		3,208		9,774		6,281		411		3,210		9,902
Operating Debt - Specified businesses		3,036		1,170		—		4,206		2,969		1,251		—		4,220
Limited recourse and non-recourse borrowing		—		293		—		293		—		196		—		196

Total debt - Financial Services Businesses		18,090		3,234		3,585		24,909		18,067		2,900		3,580		24,547

(1)	Includes Prudential Funding, LLC.

(2)	Capital debt at Prudential Insurance Co. of America includes $941 million of surplus notes at both March 31, 2014 and December 31, 2013.

Page 9

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

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

(in millions)


Year-to-date						%			2013												2014
2014			2013			Change			1Q			2Q			3Q			4Q			1Q

								Revenues (1):
	197			145			36%	Premiums		145			256			276			331			197
	695			619			12%	Policy charges and fee income		619			654			665			690			695
	1,276			1,160			10%	Net investment income		1,160			1,236			1,196			1,255			1,276
	1,187			1,122			6%	Asset management fees, commissions and other income		1,122			1,156			1,157			1,253			1,187

	3,355			3,046			10%	Total revenues		3,046			3,302			3,294			3,529			3,355


								Benefits and Expenses (1):
	660			524			26%	Insurance and annuity benefits		524			683			598			733			660
	476			506			-6%	Interest credited to policyholders’ account balances		506			495			433			476			476
	36			33			9%	Interest expense		33			31			31			33			36
	(128	)		(235	)		46%	Deferral of acquisition costs		(235	)		(141	)		(136	)		(137	)		(128	)
	132			145			-9%	Amortization of acquisition costs		145			137			(92	)		107			132
	1,234			1,304			-5%	General and administrative expenses		1,304			1,246			1,229			1,321			1,234

	2,410			2,277			6%	Total benefits and expenses		2,277			2,451			2,063			2,533			2,410

	945			769			23%	Adjusted operating income before income taxes		769			851			1,231			996			945

(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 10

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

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

(in millions)


	Three Months Ended March 31, 2014
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		197			29			168			—
Policy charges and fee income		695			642			53			—
Net investment income		1,276			165			1,087			24
Asset management fees, commissions and other income		1,187			321			223			643

Total revenues		3,355			1,157			1,531			667


Benefits and Expenses (1):
Insurance and annuity benefits		660			115			545			—
Interest credited to policyholders’ account balances		476			105			371			—
Interest expense		36			27			6			3
Deferral of acquisition costs		(128	)		(116	)		(7	)		(5	)
Amortization of acquisition costs		132			122			5			5
General and administrative expenses		1,234			516			247			471

Total benefits and expenses		2,410			769			1,167			474

Adjusted operating income before income taxes		945			388			364			193


	Three Months Ended March 31, 2013
	Total U.S. Retirement Solutions & Investment Management Division			Individual Annuities			Retirement			Asset Management
Revenues (1):
Premiums		145			24			121			—
Policy charges and fee income		619			571			48			—
Net investment income		1,160			176			966			18
Asset management fees, commissions and other income		1,122			297			201			624

Total revenues		3,046			1,068			1,336			642


Benefits and Expenses (1):
Insurance and annuity benefits		524			42			482			—
Interest credited to policyholders’ account balances		506			118			388			—
Interest expense		33			23			7			3
Deferral of acquisition costs		(235	)		(223	)		(5	)		(7	)
Amortization of acquisition costs		145			134			5			6
General and administrative expenses		1,304			602			231			471

Total benefits and expenses		2,277			696			1,108			473


Adjusted operating income before income taxes		769			372			228			169

(1)

Page 11

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

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

(in millions)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						SALES AND ACCOUNT VALUES:

						Variable Annuities:
	150,467			131,608		Beginning total account value		131,608			139,034			137,775			143,697			150,467
	1,606			3,898		Sales: Highest Daily Suite (1)		3,898			2,098			1,913			1,714			1,606
	698			310		Other variable annuities (2)		310			341			475			698			698

	2,304			4,208		Total sales		4,208			2,439			2,388			2,412			2,304
	(2,158	)		(1,776	)	Surrenders and withdrawals		(1,776	)		(1,898	)		(1,824	)		(2,069	)		(2,158	)

	146			2,432		Net sales		2,432			541			564			343			146
	(340	)		(310	)	Benefit payments		(310	)		(326	)		(310	)		(336	)		(340	)

	(194	)		2,122		Net flows		2,122			215			254			7			(194	)
	2,194			6,039		Change in market value, interest credited, and other		6,039			(666	)		6,479			7,603			2,194
	(847	)		(735	)	Policy charges		(735	)		(808	)		(811	)		(840	)		(847	)

	151,620			139,034		Ending total account value		139,034			137,775			143,697			150,467			151,620


						Variable Annuities Account Value by Product:
	113,804			101,674		Highest Daily suite (1)		101,674			101,589			106,772			112,454			113,804
	37,816			37,360		Other variable annuities (2)		37,360			36,186			36,925			38,013			37,816

	151,620			139,034		Ending total account value		139,034			137,775			143,697			150,467			151,620


						Fixed Annuities and other products (3):
	3,673			3,734		Beginning total account value		3,734			3,714			3,699			3,681			3,673
	17			16		Sales		16			14			16			20			17
	(35	)		(41	)	Surrenders and withdrawals		(41	)		(38	)		(40	)		(41	)		(35	)

	(18	)		(25	)	Net redemptions		(25	)		(24	)		(24	)		(21	)		(18	)
	(71	)		(71	)	Benefit payments		(71	)		(96	)		(83	)		(85	)		(71	)

	(89	)		(96	)	Net flows		(96	)		(120	)		(107	)		(106	)		(89	)
	73			77		Interest credited and other		77			105			91			98			73
	(1	)		(1	)	Policy charges		(1	)		—			(2	)		—			(1	)

	3,656			3,714		Ending total account value		3,714			3,699			3,681			3,673			3,656


						SALES BY DISTRIBUTION CHANNEL:

						Variable and Fixed Annuities (4):
	604			703		Insurance Agents		703			547			575			600			604
	440			923		Wirehouses		923			464			433			426			440
	940			1,935		Independent Financial Planners		1,935			1,009			1,001			1,033			940
	337			663		Bank Distribution		663			433			395			373			337

	2,321			4,224		Total		4,224			2,453			2,404			2,432			2,321

(1)	Includes variable annuities with “Highest Daily” optional living benefits and predecessor “Lifetime Five” feature.

(2)	Includes Prudential Defined Income (PDI) and products without guaranteed minimum income and withdrawal benefits.

(3)	Includes single premium immediate annuities.

(4)	Amounts represent gross sales.

Page 12

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

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

(in millions)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						INDIVIDUAL ANNUITIES:

						Account Values in General Account (1):
	10,054			11,564		Beginning balance		11,564			11,148			10,903			10,409			10,054
	251			488		Premiums and deposits		488			258			230			222			251
	(220	)		(268	)	Surrenders and withdrawals		(268	)		(245	)		(217	)		(233	)		(220	)

	31			220		Net sales (redemptions)		220			13			13			(11	)		31
	(91	)		(89	)	Benefit payments		(89	)		(116	)		(102	)		(101	)		(91	)

	(60	)		131		Net flows		131			(103	)		(89	)		(112	)		(60	)
	98			86		Interest credited and other		86			92			81			78			98
	(210	)		(632	)	Net transfers to separate account		(632	)		(234	)		(484	)		(321	)		(210	)
	(1	)		(1	)	Policy charges		(1	)		—			(2	)		—			(1	)

	9,881			11,148		Ending balance		11,148			10,903			10,409			10,054			9,881


						Account Values in Separate Account (1):
	144,086			123,778		Beginning balance		123,778			131,600			130,571			136,969			144,086
	2,070			3,736		Premiums and deposits		3,736			2,195			2,174			2,210			2,070
	(1,973	)		(1,549	)	Surrenders and withdrawals		(1,549	)		(1,691	)		(1,647	)		(1,877	)		(1,973	)

	97			2,187		Net sales		2,187			504			527			333			97
	(320	)		(292	)	Benefit payments		(292	)		(306	)		(291	)		(320	)		(320	)

	(223	)		1,895		Net flows		1,895			198			236			13			(223	)
	2,169			6,030		Change in market value, interest credited and other		6,030			(653	)		6,489			7,623			2,169
	210			632		Net transfers from general account		632			234			484			321			210
	(847	)		(735	)	Policy charges		(735	)		(808	)		(811	)		(840	)		(847	)

	145,395			131,600		Ending balance		131,600			130,571			136,969			144,086			145,395

(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 13

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

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

(in millions)


	2013								2014
	1Q		2Q		3Q		4Q		1Q

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

Variable Annuity Account Values with Living Benefit Features
Guaranteed minimum accumulation benefits		7,764		7,290		7,037		6,799		6,514
Guaranteed minimum withdrawal benefits		945		895		889		886		851
Guaranteed minimum income benefits		3,639		3,519		3,583		3,667		3,578
Guaranteed minimum withdrawal & income benefits		101,688		101,686		107,109		113,246		115,079

Total		114,036		113,390		118,618		124,598		126,022


Living Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		98,362		98,119		102,783		107,910		109,139
Account Values without Auto-Rebalancing Feature		15,674		15,271		15,835		16,688		16,883

Total		114,036		113,390		118,618		124,598		126,022


Living Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		2,435		3,134		2,378		1,735		1,761
Net Amount at Risk without Auto-Rebalancing Feature		1,346		1,434		1,176		910		895

Total		3,781		4,568		3,554		2,645		2,656

(1)	At end of period.

Page 14

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


	2013								2014
	1Q		2Q		3Q		4Q		1Q

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		102,944		102,277		107,025		112,445		113,733
Net amount at risk		584		677		532		465		440
Minimum return, anniversary contract value, or maximum contract value:
Account value		33,046		32,511		33,592		34,846		34,750
Net amount at risk		3,574		3,931		3,330		2,817		2,806

Death Benefit Features Account Values by Product Design Type
Account Values with Auto-Rebalancing Feature		98,362		98,119		102,783		107,910		109,139
Account Values without Auto-Rebalancing Feature		37,628		36,669		37,834		39,381		39,344

Total		135,990		134,788		140,617		147,291		148,483


Death Benefit Features Net Amount at Risk by Product Design Type
Net Amount at Risk with Auto-Rebalancing Feature		715		1,064		774		613		624
Net Amount at Risk without Auto-Rebalancing Feature		3,443		3,544		3,088		2,669		2,622

Total		4,158		4,608		3,862		3,282		3,246

(1)	At end of period.

Page 15

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						RETIREMENT SEGMENT SALES AND ACCOUNT VALUES

						Full Service:
	173,502			148,405		Beginning total account value		148,405			156,380			157,738			165,364			173,502
	8,587			5,679		Deposits and sales		5,679			3,697			5,455			5,846			8,587
	(6,003	)		(4,676	)	Withdrawals and benefits		(4,676	)		(3,622	)		(4,627	)		(5,786	)		(6,003	)
	2,064			6,972		Change in market value, interest credited, interest income and other activity		6,972			1,283			6,798			8,078			2,064

	178,150			156,380		Ending total account value		156,380			157,738			165,364			173,502			178,150


	2,584			1,003		Net additions		1,003			75			828			60			2,584


						Stable value account values included above		43,065			43,365			44,186			44,013			44,461

						Institutional Investment Products:
	149,402			141,435		Beginning total account value		141,435			143,011			144,101			147,100			149,402
	1,733			3,845		Additions		3,845			4,360			5,034			4,055			1,733
	(3,017	)		(2,319	)	Withdrawals and benefits		(2,319	)		(2,462	)		(2,487	)		(2,683	)		(3,017	)
	1,456			202		Change in market value, interest credited and interest income		202			(662	)		547			979			1,456
	87			(152	)	Other (1)		(152	)		(146	)		(95	)		(49	)		87

	149,661			143,011		Ending total account value (2)		143,011			144,101			147,100			149,402			149,661


	(1,284	)		1,526		Net additions (withdrawals)		1,526			1,898			2,547			1,372			(1,284	)

(1)	“Other” activity primarily represents changes in asset balances for externally managed accounts.

(2)

Ending total account values for Institutional Investment Products business includes $1.9 billion as of March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013, and March 31, 2014, respectively, related to collateralized funding agreements issued to the Federal Home Loan Bank of New York (FHLBNY).

Page 16

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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				% Change			2013								2014
2014		2013		% Change			1Q		2Q		3Q		4Q		1Q

						Analysis of revenues by type:
	489		451		8%	Asset management fees		451		467		472		491		489
	66		51		29%	Other related revenues		51		57		52		94		66
	112		140		-20%	Service, distribution and other revenues		140		138		125		140		112

	667		642		4%	Total Asset Management segment revenues		642		662		649		725		667


						Analysis of asset management fees by source:
	214		203		5%	Institutional customers		203		207		210		218		214
	173		145		19%	Retail customers		145		154		161		171		173
	102		103		-1%	General account		103		106		101		102		102

	489		451		8%	Total asset management fees		451		467		472		491		489


Supplementary Assets Under Management Information (in billions):
	March 31, 2014
	Equity		Fixed Income		Real Estate		Total
Institutional customers		63.2		254.0		35.0		352.2
Retail customers		118.0		52.7		2.2		172.9
General account		9.0		355.4		1.4		365.8

Total		190.2		662.1		38.6		890.9


	March 31, 2013
	Equity		Fixed Income		Real Estate		Total
Institutional customers		56.6		234.7		31.9		323.2
Retail customers		94.2		47.6		2.0		143.8
General account		7.8		364.0		1.5		373.3

Total		158.6		646.3		35.4		840.3

Page 17

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in billions)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						Institutional Customers - Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	300.5			274.6		Beginning assets under management		274.6			282.9			279.6			290.0			300.5
	10.9			14.4		Additions		14.4			14.8			14.1			13.8			10.9
	(9.0	)		(7.5	)	Withdrawals		(7.5	)		(11.7	)		(10.0	)		(8.5	)		(9.0	)
	8.0			1.9		Change in market value		1.9			(6.1	)		6.0			6.0			8.0
	(0.1	)		(0.2	)	Net money market flows		(0.2	)		—			0.2			(0.5	)		(0.1	)
	0.1			(0.3	)	Other (1)		(0.3	)		(0.3	)		0.1			(0.3	)		0.1

	310.4			282.9		Ending assets under management		282.9			279.6			290.0			300.5			310.4
	41.8			40.3		Affiliated institutional assets under management		40.3			39.5			40.3			41.2			41.8

	352.2			323.2		Total assets managed for institutional customers at end of period		323.2			319.1			330.3			341.7			352.2


	1.9			6.9		Net institutional additions, excluding money market activity		6.9			3.1			4.1			5.3			1.9


						Retail Customers - Assets Under Management:

						Assets gathered by Investment Management & Advisory Services sales force:
	115.0			91.1		Beginning assets under management		91.1			97.9			100.4			106.5			115.0
	8.0			10.9		Additions		10.9			12.4			7.1			9.8			8.0
	(7.8	)		(9.1	)	Withdrawals		(9.1	)		(9.9	)		(8.5	)		(8.3	)		(7.8	)
	1.8			5.0		Change in market value		5.0			—			7.5			7.0			1.8
	—			—		Net money market flows		—			—			—			—			—
	—			—		Other		—			—			—			—			—

	117.0			97.9		Ending assets under management		97.9			100.4			106.5			115.0			117.0
	55.9			45.9		Affiliated retail assets under management		45.9			52.0			52.6			55.7			55.9

	172.9			143.8		Total assets managed for retail customers at end of period		143.8			152.4			159.1			170.7			172.9


	0.2			1.8		Net retail additions (withdrawals), excluding money market activity		1.8			2.5			(1.4	)		1.5			0.2

(1)	“Other” activity represents transfers from the Retirement Segment, as a result of changes in the client contract form; and FX related to International assets under management.

Page 18

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


Year-to-date						% Change			2013												2014
2014			2013			% Change			1Q			2Q			3Q			4Q			1Q

								Revenues (1):
	1,240			1,279			-3%	Premiums		1,279			1,294			1,256			1,269			1,240
	688			657			5%	Policy charges and fee income		657			654			487			634			688
	558			473			18%	Net investment income		473			504			497			517			558
	172			148			16%	Asset management fees, commissions and other income		148			159			143			167			172

	2,658			2,557			4%	Total revenues		2,557			2,611			2,383			2,587			2,658


								Benefits and Expenses (1):
	1,621			1,605			1%	Insurance and annuity benefits		1,605			1,578			1,496			1,522			1,621
	210			193			9%	Interest credited to policyholders’ account balances		193			201			208			206			210
	124			96			29%	Interest expense		96			98			108			112			124
	(143	)		(220	)		35%	Deferral of acquisition costs		(220	)		(186	)		(177	)		(190	)		(143	)
	99			73			36%	Amortization of acquisition costs		73			102			(111	)		57			99
	616			664			-7%	General and administrative expenses		664			655			643			665			616

	2,527			2,411			5%	Total benefits and expenses		2,411			2,448			2,167			2,372			2,527


	131			146			-10%	Adjusted operating income before income taxes		146			163			216			215			131

(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 19

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


	Three Months Ended March 31, 2014
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		1,240			214			1,026
Policy charges and fee income		688			541			147
Net investment income		558			399			159
Asset management fees, commissions and other income		172			142			30

Total revenues		2,658			1,296			1,362


Benefits and Expenses (1):
Insurance and annuity benefits		1,621			548			1,073
Interest credited to policyholders’ account balances		210			149			61
Interest expense		124			122			2
Deferral of acquisition costs		(143	)		(143	)		—
Amortization of acquisition costs		99			96			3
General and administrative expenses		616			399			217

Total benefits and expenses		2,527			1,171			1,356


Adjusted operating income before income taxes		131			125			6


	Three Months Ended March 31, 2013
	Total U.S. Individual Life & Group Insurance Division			Individual Life			Group Insurance
Revenues (1):
Premiums		1,279			193			1,086
Policy charges and fee income		657			515			142
Net investment income		473			330			143
Asset management fees, commissions and other income		148			117			31

Total revenues		2,557			1,155			1,402


Benefits and Expenses (1):
Insurance and annuity benefits		1,605			468			1,137
Interest credited to policyholders’ account balances		193			136			57
Interest expense		96			94			2
Deferral of acquisition costs		(220	)		(220	)		—
Amortization of acquisition costs		73			71			2
General and administrative expenses		664			469			195

Total benefits and expenses		2,411			1,018			1,393


Adjusted operating income before income taxes		146			137			9

(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

First Quarter 2014

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							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						ANNUALIZED NEW BUSINESS PREMIUMS (1):

	9			9		Variable life		9			7			9			13			9
	71			157		Universal life		157			124			107			109			71
	42			50		Term life		50			53			49			44			42

	122			216		Total		216			184			165			166			122


						ANNUALIZED NEW BUSINESS PREMIUMS BY DISTRIBUTION CHANNEL (1):

	22			25		Prudential Agents		25			25			22			23			22
	100			191		Third party distribution		191			159			143			143			100

	122			216		Total		216			184			165			166			122


						ACCOUNT VALUE ACTIVITY:

						*Policyholders’ Account Balances (2)(3):*
	21,842			10,583		Beginning balance		10,583			20,026			20,710			21,367			21,842
	769			1,108		Premiums and deposits		1,108			965			892			834			769
	(237	)		(240	)	Surrenders and withdrawals		(240	)		(305	)		(266	)		(252	)		(237	)

	532			868		Net sales		868			660			626			582			532
	(105	)		(133	)	Benefit payments		(133	)		(86	)		(91	)		(109	)		(105	)

	427			735		Net flows		735			574			535			473			427
	65			276		Interest credited and other		276			299			360			235			65
	105			88		Net transfers from separate account		88			98			84			98			105
	(320	)		(340	)	Policy charges		(340	)		(287	)		(322	)		(331	)		(320	)
	—			8,684		Acquisition		8,684			—			—			—			—

	22,119			20,026		Ending balance		20,026			20,710			21,367			21,842			22,119


						*Separate Account Liabilities (3):*
	26,916			17,817		Beginning balance		17,817			24,611			24,555			25,380			26,916
	369			305		Premiums and deposits		305			384			196			392			369
	(239	)		(233	)	Surrenders and withdrawals		(233	)		(315	)		(122	)		(232	)		(239	)

	130			72		Net sales		72			69			74			160			130
	(32	)		(41	)	Benefit payments		(41	)		(52	)		1			(29	)		(32	)

	98			31		Net flows		31			17			75			131			98
	484			1,487		Change in market value, interest credited and other		1,487			353			991			1,744			484
	(105	)		(88	)	Net transfers to general account		(88	)		(98	)		(84	)		(98	)		(105	)
	(240	)		(243	)	Policy charges		(243	)		(328	)		(157	)		(241	)		(240	)
	—			5,607		Acquisition		5,607			—			—			—			—

	27,153			24,611		Ending balance		24,611			24,555			25,380			26,916			27,153


						FACE AMOUNT IN FORCE (4):

						Variable life		175,851			173,991			173,142			172,870			173,382
						Universal life		130,182			135,686			139,808			144,533			147,519
						Term life		597,272			606,212			614,032			621,289			627,425

						Total		903,305			915,889			926,982			938,692			948,326

(1)	Excludes corporate-owned life insurance.

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

(3)	Includes reclassifications during the second quarter of 2013 to conform presentation of certain acquired liabilities.

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

Page 21

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(dollar amounts in millions)


Year-to-date					2013								2014
2014		2013			1Q		2Q		3Q		4Q		1Q

				Individual Life Insurance:

				Policy Surrender Experience:
	286		303	Cash value of surrenders		303		295		284		291		286
	2.6%		3.1%	Cash value of surrenders as a percentage of mean future policy benefits, policyholders’ account balances, and separate account balances		3.1%		2.9%		2.7%		2.7%		2.6%

				Death benefits per $1,000 of in force (1):
	5.06		4.35	Variable and universal life		4.35		4.19		5.31		4.41		5.06
	1.31		1.29	Term life		1.29		1.34		1.01		1.55		1.31
	3.51		3.10	Total, Individual Life Insurance		3.10		3.05		3.53		3.25		3.51

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

Page 22

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(dollar amounts in millions)


Year-to-date					2013												2014
2014		2013			1Q			2Q			3Q			4Q			1Q

				GROUP INSURANCE ANNUALIZED NEW BUSINESS PREMIUMS:
	137		148	Group life		148			15			33			44			137
	33		45	Group disability		45			7			13			8			33

	170		193	Total		193			22			46			52			170


				Future Policy Benefits (1) (2):
				Group life		2,297			2,292			2,123			2,281			2,198
				Group disability		34			23			13			3			30

				Total		2,331			2,315			2,136			2,284			2,228


				Policyholders’ Account Balances (1):
				Group life		7,657			7,696			7,822			7,928			7,853
				Group disability		212			214			233			251			254

				Total		7,869			7,910			8,055			8,179			8,107


				Separate Account Liabilities (1):
				Group life		23,076			22,352			22,017			22,706			22,938
				Group disability		—			—			—			—			—

				Total		23,076			22,352			22,017			22,706			22,938


				Group Life Insurance:
	1,004		1,074	Gross premiums, policy charges and fee income (3)		1,074			1,052			960			1,013			1,004
	973		997	Earned premiums, policy charges and fee income		997			1,001			948			969			973
	89.6%		92.2%	Benefits ratio		92.2	%		90.6	%		84.8	%		86.2	%		89.6	%
	11.2%		9.2%	Administrative operating expense ratio		9.2	%		9.6	%		11.1	%		10.8	%		11.2	%
				Persistency ratio		95.0	%		94.7	%		93.8	%		93.7	%		94.9	%

				Group Disability Insurance:
	221		240	Gross premiums, policy charges and fee income (3)		240			242			243			242			221
	200		231	Earned premiums, policy charges and fee income		231			220			223			225			200
	100.5%		94.4%	Benefits ratio		94.4	%		93.2	%		91.9	%		91.6	%		100.5	%
	29.0%		26.7%	Administrative operating expense ratio		26.7	%		25.6	%		25.9	%		28.1	%		29.0	%
				Persistency ratio		91.7	%		89.7	%		88.1	%		87.0	%		87.0	%

(1)	As of end of period.

(2)	The amounts shown exclude liabilities for unpaid claims and claim adjustment expenses.

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

Page 23

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


Year-to-date							2013												2014
2014			2013				1Q			2Q			3Q			4Q			1Q

						DEFERRED POLICY ACQUISITION COSTS

						INDIVIDUAL ANNUITIES:
	5,490			3,829		Beginning balance		3,829			4,223			4,577			5,314			5,490
	116			223		Capitalization		223			127			124			124			116
	(122	)		(134	)	Amortization - operating results		(134	)		(124	)		99			(98	)		(122	)
	41			271		Amortization - realized investment gains and losses		271			291			510			142			41
	(12	)		34		Impact of unrealized (gains) or losses on AFS securities		34			60			4			8			(12	)
	—			—		Other		—			—			—			—			—

	5,513			4,223		Ending balance		4,223			4,577			5,314			5,490			5,513


						INDIVIDUAL LIFE INSURANCE:
	4,112			3,116		Beginning balance		3,116			3,317			3,646			3,952			4,112
	143			220		Capitalization		220			188			173			181			143
	(96	)		(71	)	Amortization - operating results		(71	)		(99	)		113			(54	)		(96	)
	2			2		Amortization - realized investment gains and losses		2			5			4			4			2
	(72	)		50		Impact of unrealized (gains) or losses on AFS securities		50			235			16			29			(72	)

	4,089			3,317		Ending balance		3,317			3,646			3,952			4,112			4,089


						GROUP INSURANCE:
	183			182		Beginning balance		182			180			175			177			183
	—			—		Capitalization		—			(2	)		4			9			—
	(3	)		(2	)	Amortization - operating results		(2	)		(3	)		(2	)		(3	)		(3	)
	—			—		Amortization - realized investment gains and losses		—			—			—			—			—
	—			—		Impact of unrealized losses on AFS securities		—			—			—			—			—

	180			180		Ending balance		180			175			177			183			180


						DEFERRED SALES INDUCEMENTS

						INDIVIDUAL ANNUITIES:
	1,813			1,357		Beginning balance		1,357			1,425			1,506			1,764			1,813
	7			16		Capitalization		16			15			13			9			7
	(50	)		(54	)	Amortization - operating results		(54	)		(52	)		8			(39	)		(50	)
	(11	)		92		Amortization - realized investment gains and losses		92			101			235			76			(11	)
	(3	)		14		Impact of unrealized (gains) or losses on AFS securities		14			17			2			3			(3	)
	—			—		Other		—			—			—			—			—

	1,756			1,425		Ending balance		1,425			1,506			1,764			1,813			1,756

Page 24

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

COMBINED STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


Year-to-date						% Change			2013												2014
2014			2013			% Change			1Q			2Q			3Q			4Q			1Q

								Revenues (1):
	3,696			4,914			-25%	Premiums		4,914			4,570			3,889			3,664			3,696
	138			159			-13%	Policy charges and fee income		159			162			142			136			138
	1,084			1,093			-1%	Net investment income		1,093			1,067			1,086			1,060			1,084
	157			184			-15%	Asset management fees, commissions and other income		184			141			142			131			157

	5,075			6,350			-20%	Total revenues		6,350			5,940			5,259			4,991			5,075


								Benefits and Expenses (1):
	3,113			4,203			-26%	Insurance and annuity benefits		4,203			3,904			3,349			3,150			3,113
	239			267			-10%	Interest credited to policyholders’ account balances		267			233			245			239			239
	—			1			-100%	Interest expense		1			—			—			2			—
	(412	)		(427	)		4%	Deferral of acquisition costs		(427	)		(397	)		(347	)		(372	)		(412	)
	250			270			-7%	Amortization of acquisition costs		270			275			234			232			250
	1,048			1,159			-10%	General and administrative expenses		1,159			1,075			1,000			1,093			1,048

	4,238			5,473			-23%	Total benefits and expenses		5,473			5,090			4,481			4,344			4,238


	837			877			-5%	Adjusted operating income before income taxes		877			850			778			647			837

(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 25

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

COMBINING STATEMENTS OF OPERATIONS - INTERNATIONAL INSURANCE DIVISION

(in millions)


	Three Months Ended March 31, 2014
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		3,696			1,884			1,812
Policy charges and fee income		138			91			47
Net investment income		1,084			431			653
Asset management fees, commissions and other income		157			73			84

Total revenues		5,075			2,479			2,596


Benefits and Expenses (1):
Insurance and annuity benefits		3,113			1,637			1,476
Interest credited to policyholders’ account balances		239			60			179
Interest expense		—			—			—
Deferral of acquisition costs		(412	)		(209	)		(203	)
Amortization of acquisition costs		250			134			116
General and administrative expenses		1,048			438			610

Total benefits and expenses		4,238			2,060			2,178


Adjusted operating income before income taxes		837			419			418


	Three Months Ended March 31, 2013
	Total International Insurance Division			International Insurance - Life Planner Operations			International Insurance - Gibraltar Life & Other Operations
Revenues (1):
Premiums		4,914			1,890			3,024
Policy charges and fee income		159			90			69
Net investment income		1,093			403			690
Asset management fees, commissions and other income		184			60			124

Total revenues		6,350			2,443			3,907


Benefits and Expenses (1):
Insurance and annuity benefits		4,203			1,591			2,612
Interest credited to policyholders’ account balances		267			69			198
Interest expense		1			1			—
Deferral of acquisition costs		(427	)		(210	)		(217	)
Amortization of acquisition costs		270			120			150
General and administrative expenses		1,159			450			709

Total benefits and expenses		5,473			2,021			3,452


Adjusted operating income before income taxes		877			422			455

(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

First Quarter 2014

LOGO

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION

(in millions)


Year-to-date					2013								2014
2014		2013			1Q		2Q		3Q		4Q		1Q

				INTERNATIONAL INSURANCE OPERATING DATA:

				Actual exchange rate basis (1):

				Net premiums, policy charges and fee income:
	1,538		1,559	Japan, excluding Gibraltar Life		1,559		1,292		1,271		1,273		1,538
	1,859		3,093	Gibraltar Life		3,093		3,024		2,337		2,063		1,859
	437		421	All other countries		421		416		423		464		437

	3,834		5,073	Total		5,073		4,732		4,031		3,800		3,834


				Annualized new business premiums:
	227		249	Japan, excluding Gibraltar Life		249		179		152		183		227
	361		459	Gibraltar Life		459		498		407		392		361
	104		96	All other countries		96		76		85		108		104

	692		804	Total		804		753		644		683		692


				Annualized new business premiums by distribution channel:
	331		345	Life Planner Operations		345		255		237		291		331
	158		204	Gibraltar Life Consultants		204		232		176		167		158
	144		209	Banks		209		197		182		169		144
	59		46	Independent Agency		46		69		49		56		59

	692		804	Total		804		753		644		683		692


				Constant exchange rate basis (2):

				Net premiums, policy charges and fee income:
	1,815		1,704	Japan, excluding Gibraltar Life		1,704		1,468		1,460		1,479		1,815
	2,200		3,326	Gibraltar Life		3,326		3,484		2,695		2,378		2,200
	416		392	All other countries		392		403		408		436		416

	4,431		5,422	Total		5,422		5,355		4,563		4,293		4,431


				Annualized new business premiums:
	270		274	Japan, excluding Gibraltar Life		274		206		177		212		270
	403		476	Gibraltar Life		476		550		450		428		403
	99		91	All other countries		91		71		81		102		99

	772		841	Total		841		827		708		742		772


				Annualized new business premiums by distribution channel:
	369		365	Life Planner Operations		365		277		258		314		369
	182		212	Gibraltar Life Consultants		212		256		195		186		182
	154		217	Banks		217		218		200		182		154
	67		47	Independent Agency		47		76		55		60		67

	772		841	Total		841		827		708		742		772

(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 82 per U.S. dollar and Korean won 1150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

Page 27

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

INTERNATIONAL INSURANCE DIVISION - SALES RESULTS AND SUPPLEMENTARY INFORMATION


	2013												2014
	1Q			2Q			3Q			4Q			1Q

Face amount of individual policies in force at end of period (in billions) (1)(2):
(Constant exchange rate basis)
Japan, excluding Gibraltar Life		356			359			361			364			368
Gibraltar Life		405			405			406			406			406
All other countries		106			107			108			110			111

Total		867			871			875			880			885


Number of individual policies in force at end of period (in thousands) (2):
Japan, excluding Gibraltar Life		2,880			2,911			2,936			2,969			3,015
Gibraltar Life		7,417			7,340			7,307			7,274			7,217
All other countries		1,680			1,697			1,715			1,742			1,766

Total		11,977			11,948			11,958			11,985			11,998


International life insurance policy persistency:

Life Planner Operations:
13 months		93.0	%		93.2	%		93.1	%		93.0	%		93.0	%
25 months		86.3	%		86.3	%		85.9	%		85.6	%		85.9	%

Gibraltar Life (3):
13 months		89.4	%		89.6	%		90.8	%		90.9	%		91.0	%
25 months		82.2	%		81.9	%		83.0	%		82.4	%		81.8	%

Number of Life Planners at end of period:
Japan		3,284			3,243			3,274			3,258			3,298
All other countries		3,817			3,870			3,934			3,990			3,896

Total Life Planners		7,101			7,113			7,208			7,248			7,194


Gibraltar Life Consultants		10,252			9,795			9,298			9,327			8,806

(1)	Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 82 per U.S. dollar and Korean won 1150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars.

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

(3)	Reflects business sold by Life Consultants and Independent Agents.

Page 28

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

LOGO

INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	March 31, 2014									December 31, 2013
	Consolidated Portfolio		Closed Block Business		Financial Services Businesses					Consolidated Portfolio		Closed Block Business		Financial Services Businesses
	Consolidated Portfolio		Closed Block Business		Amount		% of Total			Consolidated Portfolio		Closed Block Business		Amount		% of Total
Fixed maturities:
Public, available-for-sale, at fair value		247,052		28,285		218,767		65.6	%		240,090		27,401		212,689		65.4	%
Public, held-to-maturity, at amortized cost		2,481		—		2,481		0.7	%		2,500		—		2,500		0.8	%
Private, available-for-sale, at fair value		47,957		15,977		31,980		9.6	%		46,461		15,811		30,650		9.4	%
Private, held-to-maturity, at amortized cost		794		—		794		0.2	%		812		—		812		0.2	%
Trading account assets supporting insurance liabilities, at fair value		20,935		—		20,935		6.3	%		20,827		—		20,827		6.4	%
Other trading account assets, at fair value		1,693		329		1,364		0.4	%		1,683		342		1,341		0.4	%
Equity securities, available-for-sale, at fair value		10,184		3,942		6,242		1.9	%		9,903		3,884		6,019		1.8	%
Commercial mortgage and other loans, at book value		42,229		9,921		32,308		9.7	%		40,806		9,673		31,133		9.6	%
Policy loans, at outstanding balance		11,833		4,971		6,862		2.1	%		11,766		5,013		6,753		2.1	%
Other long-term investments (1)		9,410		2,084		7,326		2.2	%		9,196		2,024		7,172		2.2	%
Short-term investments		5,892		1,398		4,494		1.3	%		7,311		1,866		5,445		1.7	%

Subtotal (2)		400,460		66,907		333,553		100.0	%		391,355		66,014		325,341		100.0	%

Invested assets of other entities and operations (3)		8,008		—		8,008					6,818		—		6,818

Total investments		408,468		66,907		341,561					398,173		66,014		332,159

Fixed Maturities by Credit Quality (2):


	March 31, 2014											December 31, 2013
	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		175,408		16,288		1,689		190,007		85.8	%		171,777		14,808		2,719		183,866		85.4	%
2		23,595		2,247		442		25,400		11.5	%		24,281		2,029		781		25,529		11.8	%

Subtotal - High or Highest Quality Securities		199,003		18,535		2,131		215,407		97.3	%		196,058		16,837		3,500		209,395		97.2	%

3		4,035		248		88		4,195		1.8	%		4,078		256		136		4,198		1.9	%
4		1,420		164		27		1,557		0.7	%		1,391		162		33		1,520		0.7	%
5		143		37		8		172		0.1	%		125		22		9		138		0.1	%
6		115		20		2		133		0.1	%		116		20		3		133		0.1	%

Subtotal - Other Securities		5,713		469		125		6,057		2.7	%		5,710		460		181		5,989		2.8	%

Total		204,716		19,004		2,256		221,464		100.0	%		201,768		17,297		3,681		215,384		100.0	%


Private Fixed Maturities:
NAIC Rating (4)
1		8,349		779		61		9,067		27.6	%		7,766		712		92		8,386		26.6	%
2		18,801		1,637		108		20,330		61.9	%		18,378		1,534		157		19,755		62.7	%

Subtotal - High or Highest Quality Securities		27,150		2,416		169		29,397		89.5	%		26,144		2,246		249		28,141		89.3	%

3		2,320		172		10		2,482		7.6	%		2,243		156		16		2,383		7.6	%
4		562		26		7		581		1.8	%		667		29		18		678		2.2	%
5		241		13		3		251		0.8	%		197		9		7		199		0.6	%
6		92		18		1		109		0.3	%		97		11		1		107		0.3	%

Subtotal - Other Securities		3,215		229		21		3,423		10.5	%		3,204		205		42		3,367		10.7	%

Total		30,365		2,645		190		32,820		100.0	%		29,348		2,451		291		31,508		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 asset management operations, including assets managed for third parties, (ii) derivative operations and (iii) those assets classified as “Separate account assets” on our balance sheet.

(3)	Includes invested assets of our asset management and derivative 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 March 31, 2014 and December 31, 2013, respectively, 378 securities with amortized cost of $1,309 million (fair value $1,356 million) and 306 securities with amortized cost of $806 million (fair value, $831 million) that have been categorized based on expected NAIC designations pending receipt of SVO ratings.

Page 29

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL SERVICES BUSINESSES INVESTMENT PORTFOLIO COMPOSITION

(in millions)


	March 31, 2014					December 31, 2013
	Amount		% of Total			Amount		% of Total
Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		115,484		80.8	%		112,501		81.0	%
Public, held-to-maturity, at amortized cost		2,481		1.7	%		2,500		1.8	%
Private, available-for-sale, at fair value		7,200		5.0	%		6,762		4.9	%
Private, held-to-maturity, at amortized cost		794		0.6	%		812		0.6	%
Trading account assets supporting insurance liabilities, at fair value		1,905		1.3	%		1,925		1.4	%
Other trading account assets, at fair value		812		0.6	%		884		0.6	%
Equity securities, available-for-sale, at fair value		2,613		1.8	%		2,557		1.9	%
Commercial mortgage and other loans, at book value		6,861		4.8	%		6,581		4.7	%
Policy loans, at outstanding balance		2,361		1.7	%		2,280		1.6	%
Other long-term investments (2)		1,657		1.2	%		1,576		1.1	%
Short-term investments		684		0.5	%		541		0.4	%

Total		142,852		100.0	%		138,919		100.0	%


	March 31, 2014					December 31, 2013
	Amount		% of Total			Amount		% of Total
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities:
Public, available-for-sale, at fair value		103,283		54.2	%		100,188		53.8	%
Public, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Private, available-for-sale, at fair value		24,780		13.0	%		23,888		12.8	%
Private, held-to-maturity, at amortized cost		—		0.0	%		—		0.0	%
Trading account assets supporting insurance liabilities, at fair value		19,030		10.0	%		18,902		10.1	%
Other trading account assets, at fair value		552		0.3	%		457		0.2	%
Equity securities, available-for-sale, at fair value		3,629		1.9	%		3,462		1.9	%
Commercial mortgage and other loans, at book value		25,447		13.3	%		24,552		13.2	%
Policy loans, at outstanding balance		4,501		2.4	%		4,473		2.4	%
Other long-term investments (2)		5,669		3.0	%		5,596		3.0	%
Short-term investments		3,810		1.9	%		4,904		2.6	%

Total		190,701		100.0	%		186,422		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 30

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS

(in millions)


	Three Months Ended March 31
	2014									2013
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (3)			Amount			Realized Gains / (Losses)			Yield (3)			Amount			Realized Gains / (Losses)
Financial Services Businesses (1):
Fixed maturities		3.79	%		2,157			195			3.67	%		2,147			53
Equity securities		5.46	%		63			33			5.70	%		59			34
Commercial mortgage and other loans		4.57	%		307			(4	)		4.99	%		282			(11	)
Policy loans		4.85	%		82			—			4.60	%		76			—
Short-term investments and cash equivalents		0.25	%		6			—			0.19	%		8			—
Other investments		11.72	%		250			(174	)		4.39	%		88			(935	)

Gross investment income before investment expenses		4.03	%		2,865			50			3.66	%		2,660			(859	)
Investment expenses		-0.14	%		(72	)		—			-0.13	%		(80	)		—

Subtotal		3.89	%		2,793			50			3.53	%		2,580			(859	)

Investment results of other entities and operations (2)					270			21						295			39
Less, investment income related to adjusted operating income reconciling items					(46	)								(54	)

Total					3,017			71						2,821			(820	)

(1)

Excludes assets of commercial loans, trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders, derivative operations, 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 invested income of commercial loans, trading account assets supporting insurance liabilities where the investment results generally accrue to contractholders and our asset management and derivative operations.

(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.

Page 31

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - JAPANESE INSURANCE OPERATIONS

(in millions)


	Three Months Ended March 31
	2014									2013
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (1)			Amount			Realized Gains / (Losses)			Yield (1)			Amount			Realized Gains / (Losses)
Japanese Insurance Operations:
Fixed maturities		2.93	%		803			223			2.78	%		833			127
Equity securities		3.97	%		18			12			4.11	%		19			30
Commercial mortgage and other loans		3.99	%		67			(2	)		4.23	%		65			2
Policy loans		3.71	%		21			—			3.38	%		22			—
Short-term investments and cash equivalents		0.28	%		1			—			0.15	%		1			—
Other investments (2)		7.83	%		48			136			5.75	%		47			(295	)

Gross investment income before investment expenses		3.08	%		958			369			2.90	%		987			(136	)
Investment expenses		-0.13	%		(39	)		—			-0.12	%		(42	)		—

Total		2.95	%		919			369			2.78	%		945			(136	)

(1)

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

Page 32

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

FINANCIAL SERVICES BUSINESSES INVESTMENT RESULTS - EXCLUDING JAPANESE INSURANCE OPERATIONS

(in millions)


	Three Months Ended March 31
	2014									2013
	Investment Income						Realized Gains / (Losses)			Investment Income						Realized Gains / (Losses)
	Yield (2)			Amount			Realized Gains / (Losses)			Yield (2)			Amount			Realized Gains / (Losses)
Financial Services Businesses excluding Japanese Insurance Operations (1):
Fixed maturities		4.61	%		1,354			(28	)		4.61	%		1,314			(74	)
Equity securities		6.40	%		45			21			6.97	%		40			4
Commercial mortgage and other loans		4.77	%		240			(2	)		5.28	%		217			(13	)
Policy loans		5.44	%		61			—			5.36	%		54			—
Short-term investments and cash equivalents		0.24	%		5			—			0.20	%		7			—
Other investments		13.30	%		202			(310	)		3.45	%		41			(640	)

Gross investment income before investment expenses		4.77	%		1,907			(319	)		4.33	%		1,673			(723	)
Investment expenses		-0.14	%		(33	)		—			-0.14	%		(38	)		—

Total		4.63	%		1,874			(319	)		4.19	%		1,635			(723	)

(1)

(2)

Page 33

Quarterly Financial Supplement

First Quarter 2014

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

(in millions)


Year-to-date							2012												2013
2011			2010				1Q			2Q			3Q			4Q			1Q			2Q			3Q			4Q

						SALES AND ACCOUNT VALUES:

						Variable Annuities:
	102,348			80,519		Beginning total account value		109,743			120,276			120,326			128,949			131,608			139,034			137,775			143,697
	18,095			18,859		Sales: Highest Daily suite (1)		4,504			4,838			5,491			3,472			3,898			2,098			1,913			1,714
	2,129			2,792		Other variable annuities (2)		439			506			421			306			310			341			475			698

	20,224			21,651		Total sales		4,943			5,344			5,912			3,778			4,208			2,439			2,388			2,412
	(7,049	)		(6,923	)	Surrenders and withdrawals		(1,676	)		(1,626	)		(1,579	)		(1,765	)		(1,776	)		(1,898	)		(1,824	)		(2,069	)

	13,175			14,728		Net sales		3,267			3,718			4,333			2,013			2,432			541			564			343
	(1,092	)		(981	)	Benefit payments		(285	)		(288	)		(283	)		(313	)		(310	)		(326	)		(310	)		(336	)

	12,083			13,747		Net flows		2,982			3,430			4,050			1,700			2,122			215			254			7
	(2,450	)		9,748		Change in market value, interest credited, and other		8,171			(2,742	)		5,264			1,687			6,039			(666	)		6,479			7,603
	(2,238	)		(1,666	)	Policy charges		(620	)		(638	)		(691	)		(728	)		(735	)		(808	)		(811	)		(840	)

	109,743			102,348		Ending total account value		120,276			120,326			128,949			131,608			139,034			137,775			143,697			150,467


						Variable Annuities Account Value by Product:
	72,154			59,352		Highest Daily suite (1)		81,156			83,110			91,366			94,804			101,674			101,589			106,772			112,454
	37,589			42,996		Other variable annuities (2)		39,120			37,216			37,583			36,804			37,360			36,186			36,925			38,013

	109,743			102,348		Ending total account value		120,276			120,326			128,949			131,608			139,034			137,775			143,697			150,467


						Fixed Annuities and other products (3):
	3,837			3,452		Beginning total account value		3,792			3,778			3,768			3,756			3,734			3,714			3,699			3,681
	69			103		Sales		16			14			14			11			16			14			16			20
	(183	)		(215	)	Surrenders and withdrawals		(43	)		(34	)		(35	)		(48	)		(41	)		(38	)		(40	)		(41	)

	(114	)		(112	)	Net redemptions		(27	)		(20	)		(21	)		(37	)		(25	)		(24	)		(24	)		(21	)
	(276	)		(267	)	Benefit payments		(83	)		(62	)		(68	)		(68	)		(71	)		(96	)		(83	)		(85	)

	(390	)		(379	)	Net flows		(110	)		(82	)		(89	)		(105	)		(96	)		(120	)		(107	)		(106	)
	346			766		Interest credited and other		96			73			78			83			77			105			91			98
	(1	)		(2	)	Policy charges		—			(1	)		(1	)		—			(1	)		—			(2	)		—

	3,792			3,837		Ending total account value		3,778			3,768			3,756			3,734			3,714			3,699			3,681			3,673


						SALES BY DISTRIBUTION CHANNEL:

						Variable and Fixed Annuities (4):
	3,223			2,847		Insurance Agents		764			799			903			557			703			547			575			600
	4,563			4,612		Wirehouses		1,233			1,299			1,471			929			923			464			433			426
	9,140			10,611		Independent Financial Planners		2,103			2,338			2,706			1,661			1,935			1,009			1,001			1,033
	3,367			3,684		Bank Distribution		859			922			846			642			663			433			395			373

	20,293			21,754		Total		4,959			5,358			5,926			3,789			4,224			2,453			2,404			2,432

(1)	Includes variable annuities with “Highest Daily” optional living benefits and predecessor “Lifetime Five” feature.

(2)	Includes Prudential Defined Income (PDI) and products without guaranteed minimum income and withdrawal benefits.

(3)	Includes single premium immediate annuities.

(4)	Amounts represent gross sales.

Page 34

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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. Group disability amounts include dental products. 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. Amounts ascribed to Gibraltar Life Consultants include production by captive agents associated with consolidated joint venture of Gibraltar Life and Other Operations.

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 - Operating Debt - Investment Related:

Debt issued to finance specific investment assets or portfolios of investment assets, including institutional spread lending investment portfolios as well as institutional and insurance company portfolio cash flow timing differences.

9. Borrowings - Operating Debt - Specified Businesses:

Borrowings primarily associated with the individual annuity and asset management businesses.

Page 35

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

KEY DEFINITIONS AND FORMULAS

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. Gibraltar Life:

Includes results from consolidated joint venture operation of Gibraltar Life and Other Operations.

17. Gibraltar Life Consultants:

Captive insurance agents for Gibraltar Life. Count and policy persistency do not include captive agents associated with consolidated joint venture of Gibraltar Life and Other Operations.

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 36

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

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:

Captive insurance agents in our Life Planner Operations.

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 13.8% for the three months ended March 31, 2014, (5.1)% for the three months ended December 31, 2013, 11.6% for the three months ended September 30, 2013, (5.8)% for the three months ended June 30, 2013, and (7.8)% for the three months ended March 31, 2013.

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:

Captive 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 37

Prudential Financial, Inc.

Quarterly Financial Supplement

First Quarter 2014

RATINGS AND INVESTOR INFORMATION

FINANCIAL STRENGTH RATINGS

as of May 7, 2014


	A.M. Best	Standard & Poor’s	Moody’s	Fitch Ratings
The Prudential Insurance Company of America	A+	AA-	A1	A+
PRUCO Life Insurance Company	A+	AA-	A1	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-	A1	A+
The Prudential Life Insurance Co., Ltd. (Prudential of Japan)	NR	AA-	NR	NR
Gibraltar Life Insurance Company, Ltd.	NR	AA-	NR	NR
The Prudential Gibraltar Financial Life Insurance Co. Ltd.	NR	AA-	NR	NR
Prudential Life Insurance Co. of Taiwan, Inc.(1)	NR	twAA+	NR	NR

CREDIT RATINGS:
as of May 7, 2014

Prudential Financial, Inc.:
Short-Term Borrowings	AMB-1	A-1	P-2	F2
Long-Term Senior Debt	a-	A	Baa1	BBB+
Junior Subordinated Long-Term Debt	bbb	BBB+	Baa2	BBB-

The Prudential Insurance Company of America:
Capital and surplus notes	a	A	A3	A-

Prudential Funding, LLC:
Short-Term Debt	AMB-1	A-1+	P-1	F1
Long-Term Senior Debt	a+	AA-	A2	A

PRICOA Global Funding I
Long-Term Senior Debt	aa-	AA-	A1	A+

*	NR indicates not rated.

(1)	Prudential Life Insurance Co. of Taiwan was assigned a financial strength rating by Taiwan Ratings Corporation, a partner of Standard and Poor’s.

INVESTOR INFORMATION:

Corporate Offices:

Prudential Financial, Inc.

751 Broad Street

Newark, New Jersey 07102

Investor Information Hotline:

Dial 877-998-ROCK for additional printed information or inquiries.

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 38

Form: 8-K

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