The Company invested approximately $200 million and acquired a 20% equity interest in Prismic Life Holding Company LP, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. This investment is accounted for under the equity method.

The Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies and provide reinvestment capacity to build capabilities and fuel future growth.

The Company entered into reinsurance agreements with Somerset Reinsurance Ltd. and The Ohio National Life Insurance Company to reinsure certain blocks of business. These agreements are intended to reduce risk and optimize capital.

The Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms.

Management is focused on creating operating efficiencies, providing reinvestment capacity, strengthening competitiveness and fueling future growth.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The company acknowledges risks associated with losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default.

The company acknowledges risks associated with losses on insurance products due to mortality experience, morbidity experience or policyholder behavior experience that differs significantly from expectations.

The company acknowledges risks associated with changes in interest rates, equity prices and foreign currency exchange rates that may adversely impact the profitability of products, the value of separate accounts or the value of assets managed, and guarantees within certain products which are market sensitive.

The company acknowledges that market conditions may adversely affect the sales or persistency of products and that competition is a risk factor.

The company acknowledges that reputational damage is a risk factor.

The company acknowledges that technological changes may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions.

The Company recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 as part of its continuous improvement process.

The Company expects its actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth.

Management is focused on creating operating efficiencies and providing reinvestment capacity.

The Company is investing in technology and data platforms as part of its continuous improvement process.

The company acknowledges the risk of an inability to protect intellectual property rights or claims of infringement of the intellectual property rights of others.

The company acknowledges that technological changes may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions.

The Board authorized the Company to repurchase up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2024 through December 31, 2024.

The company declared dividends of $1.30 per share for the three months ended March 31, 2024 and $1.25 per share for the same period in 2023.

Management monitors the liquidity of Prudential Financial and its subsidiaries on a daily basis and projects borrowing and capital needs over a multi-year time horizon.

The provided document does not contain any specific information regarding ESG initiatives, environmental commitments, social responsibility initiatives, governance practices, or sustainability risks and opportunities.

The company acknowledges that changes in interest rates, equity prices and foreign currency exchange rates may adversely impact the profitability of products, the value of separate accounts or the value of assets managed.

The company acknowledges risks associated with changes in the regulatory landscape, including related to financial sector regulatory reform, changes in tax laws, fiduciary rules and other standards of care, U.S. state insurance laws and developments regarding group-wide supervision, capital and reserves, insurer capital standards outside the U.S. and privacy and cybersecurity regulation.

The company acknowledges that market conditions may adversely affect the sales or persistency of products and that competition is a risk factor.