PRUDENTIAL FINANCIAL Business Summary

Prudential Financial Inc. operates a diversified global financial services model, generating revenue primarily through insurance premiums, asset management fees, and net investment income. The company’s operations are structured into three core segments: PGIM (Global Investment Management), which manages approximately $1.5 trillion in assets; U.S. Businesses, comprising Retirement Strategies, Group Insurance, and Individual Life; and International Businesses, which maintains a dominant market share in Japan and high-growth regions like Brazil and Mexico. Revenue is further supported by its Closed Block division and strategic reinsurance initiatives via its Prismic subsidiary. Prudential competes directly with major multi-line insurers and asset managers such as MetLife, American International Group (AIG), and Principal Financial Group, positioning itself as a market leader at the intersection of global retirement security and institutional asset management. Founded in 1875 by John Fairfield Dryden as the Widows and Orphans Friendly Society, the company is currently led by CEO Andrew "Andy" Sullivan, who assumed the role in March 2025 after previously heading the International and PGIM divisions. The executive leadership team includes CFO Yanela Frias, an industry veteran who formerly led the Retirement and Group Insurance segments, and Phil Waldeck, who was appointed Executive Vice President and Head of U.S. Businesses in February 2026. Other key leaders include Jacques Chappuis, President and CEO of PGIM, and Scott Case, Head of Global Technology and Operations. The Board of Directors, currently chaired by Executive Chairman Charles Lowrey, recently expanded to include Maryann Mannen (CEO of Marathon Petroleum), signaling a strategic pivot toward high-growth operational evolution and digital transformation.