Prudential Financial Inc. - 5.625% NT REDEEM 15/08/2058 USD 25

Core results / earnings quality (headline): - Prudential reported after-tax adjusted operating income of $1.3B ($3.77/share) vs $1.4B ($4.05/share) in the prior-year quarter. - YTD adjusted operating ROAE: 14.5%, roughly in line with prior year. - The YoY decline was driven by Japan pressure (POJ sales suspension), offset by stronger PGIM and U.S. businesses, plus expense support for growth (variable expenses up in the U.S.).

Strategy execution: “simpler, more focused Prudential” + geographic narrowing: - In line with the August plan to concentrate capital on Retirement, Asset Management (PGIM), and select Protection, Prudential is shrinking its geographic footprint. - Brazil + Mexico sale announced to C and P Assurances for $4.025B; plus Indonesia and Kenya closed and South Africa announced for sale. - CEO emphasized disciplined capital rotation: diversify and scale the core platforms, with a high bar on returns and earnings/free cash flow contribution.

Capital rotation economics & expectations (forecast): - For Brazil/Mexico, company expects net proceeds ~ $3.1B after taxes/fees/closing costs (gap vs $4.025B mainly taxes). - Closing expected in 2H 2027 (company will confirm net proceeds then). - Management stated capital deployment is multi-step over ~5 years, not a single-step use of “dry powder”; dry powder alone should not be read as the total opportunity.