Prudential Financial, Inc. is a global financial services company that operates as a leading active investment manager and insurance provider. The firm offers life insurance annuities retirement related products mutual funds and investment management services to individual and institutional customers through proprietary and third party distribution networks. It conducts business in the United States Asia Europe and Latin America.

The company generates revenue primarily from asset management fees which are calculated as a percentage of assets under management and from performance based incentive fees when returns exceed benchmarks. Additional revenue comes from commercial mortgage origination and servicing transaction fees related to real estate and private fixed income and from premiums policy charges and fee income on insurance and annuity contracts. Investment income from assets supporting customer liabilities and required capital also contributes to earnings.

The company operates through the following segments: PGIM Retirement Strategies Group Insurance Individual Life International Businesses Closed Block division and Corporate and Other.

• PGIM provides a comprehensive array of investment management solutions including public fixed income private credit and alternatives public equity real estate and multi asset strategies to institutional investors retail clients and the company's affiliated insurance and retirement businesses earning revenue from asset management fees performance based fees commercial mortgage origination and servicing and transaction fees.

• Retirement Strategies serves the retirement needs of institutional and individual customers through institutional offerings such as group annuities guaranteed investment contracts structured settlements longevity reinsurance and investment only stable value wraps and individual offerings such as variable and fixed annuities generating revenue from premiums policy charges fee income and investment income.

• Group Insurance provides and distributes a full range of group life group long term and short term group disability and group corporate bank and trust owned life insurance along with supplemental health solutions such as accident critical illness and hospital indemnity earning revenue primarily from premiums policy charges and investment income from assets supporting customer liabilities and required capital.

• Individual Life develops and distributes variable life universal life and term life insurance products primarily to US mass middle mass affluent and affluent customers generating revenue from premiums in accordance with policy terms policy charges and fee income from in force policies and investment income from assets supporting customer liabilities and required capital.

• International Businesses develops and distributes life insurance retirement investment products and certain accident and health products with fixed benefits to affluent mass affluent and broad middle income customers predominantly in Japan Brazil Mexico and through joint ventures in Chile China India Indonesia and strategic investments in Ghana and South Africa earning revenue primarily from premiums policy charges fee income and investment income from assets supporting customer liabilities and required capital.

• Closed Block division consists of the divested business that holds certain in force participating insurance and annuity products and corresponding assets used exclusively for the payment of benefits and policyholders dividends expenses and taxes on these products and is accounted for separately from other divested and run off businesses.

• Corporate and Other encompasses corporate operations and initiatives that are not allocated to business segments investments not assigned to business segments capital debt pension and other employee benefit plans corporate level activities expenses related to multi year programs retained obligations from pre demutualization policyholders impacts of risk management activities foreign currency income hedging intercompany arrangements funding agreement issuances consolidation of entities managed by PGIM Prudential Advisors and the company's share of earnings in Prismic as well as transactions with and between other segments for consolidation purposes.

Prudential Financial holds a strong position in the global financial services industry competing with major asset managers such as BlackRock Vanguard and State Street and large insurers including MetLife Prudential plc and AIA. Its competitive advantages stem from its brand recognition financial strength diversified product lines across insurance investment management and retirement services extensive distribution networks and a focus on innovation and risk management.

The company serves individual retail customers including mass middle mass affluent and affluent households institutional clients such as pension plan sponsors employers and financial intermediaries and third party distributors that distribute its products through broker dealers banks and advisory networks.