PRU Management Meeting Takeaways

Research evidence excerpt

PRU Management Meeting Takeaways

Financials | Global Insurance - Life

June 23, 2026

Prudential Financial Inc. Thomas Gallagher, CFA David Motemaden, CFA 212-446-9439 212-497-0832

PRU | $108.03 Thomas.Gallagher@EvercoreISI.com David.Motemaden@evercoreisi.com

In Line | Target Price/Base Case: $95.00 Nicolas Lu Peter Knudsen

Commentary 212-497-0812 212-708-8497

Nicolas.Lu@evercoreisi.com Peter.Knudsen@evercoreisi.com

Company Statistics We recently hosted investor meetings with PRU CEO and Chairman of

52-Week Range $91.89 - $119.76 the Board Andy Sullivan and head of IR Tina Madon. Our takeaways

Market Capitalization (M) $33,547 are as follows:

Shares Outstanding (M) 368

Dividend Yield 5.0% 1. PRU is looking to streamline which business it focuses on in 3 to 4

Upside/Downside 3.5% key areas. They believe greater focus and less distraction will help

Price/Earnings 0.00 improve growth and returns. PRU has also moved away from a

Forward P/E 6.80

bottom-up focus for its businesses, now using more of a top-down Price/Book Value 0.96

Fiscal Year End Dec approach, which should help improve risk adjusted returns over

time. One example highlighted for prior divestitures was 401k –

PRU’s view was that being a top player was critical to competing,

and thus is happy with the decision to exit 1 Year Price History

2. Although the legacy businesses in run off such as GUL and VA with

living benefits are areas that PRU has already executed prior risk

transfer deals in, the company will be patient and look to transact

only if the deals make economic sense. Our sense is that the

remaining GUL is somewhat more complex while the VA is a good

contributor to cash flow, thus may have a high hurdle rate

3. We were encouraged to hear fairly constructive comments on the