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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-K

_____________________________________________________


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED December 31, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission file number 333-18053

_____________________________________________________

Pruco Life Insurance Company of New Jersey

(Exact Name of Registrant as Specified in its Charter)


New Jersey			22-2426091
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

213 Washington Street, Newark, NJ 07102

(973) 802-6000

(Address and Telephone Number of Registrant’s Principal Executive Offices)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T ((§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of March 266, ~~2025~~2026, 400,000 shares of the registrant’s Common Stock (par value $5) were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is hereby incorporated by reference herein from, Prudential Financial, Inc.’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 1312, ~~2025~~2026, to be filed by Prudential Financial, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, ~~2024~~2025.

Pruco Life Insurance Company of New Jersey meets the conditions set

forth in General Instruction (I) (1) (a) and (b) of Form 10-K

and is therefore filing this Form with the reduced disclosure.


Table of Contents

TABLE OF CONTENTS

			Page
PART I	Item 1.	Business	4
	Item 1A.	Risk Factors	1612
	Item 1B.	Unresolved Staff Comments	2823
	Item 1C.	Cybersecurity	2823
	Item 2.	Properties	2924
	Item 3.	Legal Proceedings	2924
	Item 4.	Mine Safety Disclosures	2924
PART II	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3025
	Item 6.	[Reserved]	3025
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3025
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4135
	Item 8.	Financial Statements and Supplementary Data	4640
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~138~~130
	Item 9A.	Controls and Procedures	~~138~~130
	Item 9B.	Other Information	~~138~~130
	Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	~~138~~130
PART III	Item 10.	Directors, Executive Officers and Corporate Governance	~~139~~131
	Item 14.	Principal Accountant Fees and Services	~~139~~131
PART IV	Item 15.	Exhibits and Financial Statement Schedules	~~140~~132
	Item 16.	Form 10-K Summary	~~142~~134
SIGNATURES			~~143~~135


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FORWARD-LOOKING STATEMENTS

Certain of the statements included in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Pruco Life Insurance Company of New Jersey. There can be no assurance that future developments affecting Pruco Life Insurance Company of New Jersey will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates and equity prices that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (5) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (6) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third-parties or (e) labor and employment matters; (7) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) state insurance laws and developments regarding group-wide supervision, capital and reserves, and (e) privacy and cybersecurity regulation; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) ratings downgrades; (10) market conditions that may adversely affect the sales or persistency of our products; (11) competition; and (12) reputational damage. Pruco Life Insurance Company of New Jersey does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in this Annual Report on Form 10-K for discussion of certain risks relating to our business and investment in our securities.


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PART 1

Item 1. Business

Overview

Pruco Life Insurance Company of New Jersey (the “Company”, “PLNJ”, “we”, or “our”) is a wholly-owned subsidiary of the Pruco Life Insurance Company, (“Pruco Life”), which in turn is a wholly-owned subsidiary of The Prudential Insurance Company of America, (“Prudential Insurance”). Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). See Note 1 to the Financial Statements for additional information.

Pruco Life may make capital contributions to the Company, as needed, to enable it to comply with its reserve and capital requirements and fund expenses in connection with its business. Pruco Life is under no obligation to make such contributions and its assets do not back the benefits payable under the Company’s policyholders’ contracts.

In August 2024, Pruco Life entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re") to coinsure certain guaranteed universal life ("GUL") policies issued by PLNJ. To effectuate this transaction, the Company coinsured the guaranteed universal life policies to Pruco Life, with retrocession by Pruco Life of such liabilities on a coinsurance basis to Wilton Re. The transaction was completed in December 2024 with an effective date of October 1, 2024. See Note 11 to the Financial Statements for additional information.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of GUL policies to Prudential Universal Reinsurance Entity Company ("PURE"), a wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential Insurance"), with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from Prudential Arizona Reinsurance Universal Company ("PAR U") and subsequently established yearly renewable term ("YRT") reinsurance for the subject GUL business with Prudential Insurance. See Note 11 to the Financial Statements for additional information.


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The Company is licensed to sell variable annuities, indexed variable annuities, fixed annuities, variable life, universal life and term life insurance in New Jersey and New York only. The Company only sells such products in New York primarily through affiliated and unaffiliated distributors.

Products AnnuitiesWe offer a variety of products to serve different retirement needs and goals:~~Indexed~~FlexGuard ~~Variable Annuities~~Suite•~~The~~Our ~~Prudential~~ FlexGuard® ~~New~~suite ~~York~~of ~~Flexible Premium Deferred Index~~indexed-~~Linked~~variable ~~and~~annuity ~~Variable~~products ~~Annuity~~ offers the contractholder an opportunity to allocate funds to variable subaccounts and index-based strategies. The strategies provide an interest component linked to, but not an investment in, the selected index, and its performance over the elected term, subject to certain contractual ~~minimums and maximums~~provisions, and also provides varying levels of downside protection at pre-determined levels and durations. The product also allows for additional deposits and provides a ~~Return~~return of ~~Purchase~~purchase ~~Payment~~payment ~~("ROP")~~ death benefit at no additional charge.~~Traditional~~ Variable Annuities •~~The~~Our ~~Prudential~~actively ~~Premier®~~sold ~~Investment~~variable ~~Variable~~annuities ~~Annuity~~provide ~~(“PPI”) offers~~ tax-deferred asset accumulation, annuitization options, and an optional death benefit that guarantees the contractholder’s beneficiary a return of total purchase payments made to the contract, adjusted for any partial withdrawals, upon death. ~~•The~~Sales ~~Prudential~~of ~~MyRock®~~our ~~Advisor~~traditional ~~New York Variable Annuity, a fee-based~~ variable ~~annuity~~annuities ~~that~~were ~~offers~~discontinued ~~tax-deferred~~in ~~asset accumulation, annuitization options and an optional return of adjusted purchase payments death benefit that can be purchased for an additional charge~~2020. Life InsuranceWe offer a variety of products, consisting of base contracts and riders (such as our accelerated death benefit rider), that serve different protection needs and goals, including:Variable Life - permanent coverage for life with potential to accumulate policy cash value based on underlying investment options•Our variable life policies offer flexibility in payment options and the potential to accumulate cash value through a suite of underlying investment options or a fixed rate option.Term Life - coverage for a specified number of years with a guaranteed tax-advantaged death benefit•Most of our term life policies offer an income tax-free death benefit and guaranteed premiums that will stay the same during the level-premium period.•Most of our term life policies also offer a conversion option that allows the policyholder to convert the policy into a permanent policy that can potentially cover the insured for life.Universal Life - permanent coverage for life with the potential to accumulate policy cash value•Our universal life policies offer flexibility in payment options and the potential to accumulate cash value in an account that earns interest based on a crediting rate determined by the Company, subject to contractual minimums. •Indexed universal life policies provide interest credited to the cash value that is linked to, but not an investment in, the performance of an external index subject to certain cap and participation rates as well as contractual minimums/maximums.


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Marketing and Distribution Our distribution efforts for our annuity products, which are supported by a network of internal and external wholesalers, are executed through a diverse group of distributors, including:•Third-party distribution through:◦Broker-dealers;◦Banks and wirehouses;◦Independent financial planners; and◦Marketing Organizations.•Financial professionals, ~~including those~~ associated with Prudential Advisors, Prudential's proprietary nationwide ~~sales~~advice organization. InWe August 2023, the Company and LPL Financial Holdings Inc. (“LPL”) announced a strategic relationship, through which the Company will move retail brokerage and investment advisory assets from Prudential Advisors’ current third-party custodian to LPL, and leverage LPL’s broker-dealer and registered investment advisory services. The transition was executed in the fourth quarter of 2024. 4We primarily distribute our individual life products through the following three channels:•Third-party distribution through:◦Independent brokers ◦Banks and wirehouses; and◦General agencies and producer groups.•Financial professionals associated with Prudential Advisors, Prudential's proprietary nationwide ~~sales~~advice organization.•Trusted Partnerships, via embedded digital solutions through:•Credit Unions;•Mortgage originators;•Affinities; and•Digital marketing affiliates/paid media efforts. Revenues and Profitability Our revenues primarily come in the form of:•Fee income from asset management fees and service fees, which represent administrative service and distribution fees from many of our proprietary and non-proprietary mutual funds. The asset management fees are determined as a percentage of the average assets allocated to our proprietary mutual funds in our variable annuity and variable universal life products (net of sub-advisory expenses related to non-proprietary sub-advisors).•Policy charges and fee income representing mortality, expense and other fees for various insurance-related options and features based on asset-based fees of the separate accounts, account value, premium, or guaranteed value, as applicable.•Investment income (which contributes to the net spread over interest credited on certain products and related expenses).•Premiums that are fixed in accordance with the terms of the policies.Our profitability is substantially impacted by our ability to appropriately price our products. We price our products based on our assumptions of future:•An evaluation of the risks assumed and consideration of applicable risk management strategies, including hedging and reinsurance costs.•Assumptions regarding investment returns and contractholder behavior, including persistency, benefit utilization and the timing and efficiency of withdrawals for contracts with living benefit features, as well as other assumptions. •Our life-related product assumptions of future mortality and morbidity, policyholder behavior, interest rates and investment returns, expenses, premium payment patterns, performance and cost of ceded reinsurance, separate account fund performance and product-generated tax deductions.


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Competition We are among the industry’s largest providers of individual annuities and we compete with many providers of retirement savings and accumulation products, including large, well established insurance and financial services companies, and private equity firms. We believe our competitive advantage lies primarily in our innovative product features and our risk management strategies as well as brand recognition, financial strength, the breadth of our distribution platform and our customer service capabilities. We periodically adjust product offerings, prices and features based on the market and our strategy, with a goal of achieving customer and enterprise value. In our life insurance business, we compete with many large, well-established life insurance companies in a mature market. We compete primarily based on price, service (including the speed and ease of underwriting), distribution channel relationships, brand recognition and financial strength. We periodically adjust product offerings, prices and features based on the market and our strategy, with a goal of achieving customer and enterprise value.

Seasonality of Key Financial Items

The following chart summarizes our key areas of seasonality in our results of operations:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annuities

Impact of annual assumption update(1)

Higher expenses(2)

Life Insurance

Lowest underwriting gains

Impact of annual assumption update(1)

Highest underwriting gains

Higher expenses(2)

(1) Impact of annual reviews and update of actuarial assumptions and other refinements.

(2) Expenses are typically higher than the quarterly average in the fourth quarter.

Reinsurance

We regularly enter into reinsurance agreements as the ceding entity. As a ceding entity, exposure to the risks reinsured is reduced by transferring certain rights and obligations of the underlying insurance product to a counterparty.

We enter into reinsurance agreements as the ceding entity for a variety of reasons but primarily to reduce exposure to loss, reduce risk volatility, provide additional capacity for future growth and for capital management purposes for certain of our variable annuity, term and universal life products. Under ceded reinsurance, we remain liable to the underlying policyholder if a third-party reinsurer is unable to meet its obligations. We evaluate the financial condition of reinsurers, monitor the concentration of counterparty risk and maintain collateral, as appropriate, to mitigate this exposure. For additional information on our reinsurance agreements see Note 11 to the Financial Statements.

We reinsure the majority of our mortality risk in our individual life products. The maximum amount of mortality risk we may retain on any policy is generally $100,000. See Note 11 to the Financial Statements for more information related to these reinsurance arrangements.

Regulation

Overview

Our businesses are subject to comprehensive regulation and supervision. The purpose of these regulations is primarily to protect our customers and the overall financial system. Many of the laws and regulations to which we are subject are regularly re-examined. Existing or future laws and regulations may become more restrictive or otherwise adversely affect our operations or profitability, increase compliance costs, or increase potential regulatory exposure. In recent years we have experienced, and expect to continue to experience, extensive changes in the laws and regulations, and regulatory frameworks, applicable to our businesses. We cannot predict how current or future initiatives will further impact existing laws, regulations and regulatory frameworks.

State insurance laws regulate all aspects of our business, and state insurance departments in New Jersey and New York monitor our insurance operations. The Company is domiciled in New Jersey and its principal insurance regulatory authority is the New Jersey Department of Banking and Insurance ("NJDOBI"). Generally, our insurance products must be approved by the insurance regulators in the state in which they are sold. Our insurance products are substantially affected by federal and state tax laws.


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The primary regulatory frameworks applicable to Prudential Financial and the Company are described further below ~~under the following section headings:~~.

•Dodd-Frank Wall Street Reform and Consumer Protection Act

•ERISA

•Fiduciary Rules and other Standards of Care

•U.S. State Insurance Holding Company Regulation

•U.S. Insurance Operations

◦State Insurance Regulation

◦U.S. Federal and State Securities Regulation Affecting Insurance Operations

◦Other Consumer Protection Regulation

•SECURE Act and other retirement product regulation

•Derivatives Regulation

•Privacy, Data Protection and Cybersecurity Regulation

•Artificial Intelligence

•Anti-Money Laundering and Anti-Bribery Laws

•Unclaimed Property Laws

•Taxation

•International and Global Regulatory Initiatives

Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) increased the potential for federal regulation of our businesses. Under Dodd-Frank, the Financial Stability Oversight Council (“FSOC” or the “Council”) may designate a financial company as a non-bank systemically important financial institution (a “SIFI”) subject to supervision by the Board of Governors of the Federal Reserve System (“FRB”) if the FSOC determines that either (i) material financial distress at the entity, or (ii) the nature, scope, size, scale, concentration, interconnectedness, or mix of the entity’s activities, could pose a threat to domestic financial stability. In November 2023, the FSOC adopted revisions to SIFI designation guidance and the accompanying analytical framework for assessing risks from companies and activities, which will make it easier to designate financial companies as SIFIs going forward. Prudential is not currently designated as a SIFI.

We cannot predict what actions the FSOC will take with respect to designating Prudential or whether interpretive guidance, new legislation or other initiatives aimed at revising Dodd-Frank and regulation of the financial system will impact the Company.

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ERISA

The Employee Retirement Income Security Act (“ERISA”) is a comprehensive federal statute that applies to U.S. employee benefit plans sponsored by private employers and labor unions. Plans subject to ERISA include pension and profit sharing plans and welfare plans, including health, life and disability plans. ERISA provisions include reporting and disclosure rules, standards of conduct that apply to plan fiduciaries and prohibitions on transactions known as “prohibited transactions,” such as conflict-of-interest transactions and certain transactions between a benefit plan and a party in interest. ERISA also provides for civil and criminal penalties and enforcement. Prudential Financial's insurance, investment management and retirement businesses provide services to employee benefit plans subject to ERISA, including services where Prudential Financial may act as an ERISA fiduciary. In addition to ERISA regulation of businesses providing products and services to ERISA plans, Prudential Financial becomes subject to ERISA’s prohibited transaction rules for transactions with those plans, which may affect Prudential Financial’s ability to enter transactions, or the terms on which transactions may be entered, with those plans, even in businesses unrelated to those giving rise to party in interest status.

Fiduciary Rules and Other Standards of Care

DOL Fiduciary Rule

The DOL "fiduciary" rule is a set of regulations establishing a uniform standard of care for investment professionals who provide advice to retirement savers. The rule is designed to ensure that investment professionals who are “fiduciaries” under the rule act in the best interest of their clients. The rule provides, among other things, that fiduciaries may not recommend investments that they own or in which they have a financial interest. The rule also requires fiduciaries to provide clients with certain information about their investment recommendations, including information about fees and risks. Compliance with the DOL fiduciary rule has resulted in increased costs.

In April 2024, the DOL adopted a final rule, which had been proposed in October 2023, titled the “Retirement Security Rule,” and issued final amendments to several prohibited transaction class exemptions (“PTEs”) available to investment advice fiduciaries. Key aspects of the final rule include, among other things: (1) a broader definition of “investment advice fiduciary,” which includes financial service providers who give compensated investment advice to individual retirement account owners, participants in workplace plans such as 401(k)s, and plan officials responsible for administering plans and managing plan assets; and (2) when relying on the amended PTEs, the requirement to comply with various conditions such as providing clients with certain information about their investment recommendations and complying with a best interest standard of care. The amended PTEs allow fiduciaries to engage in certain transactions that would otherwise be prohibited, provided they meet certain conditions designed to protect retirement investors.

The final rule and amended PTEs were scheduled to become effective in September 2024, with a one-year phase in period for certain conditions of the amended PTEs; however, there are pending legal challenges to the rule which could, among other things, delay its implementation in whole or in part. In July 2024, two United States District Courts issued orders staying the effective date of the rule during the pendency of the suits and any appeals.

SEC Regulation Best Interest

In June 2019, the SEC adopted a package of rulemakings and interpretative guidance that, among other things, requires broker-dealers to act in the best interest of retail customers when recommending securities transactions or investment strategies to them. The guidance also clarifies the SEC’s views of the fiduciary duty that investment advisers owe to their clients. The best interest standards became effective on June 30, 2020. The standards apply to recommendations to purchase certain of our products and have resulted in increased compliance costs.

NAIC Standard of Care

In February 2020, the NAIC adopted revisions to the model suitability rule applicable to the sale of annuities. The revised model regulation provides that the insurance salesperson must act “without placing the producer’s or the insurer’s financial interest ahead of the consumer’s interest.” The model rule will become applicable to us as it is adopted in each state. In addition, certain state regulators and legislatures have adopted or are considering adopting.

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U.S. State Insurance Holding Company Regulation

We are subject to the New Jersey insurance holding company law which requires us to register with the insurance department and to furnish annually financial and other information about the operations of the Company. Generally, all transactions with affiliates that affect the Company must be fair and reasonable and, if material, require prior notice and approval or non-disapproval by the NJDOBI.

Change of Control

Most states have insurance laws that require regulatory approval of a direct or indirect change of control of an insurer or an insurer’s holding company. Laws such as these that apply to us prevent any person from acquiring control of Prudential Financial or of its insurance subsidiaries unless that person has filed a statement with specified information with the insurance regulators and has obtained their prior approval. Under most states’ statutes, acquiring 10% or more of the voting stock of an insurance company or its parent company is presumptively considered a change of control, although such presumption may be rebutted. As of January 2022, New Jersey has recognized an additional presumption of control upon the holding or controlling of enough proxies to elect 10% or more of the board of directors of a New Jersey-domiciled insurance company or its parent company. Accordingly, any person who acquires “control” of Prudential Financial, either by the acquisition of voting securities or, in the case of New Jersey, by the accumulation of proxies without the prior approval of the applicable insurance regulator of the states in which our U.S. insurance companies are domiciled will be in violation of these states’ laws and may be subject to injunctive action requiring the disposition or seizure of those securities or proxies by the relevant insurance regulator or prohibiting the voting of those securities or proxies and to other actions determined by the relevant insurance regulator. In addition, many state insurance laws require prior notification to state insurance departments of a change in control of a non-domiciliary insurance company doing business in that state.

Group-Wide Supervision

The New Jersey Department of Banking and Insurance ("NJDOBI") acts as the group-wide supervisor of Prudential Financial pursuant to New Jersey legislation that authorizes group-wide supervision of internationally active insurance groups (“IAIGs”). The law, among other provisions, authorizes NJDOBI to examine Prudential Financial and its subsidiaries, including by ascertaining the financial condition of the insurance companies for purposes of assessing enterprise risk. In accordance with this authority, NJDOBI receives information about Prudential Financial’s operations beyond those of its New Jersey domiciled insurance subsidiaries.

Additional areas of focus regarding group-wide supervision of insurance holding companies include the following:

•Examination. State insurance departments conduct periodic examinations of the books and records, financial reporting, policy filings and market conduct of insurance companies domiciled in their states, generally once every three to five years under guidelines promulgated by the NAIC. As group-wide supervisor, NJDOBI, along with our other insurance regulators, has expanded the periodic examinations to cover Prudential and all of its subsidiaries. In 2023, AZDOI and NJDOBI, along with the insurance regulators of Connecticut and Indiana, concluded a global consolidated group-wide examination of Prudential Financial and its subsidiaries for the five-year period ended December 31, 2021, with no reportable findings or statutory violations.

•Group Capital Calculation. The NAIC has developed and implemented a group capital calculation that uses a risk-based capital (“RBC”) aggregation methodology to serve as an additional tool to help state regulators assess potential risks within and across insurance groups.

•College of Supervisors. Several of our domestic and foreign regulators participate in an annual supervisory college facilitated by NJDOBI. The purpose of the supervisory college is to promote ongoing supervisory coordination, facilitate the sharing of information among regulators and enhance each regulator’s understanding of the Company’s risk profile.

We cannot predict what, if any, additional requirements and compliance costs any new group-wide standards will impose on Prudential Financial.

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U.S. Insurance Operations

~~Generally,~~Insurance ~~our~~Holding ~~insurance~~Company ~~products~~Regulation ~~must be approved by the insurance regulators in the state in which they are sold. Our insurance products are substantially affected by federal and state tax laws.~~

In addition, most states have insurance laws that require regulatory approval of a direct or indirect change of control of an insurer or an insurer’s holding company.

The New Jersey Department of Banking and Insurance ("NJDOBI") acts as the group-wide supervisor of Prudential Financial pursuant to New Jersey legislation that authorizes group-wide supervision of internationally active insurance groups (“IAIGs”). The law, among other provisions, authorizes NJDOBI to examine Prudential Financial and its subsidiaries, including by ascertaining the financial condition of the insurance companies for purposes of assessing enterprise risk through, among other things, periodic examinations of the books and records, financial reporting, policy filings and market conduct. In accordance with this authority, NJDOBI receives information about Prudential Financial’s operations beyond those of its New Jersey domiciled insurance subsidiaries.

The National Association of Insurance Commissioners ("NAIC") has developed and implemented a group capital calculation that uses a risk-based capital (“RBC”) aggregation methodology to serve as an additional tool to help state regulators assess potential risks.

State Insurance Regulation

State insurance ~~authorities~~laws ~~have~~regulate ~~broad administrative powers with respect to~~ all aspects of ~~the~~our ~~insurance~~ business, ~~including:~~and ~~(1)~~state ~~licensing~~insurance todepartments ~~transact~~in ~~business;~~New ~~(2)~~Jersey ~~licensing~~and ~~agents;~~New ~~(3)~~York ~~admittance~~monitor ofour ~~assets~~insurance tooperations. ~~statutory~~The ~~surplus;~~Company ~~(4)~~is ~~regulating~~domiciled ~~premium~~in ~~rates~~New ~~for~~Jersey ~~certain~~and ~~insurance~~its ~~products;~~principal ~~(5)~~insurance ~~approving~~regulatory ~~policy~~authority ~~forms;~~is ~~(6)~~the ~~regulating~~New ~~unfair~~Jersey ~~trade~~Department ~~and~~of ~~claims~~Banking ~~practices; (7) establishing reserve requirements~~ and ~~solvency~~Insurance ~~standards;~~ (8"NJDOBI"). ~~fixing~~Generally, ~~maximum~~our ~~interest rates on life~~ insurance ~~policy~~products ~~loans~~must ~~and~~be ~~minimum~~approved ~~accumulation~~by orthe ~~surrender~~insurance ~~values;~~regulators ~~(9)~~in ~~regulating~~ the ~~type,~~state ~~amounts~~in ~~and~~which ~~valuations~~they ofare ~~investments~~sold. ~~permitted;~~Our ~~(10)~~insurance ~~regulating~~products ~~reinsurance~~are ~~transactions,~~substantially ~~including~~affected ~~the~~by ~~role~~federal ~~of captive reinsurers;~~ and ~~(11)~~state ~~other~~tax ~~matters~~laws.

State insurance authorities possess broad administrative powers concerning all aspects of insurance business, including among other things: (1) licensing for transact business operations; (2) agent licensing; (3) asset admittance to statutory surplus; (4) regulation of premium rates for specific products; (5) policy form approvals; (6) oversight of unfair trade and claims practices; (7) establishment of reserve requirements and solvency standards; (8) determination of maximum interest rates on life insurance policy loans and minimum accumulation or surrender values; (9) regulation of permissible investments by type, amount, and valuation; and oversight of reinsurance transactions, including captive reinsurers.

State insurance laws and regulations, including the NAIC's Insurance Holding Company Act Model #440, require the Company to file financial statements with the domestic regulators for each insurer, in accordance with accounting practices and procedures prescribed or permitted by the department. The Company’s operations and accounts are subject to financial examination by the domiciliary department at any time. In accordance with Model #440, other states typically defer to the primary domestic supervisor on financial statements and oversight, so long as that domestic supervisor’s state is accredited.

~~Financial~~Surplus ~~Regulation~~and Capital

~~Dividend~~Insurers ~~Payment~~are ~~Limitations.~~required ~~The~~to ~~New~~sustain ~~Jersey~~capital ~~insurance~~and ~~law~~surplus ~~regulates~~at or above the ~~amount~~minimum ofthresholds ~~dividends~~prescribed ~~that~~by ~~may~~their berespective ~~paid~~jurisdictions. byRegulatory authorities retain the ~~Company.~~discretionary ~~See~~power ~~Note~~to 12restrict or suspend an insurer’s ability to ~~the~~offer ~~Financial~~policies ~~Statements~~if ~~for~~these arequirements ~~discussion~~are ofnot ~~dividend~~satisfied, ~~restrictions~~or if continued operations are deemed potentially detrimental to policyholders.

~~Risk-Based~~Dividend ~~Capital~~Restrictions. ~~We are subject to RBC requirements that are designed to enhance regulation of insurers’ solvency.~~ The ~~RBC~~New ~~calculation,~~Jersey ~~which~~insurance ~~regulators~~law ~~use~~regulates ~~to assess~~ the ~~sufficiency~~amount of andividends ~~insurer’s~~that ~~statutory~~may ~~capital,~~be ~~measures~~paid by the ~~risk characteristics of a company’s assets, liabilities and certain off-balance sheet items~~Company. InSee ~~general,~~Note ~~RBC~~14 ~~is calculated by applying factors~~ to ~~various~~the ~~asset,~~Financial ~~premium,~~Statements ~~claim,~~for ~~expense and reserve items. Within~~ a ~~given~~discussion risk category, these factors are higher for those items with greater underlying risk and lower for items with lower underlying risk. Insurers that have less statutory capital than required are considered to have inadequate capital and are subject to varying degrees of ~~regulatory~~dividend ~~action depending upon the level of capital inadequacy~~restrictions.

~~The~~Risk-Based ~~RBC~~Capital. ~~framework~~We isare subject to ~~periodic~~RBC ~~reexamination~~requirements orthat ~~revision.~~are ~~Due~~designed to ~~the~~enhance ~~ongoing~~regulation ~~nature~~ of ~~the~~insurers’ ~~NAIC's~~solvency. ~~activities~~RBC ~~regarding~~is ~~RBC~~calculated annually using a comprehensive formula that incorporates asset, wepremium, ~~cannot~~claim, ~~determine~~expense, ~~the~~and ~~ultimate~~statutory ~~timing~~reserve offactors, ~~proposed~~taking ~~changes~~into oraccount ~~their~~asset, ~~impact~~insurance, tointerest ~~the~~rate, ~~Company.~~market, and business risk attributes.

~~Generator~~Investments. ~~of Economic Scenarios (“Generator”)~~U.S. Instate ~~2017,~~insurance ~~the~~laws ~~American~~restrict ~~Academy~~Prudential ofFinancial's ~~Actuaries~~subsidiaries' ~~notified~~investments ~~the NAIC that it did not have the resources to maintain its Generator used~~ in ~~regulatory~~certain ~~reserve~~assets and ~~capital~~require ~~calculations~~portfolio diversification. InInvestments ~~2020,~~exceeding ~~the~~these ~~NAIC~~limits ~~selected~~are aexcluded ~~third-party~~from ~~vendor~~surplus ~~to provide~~calculations, ~~maintain,~~ and ~~support~~non-qualifying ~~the~~assets ~~Generator~~may ~~prescribed~~need ~~for life and annuity statutory reserve and capital calculations. NAIC expects implementation~~ to ~~occur~~be ~~no earlier than 2026~~divested. ~~Due to the ongoing nature of the NAIC's activities regarding the Generator, we cannot predict what impact a new Generator may ultimately have on our businesses.~~

Insurance Reserves. State insurance laws require us to analyze the adequacy of our reserves annually. Our appointed actuary must submit an opinion that our reserves, when considered in light of the assets we hold with respect to those reserves, make adequate provision for our contractual obligations and related expenses.8

Principle-Based Reserving for Life Insurance Products. In 2016, the NAIC adopted a principle-based reserving (“PBR”) approach for life insurance products. Principle-based reserving replaces the reserving methods for life insurance products for which the former formulaic basis for reserves may not accurately reflect the risks or costs of the liability or obligations of the insurer. PBR will not affect reserves for policies in force prior to January 1, 2017.We use captive reinsurance subsidiaries to finance the portion of statutory reserves for term and universal life policies that we consider to be non-economic for policies written prior to the implementation of PBR. See “Management’s Discussion and Analysis of Financial Condition and Results of Operation Liquidity and Capital Resources Capital Financing Activities Term and Universal Life Reserve Financing” for a discussion of our life product reserves and reserve financing.


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Variable Annuities Framework Change. In 2019, the NAIC adopted final revisions to the Valuation Manual (“VM-21”) and risk-based capital instructions to implement a new variable annuity statutory framework for 2020. Changes include: (i) providing more economic reflection of hedging in liability valuations; (ii) eliminating the Standard Scenario and replacing it with the Standard Projection; and (iii) standardizing capital market assumptions and aligning frameworks for total asset requirements and reserves. There was no material impact to our target capital levels from the revised framework. The NAIC may update prescribed assumptions and/or methodologies and will be considering whether the calculation should be a binding requirement or disclosure only.

New York Life Insurance Product Reserves. As a result of an agreement with the NY DFS regarding the Company's reserving methodologies for certain life insurance products, the Company holds additional statutory reserves on a New York basis, which reduces our New York statutory surplus. The Company is not domiciled in New York, and these changes do not impact statutory reserves reported in New Jersey, the Company's state of domicile, and therefore do not impact the Company's RBC ratio; however, the agreed reserve methodology may require the Company to hold additional New York statutory reserves in the future. New York’s version of PBR, which became effective in January 2020, allows for modifications to the NAIC valuation model and New York’s modifications might require us to increase our New York statutory reserves.

Reinsurance. The NAIC is working on several initiatives related to the use of reinsurance, including asset adequacy testing. Due to the ongoing nature of this work, we cannot predict what, if any, impact these initiatives will have on our businesses.

Interest Maintenance Reserve. In August 2023, the NAIC adopted a temporary change in the statutory accounting treatment of net negative interest maintenance reserves (“IMR”) that permits an insurer to admit net negative IMR up to 10% of their adjusted statutory surplus, provided such insurer’s RBC ratio remains above 300% of its Authorized Control Level RBC. This change is currently scheduled to expire on January 1, 2026.

Market Conduct Regulation

State insurance laws and regulations include numerous provisions governing the marketplace activities of insurers, including provisions governing the form and content of disclosure to consumers, illustrations, advertising, sales practices and complaint handling, as well as underwriting and claims activity. State regulatory authorities generally enforce these provisions through periodic market conduct examinations. We have been subject to market conduct examinations relating to our marketplace activities, including with respect to the policies and procedures we use to locate guaranteed group annuity customers and establish related reserves. Market conduct examinations by state regulatory authorities have resulted and may in the future result in us increasing statutory reserves, changing operational processes and procedures, and being subject to fines or other discipline.

Insurance Guaranty Association Assessments

Each state has insurance guaranty association laws under which insurers doing business in the state are members and may be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Typically, states assess each member insurer in an amount related to the member insurer’s proportionate share of the line of business written by all member insurers in the state. The majority of state guaranty association laws provide a tax offset for a percentage of the assessment against future years' premium taxes. While we cannot predict the amount and timing of future assessments on the Company under these laws, Prudential Financial has established estimated reserves for future assessments relating to insurance companies that are currently subject to insolvency proceedings.

U.S. Federal and State Securities Regulation Affecting Insurance Operations

Our variable life insurance and variable annuity products generally are considered “securities” ~~within the meaning of federal securities laws~~ and therefore may be required to be registered ~~under the federal securities laws~~ and subject to regulation byand ~~the~~reporting ~~SEC~~requirements ~~and~~under ~~the~~federal ~~Financial~~and/or ~~Industry~~state ~~Regulatory~~securities ~~Authority (“FINRA”)~~laws. Federal and state securities regulation ~~affects~~may affect investment advice, sales and related activities with respect to these products.

InInsurance ~~certain~~Guaranty ~~states,~~Association our variable life insurance and variable annuity products are considered “securities” within the meaning of state securities laws. As securities, these products may be subject to filing and certain other requirements. Also, sales activities with respect to these products generally are subject to state securities regulation. Such regulation may affect investment advice, sales and related activities for these products.Assessments

12We are subject to laws requiring insurers to be members and pay assessments covering certain obligations of insolvent insurers, typically based on each insurer's share of business within the relevant jurisdiction.

~~Table of Contents~~ERISA

The Employee Retirement Income Security Act (“ERISA”) is a federal law regulating U.S. employee benefit plans sponsored by private employers and labor unions, covering pensions, profit-sharing, and welfare plans like health, life, and disability insurance. Certain provisions are also applicable to Individual Retirement Accounts ("IRAs"). ERISA sets rules for reporting and fiduciary conduct, and bans certain transactions, with civil and criminal penalties for violations. Prudential Financial offers services to ERISA plans and IRAs through it's insurance, investment management and retirement businesses, including when acting as fiduciaries, and therefore we must comply with these rules, which can restrict business transactions with such plans and IRAs.

Fiduciary Rules and Other Standards of Care

The Company and our distributors are subject to rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers, including, among others, the U.S. Department of Labor (“DOL”) fiduciary rule, the Securities and Exchange Commission (“SEC”) Regulation Best Interest, and the National Association of Insurance Commissioners (“NAIC”) Standard of Care regulations. Under certain circumstances and subject to certain conditions, these rules and standards of care may require us to act in our retail customers’ best interests and/or without placing our financial interest ahead of our customers’ interests. Complying with these rules and standards of care has resulted in and may continue to cause increased compliance costs.

SECURE Act

~~The~~We are also subject to the Setting Every Community up for Retirement Enhancement (“SECURE”), ~~enacted in 2020~~Act, together with SECURE 2.0, ~~which was enacted in 2022 as part of the 2023 Consolidated Appropriations Act~~ (collectively, the "SECURE Act"), isdesigned ~~intended~~ to ~~help~~broaden ~~promote~~ retirement plan ~~coverage~~access and ~~increase retirement plan~~ savings~~, as well as facilitate access to guaranteed lifetime income solutions~~. The SECURE Act ~~addresses~~makes ~~coverage~~pooled ~~issues~~employer byplans ~~making it~~ easier for small businesses, tomandates ~~participate in pooled employer plans and requires~~ coverage offor ~~certain~~ long-term, part-time workers., ~~The~~raises ~~SECURE Act addresses savings issues by raising the cap on amounts contributed through~~ auto-enrollment caps, ~~increasing~~increases the ~~maximum age for required~~ minimum ~~withdrawals~~withdrawal ~~and removing the~~ age, ~~cap~~removes ~~for making Individual Retirement Account ("~~IRA") ~~contributions.~~contribution ~~The~~age ~~SECURE~~limits, ~~Act~~and ~~also~~streamlines ~~made~~options ~~it easier~~ for ~~employers to include~~ guaranteed lifetime income asthrough ~~part of their plan by providing an~~ annuity provider ~~selection safe harbor, as well as providing for the portability of participant investments in annuity products~~provisions.

Derivatives Regulation

Prudential Financial and its subsidiaries use derivatives for various purposes, including hedging interest rate, foreign currency, equity market and other exposures. The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") established a framework for regulation by both the SEC and the CFTC of the over-the-counter ("OTC") derivatives markets. This framework sets out requirements regarding the clearing and reporting of derivatives transactions, as well as collateral posting requirements. Affiliated swaps entered into between Prudential Financial subsidiaries are generally exempt from most of these requirements.

We continue to monitor regulatory developments and the potential hedging cost impacts of margin requirements, and increased capital requirements for derivatives transactions. Additionally, the need to post cash and certain collateral may also require the liquidation of higher yielding assets for cash, resulting in a negative impact on investment income.9

Privacy, Data Protection and Cybersecurity Regulation

We are subject to U.S. federal laws, regulations and directives that require financial institutions and other businesses to protect the security and confidentiality of personal, proprietary, or other non-public information, including intellectual property, health-related and customer information, which they may handle and process, and to notify their customers and other appropriate individuals of their policies and practices relating to the collection, use and disclosure of such information. In addition, we are subject to international data protection and privacy laws, regulations, and directives concerning the safeguarding and protection of personal information, including as such laws relate to the cross border transfer or use of personal information. These laws, regulations and directives also:

•require protections regarding or limiting the use and disclosure of certain sensitive personal information such as national identifier numbers (e.g., social security numbers) or racial or ethnic origin;

•require notice to affected individuals, regulators and others if there is a breach of the confidentiality, integrity, or availability of certain personal or confidential information;

•require financial institutions and creditors to implement effective programs to detect, prevent, and mitigate identity theft;

•regulate the process by which financial institutions make telemarketing calls and send e-mail, text, or fax messages to consumers and customers;

•require oversight of third-parties that have access to, and handle, personal or confidential information;

•provide individuals with certain rights over their personal information, such as the right to know what personal information is being collected and whether the information is being sold or shared, and the right to obtain portable copies of or request the deletion or correction of their personal information; and

•prescribe the permissible uses of certain personal information, including customer information and consumer report information.


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~~Regulatory and legislative activity in the areas of privacy~~Privacy, data protection and information and cybersecurity continues to increase worldwide. Financial regulators in the U.S. and international jurisdictions in which Prudential Financial operates continue to focus on data privacy and cybersecurity, including in rulemaking and examinations of regulated entities, and have communicated heightened expectations. For example, the E.U.’s General Data Protection ~~Regulation (“GDPR”), which became effective in May 2018,~~ and ~~the~~Cybersecurity U.K,'s Data Protection Act 2018, confer additional privacy rights on individuals in the E.U. and U.K. and establish significant penalties for violations. Prudential business units (regardless of whether they are located in the E.U.) may be subject to the GDPR when personal data is processed in relation to the offer of goods and services to individuals within the E.U. or if we were to monitor the activities of individuals within the E.U. The E.U.’s Digital Operational Resilience Act came in force in January 2023 became be effective from January 2025. Internationally, a number of countries such as Brazil, India, and Japan have enacted GDPR-like regulations, while others, such as Argentina, are considering such regulations or, in the case of China, have enacted other privacy and data security regulations. Regulation

InWe ~~addition,~~are insubject ~~the~~to U.S., ~~certain~~federal ~~lawmakers in Congress have proposed a number of sweeping privacy laws~~ and ~~amendments~~state ~~to the Gramm-Leach-Bliley Act of 1999 took effect in June 2023. In California~~laws, ~~the~~regulations ~~California~~and ~~Consumer~~directives ~~Privacy~~that ~~Act~~require (~~the “CCPA”~~1) ~~became~~financial ~~effective~~institutions ~~in 2020~~ and ~~confers~~other ~~numerous~~businesses ~~privacy~~to ~~rights~~protect onthe ~~individuals~~confidentiality, ~~including expanded privacy protections and control over the collection~~integrity, ~~use~~ and ~~sharing~~availability of ~~their~~ personal, ~~information~~proprietary, and ~~corresponding~~other ~~obligations~~non-public ~~on businesses~~information, including ~~requirements~~intellectual ~~to make certain disclosures to California consumers regarding personal information~~property, ~~among other privacy protective measures. Failure to comply with the CCPA risks regulatory fines~~health-related, and ~~the~~customer ~~CCPA~~information; ~~grants a private right of action~~ and ~~statutory~~(2) ~~damages for any unauthorized access and exfiltration, theft, or~~ disclosure ~~of certain types of personal information resulting from a violation of the duty~~ to ~~maintain~~customers ~~reasonable security procedures~~ and ~~practices.~~other ~~The~~appropriate ~~California~~individuals ~~Privacy~~regarding ~~Rights Act (~~the ~~“CPRA”)~~collection, ~~which~~disclosure ~~became operative in January 2023~~ and ~~amends~~use ~~the~~of ~~CCPA,~~such ~~imposes additional rights and obligations including expanding consumers rights with respect to certain sensitive personal~~ information. ~~The~~We ~~CPRA~~are also ~~creates~~required ato ~~new~~comply ~~state agency that will be vested~~ with ~~authority~~international todata ~~implement~~privacy ~~and enforce the CCPA~~laws, ~~the~~regulations ~~CPRA~~ and ~~their~~directives ~~regulations.~~including ~~Additionally,~~those affecting data privacy ~~laws~~and inprotection ~~the~~and ~~United~~cross ~~States~~border ~~continue~~data transfers. toSome ~~evolve,~~countries ~~with~~mandate ~~states~~local ~~such~~data asprocessing ~~Colorado,~~or ~~Connecticut~~storage, ~~Utah,~~which ~~and~~may ~~Virginia~~increase ~~recently~~costs ~~enacting comprehensive privacy~~ and ~~information~~affect ~~security~~operational ~~laws~~efficiency and ~~regulations~~how ~~similar~~products ~~in scope to the CCPA~~ and ~~CPRA,~~services ~~and~~are ~~which,~~offered toin ~~the~~those ~~extent they apply, impose compliance obligations applicable to our business~~countries. ~~Additional~~Generally these U.S. ~~states are considering similar legislation,~~ and ~~there~~international ~~are ongoing discussions regarding a National Privacy Law. New~~ laws, ~~similar~~regulations ~~to the GDPR~~ and ~~the~~directives ~~CCPA~~may ~~are expected to be enacted in coming years in various countries and jurisdictions in which we operate.~~require:

In•protecting ~~October~~sensitive ~~2017,~~personal ~~the~~information ~~NAIC~~such ~~adopted the Insurance Data Security Model Law. The model law requires that, among other things, insurance companies establish a cybersecurity program and includes specific technical safeguards~~ as ~~well~~national asidentifier ~~requirements~~numbers ~~regarding governance, incident planning, data management, system testing, vendor oversight and regulator notification~~(e. ~~The NY DFS adopted a regulation similar to the NAIC effective March 2017~~g., ~~and~~social in November 2023, finalized amendments taking effect from December 2023 through November 2025 to expand their cybersecurity regulation, and include additional and new requirements regarding certification, governance, audit requirements, technology and business continuity, security ~~control~~numbers) ~~and training requirements, and notification obligations. More than 20 U.S. states have either enacted the NAIC Insurance Data Security Model Law~~ or ~~are~~racial ~~anticipated to enact it~~ or ~~similar~~ethnic ~~laws in the near future and we expect more states to follow. Such enactments~~origin, ~~especially~~from ifunauthorized ~~inconsistent~~use ~~between states~~ or with existing laws and regulations could raise compliance costs or increase the risk of noncompliance, with the attendant risk of being subject to regulatory enforcement actions and penalties, as well as reputational harm. In February 2023, the NAIC released updated model privacy legislation that expressly supersedes the NAIC Insurance Information and Privacy Protection Model Act #670 and the Privacy of Consumer Financial and Health Information Regulation #672, with states beginning to adopt the updated model law in 2024.disclosure;

~~The~~•providing ~~Company~~individuals iswith ~~monitoring~~certain ~~regulatory~~rights ~~guidance~~over ~~and~~their ~~rulemaking~~personal ~~in these areas~~information, ~~and~~such ~~may~~as bethe ~~subject~~right to ~~increased~~access, ~~compliance~~correct, ~~costs~~or ~~and~~delete ~~regulatory~~their ~~requirements.~~personal ~~For additional~~ information; ~~on our cybersecurity risk management and governance, see “Item 1C. Cybersecurity.”~~

•notifying affected individuals, regulators and others if there is a breach of the confidentiality, integrity, or availability of certain personal or confidential information;

•implementing programs to detect, prevent, and mitigate identity theft;

•identification of permissible uses for personal information, such as customer information and consumer report information and permissible telemarketing calls, e-mails, texts, and other consumers and customers communications;

•oversight of third-parties that have access to, and handle, personal or confidential information;

Regulatory and legislative activity in the areas of privacy, data protection and cybersecurity continues to increase worldwide. Financial regulators in the U.S. and international jurisdictions in which Prudential Financial operates continue to focus on data privacy and cybersecurity, including rulemaking and examinations of regulated entities, and have communicated heightened expectations. For example, the EU’s General Data Protection Regulation (“GDPR”) and the U.K,'s Data Protection Act 2018, as amended by the Data (Use and Access) Act of 2025, impose stringent rules and penalties. GDPR applies to any Prudential unit handling EU personal data. Other countries such as Brazil, India, Japan, Argentina and China, have adopted or are considering similar laws. In the U.S., new privacy laws are frequently proposed, including recent amendments to the Gramm- Leach-Bailey Act. The California Consumer Privacy Act and the California Privacy Rights Act grant broad rights and create strict obligations, with other states introducing similar laws and more expected nationwide and globally.

The NAIC Insurance Data Security Model Law, which has been adopted by more than 20 states, requires insurers to implement robust cybersecurity measures. In 2023, the NAIC released updated model privacy legislation, which states started adopting in 2024. New York, for example, has expanded its regulation, creating additional requirements. These laws increase compliance demands, noncompliance risks, and the potential for enforcement and reputational risk. For additional information regarding our cybersecurity risk management and governance, see “Item 1C. Cybersecurity.”

Artificial Intelligence

Regulatory standards relating to the use of artificial intelligence (“AI”) are evolving in the countries where we do business, and our use of AI may increase risks associated with bias, unfair discrimination, transparency, and information security. For example, the E.U. is in the process of introducing new regulations applicable to certain AI technologies and to the data used to train, test and deploy them. U.S. state regulators have also shown increasing concern about the use of AI and the potential for discrimination and bias in insurance practices. For example, in July 2024, the New York Department of Financial Services adopted Insurance Circular Letter No. 7 Re: Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing, which imposes obligations on insurers using AI or external consumer data and information sources. In May 2024, Colorado passed Senate Bill 24-205 (“the Colorado AI Law”), which becomes effective on February 1, 2026, regulates certain AI systems, and imposes obligations on AI system deployers and developers doing business in Colorado. The application of existing law and introduction of new or revised laws and regulations may require changes in our operations, increased compliance costs and reduce benefits from our adoption of artificial intelligence technologies.

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Anti-Money Laundering and Anti-Bribery Laws

Our business is subject to various anti-money laundering and financial transparency laws and regulations that seek to promote cooperation among financial institutions, regulators and law enforcement entities in identifying parties that may be involved in terrorism or money laundering. In addition, under current U.S. law and regulations we may be prohibited from dealing with certain individuals or entities in certain circumstances and we may be required to monitor customer activities, which may affect our ability to attract and retain customers. We are also subject to various laws and regulations relating to corrupt and illegal payments to government officials and others, including the U.S. Foreign Corrupt Practices Act and the U.K.’s Anti-Bribery Law. The obligation of financial institutions, including the Company, to identify their clients, to monitor for and report suspicious transactions, to monitor dealings with government officials, to respond to requests for information by regulatory authorities and law enforcement agencies, and to share information with other financial institutions, has required the implementation and maintenance of internal practices, procedures and controls.

Environmental Laws and Regulations

Federal, state and local environmental laws and regulations apply to our ownership and operation of real property. Inherent in owning and operating real property are the risks of hidden environmental liabilities and the costs of any required clean-up. Although unexpected environmental liabilities can always arise, we seek to minimize this risk by undertaking environmental assessments, among other measures prior to taking title to real estate.

In addition, certain states, including California, and the NAIC, require us to publicly report information about the Company’s greenhouse gas emissions and climate-related risks and opportunities.

Unclaimed Property Laws

We are subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and we are subject to audit and examination for compliance with these requirements. For additional discussion of these matters, see Note 16 to the Financial Statements.

Taxation

U.S. Taxation

~~Prudential~~We ~~Financial~~are ~~and~~subject ~~certain~~to ~~domestic~~income, ~~subsidiaries~~premium, ~~including~~employment, ~~the Company~~excise, ~~file~~sales aand ~~consolidated~~other ~~federal~~taxes ~~income~~related ~~tax~~to ~~return~~our ~~that~~U.S. ~~includes~~operations. ~~both~~In ~~life~~addition, ~~insurance~~the ~~companies and non-~~life insurance ~~companies. The principal differences between the Company’s actual income tax expense~~ and ~~the~~annuity ~~applicable~~products ~~statutory~~we ~~federal~~sell ~~income tax rate~~ are ~~generally~~subject ~~deductions~~to ~~for non-taxable investment~~ income, ~~including the Dividends Received Deduction (“DRD”)~~ and ~~certain~~other ~~tax credits~~taxes. ~~The~~Changes ~~applicable~~in ~~statutory~~the ~~federal income~~ tax ~~rate~~laws ~~is 21%. A future increase~~ in the ~~applicable~~U.S. ~~statutory~~could ~~federal income tax rate above 21% would~~ adversely impact ~~the~~our ~~Company's~~ tax position~~. In addition~~, asmake ~~discussed further below, the tax attributes of~~ our products ~~may~~less ~~impact~~attractive ~~both the Company’s and our customers’ tax positions. See “Income Taxes” in Note 2~~ to ~~the Financial Statements and Note 12 to the Financial Statements for a description of the Company’s tax position. As discussed further below~~customers, ~~new tax legislation~~ and/or ~~other~~adversely ~~potential changes to the tax law may~~ impact the ~~Company’s~~profitability ~~tax position and the attractiveness~~ of ~~our~~such products.

The United States Tax Cuts and Jobs Act of 2017 ("Tax Act of 2017") changed the taxation of businesses and individuals by lowering tax rates and broadening the tax base through the acceleration of taxable income and the deferral or elimination of certain deductions, as well as changing the system of taxation of earnings of foreign subsidiaries. The most significant changes for the Company were: (1) the reduction of the corporate tax rate from 35% to 21%; (2) revised methodologies for determining deductions for tax reserves and the DRD; and (3) an increased capitalization and amortization period for acquisition costs related to certain products.

The Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), among other provisions, imposes a 15% alternative minimum tax on corporations (“CAMT”) with average applicable financial statement income over $1 billion for any three-year period ending with 2022 or later. This provision is effective in taxable years beginning after December 31, 2022. On September 12, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations providing guidance on the implementation of the CAMT. The proposed regulations address various aspects of the tax, including definitions, adjustments to financial statement income, and applicable reporting requirements. The Company will continue to monitor regulatory updates and assess their potential effects on our tax obligations. The impact of the alternative minimum tax, if any, will vary from year to year based on the relationship of our GAAP income to our taxable income. Prudential Financial and the controlled group of corporations of which the Company is a member has determined that it is an "applicable corporation" to determine if CAMT exceeds the regular federal income tax payable. Prudential Financial has amended its Tax Allocation Agreement, which covers all insurance companies within the US consolidated tax group, to allocate all impacts of the CAMT solely to Prudential Financial. Accordingly, none of the insurance companies in the Prudential Group will be subject to any CAMT impact for reporting purposes.

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U.S. federal tax law generally permits tax deferral on the inside build-up of investment value of certain retirement savings, annuities and life insurance products until there is a contract distribution and, in general, excludes from taxation the death benefit paid under a life insurance contract. The Tax Act of 2017 did not change these rules, though it is possible that some individuals with overall lower effective tax rates could be less attracted to the tax deferral aspect of the Company’s products. The general reduction in individual tax rates and elimination of certain individual deductions may also impact the Company, depending on whether current and potential customers have more or less after-tax income to save for retirement and manage their mortality and longevity risk through the purchase of the Company’s products. Congress from time to time may enact other changes to the tax law that could make our products less attractive to consumers, including legislation that would modify the tax favored treatment of retirement savings, life insurance and annuities products. Such legislation could be in the form of a direct change to the tax favored aspects of life insurance, retirement savings or annuities, or an indirect change, such as a wealth tax or mark to market tax structure, which could make holding our products less attractive.

The products we sell have different tax characteristics and, in some cases, generate tax deductions and credits for the Company. Changes in either the U.S. or foreign tax laws may negatively impact the deductions and credits available to the Company, including the ability of the Company to claim foreign tax credits with respect to taxes withheld on our investments supporting separate account products. These changes would increase the Company’s actual tax expense and reduce its net income.

The profitability of any particular product is significantly dependent on the unique characteristics of the product and our ability to continue to generate taxable income, which is taken into consideration when pricing a product and is a component of our capital management strategies. Accordingly, changes in tax law, our ability to generate taxable income, or other factors impacting the availability or value of the tax characteristics generated by our products, could impact product pricing, increase our tax expense or require us to reduce our sales of these products or implement other actions that could be disruptive to our businesses.

International and Global Regulatory Initiatives

The Group of Twenty nations ("G20"), the Financial Stability Board ("FSB") and related bodies have developed proposals to address issues such as financial group supervision, capital and solvency standards, systemic risk, corporate governance including executive compensation, climate-related financial risks, and a host of related issues. The International Association of Insurance Supervisors ("IAIS"), the global standard setting body for the insurance sector contributes to the work of G20 and FSB through the development of standards that are intended to promote effective and globally consistent supervision and maintain fair, safe and stable insurance markets. As a standard setting body, the IAIS does not have direct authority to require insurance companies to comply with the standards it develops. However, the Company and its businesses could become subject to them if they were adopted by their respective regulators, which could impact the manner in which Prudential Financial deploys its capital, structures and manages its businesses, and otherwise operates both within the U.S. and abroad.

Human Capital Resources

The Company has no employees. Services to the Company are primarily provided by employees of Prudential Insurance as described under “Expense Charges and Allocations” in Note 15 to the Financial Statements.


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Item 1A. Risk Factors

You should carefully consider the following risks. Some of the factors, events, and contingencies discussed below may have occurred in the past, and the disclosures below are not representations as to whether or not the factors, events, or contingencies have occurred in the past but are provided because future occurrences of such factors, events, or contingencies could have a material adverse impact on our results of operations and financial condition. Additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” above and the risks of our businesses described elsewhere in this Annual Report on Form 10-K. Many of these risks are interrelated and could occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence or exacerbate the effect of others. Such a combination could materially increase the severity of the impact of these risks on our businesses, results of operations, financial condition and liquidity.

Overview

The Company uses an integrated risk management framework to manage and oversee its risks. The Company’s risks include investment, insurance, market, liquidity, operational, and model risk as well as strategic risks that may cause the Company’s core business model to change, either through a shift in the businesses in which it is engaged or a change in execution. The Company’s strategic risks include regulatory and technological changes and other external factors. The Company's risks are further discussed below.

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Investment Risk

Our investment portfolios are subject to the risk of loss due to default or deterioration in credit quality or value.

We are exposed to investment risk through our investments, which primarily consist of public and private fixed maturity securities, commercial mortgage and other loans, structured finance, equity securities and alternative assets including private equity, hedge funds and real estate. We are also exposed to investment risk through a potential counterparty default.

Investment risk may result from: (1) economic conditions; (2) adverse capital market conditions, including disruptions in individual market sectors or a lack of buyers in the marketplace; (3) volatility; (4) credit spread changes; (5) benchmark interest rate changes; and (6) declines in value of underlying collateral. These factors may impact the credit quality, liquidity and value of our investments and derivatives, potentially resulting in higher capital charges and unrealized or realized losses. Also, certain investments we hold, regardless of market conditions, are relatively illiquid and our ability to promptly sell these assets for their full value may be limited. Additionally, our valuation of investments may include methodologies, inputs and assumptions which could result in changes to investment valuations that may materially impact our results of operations or financial condition. For information about the valuation of our investments, see Note 5 to the Financial Statements.

Our investment portfolio is subject to credit risk, which is the risk that an obligor (or guarantor) is unable or unwilling to meet its contractual payment obligations on its fixed maturity security, loan or other obligations. Credit risk may manifest in an idiosyncratic manner (i.e., specific to an individual borrower or industry) or through market-wide credit cycles. Financial deterioration of the obligor increases the risk of default and may increase the capital charges required under ~~such regimes as~~ the ~~NAIC~~regulatory ~~RBC,~~frameworks orwe ~~other~~are ~~constructs~~subject to ~~hold the investment and in turn,~~ potentially ~~limit~~limiting our overall capital flexibility. Credit defaults (as well as credit impairments, realized losses on credit-related sales, and increases in credit related reserves) may result in losses which adversely impact earnings, capital and our ability to appropriately match our liabilities and meet future obligations.

~~Our~~The Company is subject to counterparty risk, which is the risk that the counterparty to a transaction could default or deteriorate in creditworthiness before or at the final settlement of a transaction. In the normal course of business, we enter into financial contracts to manage risks (such as derivatives ~~to manage market risk~~ and reinsurance treaties ~~to manage insurance risk~~), improve the return on investments (such as securities lending and repurchase transactions) and provide sources of liquidity or financing (such as credit agreements, securities lending agreements and repurchase agreements). Reinsurance ~~treaties~~ may also be used to further strategic goals of the Company by facilitating the ~~acquisition~~transfer orof ~~divestiture~~risk of a block of ~~business~~liabilities if an entity purchase or sale is not practical. These transactions expose the Company to counterparty risk. Counterparties include commercial banks, investment banks, broker-dealers and insurance and reinsurance companies. In the event of a counterparty deterioration or default, ~~the~~we ~~magnitude~~may ofincur ~~the losses (e.g.,~~ replacement costs) ~~will~~necessary ~~depend~~to onreallocate ~~current market conditions and~~ the ~~feasibility (dependent on the complexity) and time requirement of entering a replacement~~ transaction ~~with~~to a new counterparty. ~~Highly~~Also, bespoke transactions (e.g., strategic and asset intensive reinsurance) ~~may~~entail ~~not~~less beliquid ~~replicable~~investments ~~with~~and ~~any~~are ~~degree~~typically ofdifficult ~~certainty~~to hedge, possibly ~~causing~~requiring us to recapture liabilities and reestablish or strengthen reserves and capital, which could reduce capital flexibility. ~~Losses~~The ~~are~~magnitude ~~likely~~of the losses (e.g. replacement costs) will depend on current market conditions, the complexity of the transaction, and the time required to restructure or replace the transaction. Losses will likely be higher under stressed conditions.

Our investment portfolio is subject to equity risk, which is the risk of loss due to deterioration in market value of public equity or alternative assets. We include public equity and alternative assets (including private equity, hedge funds and real estate) in our portfolio constructions, as these asset classes can provide returns over longer periods of time, aligning with the long-term nature of certain of our liabilities. Public equity and alternative assets have varying degrees of price transparency. Equities traded on stock exchanges (public equities) have significant price transparency, as transactions are often required to be disclosed publicly. Assets with less price transparency include private equity (joint ventures/limited partnerships) and direct real estate. As these investments typically do not trade on public markets and indications of realizable market value may not be readily available, valuations can be infrequent and/or more volatile. A sustained decline in public equity and alternative markets may reduce the returns earned by our investment portfolio through lower-than-expected dividend income, property operating income, and capital gains, thereby adversely impacting earnings, capital, and product pricing assumptions. These assets may also produce volatility in earnings as a result of uneven distributions on the underlying investments.12


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Our investment portfolio is subject to equity risk, which is the risk of loss due to deterioration in market value of public equity or alternative assets. We include public equity and alternative assets (including private equity, hedge funds and real estate) in our portfolio constructions, and these investments have varying degrees of price transparency. Equities traded on stock exchanges (public equities) have significant price transparency, as transactions are often required to be disclosed publicly. Assets with less price transparency include private equity (joint ventures/limited partnerships) and direct real estate. As these investments typically do not trade on public markets and indications of realizable market value may not be readily available, valuations can be infrequent and/or more volatile. A sustained decline in public equity and alternative markets may reduce the returns earned by our investment portfolio through lower-than-expected dividend income, property operating income, and capital gains, thereby adversely impacting earnings, capital, and product pricing assumptions. These assets may also produce volatility in earnings as a result of uneven distributions on the underlying investments.

Insurance Risk

We have significant liabilities for policyholders' benefits which are subject to insurance risk. Insurance risk is the risk that actual experience deviates adversely from our insurance assumptions, including mortality, morbidity, and policyholder behavior assumptions. We provide a variety of insurance products, on both an individual and group basis, that are designed to help customers protect against a variety of financial uncertainties. Our insurance products protect customers against their potential risk of loss by transferring those risks to the Company, where those risks can be managed more efficiently through pooling and diversification over a larger number of independent exposures. During this transfer process, we assume the risk that actual losses experienced in our insurance products ~~deviates~~deviate significantly from what we expect. More specifically, insurance risk is concerned with the deviations that impact our future liabilities. Our profitability may decline if mortality experience, morbidity experience or policyholder behavior experience differ significantly from our expectations when we price our products. In addition, if we experience higher-than-expected surrenders, withdrawals or claims, our liquidity position may be adversely impacted, and we may incur losses on investments if we are required to sell assets in order to fund surrenders, withdrawals or claims. If it is necessary to sell assets at a loss, our results of operations and financial condition could be adversely impacted. For a discussion of the impact of changes in insurance assumptions on our financial condition, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates—Insurance Liabilities”.

Certain of our insurance products are subject to mortality risk, which is the risk that actual deaths experienced deviate adversely from our expectations. Mortality risk is a biometric risk that can manifest in the following ways:

•Mortality calamity is the risk that mortality rates in a single year deviate adversely from ~~what~~our isexpectations ~~expected~~ as the result of drivers such as pandemics, natural or man-made disasters, military actions or terrorism. A mortality calamity event will reduce our earnings and capital and we may be forced to liquidate assets before maturity in order to pay the ~~excess~~higher than expected level of claims. Mortality calamity risk is more pronounced in respect of specific geographic areas (including major metropolitan centers, where we have concentrations of customers, including under group and individual life insurance, concentrations of employees or significant operations,) and in respect of countries and regions in which we operate that are subject to a greater potential threat of military action or conflict. Ultimate losses would depend on several factors, including the rates of mortality and morbidity among various segments of the insured population, the collectability of reinsurance, the possible macroeconomic effects on our investment portfolio, the effect on lapses and surrenders of existing policies, as well as sales of new policies and other variables.

•Mortality trend is the risk that mortality improvements in the future deviate ~~adversely~~ from ~~what~~our ~~is expected~~expectations. Mortality trend is a long-term risk that could emerge gradually over time. Longevity products, such as annuities, experience adverse impacts due to higher-than-expected mortality improvement. Mortality products, such as life insurance, experience adverse impacts due to lower-than-expected mortality improvement. If this risk were to emerge, the Company would update assumptions used to calculate reserves for in- force business, which may result in additional assets needed to meet the higher expected annuity claims or earlier expected life claims. An increase in reserves due to revised assumptions ~~has~~could have an immediate adverse impact on our results of operations and financial condition~~; however~~, and economically the impact iscan ~~generally~~be long-term as the excess outflow is paid over time.

•Mortality base is the risk that actual base mortality deviates adversely from what is expected in pricing and valuing our products. Base mortality risk can arise from a lack of credible data on which to base the assumptions.

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Certain of our insurance products are subject to policyholder behavior risk, which is the risk that actual policyholder behavior deviates adversely from ~~what~~our ~~is expected~~expectations. Policyholder behavior risk can manifest in the following ways:

•Lapse calamity is the risk that lapse rates over the short-term deviate adversely from ~~what~~our isexpectations. ~~expected,~~For ~~for~~ example, surrenders of certain insurance products may increase following a downgrade of our financial strength ratings or adverse publicity. Only certain products are exposed to this risk. Products that offer a cash surrender value that resides in the general account, such as non-participating whole life products, could pose a potential short-term lapse calamity risk. Surrender of these products can impact liquidity, and it may be necessary in certain market conditions to sell assets to meet surrender demands. Lapse calamity can also ~~impact~~affect our earnings and capital through its impact on estimated future profits.

•Policyholder behavior (long-term) risk is the risk that the behavior of our customers or policyholders deviates adversely from ~~what~~our isexpectations ~~expected.~~over ~~Policyholder~~the ~~behavior~~long-term. This risk arises through product features which provide some degree of choice or flexibility for the policyholder, which can impact the amount and/or timing of claims. Such choices include surrender, lapse, partial withdrawal, policy loan, utilization, and premium payment rates for contracts with flexible premiums. ~~While~~Policyholder ~~some~~ behavior is driven by ~~macro~~ factors ~~such~~outside asof ~~market~~our ~~movements~~control, ~~policyholder~~including ~~behavior~~macro atfactors asuch ~~fundamental~~as ~~level~~market ismovements, ~~driven~~as ~~primarily~~well as by policyholders’ individual needs, which may differ significantly from product to product depending on many factors including the features offered, the approach taken to market each product, and competitor pricing. For example, persistency (the probability that a policy or contract will remain in force) within our annuities business may be significantly impacted by the value of guaranteed minimum benefits contained in many of our variable annuity products being higher than current account values in light of poor market performance as well as other factors. Many of our products also provide our customers with wide flexibility with respect to the amount and timing of premium deposits and the amount and timing of withdrawals from the policy’s value. Results may vary based on differences between actual and expected premium deposits and withdrawals for these products, especially if these product features are relatively new to the marketplace. The pricing of certain of our variable annuity products that contain certain living benefit guarantees is also based on assumptions about utilization rates, or the percentage of contracts that will utilize the benefit during the contract duration, including the timing of the first withdrawal. Results may vary based on differences between actual and expected benefit utilization. We may also be impacted by customers seeking to sell their benefits. In particular, the development of a secondary market for life insurance, including life settlements or “viaticals” and investor owned life insurance, and third-party investor strategies in our annuities business, could adversely affect the profitability of existing business and our pricing assumptions for new business. ~~Policyholder behavior risk is generally a long-term risk that emerges over time.~~ An increase in reserves due to revised assumptions ~~has~~could have an immediate adverse impact on our results of operations and financial condition; ~~however,~~and the ~~from an~~ economic ~~or cash flow perspective, the~~ impact can isbe ~~generally~~ long-term as the excess outflow is paid ~~over time~~.

Our ability to reprice products is limited, and may not compensate for deviations from our expected insurance assumptions. Although some of our products permit us to increase premiums or adjust other charges and credits during the life of the policy or contract, the adjustments permitted under the terms of the policies or contracts may not be sufficient to maintain profitability or may cause the policies or contracts to lapse. Many of our products do not permit us to increase premiums or adjust other charges and credits or limit those adjustments during the life of the policy or contract. Even if permitted under the policy or contract, other factors may impact our decision whether to raise premiums or adjust other charges sufficiently, or at all. Accordingly, significant deviations in actual experience from our pricing assumptions could have an adverse effect on the profitability of our products.

Market Risk

The profitability of many of our insurance and annuity products are subject to market risk. Market risk is the risk of loss from changes in interest rates and equity prices.

The profitability of many of our insurance and annuity products depends in part on the value of the separate accounts supporting these products, which can fluctuate substantially depending on market conditions.

Derivative instruments that we use to hedge and manage interest rate and equity market risks associated with our products and businesses, and other risks might not perform as intended or expected resulting in higher-than-expected realized losses and stresses on liquidity and/or regulatory capital. Market conditions can limit availability of hedging instruments, require us to post additional collateral, and further increase the cost of executing product related hedges and such costs may not be recovered in the pricing of the underlying products being hedged.

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Market risk may limit opportunities for investment of available funds at desired returns, including due to the prevailing interest rate environment, or other factors, with possible negative impacts on our overall results. Limited opportunities for attractive investments may lead to holding cash for long periods of time and an increased use of derivatives for duration management and other portfolio management purposes. The increased use of derivatives or portfolio rebalancing may increase the volatility of our U.S. GAAP results and our statutory capital.


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Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, and in the U.S. economy (including as a result of actions by the Federal Reserve with respect to interest rate and monetary policy, and adverse political developments). Global or U.S. economic activity and financial markets may in turn be negatively affected by adverse developments or conditions in specific geographical regions.

For a discussion of the impact of changes in market conditions on our financial condition see Item 7A “Quantitative and Qualitative Disclosures About Market Risk".

Our insurance and annuity products, and our investment returns, are subject to interest rate risk, which is the risk of loss arising from asset/liability duration mismatches within our general account investments. The risk of mismatch in asset/liability duration is mainly driven by the specific dynamics of product liabilities. ~~Some~~For ~~product liabilities are expected to have only modest risk related to interest rates because cash flows can be matched by available assets; however~~example, ~~other~~some product liabilities generate long-term cash flows (i.e., 30 years or more), resulting in significant interest rate risk, since these cash flows cannot be matched by assets for sale in the marketplace, exposing the Company to future reinvestment risk. In addition, certain of our products provide for recurring premiums which may be invested at interest rates lower than the rates included in our pricing assumptions. Market-sensitive cash flows exist with other product liabilities including products whose cash flows can be linked to market performance through secondary guarantees, minimum crediting rates, and/or changes in insurance assumptions.

Our exposure to interest rates can manifest over years as in the case of earnings compression or in the short term by creating volatility in both earnings and capital. For example, some of our products expose us to the risk that changes in interest rates will reduce the spread between the amounts that we are required to pay under contracts and the rate of return we are able to earn on our general account investments supporting these contracts. When interest rates decline or remain low, we must invest in lower-yielding instruments, potentially reducing net investment income and constraining our ability to offer certain products. This risk is increased as more policyholders may retain their policies in a low rate environment. Since many of our policies and contracts have guaranteed minimum crediting rates or limit the resetting of crediting rates, the spreads could decrease or go negative.

Alternatively, when interest rates rise, we may not be able to replace the assets in our general account with the higher-yielding assets as quickly as needed to fund the higher crediting rates necessary to keep these products and contracts competitive. It is possible that fewer policyholders may retain their policies and annuity contracts as they pursue higher crediting rates, which could expose the Company to losses and liquidity stress.

Our mitigation efforts with respect to interest rate risk are primarily focused on maintaining an investment portfolio with diversified maturities. ~~that~~The ~~has~~portfolio's a key rate duration profile ~~that~~ is ~~approximately~~designed ~~equal~~ to ~~the~~be ~~key~~approximately ~~rate~~equal ~~duration~~to ~~profile~~that of our liability and surplus ~~benchmarks~~benchmark; however, these benchmarks are based on estimates of the liability cash flow profiles which are complex and could be inaccurate, especially when markets are volatile. In addition, there are practical and capital market limitations on our ability to accomplish this matching. Due to these and other factors we may need to liquidate investments prior to maturity at a loss in order to satisfy liabilities or be forced to reinvest funds in a lower rate environment.

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Guarantees within certain of our products, in particular our variable annuities and to a lesser extent certain individual life products, are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position. Certain of our products, particularly our variable annuity products, include guarantees of minimum surrender values or income streams for stated periods or for life, which may be in excess of account values. Certain of our products, particularly our variable annuity and variable life products, include minimum death benefits or “no-lapse guarantees” that guarantee a death benefit as long as the “no-lapse guarantee” premium is paid. Certain of our products, particularly certain index-linked annuity and individual life products, include interest crediting guarantees based on the performance of an index. Downturns in equity markets, increased equity volatility, increased credit spreads, or (as discussed above) reduced interest rates could result in an increase in the valuation of liabilities associated with such guarantees, resulting in increases in reserves and reductions in net income. We use a variety of hedging and risk management strategies, including product features, to mitigate these risks in part and we may periodically change our strategies over time. These strategies may, however, not be fully effective. In addition, we may be unable or may choose not to fully hedge these risks. Hedging instruments may not effectively offset the costs of guarantees or may otherwise be insufficient in relation to our obligations. Hedging instruments also may not change in value correspondingly with associated liabilities due to equity market or interest rate conditions, non-performance risk or other reasons. We may choose to hedge these risks on a basis that does not correspond to their anticipated or actual impact upon our results of operations or financial position under U.S. GAAP. Changes from period to period in the valuation of these policy benefits, and in the amount of our obligations effectively hedged, will result in volatility in our results of operations and financial position under U.S. GAAP and our statutory capital levels. Estimates and assumptions we make in connection with hedging activities may fail to reflect or correspond to our actual long-term exposure from our guarantees. Further, the risk of increases in the costs of our guarantees not covered by our hedging and other capital and risk management strategies may become more significant due to changes in policyholder behavior driven by market conditions or other factors. The above factors, individually or collectively, may have a material adverse effect on our results of operations, financial condition or liquidity.


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Our valuation of the liabilities for the minimum benefits contained in many of our variable annuity products requires us to consider the market perception of our risk of non-performance, and a decrease in our own credit spreads resulting from ratings upgrades or other events or market conditions could cause the recorded value of these liabilities to increase, which in turn could adversely affect our results of operations and financial position.

We are subject to counterparty risk associated with reinsurance transactions. To mitigate this risk, we may use coinsurance ~~with funds withheld~~ or modified coinsurance. With these reinsurance arrangements, we retain assets on our balance sheet whose related investment performance accrues to third-party reinsurers. The composition of these assets is subject to investment guidelines specific to the reinsurance treaties and may differ from those we would normally invest in. Under GAAP, ~~funds withheld and~~ modified coinsurance reinsurance most often create embedded derivatives for the ceding company and the reinsurer, which are measured at fair value. The valuation of these embedded derivatives is sensitive to market factors, including credit spreads of the assets held byon ~~the~~our ~~ceding~~balance ~~insurer~~sheet, and can generate significant volatility in net income depending on market conditions. Changes in the fair value of embedded derivatives are included in "Realized investment gains (losses), net" on the Statements of Operations, whereas changes in the fair value of assets are recorded primarily in "Accumulated other comprehensive income (loss)".

Liquidity Risk

As a financial services company, we are exposed to liquidity risk, which is the risk that the Company is unable to meet near-term obligations as they come due.

Liquidity risk is a manifestation of events that are driven by other risk types (market, insurance, investment, operational). A liquidity shortfall may arise in the event of insufficient funding sources or an immediate and significant need for cash or collateral. In addition, it is possible that expected liquidity sources may be unavailable or inadequate to satisfy the liquidity demands described below.

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The Company has four primary sources of liquidity exposure and associated drivers that trigger material liquidity demand. Those sources are:

•Derivative collateral market exposure: Abrupt changes to interest rate, equity, and/or currency markets may increase collateral requirements to counterparties and create liquidity risk for the Company.

•Asset liability mismatch: There are liquidity risks associated with liabilities coming due prior to the matching asset cash flows. Structural maturities mismatch can occur in activities such as securities lending, where the liabilities are effectively overnight open transactions used to fund longer term assets.

•Wholesale funding: We depend upon the financial markets for funding. These sources might not be available during times of stress, or may only be available on unfavorable terms, which can result in a decrease in our profitability and a significant reduction in our financial flexibility.

•Insurance cash flows: We face potential liquidity risks from unexpected cash demands due to severe mortality calamity, customer withdrawals or lapse events. If such events were to occur, the Company may face unexpectedly high levels of claim payments to policyholders.

For a discussion of the Company's liquidity and sources and uses of liquidity see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity".

Operational Risk

Our operations are exposed to the risk of loss resulting from inadequate or failed processes or systems, human error or misconduct, and as a result of external events.

An operational risk failure may result in one or more actual or potential impacts to the Company. Operational risk may be elevated as a result of significant changes to how the Company operates, including organizational changes and transformation efforts underway that increase execution risk.

Operational Risk Types

The types of operational risks that may impact the Company include, among others, the following:

•People - Internal fraud, breaches of employment law, unauthorized activities; loss or lack of key personnel, inadequate training; inadequate supervision.

•Processes - Processing failure; failure to safeguard or retain documents/records; errors in valuation/pricing models and processes; project management or execution failures; improper sales practices; improper administration of our products.

•Technology - Failures during the development and implementation of new systems; systems failures.

•External Events - External crime; cyber-attack; outsourcing risk; vendor risk; natural and other disasters; changes in laws/regulations.

•Legal and Regulatory - Legal and regulatory compliance failures.


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Potential Impacts

The potential adverse impacts to our business, results of operations, financial condition or liquidity due to such operational risks include, among others, the following:

•Financial losses - The Company experiences a financial loss. This loss may originate from various causes including, but not limited to, transaction processing errors and fraud.

•Client service impacts - The Company may not be able to service customers. This may result if the Company is unable to continue operations during a business continuation event or if systems are compromised, ~~due~~including toas a result of a cyber-attack involving malware and/or a virus.

•Regulatory fines or sanctions - When the Company fails to comply with applicable laws or regulations, regulatory fines or sanctions may be imposed. In addition, possible restrictions on business activities may result.

•Legal actions - Failure to comply with laws and regulations also exposes the Company to litigation risk. This may also result in financial losses.

•Reputational harm - Failure to meet regulator, customer, investor and other stakeholder expectations may cause

reputational harm.

Liabilities we may incur as a result of operational failures are described further under “Contingent Liabilities” in Note 16 to the Financial Statements. In addition, certain pending regulatory and litigation matters affecting us, and certain risks to our businesses presented by such matters, are discussed in Note 16 to the Financial Statements. We may become subject to additional regulatory and legal actions in the future.

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Key Enterprise Operational Risks - Key enterprise operational risks include, among others, the following:

We are subject to business continuation risk, which is the risk that our operations, systems or data, or those of third- parties on whom we rely, may be disrupted. We may experience a disruption in business continuity as a result of, among other things, the following:

•Severe pandemic, epidemic, or other public health crises, either naturally occurring or resulting from intentionally manipulated pathogens;

•Geo-political risks, including armed conflict and civil unrest;

•Terrorist events;

•Significant natural or accidental disasters;

•Cyber-attacks, both systemic (e.g., affecting the internet, cloud services, and/or other financial services industry infrastructure) and targeted (e.g., failures in or breach of our systems or that of third-parties on whom we rely);

•Insider threats;

•Physical infrastructure outages; and

•Workforce unavailability resulting from any of the above events, among others.

We depend heavily on our telecommunication, information technology and other operational systems and on the integrity and continuing availability of data we use to run our businesses and service our customers. These systems, and any available backups, have and may fail to operate properly or become disabled as a result of events or circumstances wholly or partly beyond our control., including cyber-attacks, denial of service, viruses or other malicious activities, power outages, hardware or software malfunctions, defects or degradation, lack of proper maintenance, human error or misuse, and similar events.

Further, we face the risk of operational and technology failures experienced by others, including clearing agents, exchanges and other financial intermediaries and vendors and other third-parties to which we outsource the provision of services or business operations.

We, or third-parties on whom we rely, may not adequately maintain information security. There continues to be significant and increased cyber-attack activity against businesses, including but not limited to Prudential and others in the financial services sector and no organization, regardless of measures implemented to safeguard the systems and detect threats, is fully immune to cyber-attacks. Our cybersecurity risk remains heightened because of, among other things, the rapidly evolving nature and pervasiveness of cyber threats, our brand and reputation, our size and scale, our geographic presence and our role in the financial services industry and the broader economy. See “Item 1C. Cybersecurity” for additional information about cybersecurity risk management and governance. Risks related to cyber-attack arise in various areas, including:17


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We, or third-parties on whom we rely, may not adequately maintain information security. There continues to be significant and increased cyber-attack activity against businesses, including but not limited to Prudential and others in the financial services sector and no organization, regardless of measures implemented to safeguard the systems and detect threats, is fully immune to cyber-attacks. Our cybersecurity risk remains heightened because of, among other things, the rapidly evolving nature and pervasiveness of cyber threats, including advances in artificial intelligence ("AI"), our brand and reputation, our size and scale, our geographic presence and our role in the financial services industry and the broader economy. See “Item 1C. Cybersecurity” for additional information about cybersecurity risk management and governance. Risks related to cyber-attack arise in various areas, including:

•Protecting sensitive information is a constant need; however, some risks cannot be fully mitigated using administrative, technological, or physical controls, or otherwise.

•Employees, customers, third-party service providers on whom we rely, or other users of our systems continue to be a key avenue for malicious external parties to gain access to our network, systems, data, or that of our customers. Many attacks leverage social engineering schemes (such as phishing, vishing, or smishing) to coax an internal user to click on a malicious attachment or link to introduce malware into companies’ systems or steal the user’s username and password. Such social engineering schemes are becoming increasingly sophisticated and may involve emerging technologies such as deepfakes. Senior-level executives are increasingly becoming the targets of such attacks. Fraudulent schemes to solicit information via call centers, remote help desks and interactive voice response systems continue to increase in both volume and sophistication.

•Cyber-attacks involving the encryption and/or threat to disclose personal or confidential information (i.e., ransomware) or disruptions of communications (i.e., denial of service) for the purposes of, among other things, extortion or other motives persist and are on the rise.

•Financial services companies and their third-party service providers (including their downstream service providers) are increasingly being targeted by hackers and fraudulent actors seeking to monetize personal or confidential information to extort money, or for other malicious purposes. Such campaigns have targeted online applications and services.

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•Nation-state sponsored or affiliated organizations, or politically motivated actors, are engaged in cyber-attacks, not only for monetization purposes, but also to gain information about foreign citizens, businesses and governments, or to influence or cause disruptions in commerce or political affairs. In light of recent geopolitical events, including conflicts in Europe and the Middle East, state-sponsored or affiliated parties and/or their supporters may launch retaliatory cyber-attacks, and may attempt to cause supply chain and other third-party service provider disruptions, or take other geopolitically motivated retaliatory actions that may disrupt our business operations, and/or result in the compromise of our systems or data.

•Increasingly, malicious actors can be in companies’ systems for an extended period of time before being detected. Even if the malicious actors are discovered quickly, it could take considerable additional time for us to determine the scope of compromise, and the extent, amount, and type of information compromised, if any, and to fully contain the malicious actors, remediate and recover.

•Employees, third-party service providers or other individuals purportedly acting on behalf of the Company may fail (as a result of human error or misconduct) to comply with applicable policies and procedures, and/or intentionally circumvent controls or safeguards for unauthorized purposes. Our ~~increased~~ adoption of remote working increases these risks, as our interaction with employees and external service providers occur on information systems, networks and environments over which we have less control and which may be more difficult to monitor.

•We rely on third-parties to provide services, as described further below. While we maintain certain standards for all vendors that provide us services, our vendors, and in turn, their own service providers, have become subject to security breaches, including as a result of their failure to perform in accordance with their contractual obligations.

•Hardware, software or applications developed by, obtained from, or implemented in accordance with specifications provided by third-parties may contain vulnerabilities in design, maintenance or manufacturing that could be exploited to compromise the Company’s information security.

•Continuing use of remote or flexible work arrangements, including remote access tools and mobile technology (including use of personal devices), have expanded potential attack surfaces.

•The proliferation of third-party financial data aggregators and emerging technologies, including the development and use of ~~artificial intelligence~~AI, increase our information security risks and exposure.

The development and adoption of artificial intelligence ("AI"), including generative artificial intelligence (“Generative AI”), and its use and anticipated use by us or by third-parties on whom we rely, may increase the operational risks discussed above or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI and Generative AI to help deliver products and services and support critical functions. We also expect third-parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability. AI and Generative AI may be misused by us or by such third-parties, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted, and the lack of laws, regulations or standards governing its use. Such misuse could expose the Company to legal or regulatory risk, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, as to which we cannot control the availability or pricing, especially in a highly competitive environment. Our competitors may also adopt AI or Generative AI more quickly or more effectively than we do, which could cause competitive harm. Because the Generative AI technology is so new, some of the potential risks of Generative AI are currently unknowable, however, specific risks relating to AI and Generative AI could include, among others:18


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•Costs and security risks associated with maintaining, upgrading, or replacing our information technology, including legacy systems, could exceed our expectations or we may be required to dedicate additional resources to these activities.

•Planned system upgrades may not be successful or operate as intended, may take longer than anticipated, may exceed their budget, or create or exacerbate previously unknown security vulnerabilities.

The development and adoption of artificial AI, including generative AI and agentic AI, and its use and anticipated use by us or by third-parties on whom we rely, may increase the operational risks discussed above or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI to help deliver products and services and support critical functions. We also expect third-parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability. AI may be misused by us or by such third-parties, or the models or datasets on which the models are trained may be flawed or otherwise may function in an unexpected manner. Such risks are increased by the relative newness of the technology, the speed at which it is being adopted, and the developing and evolving laws, regulations or standards governing its use. See “Business — Regulation — Artificial Intelligence” for a discussion of the applicable laws and regulations relating to the use of AI. Misuse of AI or external data, failure to comply with regulatory requirements, or conflicting interpretations of requirements could expose us to legal or regulatory risk, subject us to adverse regulatory examinations or audits, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, as to which we cannot control the availability or pricing, especially in a highly competitive environment. Our competitors may also adopt AI more quickly or more effectively than we do, which could cause competitive harm. Because AI technology is so new, some of the potential risks of AI are currently unknowable, however, specific risks relating to AI could include, among others:

•Reputational Damage: Malicious actors could use AI to create deepfakes of the Company's executives or manipulate financial documents, leading to loss of customer trust and significant reputational damage. Moreover, the use of AI trained on inaccurate data sets could result in inaccurate or biased decisions.

•Fraudulent Activity: AI could be used to create forged documents or impersonate individuals to commit financial fraud, leading to financial losses and regulatory scrutiny.

•Misinformation and Disinformation: The ability to generate realistic and convincing synthetic media has been and could be used to spread misinformation and disinformation, impacting public opinion and undermining trust in the financial system.

•Privacy Concerns: AI could be used to create synthetic identities or manipulate personal data, raising privacy concerns related to data breaches and other potential violations of consumer rights and data protection regulations.

•Cybersecurity Threats: AI could be used to create sophisticated, long-term and persistent phishing attacks or bypass security measures, increasing the risk of cyberattacks and data breaches.

24The risks identified above could be exacerbated by agentic AI, which, acting without supervision, could take actions harmful to the Company or our customers.

We, or third-parties on whom we rely, may not adequately ensure the integrity, confidentiality, or availability of personal and confidential information. In the course of our ordinary business, we collect, store and disclose to various third-parties (e.g., service providers, reinsurers, etc.) substantial amounts of personal and confidential information, including in some instances sensitive personal information, including health-related information. We are subject to the risk that the integrity, confidentiality, or availability of this information may be compromised, including as a result of an information security breach as described above, or that such events occurring at third-parties may not be disclosed to us in a timely manner. And we may have insufficient recourse against such third-parties from which such breaches originate. We have experienced cybersecurity events resulting in, among other things the compromise of personal and confidential information, including sensitive health information, of our customers and other stakeholders.

Furthermore, there has been increased scrutiny as well as enacted and proposed additional laws and regulations, including from state regulators, regarding the use of personal and confidential information. These laws and regulations are increasing in complexity and number, change frequently, and may be subject to interpretation by different regulators and courts. See “Business—Regulation—Privacy and Cybersecurity Regulation” for a discussion of the applicable laws and regulations (including those requiring notice, disclosure or remediation) relating to cybersecurity events.


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We, orhave ~~third~~incurred and could incur significant costs and other negative consequences resulting from cyber-~~parties~~attacks onor ~~whom~~other weinformation ~~rely,~~security ~~may~~breaches. ~~not~~Compromise ~~adequately~~or ~~ensure~~perceived compromise of the ~~integrity,~~security ~~confidentiality,~~of our systems or ~~availability~~data or that of ~~personal~~one of our vendors has damaged and ~~confidential~~could ~~information.~~damage Inour reputation, cause the ~~course~~deterioration or termination of ~~our~~relationships ~~ordinary~~with ~~business~~among others, wecustomers, ~~collect~~distributors, ~~store~~government-run ~~and~~health ~~disclose~~insurance toexchanges, ~~various~~marketing ~~third-parties~~partners ~~(e.g.,~~and ~~service~~insurance ~~providers~~carriers, ~~reinsurers~~reduce demand for our services, ~~etc.)~~result ~~substantial~~in ~~amounts~~the loss of ~~personal~~business opportunities, and ~~confidential~~subject ~~information~~us to significant liability and expense as well as regulatory action, ~~including~~penalties and inlawsuits, ~~some~~any ~~instances~~or ~~sensitive~~all ~~personal~~of ~~information~~which would harm our business, ~~including~~operating ~~health-related~~results ~~information~~and financial condition. We ~~are~~have ~~subject~~also toincurred ~~the~~and ~~risk~~could ~~that~~incur ~~the~~significant ~~integrity~~costs in connection with our response, ~~confidentiality~~recovery, orremediation, ~~availability~~modification of ~~this~~protective ~~information~~measures, ~~may~~and becompliance ~~compromised~~efforts, including ascosts aassociated ~~result~~with ofmitigating anthe ~~information~~impact ~~security~~of ~~breach~~any ~~described~~errors, ~~above~~interruptions, delays or ~~that~~cessations ~~such~~of ~~events~~service. ~~occurring~~Additionally, atour ~~third-parties~~failure ~~may~~to ~~not~~timely beor ~~disclosed~~accurately communicate cyber incidents to usrelevant parties could result in aregulatory, ~~timely~~operational ~~manner~~and reputational risk. ~~And~~To the extent we ~~may~~maintain ~~have~~cyber ~~insufficient~~insurance, ~~recourse~~liabilities ~~against~~or ~~such~~losses ~~third-parties~~arising from ~~which~~certain cyber incidents may not be covered or fully covered under such ~~breaches~~policies, ~~originate.~~including Weif ~~have~~our ~~experienced~~insurer ~~cybersecurity~~denies ~~events~~coverage ~~resulting~~as to any particular claim in the future, ~~among~~and ~~other~~may ~~things~~not take into account reputational damage, the ~~compromise~~costs of ~~personal~~which ~~and~~are ~~confidential~~impossible ~~information~~to quantify, ~~including~~and ~~sensitive~~the ~~health~~amount ~~information,~~ of ~~our~~insurance ~~customers~~may ~~and~~not ~~other~~be ~~stakeholders~~adequate. ~~See~~In ~~“Business—Regulation—Privacy~~addition, ~~and~~our ~~Cybersecurity~~insurance ~~Regulation”~~coverage ~~for~~with arespect ~~discussion~~to ofcyber ~~the~~incidents ~~applicable~~may ~~laws~~increase ~~and~~in ~~regulations~~cost ~~(including~~or ~~those~~cease ~~requiring~~to ~~notice,~~be ~~disclosure~~available on commercially reasonable terms, or ~~remediation)~~at ~~relating~~all, toin ~~cybersecurity~~the ~~events~~future.

WeThird-parties ~~may~~(outsourcing ~~incur~~providers, ~~significant~~vendors ~~costs~~ and ~~other~~suppliers) ~~negative~~present ~~consequences~~added ~~resulting~~operational ~~from~~risk ~~cyber-attacks~~to orour ~~other information security breaches~~enterprise. ~~Any~~The ~~compromise~~Company's orbusiness ~~perceived~~model ~~compromise~~relies ofheavily on the ~~security~~use of ~~our~~third-parties ~~systems~~to ordeliver ~~data~~contracted orservices ~~that~~in ofa ~~one~~broad range of ~~our~~areas. ~~vendors~~This ~~could~~reliance ~~damage~~presents ~~our~~the ~~reputation,~~risk ~~cause~~that the ~~deterioration~~Company oris ~~termination~~unable ofto ~~relationships~~meet ~~with among others~~legal, ~~customers~~regulatory, ~~distributors,~~financial ~~government-run~~or ~~health~~customer ~~insurance~~obligations ~~exchanges,~~because ~~marketing~~third-parties ~~partners~~fail ~~and~~to ~~insurance~~deliver ~~carriers,~~contracted ~~reduce demand for our~~ services, ~~result~~or inthat the ~~loss~~Company ofis ~~business~~exposed ~~opportunities, and subject us~~ to ~~significant~~reputational ~~liability~~damage ~~and~~because ~~expense~~third-parties asfail ~~well~~to asoperate ~~regulatory~~in ~~action,~~accordance ~~penalties and~~with ~~lawsuits, which would harm~~ our ~~business,~~specifications ~~operating results~~ and ~~financial condition~~expectations. We ~~may~~use ~~also~~affiliates ~~incur significant costs in connection with our response, recovery, remediation, modification of protective measures,~~ and ~~compliance~~third-party ~~efforts,~~vendors ~~including~~located ~~costs~~outside ~~associated with mitigating~~ the ~~impact of any errors, interruptions, delays or cessations of service~~U.S. ~~Additionally, our failure~~ to ~~timely~~provide orcertain ~~accurately~~services ~~communicate cyber incidents to relevant parties could result in regulatory, operational~~ and ~~reputational risk. To the extent we maintain cyber insurance~~functions, ~~liabilities~~which oralso ~~losses~~exposes ~~arising~~us ~~from certain cyber incidents may not be covered or fully covered under such policies, including if our insurer denies coverage as~~ to ~~any~~business ~~particular~~disruptions ~~claim in the future,~~ and ~~may~~political ~~not~~risks ~~take~~as ~~into~~a ~~account~~result ~~reputational damage, the costs~~ of ~~which~~risks ~~are~~inherent ~~impossible~~in toconducting ~~quantify,~~business ~~and~~outside ~~the amount~~ of ~~insurance~~the ~~may~~United ~~not be adequate~~States. ~~In addition, our insurance coverage with respect to cyber incidents may increase in cost or cease to be available on commercially reasonable terms, or at all, in the future.~~

~~Third-parties~~The ~~(outsourcing~~manner ~~providers~~in which our products are distributed, ~~vendors~~including by affiliate and ~~suppliers)~~third-party ~~present~~distributors of our products presents added ~~operational~~regulatory, ~~risk~~competitive and other risks to our enterprise. ~~The~~Our ~~Company's~~products ~~business~~are ~~model~~sold ~~relies~~primarily ~~heavily~~through oncaptive/affiliated ~~the~~distributors ~~use~~and of third-~~parties~~party todistributing ~~deliver~~firms. ~~contracted~~Our ~~services~~captive/affiliated indistributors aare ~~broad~~made ~~range~~up of ~~areas.~~sales ~~This~~personnel ~~presents~~who ~~the~~are ~~risk~~generally ~~that~~compensated ~~the~~based ~~Company~~on iscommissions. The ~~unable~~third-party distributing firms are rarely dedicated to ~~meet~~us ~~legal,~~exclusively ~~regulatory,~~and ~~financial~~may recommend and/or ~~customer~~market ~~obligations~~products ~~because~~of ~~third-parties~~our ~~fail~~competitors. Accordingly, towe ~~deliver~~must ~~contracted~~compete ~~services,~~for ortheir ~~that~~services. ~~the~~Our ~~Company~~sales iscould ~~exposed~~be toadversely ~~reputational~~affected ~~damage~~if ~~because~~we ~~third-parties~~are ~~operate~~unable into aattract, ~~poorly~~retain ~~controlled~~or ~~manner.~~motivate Wecaptive ~~use~~sales ~~affiliates~~agents ~~and~~or third-party ~~vendors~~distributing ~~located~~firms ~~outside~~or ~~the~~if ~~U.S.~~we todo not adequately provide ~~certain~~support, ~~services~~training, compensation, and ~~functions~~education to this sales network regarding our products, ~~which~~or ~~also~~if ~~exposes~~our usproducts toare ~~business~~not ~~disruptions~~competitive and ~~political~~not ~~risks~~appropriately asaligned awith ~~result~~consumer ofneeds. While ~~risks~~third-party ~~inherent~~distributing infirms ~~conducting~~have ~~business~~an ~~outside~~independent ofregulatory ~~the~~accountability, ~~United~~under ~~States~~applicable regulations and guidance, product manufacturers retain significant sales practices accountability.

~~Affiliate~~The Company and ~~third-party~~our distributors ofare ~~our~~subject ~~products~~to ~~present~~rules ~~added~~regarding ~~regulatory,~~the ~~competitive~~standard ~~and~~of ~~other~~care ~~risks~~applicable to ~~our~~sales ~~enterprise.~~of ~~Our~~our products ~~are~~and ~~sold~~the ~~primarily~~provision ~~through~~of ~~captive/affiliated~~advice ~~distributors~~to our customers, and ~~third-party~~many ~~distributing~~of ~~firms~~these rules are routinely revised or re-examined. ~~Our~~In ~~captive/affiliated~~addition, ~~distributors~~there ~~are~~have ~~made~~been upa number of ~~sales~~investigations ~~personnel~~regarding ~~who~~the ~~are~~marketing ~~generally~~practices ~~compensated~~of ~~based~~brokers onand ~~commissions. The~~agents ~~third-party~~selling ~~distributing~~annuity ~~firms~~and ~~are~~insurance ~~rarely~~products ~~dedicated~~and tothe uspayments ~~exclusively~~they ~~and~~receive. ~~may~~Furthermore, ~~frequently~~sales ~~recommend~~practices and~~/or~~ ~~market~~investor ~~products~~protection have increasingly become areas of focus for our ~~competitors~~regulators. ~~Accordingly,~~ weRegulatory ~~must~~investigations ~~compete~~and ~~for~~examinations ~~their~~have ~~services~~resulted in enforcement actions against us and companies in our industry and brokers and agents marketing and selling those companies’ products. ~~Our~~Enforcement ~~sales~~actions could beresult ~~adversely~~in ~~affected~~penalties ifand wethe ~~are~~imposition ~~unable~~of corrective action plans and/or changes to ~~attract~~industry practices, ~~retain~~which orcould ~~motivate~~adversely ~~third-party~~affect ~~distributing~~our ~~firms~~ability orto ifmarket weour doproducts. ~~not~~If ~~adequately~~our ~~provide~~products ~~support,~~are ~~training,~~distributed ~~compensation,~~in ~~and~~an ~~education~~inappropriate manner, or to ~~this~~customers ~~sales~~for ~~network~~whom ~~regarding~~they ~~our~~are ~~products~~unsuitable, or ifdistributors of our products ~~are~~otherwise ~~not~~engage ~~competitive~~in ~~and~~misconduct, ~~not~~we ~~appropriately~~may ~~aligned~~suffer ~~with~~reputational ~~consumer~~and ~~needs. While~~other ~~third-party~~harm ~~distributing~~to ~~firms~~our ~~have~~business anand ~~independent~~be subject to regulatory ~~accountability~~action, ~~regulators~~penalties ~~have~~or ~~been~~damages. ~~clear~~Our ~~with~~business ~~expectations~~may ~~that~~also ~~product~~be ~~manufacturers~~harmed ~~retain~~if ~~significant~~captive/affiliate ~~sales~~distributors ~~practices~~engage ~~accountability~~in inappropriate conduct in connection with the sale of third-party products.

The Company and our distributors are subject to rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers, and in recent years many of these rules have been revised or re-examined. In addition, there have been a number of investigations regarding the marketing practices of brokers and agents selling annuity and insurance products and the payments they receive. Furthermore, sales practices and investor protection have increasingly become areas of focus in regulatory examinations. These investigations and examinations have resulted in enforcement actions against us and companies in our industry and brokers and agents marketing and selling those companies’ products. Enforcement actions could result in penalties and the imposition of corrective action plans and/or changes to industry practices, which could adversely affect our ability to market our products. If our products are distributed in an inappropriate manner, or to customers for whom they are unsuitable, or distributors of our products otherwise engage in misconduct, we may suffer reputational and other harm to our business and be subject to regulatory action, penalties or damages. Our business may also be harmed if captive/affiliate distributors engage in inappropriate conduct in connection with the sale of third-party products.

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Many of our distribution personnel are independent contractors or franchisees. From time to time, their status has been challenged in courts and by government agencies, and various legislative or regulatory proposals have been introduced addressing the criteria for determining the status of independent contractors’ classification as employees for, among other things, employment tax purposes or other employment benefits. The costs associated with potential changes with respect to these independent contractor and franchisee classifications have impacted our results previously and could have a material adverse effect on our business in the future.

See Note 16 to the Financial Statements for additional information regarding litigation and regulatory matters relating to the distribution of products.

Although we distribute our products through a wide variety of distribution channels, we do maintain relationships with certain key distributors. We periodically negotiate the terms of these relationships, and there can be no assurance that such terms will remain acceptable to us or such third-parties. An interruption in certain key relationships could materially affect our ability to market our products and could have a material adverse effect on our business, operating results and financial condition. Distributors may elect to reduce or terminate their distribution relationships with us, including for such reasons as adverse developments in our business, competitiveness of product offerings, adverse rating agency actions or concerns about market-related risks. We are also at risk that key distribution partners may merge, change their business models in ways that affect how our products are sold, or terminate their distribution contracts with us, or that new distribution channels could emerge and adversely impact the effectiveness of our distribution efforts. An increase in bank and broker-dealer consolidation activity could increase competition for access to distributors, result in greater distribution expenses and impair our ability to market products through these channels. Consolidation of distributors and/or other industry changes may also increase the likelihood that distributors will try to renegotiate the terms of any existing selling agreements to terms less favorable to us. Finally, we also may be challenged by new technologies and marketplace entrants that could interfere with our existing relationships.20


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Although we distribute our products through a wide variety of distribution channels, we maintain relationships with certain key distributors. We periodically negotiate the terms of these relationships, and there can be no assurance that such terms will remain acceptable to us or such third-parties. An interruption in certain key relationships could materially affect our ability to market our products and could have a material adverse effect on our business, operating results and financial condition. Distributors may elect to reduce or terminate their distribution relationships with us, including for such reasons as adverse developments in our business, competitiveness of product offerings, adverse rating agency actions or concerns about market-related risks. We are also at risk that key distribution partners may merge, change their business models in ways that affect how our products are sold, or terminate their distribution contracts with us, or that new distribution channels could emerge and adversely impact the effectiveness of our distribution efforts. An increase in bank and broker-dealer consolidation activity could increase competition for access to distributors, result in greater distribution expenses and impair our ability to market products through these channels. Consolidation of distributors and/or other industry changes may also increase the likelihood that distributors will try to renegotiate the terms of any existing selling agreements to terms less favorable to us. Finally, we also may be challenged by new technologies and marketplace entrants that could interfere with our existing relationships.

Model Risk

As a financial services company, we are exposed to model risk, which is the risk of financial loss or reputational damage or adverse regulatory impacts caused by model errors or limitations, incorrect implementation of models, or misuse of or overreliance upon models. Models are utilized by our businesses and corporate areas primarily to project future cash flows associated with pricing products, calculating reserves and valuing assets, as well as in evaluating risk and determining capital requirements, among other uses. Because models are used across the Company, model risk impacts all risk types. As our businesses continue to grow and evolve, the number and complexity of models we utilize expands, increasing our exposure to error in the design, implementation or use of models, including the associated input data and assumptions. Furthermore, model risk will be elevated during periods of transformation or due to new or changing laws or regulations.

Strategic Risk

We are subject to the risk of events that can cause our fundamental business model to change, either through a shift in the businesses in which we are engaged or a change in our execution. In addition, other risks may become strategic risks. For example, we have considered and must continue to consider the impact of the interest rate environment on new product development and continued sales of interest sensitive products. Our strategic initiatives may fail to achieve their intended results, due to inadequate execution, incorrect assumptions, global or regional economic conditions, competition, changes in the industries in which we operate or other reasons.

Our ability to successfully execute on strategic transactions is subject to risks. We have in the past considered and continue to consider a range of strategic transactions, which could include acquisitions, joint venture, divestitures, spin-offs, reinsurance and other corporate transactions. Our strategy for long-term growth, productivity and profitability depends, in part, on our ability to successfully execute on and realize the expected benefits from these types of transactions. Any of these types of transactions could be material, be difficult to implement, disrupt our business, or change our business profile, focus or strategy significantly.

Changes in the regulatory landscape may be unsettling to our business model. New laws and regulations are being considered in the U.S. and our other countries of operation at an increasing pace, as there has been greater scrutiny on financial regulation over the past several years. Proposed or unforeseen changes in law or regulation, or changes in the way existing laws or regulations are enforced, may adversely impact our business. See “Business—Regulation” for a discussion of certain recently enacted and pending proposals by international, federal and state regulatory authorities and their potential impact on our business, including in the following areas:

•Financial sector regulatory reform.

•U.S. federal, state and local tax laws, including Corporate Alternative Minimum Tax ("CAMT").

•Fiduciary rules and other standards of care.

•Our regulation under U.S. state insurance laws and developments regarding group-wide supervision and capital standards, accounting rules, RBC factors for invested assets and reserves for life insurance, variable annuities and other products.

•Privacy, data, artificial intelligence and cybersecurity regulation.

Changes in accounting rules applicable to our business may also have an adverse impact on our results of operations or financial condition. For a discussion of accounting pronouncements and their potential impact on our business, see Note 2 to the Financial Statements.

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Changes in technology and other external factors may be unsettling to our business model. Rapid technological change puts pressure on existing business models. We believe the following aspects of technological and other changes would significantly impact our business model. There may be other unforeseen changes in technology and the external environment, including the regulatory response to technological change, which may have a significant impact on our business model.

•Interaction with customers. Technology is moving rapidly and as it does, it puts pressure on existing business models. Some of the changes we can anticipate are increased choices about how customers want to interact with the Company or how they want the Company to interact with them. Evolving customer preferences and changing privacy regulations may drive a need to redesign products and change the way we interact with customers. Our distribution channels may change to become more automated, at the place and time of the customer’s choosing. Such changes clearly have the potential to disrupt our business model.

•Investment Portfolio. Technology may have a significant impact on the companies in which the Company invests. For example, environmental concerns spur scientific inquiry which may reposition the relative attractiveness of wind or sun power over oil and gas. The transportation industry may favor alternative modes of conveyance of goods which may shift trucking or air transport out of favor. Consumers may change their purchasing behavior to favor online activity which would change the role of malls and retail properties.

•Medical Advances. The Company is exposed to the impact of medical advances. The unequal availability of detailed information (e.g., genetic testing) to consumers and insurers can create asymmetrical information and create anti-election risks. Also, technologies that extend lives will challenge our actuarial assumptions particularly related to mortality and longevity risk.

Failure ~~The~~to ~~following~~adapt ~~items~~our ~~are~~business ~~examples~~model ofin response to these and other ~~factors~~technological ~~which~~developments could have aan ~~meaningful~~adverse impact on our ~~business~~results of operations or financial condition.

•A ~~downgrade~~The infollowing ~~our~~items ~~financial~~are ~~strength~~examples orof ~~credit ratings could potentially, among~~ other ~~things,~~factors ~~adversely~~which ~~impact~~could ~~our~~have ~~business~~an ~~prospects,~~adverse ~~results of operations, financial condition and liquidity. For a discussion of our ratings and the potential~~ impact ~~of a ratings downgrade~~ on our business~~, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital~~.” We cannot predict what additional actions rating agencies may take, or what actions we may take in response to the actions of rating agencies, which could adversely affect our business. Our ratings could be downgraded at any time and without notice by any rating agency. Credit rating agencies continually review their methodologies, including capital and earnings assessment models, as well as their ratings for the companies that they follow, including us. The credit rating agencies also evaluate the industry as a whole and may change our credit rating based on their overall view of our industry. In addition, a sovereign downgrade could result in a downgrade of PLNJ.

•Current Market Conditions. The imposition of tariffs and retaliatory actions could result in, among other things, rising interest rates, significant equity market declines, stagnant economic growth and high inflation, which could adversely impact our liquidity and capital positions, cash flows, results of operations, and financial position. For example, the combination of stagnant economic growth and high inflation would increase investment risk, including the underperformance of investments in more leveraged companies or companies exposed to weaker consumers. Also, the statutory capital of certain of Prudential Financial's insurance subsidiaries could be negatively affected by such things as increased reserve requirements, which could be caused by equity market declines, and asymmetrical and non-economic statutory accounting impacts from rising rates.

•A downgrade in our financial strength or credit ratings could potentially, among other things, adversely impact our business prospects, results of operations, financial condition and liquidity. For a discussion of our ratings and the potential impact of a ratings downgrade on our business, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital.” We cannot predict what additional actions rating agencies may take, or what actions we may take in response to the actions of rating agencies, which could adversely affect our business. Our ratings could be downgraded at any time and without notice by any rating agency. Credit rating agencies continually review their methodologies, including capital and earnings assessment models, as well as their ratings for the companies that they follow, including us.

•The changing competitive landscape may adversely affect the Company. In our business we face intense competition from insurance companies and diversified financial institutions, both for the ultimate customers for our products and, in many businesses, for distribution through non-affiliated distribution channels. Technological advances, changing customer expectations, including related to digital offerings, access to customer data or other changes in the marketplace may present opportunities for new or smaller companies without established products or distribution channels to meet consumers’ increased expectations more efficiently than us. Fintech and insurtech companies and companies in other industries with greater access to customers and data have the potential to disrupt industries globally, and many participants have been partially funded by industry players.

•Climate change may increase the severity and frequency of calamities, or adversely affect our investment portfolio or investor sentiment. Climate change may increase the frequency and severity of weather-related disasters, pandemics and/or ~~pandemics~~other natural disasters. In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. It may also impact other counterparties, including reinsurers, and affect the value of investments. We cannot predict the long-term impacts on us from climate change or related regulation. Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio.

•We may fail to meet expectations relating to environmental, social, and governance standards and practices. Certain existing or potential investors, customers and regulators evaluate our business or other practices according to a variety of environmental, social and governance (“ESG”) standards and expectations. Certain of our regulators have proposed or adopted, or may propose or adopt, ESG rules or standards that would apply to our business. Our practices may be judged by ESG standards that are continually evolving and not always clear. Prevailing ESG standards and expectations may also reflect contrasting or conflicting values or agendas. We may fail to meet our commitments or targets, and our policies and processes to evaluate and manage ESG standards in coordination with other business priorities may not be completely effective or satisfy investors, customers, regulators, or others. We may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges.22


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•Market conditions and other factors may adversely impact product sales or increase expenses. Examples include:

•A change in market conditions, such as higher inflation and higher interest rates, could cause a change in consumer sentiment and behavior adversely affecting sales and persistency of our savings and protection products. Conversely, low inflation and low interest rates could cause persistency of these products to vary from that anticipated and adversely affect profitability. Similarly, changing economic conditions and unfavorable public perception of financial institutions can influence customer behavior, including increasing claims or surrenders in certain products.

•Lapses and surrenders of certain insurance products may increase if a market downturn, increased market volatility or other market conditions result in customers becoming dissatisfied with their investments or products.

•Our reputation may be adversely impacted if any of the risks described in this section are realized. Reputational risk could manifest ~~from~~in connection with any of the risks as identified in the Company’s risk identification process. Failure to effectively manage risks across a broad range of risk issues exposes the Company to reputational harm. If the Company were to suffer a significant loss in reputation, both policyholders and counterparties could seek to exit existing relationships. Additionally, large changes in credit worthiness, especially credit ratings, could impact access to funding markets while creating additional collateral requirements for existing relationships. The mismanagement of any such risks may potentially damage our reputational asset. Our business is anchored in the strength of our brand, our alignment to our values, and our proven commitment to keep our promises to our customers. Any negative public perception, founded or otherwise, can be widely and rapidly shared over social media or other means, and could cause damage to our reputation.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk Management and Strategy

Because of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors— Operational Risk” for a discussion of such risks.

Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.

In order to respond to the threat of security breaches and cyber-attacks, Prudential Financial has developed an information security program designed to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. This information security program provides for the coordination of various corporate functions and governance groups, including global technology, risk, legal, compliance and corporate audit, and serves as a framework for the execution of responsibilities across businesses and operational roles. Among other things, the information security program establishes security standards for our technological resources and includes training for employees, contractors and third-parties. Employees with access to our Company’s systems are subject to comprehensive annual training on responsible information security, data security, and cybersecurity practices and how to protect data against cyber threats.

As part of the information security program, we conduct periodic exercises with independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We regularly engage with the broader cybersecurity community and monitor cyber threat information.23


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As part of the information security program, we routinely engage independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We also regularly engage with the broader cybersecurity community and monitor cyber threat information.

To address risks associated with third-parties, Prudential Financial has established an enterprise-wide Third-Party Risk Management Program. This program’s features include, among other things, identifying, assessing and managing cybersecurity risks throughout the life of our third-party relationships.

We also maintain an incident response plan, which specifies escalation and evaluation processes for cyber events. This plan is executed in close coordination with our corporate functions, including a dedicated cyber and privacy law function, external affairs, and risk management, and is designed to ensure, among other things, appropriate and timely reporting and disclosure.

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During the period covered by this Report, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of risks related to cybersecurity.

Governance

Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”). The CISO and Information Security Office are responsible for monitoring for cybersecurity incidents impacting Prudential’s systems, and ~~informing~~ensuring appropriate processes are maintained to inform management of the prevention, ~~cybersecurity~~detection, ~~incidents~~mitigation, ~~impacting~~and ~~Prudential’s~~remediation ~~systems~~of such cybersecurity incidents. We believe that Prudential Financial's employees responsible for managing cybersecurity risk have the skills and knowledge to assess and manage the Company's material risks from cybersecurity threats, and their qualifications include degrees and certifications typical for cybersecurity professionals. We expect these employees to, among other things, understand computer systems, networks, and security technologies and be proficient in a variety of security tools and techniques. The current CISO, who is serving in an interim capacity, has served in various roles in information ~~technology and information~~ security for over 2520 years, including ~~serving~~ as ~~the~~Deputy ~~head~~CISO ofand ~~information~~roles ~~technology~~overseeing ~~risk~~cyber atdefense, ~~two~~investigation, ~~large~~and ~~public~~incident ~~companies~~response. The interim CISO holds a ~~graduate~~law degree ~~in technology management~~ and has attained ~~the~~numerous ~~professional~~Global ~~certifications~~Assurance ~~of Certified Information Systems Security Professional and Certified Information Privacy Professional~~Certifications.

Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including ~~exercises and response readiness~~ assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.

Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.

Item 2. Properties

Office space is provided by Prudential Insurance, as described under “Expense Charges and Allocations” in Note 15 to the Financial Statements.

Item 3. Legal Proceedings

See Note 16 to the Financial Statements under “Litigation and Regulatory Matters” for a description of certain pending litigation and regulatory matters affecting us, and certain risks to our business presented by such matters.

Item 4. Mine Safety Disclosures

Not Applicable.

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PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company is a wholly-owned subsidiary of Pruco Life Insurance Company. There is no public market for the Company’s common stock.

Item 6. [Reserved]

Part II. Item 6 is no longer required pursuant to certain amendments to Regulation S-K that eliminated Item 301.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following analysis of our financial condition and results of operations in conjunction with the "Forward-Looking Statements" included below the Table of Contents, “Risk Factors”, and the Financial Statements included in this Annual Report on Form 10-K.

Overview

The Company is licensed to sell variable annuities, indexed variable annuities, fixed annuities, universal life insurance, variable life insurance and term life insurance in New Jersey and New York. The Company only sells such products in New York primarily through affiliated and unaffiliated distributors.

Revenues and Expenses

The Company earns revenues principally from insurance premiums, mortality and expense fees, asset administration fees from insurance and investment products, and from net investment income on the investment of general account and other funds. The Company receives premiums primarily from the sale of individual life insurance and annuity products. The Company earns mortality and expense fees, and asset administration fees, primarily from the sale and servicing of universal life insurance and separate account products including variable life insurance and variable annuities. The Company’s operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, reinsurance premiums, commissions and other costs of selling and servicing the various products sold and interest credited on general account liabilities.

Industry Trends

Our business is impacted by financial markets, economic conditions, regulatory oversight, and a variety of trends that affect the industries where we compete.

Financial and Economic Environment. ~~Interest~~Through 2021, interest rates in the U.S. had experienced a prolonged period of historically low levels,. This was followed by asignificant ~~sharp~~increases ~~rise~~ in 2022 through 2023. While there have been modest declines in 2024 and 2025, rates have sustained higher levels inrelative ~~2023~~to ~~and~~historical ~~2024~~periods. We expect that a continued level of relative higher interest rates will benefit our results over time. We continue to monitor current market conditions and the potential impact to our business ~~from~~in the event of slowing or negative economic growth. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in “Item 1A. Risk Factors”.

Demographics. Individual customer demographics continue to evolve and new opportunities present themselves in different consumer segments such as the millennial and multicultural markets. Consumer expectations and preferences are changing. We believe existing and potential customers are increasingly looking for cost-effective solutions that they can easily understand and access through technology-enabled devices. At the same time, income protection, wealth accumulation and the needs of retiring baby boomers are continuing to shape the insurance industry. A persistent retirement security gap exists in terms of both savings and protection.25


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Regulatory Environment. See “Business—Regulation” for a discussion of regulatory developments that may impact the Company and the associated risks.

Competitive Environment. See “Business” for a discussion of the competitive environment and the basis on which we compete.

Impact of Changes in the Interest Rate Environment

Market interest rates are a key driver of our liquidity and capital positions, cash flows, results of operations and financial position. Changes in interest rates can affect these in several ways, including favorable or adverse impacts to:

•investment-related activity, including: investment income returns, net investment spread results,

new money rates, mortgage loan prepayments and bond redemptions;

•the valuation of fixed income investments and derivative instruments;

•collateral posting requirements, hedging costs and other risk mitigation activities;

•customer account values and assets under management, including their impacts on fee-related income;

•insurance reserve levels, including market risk benefits ("MRBs"), and market experience true-ups;

•policyholder behavior, including surrender or withdrawal activity; and

•product offerings, design features, crediting rates and sales mix.

~~For~~In ~~additional~~order ~~information~~to ~~regarding~~manage the impacts that changes in interest rates have on our net investment spread, we employ a proactive asset/liability management program, which includes strategic asset allocation and hedging strategies within a disciplined risk management framework. These strategies seek to match the liability characteristics of our products and to closely approximate the interest rate sensitivity of assets with that of product liabilities. We also manage duration gaps, currency and other risks between assets and liabilities through the use of derivatives, ~~see~~and ~~"Risk~~adjust ~~Factors—Market~~these ~~Risk"~~strategies as products, customer behavior, and market conditions evolve. Our interest rate exposure is also mitigated by our business mix, which includes lines of business where fee-based and insurance underwriting earnings play a more prominent role in product profitability. We also regularly examine our product offerings and may reprice or discontinue sales of certain products that do not meet our profit expectations.

For additional information regarding interest rate risks, see "Risk Factors—Market Risk" and “Item 7A. Quantitative and Qualitative Disclosures About Market Risk.”

Accounting Policies & Pronouncements

Application of Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews the estimates and assumptions used in the preparation of the Company's financial statements. If management determines that modifications to assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Financial Statements could change significantly.

The following sections discuss the accounting policies applied in preparing our financial statements that management believes are most dependent on the application of estimates and assumptions and require management’s most difficult, subjective or complex judgments.

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Insurance Liabilities

Future Policy Benefits

Future Policy Benefit Reserves, including Unpaid Claims and Claim Adjustment Expenses

We establish reserves for future policy benefits to, or on behalf of, policyholders, using methodologies prescribed by U.S. GAAP. ~~The~~See ~~reserving~~Note ~~methodologies~~2 ~~used~~to ~~include~~the Financial Statements for additional information regarding the ~~following:~~reserving methodologies used.

•For some long-duration contracts, we utilize a net premium valuation methodology in measuring the liability for future policy benefits. Under this methodology, the Company accrues a liability for future policy benefits when premium revenue is recognized. The liability is based on the present value of expected future benefits to be paid to or on behalf of policyholders and related non-level claim settlement expenses less the present value of expected future net premiums (portion of the gross premium required to provide for all benefits and related non-level claim settlement expenses using current best estimate assumptions). A net-to-gross (“NTG”) ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums that are subtracted from the present value of expected benefits and non-level claim settlement expenses to determine the liability for future policy benefits, which cannot be less than zero. The NTG ratio at the cohort measurement unit level cannot exceed 100%, and if it exceeds 100%, the excess benefit expenses are recorded as a charge to current period earnings. The result of the net premium valuation methodology is that the liability at any point in time represents an accumulation of the portion of premiums received to date expected to fund future benefits (i.e., net premiums received to date), less any benefits and expenses already paid. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that obligation would be funded by net premiums received in the future and would be recognized in the liability at that time. The insurance cash flow projections are updated quarterly to reflect actual experience and are generally updated annually to reflect changes in best estimate future insurance assumptions using a retrospective unlocking method with the impact recorded through current period earnings. At the time of an experience or best estimate assumption unlocking, a revised NTG ratio is calculated using actual historical cash flow experience and updated, if any, best estimate future cash flow projections, discounted using the locked-in discount rate. The revised NTG ratio is then applied to prior period cashflows to derive a cumulative catch-up adjustment as of the beginning of the quarter. The revised NTG ratio is then used going forward to accrue the reserve, until the next unlocking. The liability is also remeasured each quarter using a current discount rate, based on an upper medium grade fixed-income instrument yield, with the impact recorded through accumulated other comprehensive income. Expense assumptions included in the liability only include claim related expenses and exclude acquisition costs and non-claim related costs such as costs relating to investments, general administration, policy maintenance, product development, market research, and general overhead.

•For limited-payment contracts, in addition to the liability calculated using the net premium valuation method described above, a deferred profit liability (“DPL”) is established for the amount of gross premiums received in excess of expected net premiums and is amortized into premium income in relation to the discounted expected benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits.

•For certain contract features, such as no-lapse guarantees, a liability is established when associated assessments (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and policy charges for administration, mortality, expense, surrender, and other charges) are recognized. This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (e.g., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that excess payment would be funded by assessments received in the future and would be recognized in the liability at that time. The reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience as described below, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings.

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•For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions, at a minimum, on an annual basis, and on a quarterly basis for business whose profitability is closely tied to equity market performance. If the current net reserves are less than the best estimate liability, the existing net reserves are adjusted by first reducing the associated deferred sales inducements (“DSI”) by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the DSI for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings. Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in "Accumulated other comprehensive income (loss)" ("AOCI").

Annual assumptions review and quarterly adjustments

The assumptions used in establishing reserves are generally based on the Company’s experience, industry experience and/or other factors, as applicable. We update our actuarial assumptions, such as mortality, morbidity, retirement and policyholder behavior assumptions, annually unless a material change in our own experience or in industry experience made available to us is observed in an interim period that we feel is indicative of a long-term trend. Generally, we do not expect trends to change significantly in the short-term and, to the extent these trends may change, we expect such changes to be gradual over the long-term.

We perform an annual comprehensive review of the assumptions used for estimating future premiums, benefits, and other cash flows, including reviews related to mortality, morbidity, lapse, surrender, and other contractholder behavior assumptions, and economic assumptions, including expected future rates of returns on investments. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either elsewhere within the Company or within the industry. As part of this review, we may update these assumptions and make refinements to our models based upon emerging experience, future expectations and other data, including any observable market data we feel is indicative of a long-term trend. The impact on our results from operations of changes in these assumptions can be offsetting and we are unable to predict their movement or impact over time.

Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table when Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within types of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

The quarterly adjustments for market performance referred to above reflect the impact of changes to our estimate of future rates of returns on investments to reflect actual fund performance and market conditions. A portion of returns on investments for our variable life contracts are dependent upon the total rate of return on assets held in separate account investment options. This rate of return influences the fees we earn and expected claims to be paid on variable life contracts, as well as other sources of profit. Returns that are higher than our expectations for a given period produce higher-than-expected account balances, which increase the future fees we expect to earn on variable life contracts and decrease expected claims to be paid on variable life contracts. The opposite occurs when returns are lower than our expectations.

The weighted average rate of return assumptions used in developing estimated market returns consider many factors specific to each product type, including asset durations, asset allocations and other factors. With regard to equity market assumptions, the near-term future rate of return assumption used in evaluating liabilities for future policy benefits for certain of our products, primarily our domestic variable life insurance products, is generally updated each quarter and is derived using a reversion to the mean approach, a common industry practice. Under this approach, we consider historical equity returns and adjust projected equity returns over an initial future period of five years (the “near-term”) so that equity returns converge to the long-term expected rate of return. If the near-term projected future rate of return is greater than our near-term maximum future rate of return of 15.0%, we use our maximum future rate of return. If the near-term projected future rate of return is lower than our near-term minimum future rate of return of 0%, we use our minimum future rate of return. As of December 31, ~~2024~~2025, our variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 2.93% near-term mean reversion equity expected rate of return.

With regard to interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products, we update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our ~~2024~~2025 annual reviews and update of assumptions and other refinements, we ~~increased~~kept our long-term expectation of the 10-year U.S. Treasury rate byunchanged ~~25 basis points~~ and ~~now~~continue to grade to a rate of 3.505% over ten years. As part of our quarterly market experience updates, we update our near-term projections of interest rates to reflect changes in current rates. For additional information regarding discount rates used to establish the liability for future policy benefits, see Note 2 to the Financial Statements.

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The following paragraph provides additional details about the material reserves we have established:

The reserves for future policy benefits as of December 31, ~~2024~~2025, primarily relate to term life and universal life products. For term life contracts, the future policy benefit reserves are generally calculated using the net premium valuation methodology~~, as described above~~. The primary assumptions used in determining these expected future benefits and expenses include mortality, lapse, and interest rate assumptions. For universal life products, which include universal life contracts that contain no-lapse guarantees, reserves for future policy benefits are established using current best estimate assumptions and are based on the benefit ratio~~, as described above~~. The primary assumptions used in establishing these reserves generally include mortality, lapse, and premium pattern, as well as interest rate and equity market return assumptions. Reserves also include claims reported but not yet paid, and claims incurred but not yet reported.

Policyholders’ Account Balances

Policyholders’ account balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. The liability also includes provisions for benefits under non-life contingent payout annuities. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. ~~The changes in the fair value of the embedded derivatives, including changes in non-performance risk (“NPR”) are recorded in net income.~~ For additional information regarding the valuation of these embedded derivatives, see Note 5 to the Financial Statements.

Market Risk Benefits ("MRBs")

Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk. MRBs are primarily related to deferred annuities with guaranteed minimum benefits including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits ("GMIB"), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits ("GMIWB”). The liability (or asset) for MRBs is estimated using a fair value measurement methodology. The fair value of these MRBs is based on assumptions a market participant would use in valuing market risk benefits. On a quarterly basis, the fair value of these MRBs is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s own NPR which is recorded in other comprehensive income ("OCI") for the direct and assumed businesses. However, the change in NPR for the ceded MRBs is recorded in net income. For additional information regarding the valuation of these MRB features, see Note 5 to the Financial Statements.

Inclusive of Policyholders' Account Balances and Market risk benefits, the Company estimates that a hypothetical change to its own credit risk of plus 50 and minus 50 basis points ("bps") would result in an increase and a decrease to Other Comprehensive Income (loss) (“OCI”) of $5550 million and $6055 million, respectively, and an increase and a decrease to net income of $1020 million and $1530 million, respectively.

Sensitivities for Insurance Assets and Liabilities

The following table summarizes the impact that could result on each of the listed financial statement balances from changes in certain key assumptions. The information below is for illustrative purposes and includes only the hypothetical direct impact on December 31, ~~2024~~2025 balances of changes in a single assumption and not changes in any combination of assumptions. Additionally, the illustration of the insurance assumption impacts below reflects a parallel shift in the insurance assumptions; however, these may be non-parallel in practice. Changes in current assumptions could result in impacts to financial statement balances that are in excess of the amounts illustrated. A description of the estimates and assumptions used in the preparation of each of these financial statement balances is provided above. Changes to the insurance cash flow assumptions are reflected in net income through the retrospective unlocking method for traditional long duration, limited-payment and universal life type products.

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The impacts presented within this table exclude the impacts of our asset liability management strategy, which seeks to offset the changes in the balances presented within this table and is primarily composed of investments and derivatives. See further below for a discussion of the estimates and assumptions involved with the application of U.S. GAAP accounting policies for these instruments and “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” for hypothetical impacts on related balances as a result of changes in certain significant assumptions. The impacts presented within this table are also net of reinsurance~~, including the impacts from the recently completed transactions with Somerset Re and Wilton Re~~. See Note 11 to the Financial Statements for additional information regarding ~~these~~our material reinsurance agreements.

	Increase (Decrease) in Net Income due to changes in Future Policy Benefits, Market Risk Benefits(1), and Policyholders' Account Balances, Net of Reinsurance
	(in millions)
Hypothetical change in current assumptions:
Long-term interest rate:
Increase by 25 basis points	$	0
Decrease by 25 basis points	$	0
Long-term equity expected rate of return:
Increase by 50 basis points	$	0
Decrease by 50 basis points	$	0
Mortality:
Increase by 1%	$	105
Decrease by 1%	$	(105)
Lapse(2):
Increase by 10%	$	155
Decrease by 10%	$	~~(15)~~0

(1) ~~"Market~~MRB ~~risk benefits"~~ impact reflects the net impact of ~~market~~MRB ~~risk benefit~~ assets and liabilities prior to hedging.

(2) Assumes the same shock across all products; however, we would not expect lapse rates of different products to move uniformly.

Other Accounting Policies

Valuation of Investments, Including Derivatives, Measurement of Allowance for Credit Losses and the Recognition of Other-than-Temporary Impairments

Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, equity securities, other invested assets and derivative financial instruments. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, market volatility, expected returns, and liquidity. Derivative financial instruments that are generally used include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. We are also party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. Management believes the following accounting policies related to investments, including derivatives, are most dependent on the application of estimates and assumptions. Each of these policies is discussed further within other relevant disclosures related to investments and derivatives, as referenced below:

•Valuation of investments, including derivatives;

•Measurement of the allowance for credit losses on fixed maturity securities classified as available-for-sale, commercial mortgage loans, and other loans; and

•Recognition of other-than-temporary impairments ("OTTI") for equity method investments.

We present at fair value in the statements of financial position our debt security investments classified as available-for-sale, investments classified as trading, and certain fixed maturities, equity securities and certain investments within “Other invested assets,” such as derivatives. For additional information regarding the key estimates and assumptions surrounding the determination of fair value of fixed maturity and equity securities, as well as derivative instruments, embedded derivatives and other investments, see Note 5 to the Financial Statements.

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For our investments classified as available-for-sale, the impact of changes in fair value is recorded as an unrealized gain or loss in AOCI, a separate component of equity. For our investments classified as trading and equity securities, the impact of changes in fair value is recorded within “Other income (loss)”. Our commercial mortgage and other loans are carried primarily at unpaid principal balances, net of unamortized deferred loan origination fees and expenses and unamortized premiums or discounts and a valuation allowance for losses.


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In addition, an allowance for credit losses is measured each quarter for available-for-sale fixed maturity securities, and for commercial mortgage and other loans. For additional information regarding our policies in respect to the measurement of credit losses, see Note 2 to the Financial Statements.

For equity method investments, the carrying value of these investments is written down or impaired to fair value when a decline in value is considered to be other-than-temporary. See Note 2 of the Financial Statements for additional information regarding our OTTI policies.

Taxes on Income

Our effective tax rate is based on income, non-taxable and non-deductible items, tax credits, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. The Dividend Received Deduction (“DRD”) is a major reason for the difference between the Company’s effective tax rate and the U.S. federal statutory rate. The DRD is an estimate that incorporates the prior and current year information, as well as the current year’s equity market performance. Both the current estimate of the DRD and the DRD in future periods can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from underlying fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.

An increase or decrease in our effective tax rate by one percentage point would have resulted in a decrease or increase in our ~~2024~~2025 "Income tax expense (benefit)" of $1 million.

Contingencies

A contingency is an existing condition that involves a degree of uncertainty that will ultimately be resolved upon the occurrence of future events. Accruals for contingencies are required to be established when the future event is probable and its impact can be reasonably estimated, such as in connection with an unresolved legal matter. The initial reserve reflects management’s best estimate of the probable cost of ultimate resolution of the matter and is revised accordingly as facts and circumstances change and, ultimately, when the matter is brought to closure.

Reinsurance

The Company participates in reinsurance arrangements as either the ceding entity or the assuming entity primarily to manage capital, reduce exposure to loss and risk volatility, and provide additional capacity for future growth and diversification. Reinsurance related assets and liabilities include, in part, embedded derivatives and the cost of reinsurance, which require a significant amount of management judgment. See Note 2 to the Financial Statements for additional information regarding reinsurance.

Adoption of New Accounting Pronouncements

There were no new critical accounting estimates resulting from new accounting pronouncements adopted during 2024. See Note 2 to the Financial Statements for accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements.

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Changes in Financial Position

~~2024~~2025 to ~~2023~~2024 Annual Comparison

Total assets increased $2.5 billion from $2225.94 billion at December 31, ~~2023~~2024 to $2527.49 billion at December 31, ~~2024~~2025. Significant components were:

•~~Reinsurance~~Total ~~recoverables~~investments ~~and deposit receivables~~ increased $1.30 billion primarily driven by ~~the~~new ~~reinsurance~~sales of ~~the~~general ~~Company's~~account ~~GUL~~annuity ~~block to PURE and the reinsurance of indexed annuities to Prudential Insurance~~products;

•~~Total~~Reinsurance ~~investments~~recoverables and deposit receivables increased $0.79 billion primarily driven by ~~new~~the ~~sales~~reinsurance of ~~general~~indexed ~~account~~annuities ~~annuity~~to ~~products~~Prudential Insurance; and

•Separate account assets increased $0.4 billion primarily driven by favorable equity market performance, partially offset by net outflows.

Total liabilities increased $2.73 billion from $2124.52 billion at December 31, ~~2023~~2024 to $2426.25 billion at December 31, ~~2024~~2025. Significant components were:

•Reinsurance payables increased $1.0 billion primarily driven by the reinsurance of indexed annuities to Prudential Insurance;

•Policyholders' account balances increased $0.9 billion primarily driven by incremental indexed product sales;

•~~Separate~~Reinsurance ~~account~~payables ~~liabilities~~ increased $0.48 billion primarily ~~corresponding~~driven toby the ~~increase~~reinsurance inof ~~Separate~~indexed ~~account~~annuities ~~assets,~~to asPrudential ~~mentioned above~~Insurance; and

•~~Other~~Separate account liabilities increased $0.24 billion ~~primarily~~corresponding ~~driven by deferred gains associated with the reinsurance of the Company's GUL block~~ to ~~PURE and Pruco Life,~~ the ~~GUL~~increase ~~mortality~~in ~~risk~~Separate ~~ceded~~account ~~to Prudential Insurance~~assets, ~~and~~as ~~the~~mentioned ~~reinsurance of indexed annuities to Prudential Insurance; and~~above.

~~•Future~~Total ~~policy~~equity ~~benefits~~ increased $0.12 billion primarily ~~due to higher reserves for universal life guarantees and term life products~~ driven by ~~business~~net ~~growth~~income.

Total equity decreased $0.2 billion primarily driven by unrealized losses from rising interest rates of $0.1 billion.

Results of Operations

Income (loss) from Operations before Income Taxes

~~2024~~2025 to ~~2023~~2024 Annual Comparison

Income (loss) from operations before income taxes ~~decreased~~increased $~~158~~120 million from a ~~gain~~loss of $~~108~~50 million in ~~2023~~2024 to a ~~loss~~gain of $5070 million in ~~2024~~2025. The impact from our annual reviews and update of assumptions and other refinements was a net gain of $410 million. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) ~~decreased~~from operations increased $~~162~~110 million primarily driven by:

•~~Higher~~Lower Policyholders' benefits driven by the absence of the 2024 reinsurance recapture of the Company's ~~guaranteed~~GUL ~~universal life~~ insurance policies.

Partially offset by:

•~~Higher~~Lower Policy charges and fee income driven by the absence of the 2024 reinsurance recapture of the Company's ~~guaranteed~~GUL ~~universal life~~ insurance policies.;

•~~Lower~~Higher amortization of deferred policy acquisition costs driven by the absence of the 2024 reinsurance recapture of the Company's ~~guaranteed~~GUL ~~universal life~~ insurance policies.;

•Lower Realized investment gains (losses) net driven by the reinsurance of indexed annuities to Prudential Insurance; and

•Lower Change in value of market risk benefits net of related hedge gain (loss) from ceded NPR.

Revenues, Benefits and Expenses

~~2024~~2025 to ~~2023~~2024 Annual Comparison

Revenues ~~increased~~decreased $~~704~~747 million from $~~296~~1,000 million in ~~2023~~2024 to $~~1,000~~253 million in ~~2024~~2025. This includes aan ~~favorable~~unfavorable comparative ~~increase~~decrease of $131 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, revenues ~~increased~~decreased $~~703~~716 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Benefits and expenses ~~increased~~decreased $~~862~~867 million from $~~189~~1,051 million in ~~2023~~2024 to $~~1,051~~184 million in ~~2024~~2025. This includes a favorable comparative decrease of $341 million from our annual reviews and update of assumptions and other refinements. Excluding the impact of our annual reviews and update of assumptions and other refinements, the ~~increase~~decrease was $~~865~~826 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

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Risks and Risk Mitigants

Indexed Variable Annuity Risks and Risk Mitigants. The primary risk ~~exposures~~exposure of ~~our~~these indexed variable annuity ~~contracts~~products ~~relate~~relates to ~~actual~~the ~~deviations~~investment ~~from,~~risks orwe ~~changes~~bear ~~to,~~in ~~the~~order ~~assumptions~~to ~~used~~credit into the ~~original~~customer’s ~~pricing~~account ofbalance ~~these~~the ~~products,~~required ~~including~~crediting ~~capital~~rate ~~markets~~based ~~assumptions~~on ~~such~~the asperformance ~~equity~~of ~~market~~the ~~returns,~~elected ~~interest~~indices ~~rates~~at ~~and~~the ~~market~~end ~~volatility,~~of ~~along~~each ~~with~~term. ~~actuarial~~We ~~assumptions~~manage ~~such~~this asrisk ~~contractholder~~primarily ~~mortality,~~through ~~the~~our ~~timing~~investment ~~and~~strategies ~~amount~~including ofderivatives ~~annuitization~~ and ~~withdrawals,~~product ~~and~~design ~~contract lapses. For these risk exposures~~features, ~~achievement~~which ofinclude ~~our~~credit ~~expected~~rate ~~returns~~resetting is subject to ~~the~~contractual ~~risk~~minimums ~~that~~as ~~actual~~well ~~experience~~as ~~will~~surrender ~~differ~~charges ~~from~~applied ~~the~~during ~~assumptions used in~~ the ~~original~~early ~~pricing~~years of ~~these~~the ~~products.~~contract ~~Prudential~~that ~~Financial~~help ~~manages~~to ~~our~~provide ~~exposure~~protection tofor ~~certain~~premature ~~risks~~withdrawals. ~~driven~~In byaddition, ~~fluctuations~~our inindexed ~~capital~~variable ~~markets~~annuity ~~primarily~~strategies ~~through~~have aan ~~combination~~interim ofvalue ~~Product~~provision ~~Design~~that ~~Features~~provides ~~and~~protection anfrom ~~Asset~~lapse ~~Liability~~in ~~Management~~the ~~Strategy~~case ~~("ALM"),~~of asrising ~~discussed~~interest ~~below~~rates. ~~Sales~~The ofCompany ~~traditional~~also ~~variable~~manages ~~annuities~~these ~~with~~risk ~~guaranteed~~exposures ~~living~~through ~~benefit~~reinsurance ~~riders~~for ~~have~~certain ~~been discontinued as~~ of ~~December~~our ~~31,~~indexed ~~2020.~~variable ~~See~~annuity ~~“Business—Products” section for more information about these~~ products.

Variable Annuity Risks and Risk Mitigants. The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates and market volatility, along with actuarial assumptions such as contractholder mortality, the timing and amount of annuitization and withdrawals, and contract lapses. For these risk exposures, achievement of our expected returns is subject to the risk that actual experience will differ from the assumptions used in the original pricing of these products. Prudential Financial, Inc. (“Prudential Financial”) manages our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of i) Product Design Features, and ii) our Asset Liability Management Strategy ("ALM"), as discussed below. The Company also manages these risk exposures through reinsurance for certain of our variable annuity products. Sales of traditional variable annuities with guaranteed living benefit riders were discontinued as of December 31, 2020.

Product Design Features:

A portion of the variable annuity contracts that we offer include an asset transfer feature. This feature is implemented at the contract level, and transfers assets between certain variable investment sub-accounts selected by the annuity contractholder and, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate account. The objective of the asset transfer feature is to reduce our exposure to equity market risk and market volatility. The asset transfer feature associated with our highest daily living benefit products uses a designated bond fund sub-account within the separate account. The transfers are based on a static mathematical formula used with the particular benefit which considers a number of factors, including, but not limited to, the impact of investment performance on the contractholder’s total account value. Other product design features we utilize include, among others, asset allocation restrictions, minimum issuance age requirements and certain limitations on the amount of contractholder purchase payments, as well as a required minimum allocation to our general account for certain of our products. We continue to introduce products that diversify our risk profile and have incorporated provisions in product design allowing frequent revisions of key pricing elements for certain of our products. In addition, there is diversity in our fee arrangements, as certain fees are primarily based on the benefit guarantee amount, the contractholder account value and/or premiums, which helps preserve certain revenue streams when market fluctuations cause account values to decline.

Asset Liability Management Strategy (including fixed income instruments and derivatives):

We employ an ALM strategy that utilizes a combination of both traditional fixed income instruments and derivatives to meet expected liabilities associated with our annuity guarantees. The MRB liability that we hedge consists of expected living and death benefit claims under various market conditions, which are managed using fixed income instruments, derivatives, or a combination thereof. For our Prudential Defined Income variable annuity, we utilize fixed income instruments to meet expected liabilities. For the portion of our ALM strategy executed with derivatives, we enter into a range of exchange-traded and OTC equity, interest rate and credit derivatives, including, but not limited to: equity and treasury futures; total return, credit default and interest rate swaps; and options including equity options, swaptions, and floors and caps. The intent of this strategy is to more efficiently manage the capital and liquidity associated with these products while continuing to mitigate fluctuations in net income due to movements in capital markets. To achieve this, we periodically review and recalibrate the ALM strategy by optimizing the mix of derivatives and fixed income instruments to achieve expected outcomes.

Income Taxes

The ~~differences~~effective ~~between~~tax ~~income~~rate ~~taxes~~is ~~expected~~the atratio ~~the~~of ~~U.S.~~“Income ~~federal~~tax ~~statutory~~expense (benefit)” divided by “Income (loss) from operations before income taxes.” Our effective tax rate offor ~~21%~~fiscal ~~applicable~~years ~~for~~2025, 2024, and 2023 ~~and~~was ~~2022~~11.7%, 39.3% and 11.0%, respectively. For a detailed description of the ~~reported~~nature ~~income~~of ~~tax~~each ~~expense~~significant ~~(benefit)~~reconciling ~~are~~item, ~~provided~~see inNote 12 to the ~~following~~Financial ~~table:~~Statements.

	Years Ended December 31,
	2024			2023			2022
	($ in millions)
Expected federal income tax expense (benefit) at federal statutory rate	$	(11)		$	23		$	(21)
Non-taxable investment income	(6)			(6)			(6)
Tax credits	(3)			(4)			(3)
Other	0			(1)			0
Reported income tax expense (benefit)	$	(20)		$	12		$	(31)
Effective tax rate	39.3		%	11.0		%	30.6		%

Effective Tax Rate

The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes.” Our effective tax rate for fiscal years 2024, 2023 and 2022 was 39.3%, 11.0% and 30.6%, respectively. For a detailed description of the nature of each significant reconciling item, see Note 12 to the Financial Statements.

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Unrecognized Tax Benefits

The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the Internal Revenue Service or other taxing authorities. The completion of review or the expiration of the U.S. Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company had no unrecognized benefit as of December 31, 2025, 2024, ~~2023~~ and ~~2022~~2023. ~~We do not anticipate any significant changes within the next twelve months to our total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.~~


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Income Tax Expense vs. Income Tax Paid in Cash

Income tax expense recorded under U.S. GAAP routinely differs from the income taxes paid in cash in any given year. Income tax expense recorded under U.S. GAAP is based on income reported in our Statements of Operations for the current period and it includes both current and deferred taxes. Income taxes paid during the year include tax installments made for the current year as well as tax payments and refunds related to prior periods.

For additional information regarding income tax related items, see “Business—Regulation” and Note 12 to the Financial Statements.

Liquidity and Capital Resources

Overview

Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of our business, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our business, general economic conditions, ~~and~~ our ~~access~~ability to ~~the~~borrow ~~capital~~from ~~markets~~affiliates and ~~the~~our ~~alternative~~access ~~sources~~to ofthe ~~liquidity~~capital ~~and~~markets ~~capital~~through affiliates as described herein.

Effective and prudent liquidity and capital management is a priority across the organization. Management monitors the liquidity of the Company on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework (“"RAF”") to ensure that all risks taken by the Company align with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts, including scenarios similar to, and more severe than, those occurring due to COVID-19, and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of the Company.

Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital and liquidity management. For information on these regulatory initiatives and their potential impact on us, see “Business—Regulation" and “Risk Factors".

Capital

We manage the Company to regulatory capital levels consistent with our "AA" ratings targets. We utilize the risk-based capital (“RBC”) ratio as a primary measure of capital adequacy. RBC is calculated based on statutory financial statements and risk formulas consistent with the practices of the National Association of Insurance Commissioners ("NAIC"). RBC considers, among other things, risks related to the type and quality of the invested assets, insurance-related risks associated with an insurer’s products and liabilities, interest rate risks and general business risks. RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public. The Company’s capital levels substantially exceed the minimum level required by applicable insurance regulations. Our regulatory capital levels may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators.

The regulatory capital level of the Company can be materially impacted by interest rate and equity market fluctuations, changes in the values of derivatives, the level of impairments recorded, and credit quality migration of the investment portfolio, among other items. In addition, the reinsurance of business or the recapture of business subject to reinsurance arrangements due to defaults by, or credit quality migration affecting, the reinsurers or for other reasons could negatively impact regulatory capital levels. The Company’s regulatory capital level is also affected by statutory accounting rules, which are subject to change by each applicable insurance regulator.

3933


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Captive Reinsurance Companies

Prudential Financial and the Company use captive reinsurance companies for our individual life business to more effectively manage our reserves and capital on an economic basis and to enable the aggregation and transfer of risks. The captive reinsurance companies assume business from affiliates only. To support the risks they assume, our captives are capitalized to a level we believe is consistent with the “AA” financial strength rating targets of Prudential Financial’s insurance subsidiaries. All of the captive reinsurance companies are wholly-owned subsidiaries of Prudential Financial and are located domestically, typically in the state of domicile of the direct writing insurance subsidiary that cedes the majority of business to the captive. In addition to state insurance regulation, the captives are subject to internal policies governing their activities. In the normal course of business, Prudential Financial contributes capital to the captives to support business growth and other needs. Prudential Financial has also entered into support agreements with several of the captives in connection with financing arrangements.

Prudential Financial's life insurance subsidiaries are subject to a regulation entitled “Valuation of Life Insurance Policies Model Regulation,” commonly known as “Regulation XXX,” and a supporting guideline entitled “The Application of the Valuation of Life Insurance Policies Model Regulation,” commonly known as “Guideline AXXX.” The regulation and supporting guideline require insurers to establish statutory reserves for term and universal life insurance policies with long-term premium guarantees at a level that exceeds what our actuarial assumptions for this business would otherwise require. Prudential Financial uses captive reinsurance companies to finance the portion of the reserves for this business that we consider to be non-economic as described below under “—Financing Activities—Term and Universal Life Reserve Financing.”

Liquidity

Our liquidity is managed to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity is provided by a variety of sources, as described more fully below, including portfolios of liquid assets. Our investment portfolios are integral to the overall liquidity of the Company. We use a projection process for cash flows from operations to ensure sufficient liquidity to meet projected cash outflows, including claims. The impact of Prudential Funding, LLC’s ("Prudential Funding"), a wholly-owned subsidiary of Prudential Insurance, financing capacity on liquidity (as described below) is considered in the internal liquidity measures of the Company.

Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (e.g., type of asset and credit quality) in calculating internal liquidity measures to evaluate our liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios.

The principal sources of the Company’s liquidity are premiums and certain annuity considerations, investment and fee income, investment maturities, sales of investments and internal borrowings. The principal uses of that liquidity include benefits, claims, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends and returns of capital to the parent company, hedging and reinsurance activity and payments in connection with financing activities.

In managing liquidity, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations. We use surrender charges and other contract provisions to mitigate the extent, timing and profitability impact of withdrawals of funds by customers.

Liquid Assets

Liquid assets include cash and cash equivalents, short-term investments, U.S. Treasury fixed maturities, fixed maturities that are not designated as held-to-maturity, and public equity securities. As of December 31, ~~2024~~2025 and ~~2023~~2024, the Company had liquid assets of $23,~~920~~905 million and $2,~~582~~920 million, respectively. The portion of liquid assets comprised of cash and cash equivalents and short-term investments was $~~182~~262 million and $~~192~~182 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. As of December 31, ~~2024~~2025, $23,~~607~~294 million, or 9697%, of the fixed maturity investments in the Company's general account portfolios were rated high or highest quality based on NAIC or equivalent rating.

40Prudential Funding, LLC

Prudential Financial and Prudential Funding borrow funds in the capital markets primarily through the direct issuance of commercial paper. The borrowings serve as an additional source of financing to meet our working capital needs. Prudential Funding operates under a support agreement with Prudential Insurance whereby Prudential Insurance has agreed to maintain Prudential Funding’s positive tangible net worth at all times.


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Financing Activities

Term and Universal Life Reserve Financing

For business written prior to the implementation of principle-based reserving, Regulation XXX and Guideline AXXX require domestic life insurers to establish statutory reserves for term and universal life insurance policies with long-term premium guarantees that are consistent with the statutory reserves required for other individual life policies with similar guarantees. Many market participants believe that these levels of reserves are excessive relative to the levels reasonably required to maintain solvency for moderately adverse experience. The difference between the statutory reserve and the amount necessary to maintain solvency for moderately adverse experience is considered to be the non-economic portion of the statutory reserve.

The Company uses affiliated captive reinsurance companies to finance the portion of the statutory reserves required to be held under Regulation XXX and Guideline AXXX that is considered to be non-economic. The financing arrangements involve the reinsurance of term and universal life business to our affiliated captive reinsurers and the issuance of surplus notes by those affiliated captives that are treated as capital for statutory purposes. These surplus notes are subordinated to policyholder obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval.

Under the agreements, the affiliated captive receives in exchange for the surplus notes one or more credit-linked notes issued by a special-purpose affiliate of the Company with an aggregate principal amount equal to the surplus notes outstanding. The affiliated captive holds the credit-linked notes as assets supporting Regulation XXX or Guideline AXXX non-economic reserves, as applicable. The captive can redeem the principal amount of the outstanding credit-linked notes for cash upon the occurrence of, and in an amount necessary to remedy, a specified liquidity stress event affecting the captive. Under the agreements, the external counterparties have agreed to fund any such payments under the credit-linked notes in return for the receipt of fees. To date, no such payments under the credit-linked notes have been required. Under these transactions, because valid rights of set-off exist, interest and principal payments on the surplus notes and on the credit-linked notes are settled on a net basis, and the surplus notes are reflected in the Company’s total consolidated borrowings on a net basis. As a result of reinsurance transactions executed with Somerset Re and Wilton Re, we have eliminated Credit-Linked Note Structures supporting Guideline AXXX for our remaining business. In November 2024, we restructured a series of internal captive reinsurance arrangements resulting in the consolidation of Credit-Linked Note Structures supporting Regulation XXX.

As of December 31, ~~2024~~2025, the affiliated captive reinsurance companies have entered into agreements with external counterparties providing for the issuance of up to an aggregate of $8,000 million of surplus notes by our affiliated captive reinsurers in return for the receipt of credit-linked notes (“Credit-Linked Note Structures”), of which $7,~~560~~660 million of surplus notes was outstanding, as compared to an aggregate issuance capacity of $158,~~700~~000 million, of which $137,~~820~~560 million was outstanding as of December 31, ~~2023~~2024. These amounts exclude credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024.

As of December 31, ~~2024~~2025, ~~our~~the affiliated captive reinsurance companies had outstanding an aggregate of $~~200~~100 million of debt issued for the purpose of financing Regulation XXX non-economic reserves. In addition, as of December 31, ~~2024~~2025, for purposes of financing Guideline AXXX reserves, one of ~~our~~the affiliated captives had approximately $3,982 million of surplus notes outstanding that were issued to affiliates.

The Company has introduced updated versions of its individual life products in conjunction with the requirement to adopt principle-based reserving by January 1, 2020. These updated products are currently priced to support the principle-based statutory reserve level without the need for reserve financing.

Prudential Funding, LLC

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk

Market risk is defined as the risk of loss from changes in interest rates, equity prices and foreign currency exchange rates resulting from asset/liability mismatches where the change in the value of our liabilities is not offset by the change in value of our assets.

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For additional information regarding the potential impacts of interest rate and other market fluctuations, as well as general economic and market conditions on our businesses and profitability, see “Item 1A. Risk Factors” above. For additional information regarding our liquidity and capital resources, which may be impacted by changing market risks, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” above.


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Market Risk Management

Management of market risk, which we consider to be a combination of both investment risk and market risk exposures, includes the identification and measurement of various forms of risk, the establishment of risk thresholds and the creation of processes intended to maintain risks within these thresholds while optimizing returns on the underlying assets or liabilities. As an indirect wholly-owned subsidiary of Prudential Financial, the Company benefits from the risk management strategies implemented by Prudential Financial.

Our risk management process utilizes a variety of tools and techniques, including:

•Measures of price sensitivity to market changes (e.g., interest rates, equity index prices, foreign exchange);

•Asset/liability management;

•Stress scenario testing;

•Hedging programs and affiliated reinsurance; and

•Risk management governance, including policies, limits, and a committee that oversees investment and market risk.

Market Risk Mitigation

Risk mitigation takes three primary forms:

•Asset/Liability Management: Managing assets to liability-based measures. For example, investment policies identify target durations for assets based on liability characteristics and asset portfolios are managed within ranges around them. This mitigates potential unanticipated economic losses from interest rate movements.

•Hedging: Using derivatives to offset risk exposures. For example, for our variable annuities business, potential living benefit claims resulting from more severe market conditions are hedged using derivative instruments.

•Management of portfolio concentration risk. For example, ongoing monitoring and management of key rate, currency and other concentration risks support diversification efforts to mitigate exposure to individual markets and sources of risk.

Market Risk Related to Interest Rates

We perform liability-driven investing and engage in careful asset/liability management. Asset/liability mismatches create the risk that changes in liability values will differ from the changes in the value of the related assets. Additionally, changes in interest rates may impact other items including, but not limited to, the following:

•Net investment spread between the amounts that we are required to pay and the rate of return we are able to earn on investments for certain products supported by general account investments;

•Asset-based fees earned on assets under management or contractholder account values;

•Net exposure to the guarantees provided under certain products; and

•Our capital levels.

In order to mitigate the impact that an unfavorable interest rate environment has on our net interest margins, we employ a proactive asset/liability management program, which includes strategic asset allocation and derivative strategies within a disciplined risk management framework. These strategies seek to match the characteristics of our products, and to approximate the interest rate sensitivity of the assets with the estimated interest rate sensitivity of the product liabilities. Our asset/liability management program also helps manage duration gaps, currency and other risks between assets and liabilities through the use of derivatives. We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur. As a result, our asset/liability management process has permitted us to manage interest rate risk successfully through several market cycles.

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We use duration and convexity analyses to measure price sensitivity to interest rate changes. Duration measures the relative sensitivity of the fair value of a financial instrument to changes in interest rates. Convexity measures the rate of change in duration with respect to changes in interest rates. We use asset/liability management and derivative strategies to manage our interest rate exposure by matching the relative sensitivity of asset and liability values to interest rate changes, or by controlling the “duration mismatch” of assets and liability duration targets. In certain markets, capital market limitations that hinder our ability to acquire assets that approximate the duration of some of our liabilities are considered in setting duration targets. We consider risk-based capital and tax implications as well as current market conditions in our asset/liability management strategies.

The Company also mitigates interest rate risk through a market value adjusted (“MVA”) provision on certain of the Company’s annuity products' fixed investment options. This MVA provision limits interest rate risk by subjecting the contractholder to an MVA when funds are withdrawn or transferred to variable investment options before the end of the guarantee period. In the event of rising interest rates, which generally make the fixed maturity securities underlying the guarantee less valuable, the MVA could be negative. In the event of declining interest rates, which generally make the fixed maturity securities underlying the guarantee more valuable, the MVA could be positive. The resulting increase or decrease in the value of the fixed option, from calculation of the MVA, is designed to offset the decrease or increase in the market value of the securities underlying the guarantee.36

We assess the impact of interest rate movements on the value of our financial assets, financial liabilities and derivatives using hypothetical test scenarios that assume either upward or downward 100 basis point parallel shifts in the yield curve from prevailing interest rates, reflecting changes in either credit spreads or the risk-free rate. The following table sets forth the net estimated potential loss in fair value on these financial instruments from a hypothetical 100 basis point upward shift as of December 31, 2024 and 2023. This table is presented on a gross basis and excludes offsetting impacts to certain insurance liabilities that are not considered financial liabilities under U.S. GAAP. This scenario results in the greatest net exposure to interest rate risk of the hypothetical scenarios tested at those dates. While the test scenario is for illustrative purposes only and does not reflect our expectations regarding future interest rates or the performance of fixed income markets, it is a near-term, reasonably possible hypothetical change that illustrates the potential impact of such events. These test scenarios do not measure the changes in value that could result from non-parallel shifts in the yield curve which we would expect to produce different changes in discount rates for different maturities. As a result, the actual loss in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations. The estimated changes in fair values do not include separate account assets.


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	December 31, 2024						December 31, 2023
	Notional		Fair Value		HypotheticalChange in Fair Value		Notional		Fair Value		Hypothetical Change in Fair Value
	(in millions)
Financial assets with interest rate risk:
Fixed maturities(1)			$	2,738	$	(220)			$	2,386	$	(224)
Policy loans			1,119		0				1,115		0
Commercial mortgage and other loans			473		(19)				238		(11)
Derivatives:
Swaps	$	1,194	11		(6)		$	297	3		3
Options	2,931		37		32		1,289		(13)		10
Forwards	12		1		0		10		0		0
Indexed universal life contracts			(144)		20				(142)		19
Indexed annuity contracts			(362)		5				(95)		(9)
Total embedded derivatives(2)			(506)		25				(237)		10
Financial liabilities with interest rate risk(3):
Policyholders' account balances-investment contracts			158		5				179		0
Insurance liabilities with interest rate risk:
Benefit reserves (traditional and limited-payment contracts)(4)			1,232		93				1,249		102
Market risk benefits(5)			191		132				302		186
Net estimated potential gain					$	42					$	76

We assess the impact of interest rate movements on the value of our financial assets, financial liabilities and derivatives using hypothetical test scenarios that assume either upward or downward 100 basis point parallel shifts in the yield curve from prevailing interest rates, reflecting changes in either credit spreads or the risk-free rate. The following table sets forth the net estimated potential loss in fair value on these financial instruments from a hypothetical 100 basis point upward shift as of December 31, 2025 and 2024. This table is presented on a gross basis and excludes offsetting impacts to certain insurance liabilities that are not considered financial liabilities under U.S. GAAP. This scenario results in the greatest net exposure to interest rate risk of the hypothetical scenarios tested at those dates. While the test scenario is for illustrative purposes only and does not reflect our expectations regarding future interest rates or the performance of fixed income markets, it is a near-term, reasonably possible hypothetical change that illustrates the potential impact of such events. These test scenarios do not measure the changes in value that could result from non-parallel shifts in the yield curve which we would expect to produce different changes in discount rates for different maturities. As a result, the actual loss in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations. The estimated changes in fair values do not include separate account assets.


	December 31, 2025						December 31, 2024
	Notional		Fair Value		Hypothetical Change in Fair Value		Notional		Fair Value		Hypothetical Change in Fair Value
	(in millions)
Financial assets with interest rate risk:
Fixed maturities(1)			$	3,450	$	(239)			$	2,738	$	(220)
Policy loans			1,140		0				1,119		0
Commercial mortgage and other loans			595		(23)				473		(19)
Derivatives:

Swaps	$	2,821	(17)		15		$	1,194	11		(6)
Options	8,376		(65)		52		2,931		37		32
Forwards	45		0		0		12		1		0
Indexed universal life contracts			(190)		32				(144)		20
Indexed annuity contracts			(686)		7				(362)		5
Total embedded derivatives(2)			(876)		39				(506)		25
Financial liabilities with interest rate risk(3):
Policyholders' account balances-investment contracts			153		5				158		5
Insurance liabilities with interest rate risk:
Benefit reserves (traditional and limited-payment contracts)(4)			1,287		102				1,232		93
Market risk benefits(5)			209		105				191		132
Net estimated potential gain					$	56					$	42

(1)Includes assets classified as “Fixed maturities, available-for-sale, at fair value” and “Fixed maturities, trading, at fair value.” Changes in fair value of fixed maturities classified as available-for-sale are included in AOCI.

(2)Excludes any offsetting impact of derivative instruments purchased to hedge changes in the embedded derivatives. Amounts reported gross of reinsurance.

(3)Excludes approximately $67 billion and $56 billion as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively, of certain insurance reserve and deposit liabilities that are not considered financial liabilities. We believe that the interest rate sensitivities of these insurance liabilities would serve as an offset to the net interest rate risk of the financial assets and liabilities, including investment contracts.

(4)Changes in fair value of benefit reserves (traditional and limited-payment contracts) are included in AOCI.

(5)Amounts reported gross of reinsurance.


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Under U.S. GAAP, the fair value of the MRBs and embedded derivatives for certain features associated with indexed universal life, and indexed annuity contracts, reflected in the table above, includes the impact of the market’s perception of our NPR. For additional information regarding the key estimates and assumptions used in our determination of fair value, including NPR, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies & Pronouncements—Application of Critical Accounting Estimates—Market Risk Benefits” above.

Market Risk Related to Equity Prices

We have exposure to equity price risk through our investments in equity securities, equity-based derivatives, MRBs and embedded derivatives associated with index-linked crediting features of universal life and annuity contracts. Changes in equity prices may impact other items including, but not limited to, the following:

•Asset-based fees earned on assets under management or contractholder account value; and

•Net exposure to the guarantees provided under certain products.

We manage equity price risk against benchmarks in respective markets. We benchmark our return on equity holdings against a blend of market indices, mainly the S&P 500 and Russell 2000 for U.S. equities. We benchmark foreign equities against the Tokyo Price Index, and the MSCI EAFE, a market index ofwhich ~~European,~~captures ~~Australian,~~large and ~~Far~~mid ~~Eastern~~cap ~~equities~~representation across developed markets around the world, excluding the U.S. and Canada. We target price sensitivities that approximate those of the benchmark indices. For equity investments within the separate accounts, the investment risk is borne by the separate account contractholder rather than by the Company.

44We estimate our equity risk from a hypothetical 10% decline in equity benchmark market levels. The following table sets forth the net estimated potential loss in fair value from such a decline as of December 31, 2025 and 2024. While these scenarios are for illustrative purposes only and do not reflect our expectations regarding future performance of equity markets or of our equity portfolio, they represent near-term reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct impact on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue, or changes in assumptions such as market volatility or mortality, utilization or persistency rates in our variable annuity contracts that could also impact the fair value of our living benefit features. In addition, these scenarios do not reflect the impact of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the market indices we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features in comparison to these scenarios. In calculating these amounts, we exclude separate account equity securities.

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	December 31, 2025						December 31, 2024
	Notional		Fair Value		Hypothetical Change in Fair Value		Notional		Fair Value		Hypothetical Change in Fair Value
	(in millions)
Equity securities			$	193	$	(19)			$	0	$	0
Equity-based derivatives(1)	$	9,490	(65)		(148)		$	3,381	37		(94)
Indexed universal life contracts			(190)		2				(144)		2
Indexed annuity contracts			(686)		127				(362)		73
Total embedded derivatives(1)(2)			(876)		129				(506)		75
Market risk benefits(3)			209		(63)				191		(71)
Net estimated potential loss					$	(101)					$	(90)

We estimate our equity risk from a hypothetical 10% decline in equity benchmark market levels. The following table sets forth the net estimated potential loss in fair value from such a decline as of December 31, 2024 and 2023. While these scenarios are for illustrative purposes only and do not reflect our expectations regarding future performance of equity markets or of our equity portfolio, they represent near-term reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct impact on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue, or changes in assumptions such as market volatility or mortality, utilization or persistency rates in our variable annuity contracts that could also impact the fair value of our living benefit features. In addition, these scenarios do not reflect the impact of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the market indices we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features in comparison to these scenarios. In calculating these amounts, we exclude separate account equity securities.

	December 31, 2024						December 31, 2023
	Notional		FairValue		HypotheticalChange inFair Value		Notional		FairValue		HypotheticalChange inFair Value
	(in millions)
Equity securities			$	0	$	0			$	5	$	(1)
Equity-based derivatives(1)	$	3,381	37		(94)		$	1,289	(13)		(23)
Indexed universal life contracts			(144)		2				(142)		2
Indexed annuity contracts			(362)		73				(95)		20
Total embedded derivatives(1)(2)			(506)		75				(237)		22
Market risk benefits(3)			191		(71)				302		(83)
Net estimated potential loss					$	(90)					$	(85)

(1)The notional and fair value of equity-based derivatives and the fair value of embedded derivatives are also reflected in amounts under “Market Risk Related to Interest Rates” above and are not cumulative.

(2)Excludes any offsetting impact of derivative instruments purchased to hedge changes in the embedded derivatives. Amounts reported gross of reinsurance.

(3)Amounts reported gross of reinsurance.

Market Risk Related to Foreign Currency Exchange Rates

The Company ~~does~~is ~~not~~exposed ~~have~~to ~~significant~~foreign ~~market~~currency exchange rate risk ~~exposure~~in toits domestic general account investment portfolios. This risk arises primarily from investments that are denominated in foreign ~~exchange~~currencies. ~~rates~~We manage this risk by hedging substantially all domestic foreign currency-denominated fixed-income investments into U.S. dollars. We generally do not hedge all of the foreign currency risk of our investments in equity securities of unaffiliated foreign entities.


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Derivatives

We use derivative financial instruments primarily to reduce market risk from changes in interest rates, equity prices and foreign currency exchange rates, including their use to alter interest rate or foreign currency exposures arising from mismatches between assets and liabilities. Our derivatives primarily include swaps, futures, options and forward contracts that are exchange-traded or contracted in the OTC market.

Additionally, our derivatives include embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding our derivative activities, see Note 4 to the Financial Statements.

Market Risk Related to Variable Annuity Products

The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates, market volatility and actuarial assumptions. We manage our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of product design features, such as an automatic rebalancing feature and/or inclusion in our ALM strategy. In addition, we hedge or limit our exposure to the risk created by capital market fluctuations through affiliated reinsurance. Our guaranteed living and death benefit features on variable annuities are accounted for as MRBs and recorded at fair value. The market risk sensitivities associated with U.S. GAAP values of both the MRBs and the related derivatives used to hedge the changes in fair value of these MRBs are provided under “Market Risk Related to Interest Rates” and “Market Risk Related to Equity Prices” above.

For additional information regarding our risk management strategies, including our ALM strategy and product design features, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” above.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

FINANCIAL STATEMENTS INDEX

			Page
Management’s Annual Report on Internal Control Over Financial Reporting			4741
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			4842
Statements of Financial Position as of December 31, 2024 and 2023			50
Statements of Financial Position as of December 31, 2025 and 2024			44
Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022			51
Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2025, 2024, and 2023			45
Statements of Equity for the years ended December 31, 2024, 2023 and 2022			52
Statements of Equity for the years ended December 31, 2025, 2024, and 2023			46
Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022			53
Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023			47
Notes to Financial Statements:			5549
1. Business and Basis of Presentation			5549
2. Significant Accounting Policies and Pronouncements			5650
3. Investments			7164
4. Derivatives and Hedging			8174
5. Fair Value of Assets and Liabilities			8881
6. Deferred Policy Acquisition Costs and Deferred Reinsurance			~~101~~95
7. Separate Accounts			~~102~~96
8. Liability for Future Policy Benefits			~~104~~98
9. Policyholders' Account Balances			~~113~~107
10. Market Risk Benefits			~~118~~112
11. Reinsurance			~~121~~115
12. Income Taxes			~~126~~120
13. Equity			~~128~~123
14. Statutory Net Income and Surplus and Dividend Restrictions			~~130~~125
15. Related Party Transactions			~~131~~125
16. Commitments and Contingent Liabilities			~~134~~128
17. Revision to Prior Period Financial Statements			135

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Management’s Annual Report on Internal Control Over Financial Reporting

Management of Pruco Life Insurance Company of New Jersey (the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Management conducted an assessment of the effectiveness, as of December 31, ~~2024~~2025, of the Company’s internal control over financial reporting, based on the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment under that framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, ~~2024~~2025.

Our internal control over financial reporting is a process designed by or under the supervision of our principal executive and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm, PricewaterhouseCoopers LLP, regarding the internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

March 266, ~~2025~~2026

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Pruco Life Insurance Company of New Jersey

Opinion on the Financial Statements

We have audited the accompanying statements of financial position of Pruco Life Insurance Company of New Jersey (the "Company") as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related statements of operations and comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, ~~2024~~2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the ~~audit~~audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that ~~were~~was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Guaranteed Benefit Features Associated with Certain Life Products Included in the Liability for Future Policy Benefits

As described in Notes 2 and 8 to the financial statements, the Company issues certain life contracts which contain guaranteed benefit features, including no-lapse guarantees. For these contract features, additional insurance reserves are established when associated assessments are recognized. The liability for no-lapse guarantee features is included within the additional insurance reserves balance. As of December 31, ~~2024~~2025, the additional insurance reserve was $1.1328 billion, recorded within the liability for future policy benefits. As disclosed by management, this liability is established using current best estimate assumptions, including mortality rates, lapse rates, and premium pattern rates, as well as interest rate and equity market return assumptions (collectively, the significant additional insurance reserve assumptions), and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date.

The principal considerations for our determination that performing procedures relating to the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits is a critical audit matter are (i) the significant judgment by management when developing the significant assumptions for the guaranteed benefit features accounted for as additional insurance reserves, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the significant assumptions used by management, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.42


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Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits, including controls over the development of the significant assumptions. These procedures also included, among others, (i) testing management’s process for determining the valuation of guaranteed benefit features associated with certain life products included in the liability for future policy benefits, (ii) the use of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant assumptions used in the valuation based on industry knowledge and data as well as historical Company data and experience. The procedures also included testing the completeness and accuracy of data used to develop the significant assumptions and testing that the significant assumptions are accurately reflected in the models.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 266, ~~2025~~2026

We have served as the Company's auditor since 1996.

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Pruco Life Insurance Company of New Jersey

Statements of Financial Position

December 31, 2025 and 2024 (in thousands, except share amounts)

	December 31,2024		December 31,2023
	December 31,2025		December 31,2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $0; 2023 – $4) (amortized cost: 2024 – $3,024,155; 2023 – $2,559,973)	$	2,716,937	$	2,362,095
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $75; 2024 – $0) (amortized cost: 2025 – $3,609,191; 2024 – $3,024,155)	$	3,410,389	$	2,716,937
Fixed maturities, trading, at fair value (amortized cost: 2024 – $23,955; 2023 – $25,745)	21,252		23,440
Fixed maturities, trading, at fair value (amortized cost: 2025 – $38,555; 2024 – $23,955)	39,234		21,252
Equity securities, at fair value (cost: 2024 – $353; 2023 – $4,653)	62		4,615
Equity securities, at fair value (cost: 2025 – $193,229; 2024 – $353)	192,798		62
Policy loans	1,~~118~~139,~~589~~525		1,~~115~~118,~~096~~589
Short-term investments	~~11,394~~0		511,~~959~~394
Commercial mortgage and other loans (net of $1,713 and $1,162 allowance for credit losses at December 31, 2024 and 2023, respectively)	477,328		239,629
Commercial mortgage and other loans (net of $2,415 and $1,713 allowance for credit losses at December 31, 2025 and 2024, respectively)	584,938		477,328
Other invested assets (includes $55,624 and $4,387 of assets measured at fair value at December 31, 2024 and 2023, respectively)	233,212		153,885
Other invested assets (includes $3,599 and $55,624 of assets measured at fair value at December 31, 2025 and 2024, respectively)	186,446		233,212
Total investments	45,~~578~~553,~~774~~330		34,~~904~~578,~~719~~774
Cash and cash equivalents	~~170~~262,~~825~~153		~~186~~170,~~383~~825
Deferred policy acquisition costs	~~417~~475,~~316~~839		~~393~~417,~~139~~316
Accrued investment income	6068,~~368~~639		5360,~~906~~368
Reinsurance recoverables and deposit receivables (includes $265,611 and $69,745 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively)(1)	4,929,428		3,622,903
Reinsurance recoverables and deposit receivables (includes $431,364 and $265,611 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)	5,870,597		4,929,428
Receivables from parent and affiliates	7079,~~766~~977		2470,~~502~~766
Income tax assets	~~113~~120,~~718~~251		68113,~~079~~718
Market risk benefit assets	~~492~~495,~~444~~627		~~537~~492,~~659~~444
Other assets(1)	76,876		29,332
Other assets	81,564		76,876
Separate account assets	14,~~507~~872,~~553~~026		14,~~077~~507,~~103~~553
TOTAL ASSETS	$	2527,~~418~~880,~~068~~003	$	2225,~~897~~418,~~725~~068
LIABILITIES AND EQUITY
LIABILITIES
Policyholders' account balances	$	45,~~928~~805,~~299~~212	$	4,~~036~~928,~~184~~299
Future policy benefits	2,~~517~~718,~~483~~718		2,~~398~~517,~~443~~483
Market risk benefit liabilities	~~492~~495,~~444~~627		~~537~~492,~~659~~444
Reinsurance payables(1)	1,440,264		412,919
Reinsurance payables	2,284,228		1,440,264
Payables to parent and affiliates	~~462~~75,817		~~9,380~~462
Other liabilities(1)	281,973		57,911
Other liabilities	261,303		281,973
Separate account liabilities	14,~~507~~872,~~553~~026		14,~~077~~507,~~103~~553
Total liabilities	2426,~~168~~512,~~478~~931		2124,~~529~~168,~~599~~478
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 16)
EQUITY
Common stock ($5 par value; 400,000 shares authorized; issued and outstanding)	2,000		2,000
Additional paid-in capital	1,~~032~~039,~~513~~192		1,032,513
Retained earnings	~~350~~412,~~494~~103		~~381~~350,~~140~~494
Accumulated other comprehensive income (loss)	(~~135~~86,~~417~~223)		(47135,~~527~~417)
Total equity	1,~~249~~367,~~590~~072		1,~~368~~249,~~126~~590
TOTAL LIABILITIES AND EQUITY	$	2527,~~418~~880,~~068~~003	$	2225,~~897~~418,~~725~~068

(1) Prior period amounts have been reclassified to conform to current period presentation.

See Notes to Financial Statements

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Operations and Comprehensive Income (Loss)

Years Ended December 31, 2025, 2024, ~~2023~~ and ~~2022~~2023 (in thousands)

2024

2023

2022

2025

2024

2023

REVENUES

Premiums (includes $50, $681 and $169 of gains from changes in estimates of deferred profit liability amortization for the years ended December 31, 2024, 2023 and 2022, respectively

48,744

39,553

33,708

Premiums (includes $110, $50 and $681 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively)

47,169

48,744

39,553

Policy charges and fee income

~~705~~84,~~053~~162

59705,~~679~~053

5759,~~734~~679

Net investment income

~~219~~260,~~428~~021

~~166~~219,~~024~~428

98166,~~392~~024

Asset administration fees

1112,~~235~~950

911,~~147~~235

89,~~480~~147

Other income (loss)

1512,~~401~~758

315,~~576~~401

(23,~~153)~~576

Realized investment gains (losses), net

(38179,~~990~~585)

(4438,~~310~~990)

13(44,~~835~~310)

Change in value of market risk benefits, net of related hedging gains (losses)

3915,~~254~~950

6239,~~792~~254

~~(142~~62,~~046)~~792

TOTAL REVENUES

1253,~~000,125~~425

~~296~~1,~~461~~000,125

67296,~~950~~461

BENEFITS AND EXPENSES

Policyholders’ benefits

165,~~014,273~~584

551,~~503~~014,273

2855,~~189~~503

Change in estimates of liability for future policy benefits

(617,~~049~~257)

(26,~~115~~049)

16(2,~~631~~115)

Interest credited to policyholders’ account balances

8061,~~868~~260

6480,~~135~~868

4764,~~578~~135

Amortization of deferred policy acquisition costs

~~(86~~20,~~524)~~030

20(86,~~572~~524)

1920,~~290~~572

General, administrative and other expenses

4854,~~047~~030

5048,~~789~~047

5650,~~865~~789

TOTAL BENEFITS AND EXPENSES

1183,~~050,615~~647

~~188~~1,~~884~~050,615

~~168~~188,~~553~~884

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES

~~(50~~69,~~490)~~778

~~107~~(50,~~577~~490)

~~(100~~107,~~603)~~577

Income tax expense (benefit)

~~(19~~8,~~844)~~169

11(19,~~870~~844)

~~(30~~11,~~774)~~870

NET INCOME (LOSS)

~~(30~~61,~~646)~~609

95(30,~~707~~646)

~~(69~~95,~~829)~~707

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments

~~(246)~~670

~~225~~(246)

~~(336)~~225

Net unrealized investment gains (losses)

~~(84~~79,~~934)~~895

58(84,~~515~~934)

~~(376~~58,~~485)~~515

Interest rate remeasurement of future policy benefits

13(2,~~215~~366)

~~(10~~13,~~299)~~215

59(10,~~867~~299)

Gain (loss) from changes in non-performance risk on market risk benefits

(3915,~~254~~950)

(6239,~~792~~254)

~~142~~(62,~~046~~792)

Total

~~(111~~62,~~219)~~249

(14111,~~351~~219)

(~~174~~14,~~908~~351)

Less: Income tax expense (benefit) related to other comprehensive income (loss)

~~(23~~13,~~329)~~055

(323,~~014~~329)

(363,~~731~~014)

Other comprehensive income (loss), net of taxes

~~(87~~49,~~890)~~194

(1187,~~337~~890)

(~~138~~11,~~177~~337)

Comprehensive income (loss)

~~(118~~110,~~536)~~803

84(118,~~370~~536)

~~(208~~84,~~006)~~370

See Notes to Financial Statements

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Equity

Years Ended December 31, 2025, 2024, ~~2023~~ and ~~2022~~2023 (in thousands)

	Common Stock		Additional Paid-inCapital		Retained Earnings		AccumulatedOther Comprehensive Income (Loss)		Total Equity
Balance, December 31, 2021	$	2,000	$	450,102	$	355,262	$	101,987	$	909,351
Balance, December 31, 2022	$	2,000	$	775,412	$	285,433	$	(36,190)	$	1,026,655
Contributed capital			326,700						326,700
Contributed (distributed) capital- parent/child asset transfers			(1,390)						(1,390)
Comprehensive income (loss):
Net income (loss)					(69,829)				(69,829)
Other comprehensive income (loss), net of tax							(138,177)		(138,177)
Total comprehensive income (loss)					(69,829)		(138,177)		(208,006)
Balance, December 31, 2022	2,000		775,412		285,433		(36,190)		1,026,655
Contributed capital			256,600						256,600
Contributed (distributed) capital- parent/child asset transfers			501						501
Comprehensive income (loss):
Net income (loss)					95,707				95,707
Other comprehensive income (loss), net of tax							(11,337)		(11,337)
Total comprehensive income (loss)					95,707		(11,337)		84,370
Balance, December 31, 2023	2,000		1,032,513		381,140		(47,527)		1,368,126
Comprehensive income (loss):
Net income (loss)					(30,646)				(30,646)
Other comprehensive income (loss), net of tax							(87,890)		(87,890)
Total comprehensive income (loss)					(30,646)		(87,890)		(118,536)
Balance, December 31, 2024	$2,000	~~2,000~~	$1,032,513	~~1,032,513~~	$350,494	~~350,494~~	$(135,417)	~~(135,417)~~	$1,249,590	~~1,249,590~~
Contributed capital			5,056						5,056
Contributed (distributed) capital- parent/child asset transfers			1,623						1,623
Comprehensive income (loss):
Net income (loss)					61,609				61,609
Other comprehensive income (loss), net of tax							49,194		49,194
Total comprehensive income (loss)					61,609		49,194		110,803
Balance, December 31, 2025	$	2,000	$	1,039,192	$	412,103	$	(86,223)	$	1,367,072

See Notes to Financial Statements

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Statements of Cash Flows

Years Ended December 31, 2025, 2024, ~~2023~~ and ~~2022~~2023 (in thousands)

	2024		2023		2022
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	~~(30~~61,~~646)~~609	$	95(30,~~707~~646)	$	~~(69~~95,~~829)~~707
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income	(1921,~~988~~090)		(919,~~491~~988)		(39,~~182~~491)
Interest credited to policyholders’ account balances	8061,~~868~~260		6480,~~135~~868		4764,~~578~~135
Realized investment (gains) losses, net	38179,~~990~~585		4438,~~310~~990		~~(13~~44,~~835)~~310
Change in value of market risk benefits, net of related hedging (gains) losses	(3915,~~254~~950)		(6239,~~792~~254)		~~142~~(62,~~046~~792)
Change in:
Future policy benefits and other insurance liabilities	~~274~~255,~~314~~130		~~290~~274,~~389~~314		~~422~~290,~~975~~389
Reinsurance related-balances(1)	(233,018)		(240,564)		(464,359)
Reinsurance related-balances	(227,680)		(233,018)		(240,564)
Accrued investment income	(78,~~191~~271)		(287,~~684~~191)		(228,~~683~~684)
Net payables to (receivables from) parent and affiliates	1711,~~320~~817		(817,~~270)~~320		3(8,~~073~~270)
Deferred policy acquisition costs	(58,~~050~~523)		(4158,~~264~~050)		(4341,~~130~~264)
Income taxes	(2220,~~310~~019)		2(22,~~416~~310)		(82,~~362)~~416
Derivatives, net	44216,~~676~~269		1444,~~217~~676		414,~~514~~217
Other, net(1)	5,790		(27,599)		(4,022)
Other, net	15,046		5,790		(27,599)
Cash flows from (used in) operating activities	51449,~~501~~183		9251,~~510~~501		1092,~~784~~510
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	~~122~~270,~~345~~068		~~114~~122,~~300~~345		~~101~~114,~~647~~300
Fixed maturities, trading	110,~~790~~051		1,~~821~~790		61,~~251~~821
Equity securities	3280,~~771~~263		273,771		4527
Policy loans	3040,~~675~~573		30,~~698~~675		2830,~~786~~698
Ceded policy loans	(253,~~627~~608)		(225,~~198~~627)		(12,~~687~~198)
Short-term investments	2313,~~300~~582		1223,~~000~~300		912,~~997~~000
Commercial mortgage and other loans	6120,~~881~~308		106,~~772~~881		1810,~~108~~772
Other invested assets	2633,~~220~~044		226,~~288~~220		32,~~014~~288
Notes receivable from parent and affiliates(1)	0		642		1
Notes receivable from parent and affiliates	13,054		0		642
Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(~~586~~853,~~350~~555)		(~~681~~586,~~930~~350)		(~~335~~681,~~123~~930)
Equity securities	(273)		(57)		(182)
Fixed maturities, trading	(25,567)		0		0
Policy loans	(33,087)		(926,073)		(21,782)
Equity securities	(471,427)		(273)		(57)
Ceded policy loans	8,243		3,058		2,033
Policy loans	(54,207)		(33,087)		(926,073)
Short-term investments	(28,658)		(10,949)		(7,000)
Ceded policy loans	4,691		8,243		3,058
Commercial mortgage and other loans	(246,288)		(102,277)		(51,654)
Short-term investments	(2,274)		(28,658)		(10,949)
Other invested assets	(54,690)		(16,146)		(16,508)
Commercial mortgage and other loans	(222,527)		(246,288)		(102,277)
Notes receivable from parent and affiliates(1)	(30,135)		(13)		(37)
Other invested assets	(83,429)		(54,690)		(16,146)
Derivatives, net	942		458		3,806
Notes receivable from parent and affiliates	(34,150)		(30,135)		(13)
Other, net	0		0		4,053
Derivatives, net	25,903		942		458
Other, net	106		0		0
Cash flows from (used in) investing activities	(939,101)		(780,941)		(1,563,579)

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	2024		2023		2022
	2025		2024		2023
Cash flows from (used in) investing activities	(780,941)		(1,563,579)		(256,232)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	1,~~116~~189,~~501~~496		1,~~592~~116,~~494~~501		~~496~~1,~~074~~592,494
Ceded policyholders’ account deposits	(342,609)		(319,300)		(313,962)
Affiliated ceded policyholders’ account deposits	(315,269)		(342,609)		(319,300)
Policyholders’ account withdrawals	(~~380~~603,~~486~~442)		(~~408~~380,~~084~~486)		(~~384~~408,~~210~~084)
Ceded policyholders’ account withdrawals	309,633		265,027		240,291
Affiliated ceded policyholders’ account withdrawals	286,847		309,633		265,027
Contributed capital	0		~~255,000~~0		~~325~~255,~~400~~000
Contributed (distributed) capital - parent/child asset transfers	0		~~634~~0		~~(1,759)~~634
Drafts outstanding	(43,~~138~~988)		~~202~~(4,138)		~~5,501~~202
Other, net	1427,~~981~~602		1514,~~712~~981		(215,~~436)~~712
Cash flows from (used in) financing activities	~~713~~581,~~882~~246		1713,~~401,685~~882		~~364~~1,~~899~~401,685
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~(15~~91,~~558)~~328		(6915,~~384~~558)		~~119~~(69,~~451~~384)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	~~186~~170,~~383~~825		~~255~~186,~~767~~383		~~136~~255,~~316~~767
CASH AND CASH EQUIVALENTS, END OF YEAR	$	~~170~~262,~~825~~153	$	~~186~~170,~~383~~825	$	~~255~~186,~~767~~383
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net	$	2,466	$	9,454	$	(22,412)
Income taxes paid (refunded), net(1)	$	24,065	$	2,466	$	9,454
Interest paid	$	042	$	~~156~~0	$	0156

(1) ~~Prior~~ ~~period~~See ~~amounts~~Note ~~have~~12 ~~been~~for ~~updated~~additional toinformation ~~conform~~regarding tothe ~~current~~income ~~period~~taxes ~~presentation~~paid (refunded), net amount by jurisdiction for the year ended December 31, 2025.

Significant Non-Cash Transactions During The Year

2025

There were no significant non-cash transactions for the year ended December 31, 2025.

2024

"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amounts of $753 million primarily related to reinsurance recoverables and $(642) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with the affiliate, Prudential Arizona Reinsurance Universal Company ("PAR U"), effective October 1, 2024. The transaction also resulted in "Cash flows from (used in) operating activities" and "cash flows from (used in) investing activities" for the year ended December 31, 2024, to exclude certain non-cash activities in the amounts of $(724) million primarily related to reinsurance recoverables and $642 million primarily related to invested asset transfers, respectively. These are related to the reinsurance with the affiliate, Pruco Life Insurance Company ("Pruco Life"), effective October 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain net non-cash activities in the amount of $(24) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company ("PARCC"), effective October 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $193 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company ("PURE") and The Prudential Insurance Company of America ("Prudential Insurance"), effective January 1, 2024. See Note 11 for additional information.

2023 ~~and 2022~~

There were no significant non-cash transactions for the ~~years~~year ended December 31, 2023 ~~and 2022~~.

See Notes to Financial Statements

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company of New Jersey (the "Company" or "PLNJ") is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of ~~The~~ Prudential Insurance ~~Company of America (“Prudential Insurance”)~~. Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

The Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.

Segment Information

Although there are separate products within PLNJ, the Company is organized as a single reportable segment and manages the business activities on a total entity basis. The accounting policies are the same as those described in Note 2.

The ~~company~~Company analyzes operating performance using “Income (loss) from operations before income taxes”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make 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. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Revision to Prior Period Interim Financial Statements

The Company identified misstatements in the previously issued interim Financial Statements for the three months ended March 31, 2024. Prior period amounts have been revised in the Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Financial Statements. See Note 17 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government -sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans and agricultural property loans.

~~The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans and other collateralized loans.~~ For commercial mortgage and agricultural ~~mortgage~~property loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural ~~mortgage~~property loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural property loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial mortgage or agricultural ~~mortgage~~property loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

~~Prior~~All ~~to the adoption of ASU 2022-02, when~~ restructurings ~~occurred,~~are ~~they were~~ evaluated ~~individually~~under ~~to determine whether~~ the ~~restructuring or~~ modification ~~constituted~~guidance ain ~~TDR~~ASC ~~as defined by authoritative accounting guidance~~310-20. IfWhen ~~the~~a ~~borrower~~loan ~~was~~is ~~experiencing~~modified, ~~financial difficulty and~~ the Company ~~granted~~evaluates awhether ~~concession,~~ the restructuring, ~~including~~results ~~those~~in ~~that involved~~ a ~~partial~~continuation ~~payoff~~of or the ~~receipt~~existing ofloan ~~assets~~or ina ~~full~~new ~~satisfaction~~loan. ofFor ~~the~~modifications ~~debt~~that ~~was~~result ~~deemed~~in ~~to be~~ a ~~TDR.~~continuation Ifof athe ~~loan~~existing ~~modification was a TDR~~loan, the CECL allowance of the loan ~~was~~is remeasured using the modified terms, ~~and~~including the loan’s ~~original~~post-modification effective yield, and the allowance is adjusted accordingly.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.

Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.53

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.

Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

~~Items~~The ~~required~~application byof ~~tax regulations to be included in the tax return may differ from the items reflected in the financial statements~~U.S. AsGAAP arequires ~~result,~~ the ~~effective~~Company ~~tax~~to ~~rate~~evaluate ~~reflected in~~ the ~~financial~~recoverability ~~statements may be different than the actual rate applied on the tax return. Some~~ of ~~these differences are permanent such as expenses that are not deductible in~~ the Company’s deferred tax ~~return,~~assets and ~~some~~establish ~~differences~~a ~~are temporary, reversing over time, such as~~ valuation ofallowance ~~insurance~~if ~~reserves.~~necessary ~~Temporary~~to ~~differences~~reduce ~~create~~the Company’s deferred tax assets ~~and~~to ~~liabilities.~~an ~~Deferred~~amount ~~tax~~that ~~assets~~is ~~generally~~more ~~represent~~likely ~~items~~than ~~that~~not ~~can~~expected to be ~~used~~realized. asConsiderable ajudgment ~~tax~~is ~~deduction~~required ~~or credit~~ in ~~future~~determining ~~years~~whether ~~for~~a ~~which~~valuation ~~the~~allowance ~~Company~~is ~~has~~necessary, ~~already~~and ~~recorded~~if ~~the~~so, ~~tax benefit in~~ the ~~Company’s~~amount ~~Statements~~ of ~~Operations.~~such ~~Deferred~~valuation ~~tax~~allowance. ~~liabilities~~See ~~generally~~Note ~~represent~~12 ~~tax expense recognized in the Company’s financial statements~~ for ~~which~~a ~~payment~~discussion ~~has~~of ~~been~~factors ~~deferred,~~considered orwhen ~~expenditures~~evaluating ~~for which~~ the ~~Company~~need ~~has~~for ~~already taken~~ a ~~deduction~~valuation ~~in the Company’s tax return but have not yet been recognized in the Company’s financial statements~~allowance.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.54

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis and premiums due.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

~~The reserving methodology used for non-participating traditional and limited-payment contracts include the following:~~55

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. The result of the net premium valuation methodology is that the liability at any point in time represents an accumulation of the portion of premiums received to date expected to fund future benefits (i.e., net premiums received to date), less any benefits and expenses already paid. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that obligation would be funded by net premiums received in the future and would be recognized in the liability at that time. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend, with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.56

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

~~For~~The ~~universal~~methodology ~~life~~used ~~type~~in ~~contracts~~constructing ~~and participating contracts,~~ the ~~Company~~single ~~performs~~A ~~premium~~discount ~~deficiency~~rate ~~tests~~curve ~~using~~for ~~best~~discounting ~~estimate~~cash ~~assumptions~~flows asused ofto calculate the ~~testing~~liability ~~date.~~for Iffuture ~~the~~policy ~~liabilities~~benefits ~~determined~~is ~~based~~intended onto ~~these~~be ~~best~~reflective ~~estimate~~of ~~assumptions~~the ~~are~~characteristics ~~greater~~of ~~than~~ the ~~net~~applicable ~~reserves~~insurance (iliabilities.~~e.,~~ ~~GAAP~~The ~~reserves~~single ~~including~~A ~~unearned~~discount ~~revenue~~rate ~~reserves~~curve ~~("URR"),~~is ~~net~~developed ofby ~~reinsurance),~~reference ~~the~~to ~~existing~~upper ~~net~~medium ~~reserves~~grade ~~are~~(low ~~adjusted~~credit byrisk) ~~first~~fixed ~~reducing~~income ~~these~~instrument ~~assets~~yields bythat reflect the ~~amount~~duration characteristics of the ~~deficiency~~applicable orinsurance toliabilities. ~~zero~~The ~~through~~single aA ~~charge~~discount tocurve ~~current~~for ~~period~~the ~~earnings.~~United IfStates ~~the~~is ~~deficiency~~developed isusing ~~more~~government ~~than~~bond ~~these~~rates ~~asset~~plus ~~balances~~public ~~for~~corporate ~~insurance~~A ~~contracts,~~spreads in the ~~net~~observable ~~reserves~~periods. ~~are~~The ~~increased~~definition byof ~~the~~upper ~~excess~~medium ~~through~~grade ais ~~charge~~based toon ~~current~~Moody’s ~~period~~Investor ~~earnings~~Service, ~~included~~Inc. in ("~~Policyholders~~Moody' ~~benefits~~s".) ~~Since~~definition ~~investment~~which ~~yields~~includes ~~are~~the ~~used~~spectrum asof ~~the~~A ~~discount rate~~(i.e., ~~the~~A- ~~premium~~to ~~deficiency~~A+). ~~test~~Liquidity is ~~also~~considered ~~performed~~in ~~using~~defining athe ~~discount~~observable ~~rate~~period ~~based~~and onlinear ~~the~~extrapolation ~~market~~is ~~yield~~performed ~~(i.e.,~~to ~~assuming~~the ~~what~~Company's ~~would~~ultimate belong-term ~~the~~economic ~~impact~~assumptions. ifAnnually, ~~any~~the ~~unrealized~~Company ~~gains~~performs ~~(losses)~~a ~~were~~comprehensive ~~realized~~review as of the ~~testing~~economic ~~date).~~assumptions, Inincluding ~~the~~long-term ~~event~~interest ~~that~~rate byassumptions ~~using~~and ~~the~~equity ~~market~~return ~~yield a deficiency occurs~~assumptions, angenerally ~~adjustment~~utilizing isrelevant ~~established~~economic ~~for~~outlook ~~the~~information ~~deficiency~~ and isindustry ~~included~~surveys inas ~~AOCI~~the primary basis.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for ~~unpaid~~administration, ~~claims~~mortality, expense, surrender, and ~~claim~~other ~~adjustment~~charges). ~~expenses~~This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The ~~Company~~liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. The liability does not ~~establish~~necessarily ~~claim~~reflect ~~liabilities~~the ~~until~~full policyholder obligation the Company expects to pay at the conclusion of the contract since a ~~loss~~portion ~~has~~of ~~been~~that ~~incurred.~~excess ~~However,~~payment ~~unpaid~~would ~~claims~~be funded by assessments received in the future and ~~claim~~would ~~adjustment~~be ~~expenses~~recognized ~~include~~in ~~estimates~~the ofliability ~~claims~~at that ~~the~~time. ~~Company~~The ~~believes~~reserves ~~have~~are ~~been~~subject ~~incurred~~to ~~but~~adjustments ~~have~~based ~~not~~on ~~yet~~annual ~~been~~reviews ~~reported~~of assumptions and quarterly adjustments for experience as described below, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings. Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

~~Policyholders’~~For ~~account~~universal ~~balances~~life ~~represents~~type ~~the~~contracts ~~contract~~and ~~value~~participating ~~that~~contracts, ~~has~~the ~~accrued~~Company toperforms ~~the~~premium ~~benefit~~deficiency oftests ~~the~~using ~~policyholder~~best estimate assumptions as of the ~~balance~~testing ~~sheet~~ date., ~~This~~at ~~liability~~a isminimum, ~~primarily~~on ~~associated~~an ~~with~~annual ~~the~~basis, ~~accumulated~~and ~~account~~on ~~deposits,~~a ~~plus~~quarterly ~~interest~~basis ~~credited,~~for ~~less~~business ~~policyholder~~whose ~~withdrawals~~profitability ~~and~~is ~~other~~closely ~~charges~~tied ~~assessed~~to ~~against~~equity market performance. If the ~~account~~liabilities ~~balance,~~determined asbased ~~applicable~~on these best estimate assumptions are greater than the net reserves (i.e., ~~These~~GAAP ~~policyholders’~~reserves ~~account~~including ~~balances~~unearned ~~also~~revenue ~~include~~reserves ~~provision~~("URR"), ~~for~~net ~~benefits~~of ~~under~~reinsurance), ~~non-life~~the ~~contingent~~existing ~~payout~~net ~~annuities~~reserves ~~and~~are ~~certain~~adjusted ~~unearned~~by ~~revenues.~~first ~~The~~reducing ~~unearned~~these ~~revenue~~assets ~~liability~~by ~~represents~~the ~~policy~~amount ~~charges~~of ~~for~~the ~~services~~deficiency or to bezero ~~provided~~through ina ~~future~~charge ~~periods~~to current period earnings. ~~The~~If ~~charges~~the ~~are~~deficiency ~~deferred~~is asmore ~~incurred~~than ~~and~~these ~~are~~asset ~~generally~~balances ~~amortized~~for ~~over~~insurance contracts, the ~~expected~~net ~~life~~reserves ofare increased by the ~~contract~~excess ~~using~~through ~~the~~a ~~same~~charge ~~methodology,~~to ~~factors,~~current ~~and~~period ~~assumption~~earnings ~~used~~included toin ~~amortize~~"Policyholders' ~~DAC~~benefits". ~~See~~Since ~~Note~~investment 9yields ~~for~~are ~~additional~~used ~~information~~as ~~regarding~~the ~~policyholders’~~discount ~~account~~rate, ~~balances.~~the ~~Policyholders'~~premium ~~account~~deficiency ~~balances~~test is also ~~include~~performed ~~amounts~~using ~~representing~~a ~~the~~discount ~~fair~~rate ~~value~~based ofon ~~embedded~~the ~~derivative~~market ~~instruments~~yield ~~associated~~(i.e., ~~with~~assuming what would be the ~~index-linked~~impact ~~features~~if ofany ~~certain~~unrealized ~~universal~~gains ~~life~~(losses) ~~and~~were ~~annuity~~realized ~~products~~as of the testing date). ~~For~~In ~~additional~~the ~~information~~event ~~regarding~~that by using the ~~valuation~~market ofyield ~~these~~a ~~embedded~~deficiency ~~derivatives~~occurs, ~~see~~an ~~Note~~adjustment 5.is established for the deficiency and is included in AOCI.

~~Market~~The ~~risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the~~ Company’s toliability ~~other~~for ~~than~~future ~~nominal~~policy ~~capital market risk, primarily related to deferred annuities with guaranteed minimum~~ benefits ~~associated~~also ~~with~~includes ~~annuities~~a ~~products~~liability ~~including~~for ~~guaranteed~~unpaid ~~minimum~~claims ~~death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”)~~ and ~~guaranteed~~claim ~~minimum~~adjustment ~~income and withdrawal benefits (“GMIWB”)~~expenses. The ~~benefits~~Company ~~are~~does ~~accounted~~not ~~for~~establish ~~using~~claim aliabilities ~~fair~~until ~~value measurement framework. If~~ a ~~contract~~loss ~~contains~~has ~~multiple~~been ~~market~~incurred. ~~risk benefits~~However, ~~the~~unpaid ~~benefits~~claims ~~are bundled together~~ and ~~accounted~~claim ~~for~~adjustment asexpenses ainclude ~~single~~estimates ~~compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right~~ of ~~offset~~claims ~~between~~that ~~contracts. The fair value of market risk benefits is calculated as~~ the ~~present~~Company ~~value~~believes ofhave ~~expected~~been ~~future~~incurred ~~benefit~~but ~~payments~~have tonot ~~contractholders~~yet ~~less~~been ~~the~~reported ~~present~~as ~~value~~ of ~~expected future rider fees attributable to~~ the ~~market~~balance ~~risk~~sheet ~~benefits~~date. ~~The~~Expense ~~fair value of market risk benefits is based on~~ assumptions aincluded ~~market participant would use~~ in ~~valuing market risk benefits. For additional information regarding~~ the ~~valuation~~liability ofonly ~~market~~include ~~risk~~claim ~~benefits,~~related ~~see~~expenses ~~Note~~and 5.exclude Onacquisition acosts ~~quarterly~~and ~~basis,~~non-claim ~~changes~~related incosts ~~the~~such ~~fair~~as ~~value~~costs ofrelating ~~market~~to ~~risk benefits are recorded in net income~~investments, ~~net~~general ~~of related hedges~~administration, inpolicy ~~"Change in value of market risk benefits~~maintenance, ~~net~~product ~~of related hedging gains (losses)"~~development, ~~except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding~~ market ~~risk~~research, ~~benefits.~~and ~~See~~general ~~"Reinsurance" below for information regarding the reinsurance of MRBs~~overhead.

6457

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. The changes in the fair value of the embedded derivatives are recorded in net income. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.

Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income”.

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”58

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Reinsurance payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments"

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), which are amortized over the expected life of the reinsured contracts on a constant-level basis, accrued expenses and technical overdrafts. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within "Other invested assets", or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

67If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within “Other invested assets” and "Reinsurance recoverable and deposit receivables", or as liabilities within “Payables to parent and affiliates” or "Reinsurance payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits” and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits” and “Reinsurance recoverables and deposit receivables”. Changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.

Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance payables.” “Reinsurance recoverables and deposit receivables” also includes receivables from modified coinsurance arrangements where the Company is the cedant, and are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. The receivables and payables associated with these modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

68For reinsurance of existing in force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".

Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance payables” and deposits made are included in “Reinsurance recoverables and deposit receivables.” As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses,” as appropriate.62

Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

AsIf ~~part~~the ofCompany ~~this~~determines ~~review,~~that ~~the~~a ~~Company~~reinsurance ~~may~~agreement ~~update~~does ~~these~~not ~~assumptions~~expose ~~and~~the ~~make~~reinsurer ~~refinements~~ to ~~its~~a ~~models~~reasonable ~~based~~possibility ~~upon~~of ~~emerging~~a ~~experience,~~significant ~~future~~loss ~~expectations~~from ~~and~~insurance ~~other data~~risk, ~~including~~the ~~any~~Company ~~observable~~records ~~market~~the ~~data~~agreement itusing ~~feels~~the isdeposit ~~indicative~~method of ~~a long-term trend~~accounting. ~~These~~Deposits ~~assumptions~~received are ~~generally~~included ~~updated~~in ~~annually,~~“Reinsurance ~~unless~~payables” aand ~~material~~deposits ~~change~~made isare ~~observed~~included in an“Reinsurance ~~interim~~recoverables ~~period~~and ~~that~~deposit ~~the~~receivables.” ~~Company~~As ~~feels~~amounts isare ~~also~~paid ~~indicative~~or ofreceived, aconsistent ~~long-term~~with ~~trend.~~the ~~Generally~~underlying contracts, the ~~Company~~deposit ~~does~~assets ~~not~~or ~~expect~~liabilities ~~trends~~are toadjusted. ~~change~~Interest ~~significantly~~on insuch ~~the~~deposits ~~short-term~~is ~~and,~~recorded toas ~~the~~“Other ~~extent~~income ~~these~~(loss)” ~~trends~~or ~~may change~~“General, itadministrative ~~expects~~and ~~such~~other ~~changes~~expenses,” toas ~~be gradual over the long-term~~appropriate.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, ~~2024~~2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted asduring ofthe year ended December 31, ~~2024~~2025

Standard

Description

Effective date and method of adoption

Effect on the financial statements or other significant matters

ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.

Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.

Adoption of the ASU did not have an impact on the Company’s Financial Statements but resulted in expanded disclosures in the Notes to the Financial Statements.

ASU 2023-09—Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.

January 1, 2025 using the prospective method.

Adoption of the ASU did not have an impact on the Company's Financial Statements but resulted in expanded disclosures in the Notes to the Financial Statements.

ASUs issued but not yet adopted as of December 31, ~~2024~~2025

Standard

Description

Effective date and method of adoption

Effect on the financial statements or other significant matters

ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

~~The~~Effective ~~amendments are effective~~ for ~~annual~~fiscal ~~reporting~~years ~~periods~~ beginning after December 15, 2026, and interim ~~reporting~~ periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and ~~should be~~ applied either prospectively or retrospectively.

The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.

ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.

Effective for fiscal years beginning after December 15, 2024, and permits early adoption. The Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.

The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.

7063

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

3. INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	51,532	$	1	$	983	$	0	$	50,550
Obligations of U.S. states and their political subdivisions	135,644		121		8,258		0		127,507
Foreign government securities	86,889		295		15,341		0		71,843
U.S. public corporate securities	1,921,498		21,238		184,381		75		1,758,280
U.S. private corporate securities	399,786		8,717		5,472		0		403,031
Foreign public corporate securities	428,379		6,655		24,589		0		410,445
Foreign private corporate securities	300,759		17,374		11,243		0		306,890
Asset-backed securities(1)	179,391		579		405		0		179,565
Commercial mortgage-backed securities	81,942		562		3,450		0		79,054
Residential mortgage-backed securities(2)	23,371		196		343		0		23,224
Total fixed maturities, available-for-sale	$	3,609,191	$	55,738	$	254,465	$	75	$	3,410,389

(1)Includes credit-tranched securities collateralized by loan obligations, home equity, education loans and auto loans.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	51,847	$	0	$	3,041	$	0	$	48,806
Obligations of U.S. states and their political subdivisions	156,065		23		9,308		0		146,780
Foreign government securities	85,052		10		19,308		0		65,754
U.S. public corporate securities	1,759,560		4,794		217,474		0		1,546,880
U.S. private corporate securities	297,278		1,963		10,499		0		288,742
Foreign public corporate securities	258,728		799		30,374		0		229,153
Foreign private corporate securities	256,820		2,059		20,465		0		238,414
Asset-backed securities(1)	46,956		196		532		0		46,620
Commercial mortgage-backed securities	96,459		0		5,437		0		91,022
Residential mortgage-backed securities(2)	15,390		148		772		0		14,766
Total fixed maturities, available-for-sale	$	3,024,155	$	9,992	$	317,210	$	0	$	2,716,937

(1)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

	December 31, 2023
	AmortizedCost		GrossUnrealizedGains		GrossUnrealizedLosses		Allowance for Credit Losses		FairValue
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	52,196	$	0	$	1,154	$	0	$	51,042
Obligations of U.S. states and their political subdivisions	184,419		952		2,833		0		182,538
Foreign government securities	95,189		248		14,693		0		80,744
U.S. public corporate securities	1,485,406		13,428		147,901		0		1,350,933
U.S. private corporate securities	227,342		1,978		8,884		0		220,436
Foreign public corporate securities	185,601		1,173		21,989		0		164,785
Foreign private corporate securities	190,545		5,102		14,791		0		180,856
Asset-backed securities(1)	19,440		40		969		0		18,511
Commercial mortgage-backed securities	104,055		0		7,356		0		96,699
Residential mortgage-backed securities(2)	15,780		195		420		4		15,551
Total fixed maturities, available-for-sale	$	2,559,973	$	23,116	$	220,990	$	4	$	2,362,095

(1)Includes credit-tranched securities collateralized by loan obligations and education loans.

(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

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PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

The following tables set forth the fair value and gross unrealized losses on ~~fixed maturity,~~ available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

December 31, 2024

December 31, 2025

Less Than Twelve Months

Twelve Months or More

Total

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

(in thousands)

Fixed maturities, available-for-sale:

U.S. Treasury securities and obligations of U.S. government authorities and agencies

~~383~~0

4850,~~423~~173

~~3,038~~983

4850,~~806~~173

~~3,041~~983

Obligations of U.S. states and their political subdivisions

6726,~~690~~172

~~2,057~~543

7481,~~006~~632

7,~~251~~715

~~141~~107,~~696~~804

98,~~308~~258

Foreign government securities

31,~~464~~233

~~129~~13

61,~~163~~032

1915,~~179~~328

6462,~~627~~265

1915,~~308~~341

U.S. public corporate securities

~~427~~58,~~698~~436

122,~~874~~811

~~894~~910,~~799~~530

~~204~~181,~~600~~372

1968,~~322,497~~966

~~217~~184,~~474~~183

U.S. private corporate securities

6832,~~806~~658

~~1,038~~112

~~107~~116,~~275~~538

95,~~461~~360

~~176~~149,~~081~~196

105,~~499~~472

Foreign public corporate securities

6826,~~181~~635

~~2,154~~74

~~108~~131,~~111~~314

2824,~~220~~515

~~176~~157,~~292~~949

3024,~~374~~589

Foreign private corporate securities

788,~~262~~425

~~2,590~~746

8454,~~669~~278

1710,~~875~~497

~~162~~62,~~931~~703

2011,~~465~~243

Asset-backed securities

26,~~143~~154

1226

65,~~914~~433

~~520~~379

911,~~057~~587

~~532~~405

Commercial mortgage-backed securities

9163,~~022~~492

53,~~437~~450

9163,~~022~~492

53,~~437~~450

Residential mortgage-backed securities

~~148~~0

1011,~~729~~447

~~768~~343

1011,~~877~~447

~~772~~343

Total fixed maturities, available-for-sale

~~716~~159,~~775~~713

204,~~861~~325

1,~~487~~485,~~111~~869

~~296~~249,~~349~~942

21,~~203~~645,~~886~~582

~~317~~254,~~210~~267

December 31, 2023

December 31, 2024

Less Than Twelve Months

Twelve Months or More

Total

Fair Value

GrossUnrealizedLosses

Fair Value

GrossUnrealizedLosses

Fair Value

GrossUnrealizedLosses

(in thousands)

Fixed maturities, available-for-sale:

U.S. Treasury securities and obligations of U.S. government authorities and agencies

~~49,081~~383

~~936~~3

148,~~962~~423

~~218~~3,038

5148,~~043~~806

13,~~154~~041

Obligations of U.S. states and their political subdivisions

2267,~~856~~690

~~186~~2,057

6174,~~445~~006

27,~~647~~251

84141,~~301~~696

29,~~833~~308

Foreign government securities

53,~~656~~464

91129

6961,~~066~~163

1419,~~602~~179

7464,~~722~~627

1419,~~693~~308

U.S. public corporate securities

86427,~~203~~698

112,~~688~~874

~~913~~894,~~776~~799

~~146~~204,~~213~~600

~~999~~1,~~979~~322,497

~~147~~217,~~901~~474

U.S. private corporate securities

2768,~~883~~806

~~366~~1,038

~~117~~107,~~409~~275

89,~~518~~461

~~145~~176,~~292~~081

810,~~884~~499

Foreign public corporate securities

568,~~029~~181

~~135~~2,154

~~115~~108,~~462~~111

2128,~~854~~220

~~120~~176,~~491~~292

2130,~~989~~374

Foreign private corporate securities

578,~~007~~262

512,590

9884,~~159~~669

1417,~~740~~875

~~103~~162,~~166~~931

1420,~~791~~465

Asset-backed securities

72,~~899~~143

~~914~~12

46,~~775~~914

55520

129,~~674~~057

~~969~~532

Commercial mortgage-backed securities

9691,~~699~~022

75,~~356~~437

9691,~~699~~022

75,~~356~~437

Residential mortgage-backed securities

~~146~~148

10,~~722~~729

~~418~~768

10,~~868~~877

~~420~~772

Total fixed maturities, available-for-sale

~~209~~716,~~760~~775

420,~~369~~861

1,~~489~~487,~~475~~111

~~216~~296,~~621~~349

12,~~699~~203,~~235~~886

~~220~~317,~~990~~210

7265

Table of Contents

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

Notes to Financial Statements—(Continued)

As of December 31, ~~2024~~2025 and ~~2023~~2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $~~313~~253 million and $~~218~~313 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $41 million and $34 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, ~~2024~~2025, the $~~296~~250 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the ~~utility,~~ consumer non-cyclical, utility and finance sectors. As of December 31, ~~2023~~2024, the $~~217~~296 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, ~~finance and~~ consumer non-cyclical and finance sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, ~~2024~~2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, ~~2024~~2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:

	December 31, 2024
	December 31, 2025
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	6143,~~300~~721	$	5943,~~692~~608
Due after one year through five years	~~531~~834,~~785~~603		~~523~~850,~~178~~797
Due after five years through ten years	~~570~~801,~~806~~032		~~559~~824,~~247~~031
Due after ten years	1,~~701~~645,~~459~~131		1,~~422~~410,~~412~~110
Asset-backed securities	46179,~~956~~391		46179,~~620~~565
Commercial mortgage-backed securities	9681,~~459~~942		9179,~~022~~054
Residential mortgage-backed securities	1523,~~390~~371		1423,~~766~~224
Total fixed maturities, available-for-sale	$	3,~~024~~609,~~155~~191	$	23,~~716~~410,~~937~~389

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

	Years Ended December 31,
	2024		2023		2022
	2025		2024		2023
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	21107,~~403~~624	$	1121,~~103~~403	$	3711,~~605~~103
Proceeds from maturities/prepayments	~~100~~162,~~925~~550		~~103~~100,~~064~~925		64103,~~177~~064
Gross investment gains from sales and maturities	1,~~525~~150		861,525		~~224~~86
Gross investment losses from sales and maturities	(5,~~269~~312)		(25,~~014~~269)		(52,~~451~~014)
(Addition to) release of allowance for credit losses	4		359		1,195
Write-downs recognized in earnings	(499)		0		0
(Addition to) release of allowance for credit losses	(75)		4		359

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of ~~less than~~ $(0.1) million, less than $0.1 million and $(0.1) million for the years ended December 31, 2025, 2024, ~~2023~~ and ~~2022~~2023, respectively.

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