Prudential Financial (PRU) Barclays 24th Annual Global Financial Services Conference summary

Strategic priorities and execution

• Executing a five-year plan to narrow geographic focus, rotate over $3 billion of capital, double PGIM's contribution to 25% of AOI, and achieve $750 million in cost savings by 2028, with significant progress already underway.

• Capital rotation includes completed and pending transactions in emerging markets such as Indonesia, Kenya, Mexico, and Brazil.

• PGIM's growth is targeted through both organic investments and inorganic expansion, with integration efforts yielding expense and revenue synergies.

• Expense optimization leverages simplification, technology, and global workforce strategies, with $150 million in savings already tracked and a broader $750 million target in progress.

• Ongoing focus on disciplined M&A, targeting both small and larger transactions in PGIM, Group Insurance, and U.K. retirement, with a high bar for dilution and strategic fit.

M&A and business growth focus

• M&A strategy has broadened to include larger, more impactful deals, especially in PGIM, Group Insurance, and U.K. retirement, with creative structures such as partnerships.

• Group Insurance growth is driven by product and segment diversification, with inorganic opportunities in areas like dental and vision.

• Emphasis on market leadership in chosen businesses, leveraging a $500 billion balance sheet for synergies and disciplined capital deployment.

• Transactions must contribute to top-quartile earnings growth, higher cash flow, and market-leading ROE.

Japan business update

• Japan remains a strong market, with a phased reopening of sales expected to begin after November 6, 2026, and a 12–18 month ramp-up period built into financial projections.

• Productivity in Japan is expected to reach 50% by 2027 as the business resumes and scales up.