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Summary

As a purpose-driven company, Prudential Financial defines sustainability as how it anticipates and manages future risks and opportunities to meet its long-term promises. Prudential’s annual ESG Report, titled “Transformation,” is a comprehensive overview of the company’s sustainable actions, covering the period of January 1 to December 31, 2020. Significant developments occurring in early 2021 may be referenced as appropriate and will be more fully developed in subsequent reports.

This report was organized based on the results of Prudential’s 2021 Materiality Assessment, an exercise conducted every three years to understand how recent events have affected the state of the world and Prudential’s business. The ESG Report was prepared in accordance with the Global Reporting Initiative (GRI) Standards Core option—in support of the Task Force on Climate-related Financial Disclosures (TCFD)—and in accordance with the Sustainability Accounting Standards Board’s provisional guidelines for insurance companies.

The report addresses the parent company, wholly owned subsidiaries and joint ventures comprising U.S. and international subsidiaries’ operations.

Report Highlights

Prudential’s 2020 ESG Report, titled “Transformation,” highlights the sustainable actions and initiatives the company executed, advanced and, in some cases, accelerated throughout the extraordinary events of 2020.

Replacing the company’s annual Sustainability Report, the ESG Report underscores Prudential’s continued efforts to meet the evolving needs of its customers, employees, shareholders and communities and to fulfill the company’s purpose of solving the financial challenges of our changing world.

Amid the challenges that persist today, Prudential’s commitment to sustainable environmental, social and governance practices is more critical than ever before. This report is another key component of Prudential’s robust disclosure framework, ensuring greater transparency and accountability around our commitments.

Prudential’s 2020 ESG Report was organized based on the results of its 2021 Materiality Assessment, an exercise conducted every three years to understand how recent events have affected the state of the world and Prudential’s business.

Highlights from the report include:

Environmental

Received an ‘A-’ on the 2020 CDP Climate Change survey, a first in Prudential’s history, surpassing the firm’s goal to achieve and maintain Management-level CDP scores, as outlined in the Global Environmental Commitment.

Social

Committed to providing transparency of our progress to becoming a fully inclusive company, Prudential disclosed representation data by using the standard EEO-1 (equal employment opportunity) format and pay equity data, as well as long-term diversity and inclusion performance targets tied to executive compensation.

Governance

Diversity at Prudential starts with the board, who lead by example with 82% of the company’s independent directors being diverse.

The Report, which covers the period of Jan. 1 to Dec. 31, 2020, is part of a suite of integrated resources and public disclosures on important Environmental, Social and Governance (ESG) topics. These include Prudential’s Proxy Statement, 2020 Annual Report and first ESG Summary Report, released in March 2021, which detailed newly disclosed EEO-1 and pay equity data.

MEDIA CONTACT: Julie Laskin, (973) 802-3975, julie.laskin@prudential.com