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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________

FORM 10-Q

________________________________________


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

For the quarterly period ended March 31, 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 033-37587

____________________________________________________________

Pruco Life Insurance Company

(Exact Name of Registrant as Specified in its Charter)


Arizona						22-1944557
(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:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Not Applicable	Not Applicable	Not Applicable

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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 9, 2025, 250,000 shares of the registrant’s Common Stock (par value $10) were outstanding. As of such date, The Prudential Insurance Company of America, a New Jersey corporation, owned all of the registrant’s Common Stock.

Pruco Life Insurance Company meets the conditions set

forth in General Instruction (H) (1) (a) and (b) on Form 10-Q and

is therefore filing this Form 10-Q in the reduced disclosure format.

Table of Contents

TABLE OF CONTENTS


		Page Number
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Unaudited Interim Consolidated Statements of Financial Position as of M arch 3 1 , 202 5 and December 31, 202 4	4

	Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended M arch 3 1 , 202 5 and 202 4	5

	Unaudited Interim Consolidated Statements of Equity for the three months ended March 3 1 , 202 5 and 202 4	6

	Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4	7

	Notes to Unaudited Interim Consolidated Financial Statements	8

	1. Business and Basis of Presentation	8

	2. Significant Accounting Policies and Pronouncements	9

	3. Investments	10

	4. Derivatives and Hedging	21

	5. Fair Value of Assets and Liabilities	26

	6. Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements	37

	7. Separate Accounts	39

	8. Liability for Future Policy Benefits	41

	9. Policyholders' Account Balances	47

	10. Market Risk Benefits	51

	11. Reinsurance	53

	12. Income Taxes	62

	13. Equity	63

	14. Related Party Transactions	64

	15. Commitments and Contingent Liabilities	70

	16. Revision to Prior Year Information	72

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75



Item 4.	Controls and Procedures	82

PART II—OTHER INFORMATION		83

Item 1.	Legal Proceedings	83

Item 1A.	Risk Factors	83

Item 6.	Exhibits	84

SIGNATURES		85

Table of Contents

FORWARD-LOOKING STATEMENTS

Certain of the statements included in this Quarterly Report on Form 10-Q, 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 and its subsidiaries. There can be no assurance that future developments affecting Pruco Life Insurance Company and its subsidiaries 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 does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of certain risks relating to our business and investment in our securities.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Financial Position

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


	March 31, 2025		December 31, 2024
ASSETS
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2025-$42,828; 2024-$40,414) (amortized cost: 2025–$40,807,986; 2024–$36,980,933)	$	39,166,072	$	34,986,160
Fixed maturities, trading, at fair value (amortized cost: 2025–$4,761,537; 2024–$4,415,277)	4,278,652		3,845,045
Equity securities, at fair value (cost: 2025– $2,478,826; 2024–$2,650,542)	2,384,261		2,623,820

Policy loans	1,556,658		1,541,480
Short-term investments (net of allowance for credit losses: 2025-$57; 2024-$49)	459,714		517,386
Commercial mortgage and other loans (net of $39,784 and $37,715 allowance for credit losses at March 31, 2025 and December 31, 2024, respectively)	8,054,419		7,759,323
Other invested assets (includes $120,398 and $68,623 of assets measured at fair value at March 31, 2025 and December 31, 2024, respectively)	2,040,612		1,582,094
Total investments	57,940,388		52,855,308
Cash and cash equivalents	2,102,338		3,325,698
Deferred policy acquisition costs	8,004,461		7,807,060
Accrued investment income	502,312		466,394
Reinsurance recoverables and deposit receivables (includes $716,745 and $645,193 of embedded derivatives at fair value at March 31, 2025 and December 31, 2024, respectively)	49,168,211		48,247,817
Receivables from parent and affiliates	641,061		678,028
Deferred sales inducements	316,062		322,351
Income tax assets	2,002,342		2,120,654
Market risk benefit assets	2,508,967		2,637,363
Other assets	1,803,131		1,850,800
Separate account assets	113,586,513		118,143,256
TOTAL ASSETS	$	238,575,786	$	238,454,729
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances	$	71,559,381	$	69,628,318
Future policy benefits	25,543,127		25,113,767
Market risk benefit liabilities	4,803,284		4,281,244

Cash collateral for loaned securities	236,793		121,372
Reinsurance and funds withheld payables	8,889,142		8,611,141



Payables to parent and affiliates	4,267,511		3,653,848
Other liabilities	4,221,908		4,199,803
Separate account liabilities	113,586,513		118,143,256
Total liabilities	233,107,659		233,752,749
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 15)
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding)	2,500		2,500
Additional paid-in capital	5,169,602		4,923,299
Retained earnings / (accumulated deficit)	402,088		272,519
Accumulated other comprehensive income (loss)	(268,909)		(601,877)
Total Pruco Life Insurance Company equity	5,305,281		4,596,441
Noncontrolling interests	162,846		105,539
Total equity	5,468,127		4,701,980
TOTAL LIABILITIES AND EQUITY	$	238,575,786	$	238,454,729

See Notes to Unaudited Interim Consolidated Financial Statements

Table of Contents

PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024 (in thousands)


	Three Months Ended March 31,
	2025		2024
REVENUES
Premiums (includes $650, and $(330) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2025 and 2024, respectively)	$	123,460	$	92,182
Policy charges and fee income	398,346		2,909,205
Net investment income	734,796		505,320
Asset administration fees	52,080		56,632
Other income (loss)(1)	176,441		214,995
Realized investment gains (losses), net(1)	(106,374)		(2,805)
Change in value of market risk benefits, net of related hedging gains (losses)(1)	(326,071)		103,996
TOTAL REVENUES	1,052,678		3,879,525
BENEFITS AND EXPENSES
Policyholders’ benefits	143,336		4,106,408
Change in estimates of liability for future policy benefits	6,582		(12,005)
Interest credited to policyholders’ account balances(1)	293,762		258,350
Amortization of deferred policy acquisition costs(1)	160,223		(129,157)
General, administrative and other expenses(1)	294,480		297,814
TOTAL BENEFITS AND EXPENSES	898,383		4,521,410
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	154,295		(641,885)
Income tax expense (benefit)(1)	19,677		(67,647)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	134,618		(574,238)
Equity in earnings of operating joint venture, net of taxes	(92)		(157)
NET INCOME (LOSS)	$	134,526	$	(574,395)
Less: Income (loss) attributable to noncontrolling interests	4,957		1,181
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY	$	129,569	$	(575,576)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	201		(2,362)
Net unrealized investment gains (losses)	273,036		(313,307)
Interest rate remeasurement of future policy benefits	(12,540)		32,830
Gain (loss) from changes in non-performance risk on market risk benefits(1)	161,213		(238,921)
Total	421,910		(521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(1)	88,942		(109,279)
Other comprehensive income (loss), net of taxes	332,968		(412,481)
Comprehensive income (loss)	467,494		(986,876)
Less: Comprehensive income (loss) attributable to noncontrolling interests	4,957		1,181
Comprehensive income (loss) attributable to Pruco Life Insurance Company	$	462,537	$	(988,057)

(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Equity

Three Months Ended March 31, 2025 and 2024 (in thousands)


	Common Stock		Additional Paid-in Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Pruco Life Insurance Company Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2024	$	2,500	$	4,923,299	$	272,519	$	(601,877)	$	4,596,441	$	105,539	$	4,701,980


Contributed capital			220,000						220,000				220,000
Contributions from noncontrolling interests											52,350		52,350

Contributed (distributed) capital-parent/child asset transfers			26,303						26,303				26,303
Comprehensive income (loss):
Net income (loss)					129,569				129,569		4,957		134,526
Other comprehensive income (loss), net of tax							332,968		332,968		0		332,968
Total comprehensive income (loss)					129,569		332,968		462,537		4,957		467,494
Balance, March 31, 2025	$	2,500	$	5,169,602	$	402,088	$	(268,909)	$	5,305,281	$	162,846	$	5,468,127


	Common Stock		Additional Paid-in Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Pruco Life Insurance Company Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2023	$	2,500	$	5,052,602	$	(551,471)	$	(30,961)	$	4,472,670	$	30,194	$	4,502,864



Contributions from noncontrolling interests											25,310		25,310

Contributed (distributed) capital-parent/child asset transfers			5,722						5,722				5,722
Comprehensive income (loss):
Net income (loss)(1)					(575,576)				(575,576)		1,181		(574,395)
Other comprehensive income (loss), net of tax(1)							(412,481)		(412,481)		0		(412,481)
Total comprehensive income (loss)					(575,576)		(412,481)		(988,057)		1,181		(986,876)
Balance, March 31, 2024(1)	$	2,500	$	5,058,324	$	(1,127,047)	$	(443,442)	$	3,490,335	$	56,685	$	3,547,020

(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Cash Flows

Three Months Ended March 31, 2025 and 2024 (in thousands)


	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)(1)	$	134,526	$	(574,395)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income(2)	(1,607)		12,084
Interest credited to policyholders’ account balances(1)	293,762		258,350
Realized investment (gains) losses, net(1)	106,374		2,805
Change in value of market risk benefits, net of related hedging (gains) losses(1)	326,071		(103,996)

Change in:
Future policy benefits and other insurance liabilities	384,212		758,805
Reinsurance related-balances(1)(2)	(248,674)		496,373
Accrued investment income(2)	(31,424)		(23,101)
Net payables to (receivables from) parent and affiliates	119,595		53,794
Deferred policy acquisition costs(1)(2)	(197,401)		(194,547)
Income taxes(1)	20,891		(68,453)

Derivatives, net(1)	(714,931)		125,100
Other, net(1)(2)	(150,083)		(52,194)
Cash flows from (used in) operating activities	41,311		690,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	1,418,413		534,863
Fixed maturities, trading	241,633		109,671
Equity securities	629,347		599,147
Policy loans	58,359		43,678
Ceded policy loans	(33,853)		(152,846)
Short-term investments	258,052		203,345
Commercial mortgage and other loans	77,769		138,763
Other invested assets	40,182		47,619
Notes receivable from parent and affiliates	120,268		0

Payments for the purchase/origination of:
Fixed maturities, available-for-sale	(5,060,663)		(2,738,376)
Fixed maturities, trading	(610,084)		(521,570)
Equity securities	(482,925)		(355,267)
Policy loans	(60,078)		(64,385)
Ceded policy loans	24,835		26,675
Short-term investments	(202,411)		(495,831)
Commercial mortgage and other loans	(340,870)		(309,826)
Other invested assets	(443,965)		(146,510)

Notes receivable from parent and affiliates(2)	(160,235)		(120,777)
Derivatives, net	40,418		(17,634)
Other, net	7,611		7,478
Cash flows from (used in) investing activities	(4,478,197)		(3,211,783)

CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits	4,181,256		4,110,730
Ceded policyholders’ account deposits(1)	(592,077)		(301,733)
Policyholders’ account withdrawals(1)	(1,048,147)		(978,866)
Ceded policyholders’ account withdrawals	188,798		239,384
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities	115,426		(214,607)
Contributed capital	220,000		0


Contributed (distributed) capital - parent/child asset transfers	0		7,481
Net change in all other financing arrangements (maturities 90 days or less)	0		(1,296)


Drafts outstanding	9,224		(69,072)
Contributions from noncontrolling interests(2)	52,350		25,310

Other, net(1)(2)	86,696		(78,207)
Cash flows from (used in) financing activities	3,213,526		2,739,124
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,223,360)		217,966
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	3,325,698		2,139,792
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,102,338		2,357,758

(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

(2) Prior period amounts have been updated to conform to current period presentation.

Significant Non-Cash Transactions

2025

There were no significant non-cash transactions for the three months ended March 31, 2025.

2024

"Cash flows from (used in) operating activities" for the three months ended March 31, 2024 excludes certain non-cash activities in the amount of $1,138 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

See Notes to Unaudited Interim Consolidated Financial Statements

Table of Contents

PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of Prudential Insurance, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). 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. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Information

Although there are separate products within Pruco Life, the Company is organized as a single reportable segment and manages the business activities on a consolidated basis. The accounting policies are the same as those described in Note 2 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The Company analyzes operating performance using “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”, 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 Consolidated Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Consolidated 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 Consolidated 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.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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 ("MRBs"); 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.

Revision to Prior Period Interim Financial Statements

As previously disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024, during the fourth quarter of 2024, the Company identified multiple errors which impacted previously issued Consolidated Financial Statements, including for the three months ended March 31, 2024. Certain reinsurance recoverable balances associated with the coinsurance with funds withheld of fixed indexed annuities, certain deferred acquisition cost balances associated with indexed variable annuities, and certain other immaterial items were not properly accounted for. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In connection with this revision, the Company also corrected certain other immaterial adjustments within the Financing Section of the Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Consolidated Financial Statements. See Note 16 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

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 March 31, 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 issued but not yet adopted as of March 31, 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 amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods 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 Consolidated Financial Statements and Notes to the Consolidated 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 ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated 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:


	March 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	$	1,150,479	$	19,881	$	89,700	$	0	$	1,080,660
Obligations of U.S. states and their political subdivisions	551,375		1,254		35,445		0		517,184
Foreign government securities	439,135		3,108		49,006		0		393,237
U.S. public corporate securities	16,328,435		124,879		892,473		19		15,560,822
U.S. private corporate securities	6,538,902		29,688		250,640		9,164		6,308,786
Foreign public corporate securities	4,439,517		46,832		113,026		21		4,373,302
Foreign private corporate securities	6,180,964		70,080		437,381		33,624		5,780,039
Asset-backed securities(1)	3,801,789		25,349		10,782		0		3,816,356
Commercial mortgage-backed securities	1,018,053		8,052		44,565		0		981,540
Residential mortgage-backed securities(2)	359,337		2,769		7,960		0		354,146
Total fixed maturities, available-for-sale	$	40,807,986	$	331,892	$	1,930,978	$	42,828	$	39,166,072

(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education 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	$	1,199,628	$	8,357	$	108,744	$	0	$	1,099,241
Obligations of U.S. states and their political subdivisions	570,253		1,156		30,343		0		541,066
Foreign government securities	362,154		646		52,466		0		310,334
U.S. public corporate securities	14,134,828		60,917		957,316		1		13,238,428
U.S. private corporate securities	6,030,898		35,828		301,451		11,178		5,754,097
Foreign public corporate securities	3,804,503		21,136		126,767		21		3,698,851
Foreign private corporate securities	5,838,939		43,334		511,426		29,214		5,341,633
Asset-backed securities(1)	3,728,073		31,431		8,841		0		3,750,663
Commercial mortgage-backed securities	944,652		4,567		53,444		0		895,775
Residential mortgage-backed securities(2)	367,005		861		11,794		0		356,072
Total fixed maturities, available-for-sale	$	36,980,933	$	208,233	$	2,162,592	$	40,414	$	34,986,160

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

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

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth the fair value and gross unrealized losses on 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:


	March 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	$	261,400	$	3,536	$	247,293	$	86,164	$	508,693	$	89,700
Obligations of U.S. states and their political subdivisions	179,660		7,026		244,108		28,419		423,768		35,445
Foreign government securities	54,388		1,173		173,897		47,833		228,285		49,006
U.S. public corporate securities	2,937,255		74,371		4,807,764		818,088		7,745,019		892,459
U.S. private corporate securities	2,004,535		27,408		2,416,353		223,102		4,420,888		250,510
Foreign public corporate securities	627,642		9,733		740,032		103,289		1,367,674		113,022
Foreign private corporate securities	1,765,712		47,356		2,109,881		388,941		3,875,593		436,297
Asset-backed securities	1,116,137		4,194		119,537		6,588		1,235,674		10,782
Commercial mortgage-backed securities	38,559		429		479,676		44,136		518,235		44,565
Residential mortgage-backed securities	23,594		347		123,794		7,613		147,388		7,960
Total fixed maturities, available-for-sale	$	9,008,882	$	175,573	$	11,462,335	$	1,754,173	$	20,471,217	$	1,929,746


	December 31, 2024
	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	$	377,531	$	13,829	$	238,723	$	94,915	$	616,254	$	108,744
Obligations of U.S. states and their political subdivisions	226,731		5,019		212,060		25,324		438,791		30,343
Foreign government securities	118,168		2,615		171,166		49,851		289,334		52,466
U.S. public corporate securities	4,320,552		105,145		4,677,336		852,171		8,997,888		957,316
U.S. private corporate securities	1,999,008		41,931		2,379,755		259,489		4,378,763		301,420
Foreign public corporate securities	1,088,644		20,465		716,172		106,294		1,804,816		126,759
Foreign private corporate securities	1,977,169		69,399		2,107,705		440,330		4,084,874		509,729
Asset-backed securities	363,744		5,510		140,090		3,331		503,834		8,841
Commercial mortgage-backed securities	101,821		1,356		489,490		52,088		591,311		53,444
Residential mortgage-backed securities	142,961		1,946		123,853		9,848		266,814		11,794
Total fixed maturities, available-for-sale	$	10,716,329	$	267,215	$	11,256,350	$	1,893,641	$	21,972,679	$	2,160,856

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of March 31, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,849 million and $2,059 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 $81 million and $102 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2025, the $1,754 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2024, the $1,894 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 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 March 31, 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:


	March 31, 2025
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	2,712,978	$	2,661,173
Due after one year through five years	14,221,040		14,064,348
Due after five years through ten years	9,501,783		9,267,750
Due after ten years	9,193,006		8,020,759
Asset-backed securities	3,801,789		3,816,356
Commercial mortgage-backed securities	1,018,053		981,540
Residential mortgage-backed securities	359,337		354,146
Total fixed maturities, available-for-sale	$	40,807,986	$	39,166,072

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:


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	422,037	$	106,155
Proceeds from maturities/prepayments	845,709		437,443
Gross investment gains from sales and maturities	4,608		937
Gross investment losses from sales and maturities	(7,802)		(8,132)
Write-downs recognized in earnings(2)	(6,336)		0
(Addition to) release of allowance for credit losses	(2,414)		358

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $150.7 million and $(8.7) million for the three months ended March 31, 2025 and 2024, respectively.

(2)Amounts represent write-downs on credit adverse securities.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:


	Three Months Ended March 31, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	40,414	$	0	$	0	$	0	$	40,414
Additions to allowance for credit losses not previously recorded	0		0		5,512		0		0		0		5,512
Reductions for securities sold during the period	0		0		(76)		0		0		0		(76)
Additions (reductions) on securities with previous allowance	0		0		1,126		0		0		0		1,126
Write-downs charged against the allowance	0		0		(4,148)		0		0		0		(4,148)
Balance, end of period	$	0	$	0	$	42,828	$	0	$	0	$	0	$	42,828


	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	2,000	$	1	$	0	$	7	$	2,008
Additions to allowance for credit losses not previously recorded	0		0		57		0		0		0		57
Reductions for securities sold during the period	0		0		(41)		0		0		0		(41)
Additions (reductions) on securities with previous allowance	0		0		(845)		(1)		0		(7)		(853)
Assets transferred (to) from parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	1,650	$	0	$	0	$	0	$	1,650

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended March 31, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical and technology sectors within corporate securities due to adverse projected cash flows, partially offset by net reductions within the capital goods and consumer non-cyclical sectors with corporate securities primarily due to security restructures. For the three months ended March 31, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the finance sector within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $87.8 million and $(81.3) million during the three months ended March 31, 2025 and 2024, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(93.6) million and $(12.2) million during the three months ended March 31, 2025 and 2024, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:


	March 31, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
	($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	2,070,419	25.6	%	$	1,949,926	25.0	%
Health Care Senior Living(1)	133,731		1.7		134,195		1.7
Hospitality	95,008		1.2		97,603		1.3
Industrial	3,014,351		37.3		2,906,413		37.3
Office	545,065		6.7		556,586		7.1
Retail	693,519		8.6		693,949		9.0
Self-Storage(1)	598,911		7.4		543,701		7.0
Other(1)	72,554		0.9		72,645		0.9
Total commercial mortgage loans	7,223,558		89.4		6,955,018		89.3
Agricultural property loans	858,136		10.6		830,041		10.7
Total commercial mortgage and agricultural property loans	8,081,694		100.0	%	7,785,059		100.0	%
Allowance for credit losses	(39,784)				(37,715)
Total net commercial mortgage and agricultural property loans	8,041,910				7,747,344
Other loans:
Other collateralized loans	12,509				11,979
Total other loans	12,509				11,979
Total net commercial mortgage and other loans	$	8,054,419			$	7,759,323

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

As of March 31, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (24%), Florida (8%) and Texas (8%) and included loans secured by properties in Europe (9%), Mexico (1%) and Australia (1%).

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:


	Three Months Ended March 31,
	2025				2024
	Commercial Mortgage Loans		Agricultural Property Loans		Total		Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Allowance, beginning of period	$	33,004	$	4,711	$	37,715	$	36,758	$	931	$	37,689
Addition to (release of) allowance for expected losses	1,766		303		2,069		5,011		(18)		4,993
Allowance, end of period	$	34,770	$	5,014	$	39,784	$	41,769	$	913	$	42,682

For the three months ended March 31, 2025, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan-specific allowances within the retail sector of commercial mortgage loans. For the three months ended March 31, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan-specific allowances within the office sector and in the general allowance due to net negative credit migration.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:


	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	38,195	$	457,963	$	333,678	$	306,930	$	481,026	$	1,295,238	$	8,667	$	2,921,697
60%-69.99%	247,932		972,650		443,420		276,319		362,180		387,446		0		2,689,947
70%-79.99%	0		364,430		364,565		170,981		334,446		81,122		0		1,315,544
80% or greater	0		1,196		0		11,626		85,077		198,471		0		296,370
Total	$	286,127	$	1,796,239	$	1,141,663	$	765,856	$	1,262,729	$	1,962,277	$	8,667	$	7,223,558
Debt Service Coverage Ratio:
Greater than 1.2x	$	286,127	$	1,736,155	$	963,036	$	750,965	$	1,261,264	$	1,843,067	$	0	$	6,840,614
1.0 - 1.2x	0		60,084		178,627		14,891		0		55,934		8,667		318,203
Less than 1.0x	0		0		0		0		1,465		63,276		0		64,741
Total	$	286,127	$	1,796,239	$	1,141,663	$	765,856	$	1,262,729	$	1,962,277	$	8,667	$	7,223,558
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	22,300	$	241,375	$	75,069	$	162,037	$	126,284	$	60,701	$	24,338	$	712,104
60%-69.99%	0		29,560		19,339		49,210		0		1,619		0		99,728
70%-79.99%	17,999		0		0		0		5,235		0		0		23,234
80% or greater	0		0		0		7,403		0		0		15,667		23,070
Total	$	40,299	$	270,935	$	94,408	$	218,650	$	131,519	$	62,320	$	40,005	$	858,136
Debt Service Coverage Ratio:
Greater than 1.2x	$	40,299	$	259,307	$	92,050	$	206,492	$	124,641	$	48,428	$	24,338	$	795,555
1.0 - 1.2x	0		11,628		2,358		12,158		0		10,240		15,667		52,051
Less than 1.0x	0		0		0		0		6,878		3,652		0		10,530
Total	$	40,299	$	270,935	$	94,408	$	218,650	$	131,519	$	62,320	$	40,005	$	858,136

Table of Contents

PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)


	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	452,940	$	232,276	$	306,684	$	482,596	$	134,403	$	1,138,394	$	6,479	$	2,753,772
60%-69.99%	972,161		541,849		273,258		360,457		110,515		303,107		0		2,561,347
70%-79.99%	362,701		365,111		134,208		330,355		6,774		77,399		0		1,276,548
80% or greater	1,196		0		56,204		84,761		3,870		217,320		0		363,351
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,728,895	$	962,290	$	755,350	$	1,256,699	$	255,562	$	1,616,904	$	0	$	6,575,700
1.0 - 1.2x	60,103		176,946		15,004		0		0		59,871		6,479		318,403
Less than 1.0x	0		0		0		1,470		0		59,445		0		60,915
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	241,715	$	89,569	$	163,820	$	126,368	$	23,488	$	38,478	$	18,834	$	702,272
60%-69.99%	29,560		19,396		49,210		0		0		0		0		98,166
70%-79.99%	0		0		0		5,213		0		0		0		5,213
80% or greater	0		0		7,295		0		1,657		0		15,438		24,390
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041
Debt Service Coverage Ratio:
Greater than 1.2x	$	259,647	$	95,087	$	211,030	$	129,865	$	23,488	$	38,478	$	18,834	$	776,429
1.0 - 1.2x	11,628		13,878		9,295		0		0		0		15,438		50,239
Less than 1.0x	0		0		0		1,716		1,657		0		0		3,373
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:


	Three Months Ended March 31,
	2025				2024
	Term Extension		% of Amortized Cost		Term Extension		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans(1)	$	0	0.0	%	$	6,469	0.0	%

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

For the three months ended March 31, 2024, the modification added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both March 31, 2025 and December 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:


	March 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	7,218,438	$	1,196	$	0	$	3,924	$	7,223,558	$	5,120
Agricultural property loans	817,681		0		17,386		23,069		858,136		27,596
Other collateralized loans	12,509		0		0		0		12,509		0
Total	$	8,048,628	$	1,196	$	17,386	$	26,993	$	8,094,203	$	32,716

(1)As of March 31, 2025, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status(2)
	(in thousands)
Commercial mortgage loans	$	6,951,093	$	0	$	0	$	3,925	$	6,955,018	$	5,120
Agricultural property loans	804,804		0		2,505		22,732		830,041		24,765
Other collateralized loans	11,979		0		0		0		11,979		0
Total	$	7,767,876	$	0	$	2,505	$	26,657	$	7,797,038	$	29,885

(1)As of December 31, 2024, there were no loans in this category accruing interest.

Loans on non-accrual status recognized interest of less than $1 million and $0 million for the three months ended March 31, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $5 million and $2 million as of March 31, 2025 and December 31, 2024, respectively.

Table of Contents

PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For both the three months ended March 31, 2025 and 2024, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:


	March 31, 2025		December 31, 2024
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	397,782	$	388,822
Hedge funds	1,422,821		1,024,534
Real estate-related	74,555		75,730
Subtotal equity method	1,895,158		1,489,086
Fair value:
Private equity	24,326		28,094
Hedge funds	15		14
Real estate-related	15,575		16,016
Subtotal fair value	39,916		44,124
Total LPs/LLCs	1,935,074		1,533,210
Derivative instruments	80,482		24,499
Other(1)	25,056		24,385
Total other invested assets	$	2,040,612	$	1,582,094

(1)Includes tax advantaged investments and investments in separate account funds.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:


	March 31, 2025		December 31, 2024
	(in thousands)
Fixed maturities	$	423,507	$	396,173
Equity securities	218		436
Commercial mortgage and other loans	31,636		29,437
Policy loans	41,601		30,820

Short-term investments and cash equivalents	5,350		9,528
Total accrued investment income	$	502,312	$	466,394

There were no significant write-downs on accrued investment income for both the three months ended March 31, 2025 and 2024.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Fixed maturities, available-for-sale	$	487,200	$	338,809
Fixed maturities, trading	47,203		31,669
Equity securities	18,584		3,747
Commercial mortgage and other loans	97,247		73,758
Policy loans	16,216		14,445
Other invested assets	63,879		23,320
Short-term investments and cash equivalents	34,837		46,315
Gross investment income	765,166		532,063
Less: investment expenses	(30,370)		(26,743)
Net investment income	$	734,796	$	505,320

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Fixed maturities(1)	$	(11,944)	$	(6,837)
Commercial mortgage and other loans	(2,597)		(5,781)
LPs/LLCs	(6)		0
Derivatives(2)	(49,859)		(5,351)
Short-term investments and cash equivalents	(83)		(347)
Ceded income on modified coinsurance investments(3)(4)	(176,702)		33,505
Other(4)	134,817		(17,994)
Realized investment gains (losses), net	$	(106,374)	$	(2,805)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

(4)Prior period amounts have been updated to conform to current period presentation.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:


	March 31, 2025		December 31, 2024
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	3,913	$	893
Fixed maturity securities, available-for-sale without an allowance	(1,602,999)		(1,955,252)
Derivatives designated as cash flow hedges(1)	95,244		110,565
Affiliated notes	(2,752)		(3,276)
Other investments(2)	5,169		785
Net unrealized gains (losses) on investments	$	(1,501,425)	$	(1,846,285)

(1)For additional information regarding cash flow hedges, see Note 4.

(2)Primarily includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets."

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both March 31, 2025 and December 31, 2024, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:


	March 31, 2025						December 31, 2024
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in thousands)
Obligations of U.S. states and their political subdivisions	$	0	$	0	$	0	$	1,139	$	0	$	1,139
Foreign government securities	975		0		975		0		0		0
U.S. public corporate securities	59,256		0		59,256		6,949		0		6,949
U.S. private corporate securities	0		0		0		18		0		18
Foreign public corporate securities	14,978		0		14,978		10,100		0		10,100
Equity securities	161,584		0		161,584		103,166		0		103,166
Total cash collateral for loaned securities(1)	$	236,793	$	0	$	236,793	$	121,372	$	0	$	121,372

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

4. DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to:

•Interest rate contracts: futures, swaps, options, caps and floors

•Equity contracts: futures, options and total return swaps

•Foreign exchange contracts: futures, options, forwards and swaps

•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives include:

•Embedded derivatives and synthetic guaranteed investment contracts (“GICs”)

Table of Contents

PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For detailed information on these contracts and the related strategies, see Note 4 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.


	March 31, 2025						December 31, 2024
Primary Underlying Risk/Instrument Type			Fair Value						Fair Value
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps	$	2,805	$	0	$	(146)	$	2,851	$	0	$	(209)
Foreign Currency Swaps	3,586,047		176,794		(39,500)		3,308,842		202,606		(27,523)
Total Derivatives Designated as Hedge Accounting Instruments	$	3,588,852	$	176,794	$	(39,646)	$	3,311,693	$	202,606	$	(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	187,208,760	$	8,122,373	$	(20,044,578)	$	174,170,160	$	9,029,399	$	(20,888,553)
Interest Rate Futures	847,100		1,268		(408)		1,518,400		1,967		(1,443)
Interest Rate Options	28,680,000		176,217		(1,250,893)		29,135,000		279,414		(1,406,265)
Interest Rate Forwards	0		0		0		0		0		0
Interest Rate Total Return Swaps	223,313		1,541		0		223,721		1,472		(2,121)
Foreign Currency
Foreign Currency Forwards	1,463,163		1,573		(28,151)		1,146,861		30,078		(181)
Credit
Credit Default Swaps	881,065		2,029		0		911,850		9,606		0
Currency/Interest Rate
Foreign Currency Swaps	2,356,636		145,909		(7,809)		2,285,052		164,152		(9,277)
Equity
Equity Total Return Swaps	24,151,584		1,061,295		(862,924)		23,025,217		1,160,080		(1,182,913)
Equity Options	133,213,703		3,055,272		(4,073,912)		117,107,059		4,453,762		(3,717,637)
Equity Futures	2,174,052		9,676		(1,364)		1,802,205		15		(6,060)
Synthetic GICs	3,959,550		32		(12,536)		3,958,847		143		(31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	385,158,926	$	12,577,185	$	(26,282,575)	$	355,284,372	$	15,130,088	$	(27,214,481)
Total Derivatives(1)(2)	$	388,747,778	$	12,753,979	$	(26,322,221)	$	358,596,065	$	15,332,694	$	(27,242,213)

(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,017 million and $11,968 million as of March 31, 2025 and December 31, 2024, respectively, primarily included in "Policyholders' account balances".

(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverable and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.


	March 31, 2025
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	12,753,932	$	(12,673,497)	$	80,435	$	0	$	80,435

Total Assets	$	12,753,932	$	(12,673,497)	$	80,435	$	0	$	80,435
Offsetting of Financial Liabilities:
Derivatives	$	26,309,685	$	(22,085,694)	$	4,223,991	$	(4,110,368)	$	113,623

Total Liabilities	$	26,309,685	$	(22,085,694)	$	4,223,991	$	(4,110,368)	$	113,623


	December 31, 2024
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	15,332,538	$	(15,308,195)	$	24,343	$	0	$	24,343

Total Assets	$	15,332,538	$	(15,308,195)	$	24,343	$	0	$	24,343
Offsetting of Financial Liabilities:
Derivatives	$	27,242,182	$	(23,619,586)	$	3,622,596	$	(3,622,596)	$	0

Total Liabilities	$	27,242,182	$	(23,619,586)	$	3,622,596	$	(3,622,596)	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 14. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.


	Three Months Ended March 31, 2025
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	1	$	0	$	0	$	0	$	11
Currency/Interest Rate	5,432		0		14,874		(25,255)		(15,332)
Total cash flow hedges	5,433		0		14,874		(25,255)		(15,321)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	58,165		97,184		0		0		0
Currency	(46,401)		0		0		0		0
Currency/Interest Rate	(12,496)		0		0		20		0
Credit	(2,863)		0		0		0		0
Equity	(1,496,519)		189,571		0		0		0
Embedded Derivatives	1,444,822		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(55,292)		286,755		0		20		0
Total	$	(49,859)	$	286,755	$	14,874	$	(25,235)	$	(15,321)


	Three Months Ended March 31, 2024
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	1	$	0	$	(63)	$	0	$	11
Currency/Interest Rate	(108)		0		10,728		12,346		27,168
Total cash flow hedges	(107)		0		10,665		12,346		27,179
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	44,472		(855,925)		0		0		0
Currency	13,121		0		0		0		0
Currency/Interest Rate	31,976		0		0		183		0
Credit	7,886		0		0		0		0
Equity	1,426,177		(430,868)		0		0		0
Embedded Derivatives(1)	(1,528,876)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(5,244)		(1,286,793)		0		183		0
Total	$	(5,351)	$	(1,286,793)	$	10,665	$	12,529	$	27,179

(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

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PRUCO LIFE INSURANCE COMPANY

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:


	(in thousands)
Balance, December 31, 2024	$	110,565
Amount recorded in AOCI
Interest Rate	12

Currency/Interest Rate	(20,281)
Total amount recorded in AOCI	(20,269)
Amount reclassified from AOCI to income
Interest Rate	(1)

Currency/Interest Rate	4,949
Total amount reclassified from AOCI to income	4,948
Balance, March 31, 2025	$	95,244

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2025 values, it is estimated that a pre-tax gain of $40 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

Credit Derivatives

Credit Derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $881 million and $912 million as of March 31, 2025 and December 31, 2024, respectively. These credit derivatives are reported at fair value as an asset of $2 million and $10 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 the notional amount of these credit derivatives had the following NAIC ratings: $849 million in NAIC 3 and $32 million in NAIC 6.

The Company has no exposure on purchased credit protection as of March 31, 2025 and December 31, 2024.

Counterparty Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.

PRUCO LIFE INSURANCE CO 10-Q