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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 June 30, 2023

OR

☐			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 August 10, 2023, 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.

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TABLE OF CONTENTS

 

						Page Number
PART I—FINANCIAL INFORMATION
Item 1.			Financial Statements:
			Unaudited Interim Consolidated Statements of Financial Position as of June 30, 2023 and December 31, 2022			4
			Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022			5
			Unaudited Interim Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022			6
			Unaudited Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022			7
			Notes to Unaudited Interim Consolidated Financial Statements			8
			1.    Business and Basis of Presentation			8
			2.    Significant Accounting Policies and Pronouncements			16
			3.    Investments			26
			4.    Derivatives and Hedging			37
			5.    Fair Value of Assets and Liabilities			43
			6.    Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements			56
			7.    Separate Accounts			58
			8.    Liability for Future Policy Benefits			59
			9.    Policyholders' Account Balances			67
			10.  Market Risk Benefits			70
			11.  Reinsurance			72
			12.  Income Taxes			80
			13.  Equity			80
			14.  Related Party Transactions			82
			15.  Commitments and Contingent Liabilities			88
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			90
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			101
Item 4.			Controls and Procedures			101
PART II—OTHER INFORMATION						102
Item 1.			Legal Proceedings			102
Item 1A.			Risk Factors			102
Item 6.			Exhibits			103
SIGNATURES						104

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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 subsidiary. There can be no assurance that future developments affecting Pruco Life Insurance Company and its subsidiary 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) rapidly rising interest rates and equity market declines and their impact on our liquidity, capital positions, cash flows, results of operations and financial position, (2) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (3) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (4) 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; (5) 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; (6) 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; (7) 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; (8) 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; (9) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; (13) reputational damage; and (14) risks related to COVID-19 could reemerge. 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, 2022 for discussion of certain risks relating to our business and investment in our securities.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Financial Position

June 30, 2023 and December 31, 2022 (in thousands, except share amounts)

			June 30, 2023						December 31, 2022
ASSETS
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2023-$4,923; 2022-$4,769) (amortized cost: 2023–$25,557,874; 2022–$21,311,087)			$	23,441,750					$	19,025,401
Fixed maturities, trading, at fair value (amortized cost: 2023–$3,180,933; 2022–$2,682,022)			2,477,679						1,936,159
Equity securities, at fair value (cost: 2023– $376,623; 2022–$148,179)			379,574						143,072
Policy loans			1,432,850						505,367
Short-term investments			308,363						124,491
Commercial mortgage and other loans (net of $22,093 and $20,263 allowance for credit losses at June 30, 2023 and December 31, 2022, respectively)			5,382,278						4,928,680
Other invested assets (includes $163,579 and $116,110 of assets measured at fair value at June 30, 2023 and December 31, 2022, respectively)			1,207,395						1,088,613
Total investments			34,629,889						27,751,783
Cash and cash equivalents			1,780,991						2,397,627
Deferred policy acquisition costs(1)			6,784,291						6,930,425
Accrued investment income			283,585						219,635
Reinsurance recoverables(1)			37,667,480						37,096,562
Receivables from parent and affiliates			267,218						224,921
Deferred sales inducements(1)			366,916						381,504
Income tax assets(1)			1,818,014						1,694,751
Market risk benefit assets(1)			2,340,230						1,393,237
Other assets(1)			1,787,731						1,331,427
Separate account assets			117,840,155						114,051,246
TOTAL ASSETS			$	205,566,500					$	193,473,118
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances(1)			$	47,608,155					$	41,912,536
Future policy benefits(1)			21,977,994						20,829,033
Market risk benefit liabilities(1)			5,089,766						5,521,601
Cash collateral for loaned securities			162,122						86,750
Short-term debt to affiliates			307,123						126,250
Long-term debt to affiliates			0						185,563
Payables to parent and affiliates			2,370,004						2,126,571
Other liabilities(1)			4,540,528						3,597,373
Separate account liabilities			117,840,155						114,051,246
Total liabilities			199,895,847						188,436,923
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			6,145,282						6,037,914
Retained earnings / (accumulated deficit)(1)			(496,877)						(994,154)
Accumulated other comprehensive income (loss)(1)			19,748						(10,065)
Total equity			5,670,653						5,036,195
TOTAL LIABILITIES AND EQUITY			$	205,566,500					$	193,473,118

(1)    Prior period amounts adjusted for the implementation of Accounting Standard Update ("ASU") 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

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

Three and Six Months Ended June 30, 2023 and 2022 (in thousands)

 

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
REVENUES
Premiums(1)			$	89,965					$	54,324					$	166,621					$	123,829
Policy charges and fee income(1)			363,536						398,755						750,027						487,935
Net investment income			393,075						192,128						742,525						371,428
Asset administration fees			56,788						71,790						120,990						151,022
Other income (loss)(1)			105,458						(306,639)						350,305						(633,722)
Realized investment gains (losses), net(1)			7,694						360,219						(112,985)						713,500
Change in value of market risk benefits, net of related hedging gain (loss)(1)			(38,887)						(717,469)						(18,685)						(1,155,337)
TOTAL REVENUES			977,629						53,108						1,998,798						58,655
BENEFITS AND EXPENSES
Policyholders’ benefits(1)			146,961						94,449						252,143						279,858
Change in estimates of liability for future policy benefits(1)			(1,133)						48,647						(5,535)						45,800
Interest credited to policyholders’ account balances(1)			143,816						108,918						304,038						220,937
Amortization of deferred policy acquisition costs(1)			129,147						130,889						266,642						255,964
General, administrative and other expenses(1)			300,689						285,767						587,336						552,717
TOTAL BENEFITS AND EXPENSES			719,480						668,670						1,404,624						1,355,276
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			258,149						(615,562)						594,174						(1,296,621)
Income tax expense (benefit)(1)			40,326						(143,706)						96,565						(342,554)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			217,823						(471,856)						497,609						(954,067)
Equity in earnings of operating joint venture, net of taxes			(225)						(75,162)						(332)						(75,158)
NET INCOME (LOSS)			$	217,598					$	(547,018)					$	497,277					$	(1,029,225)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments			600						(6,200)						3,266						(7,870)
Net unrealized investment gains (losses)(1)			(263,227)						(883,418)						118,874						(1,817,941)
Interest rate remeasurement of future policy benefits(1)			20,636						130,981						(17,588)						249,694
Gain (loss) from changes in non-performance risk on market risk benefits(1)			(247,746)						887,534						(67,323)						1,789,586
Total			(489,737)						128,897						37,229						213,469
Less: Income tax expense (benefit) related to other comprehensive income (loss)(1)			(102,846)						27,805						7,416						45,818
Other comprehensive income (loss), net of taxes			(386,891)						101,092						29,813						167,651
Comprehensive income (loss)			$	(169,293)					$	(445,926)					$	527,090					$	(861,574)

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Equity

Three and Six Months Ended June 30, 2023 and 2022 (in thousands)

			Common   Stock						Additional   Paid-in Capital						Retained Earnings / (Accumulated Deficit)						Accumulated Other Comprehensive   Income (Loss)						Total Equity
Balance, December 31, 2022(1)			$	2,500					$	6,037,914					$	(994,154)					$	(10,065)					$	5,036,195
Contributed capital									405,000																		405,000
Contributed (distributed) capital-parent/child asset transfers									1,870																		1,870
Comprehensive income (loss):
Net income (loss)															279,679												279,679
Other comprehensive income (loss), net of tax																					416,704						416,704
Total comprehensive income (loss)																											696,383
Balance, March 31, 2023			$	2,500					$	6,444,784					$	(714,475)					$	406,639					$	6,139,448
Return of capital									(300,000)																		(300,000)
Contributed (distributed) capital-parent/child asset transfers									498																		498
Comprehensive income (loss):
Net income (loss)															217,598												217,598
Other comprehensive income (loss), net of taxes																					(386,891)						(386,891)
Total comprehensive income (loss)																											(169,293)
Balance, June 30, 2023			$	2,500					$	6,145,282					$	(496,877)					$	19,748					$	5,670,653

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

			Common   Stock						Additional   Paid-in Capital						Retained Earnings / (Accumulated Deficit)						Accumulated Other Comprehensive   Income (Loss)						Total Equity
Balance, December 31, 2021(1)			$	2,500					$	6,042,491					$	(227,449)					$	396,454					$	6,213,996
Contributed capital									8,160																		8,160
Comprehensive income (loss):
Net income (loss)															(482,207)												(482,207)
Other comprehensive income (loss), net of tax																					66,559						66,559
Total comprehensive income (loss)																											(415,648)
Balance, March 31, 2022(1)			$	2,500					$	6,050,651					$	(709,656)					$	463,013					$	5,806,508
Contributed capital									3,194																		3,194
Contributed (distributed) capital-parent/child asset transfers									(13,504)																		(13,504)
Comprehensive income (loss):
Net income (loss)															(547,018)												(547,018)
Other comprehensive income (loss), net of tax																					101,092						101,092
Total comprehensive income (loss)																											(445,926)
Balance, June 30, 2022(1)			$	2,500					$	6,040,341					$	(1,256,674)					$	564,105					$	5,350,272

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

See Notes to Unaudited Interim Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Unaudited Interim Consolidated Statements of Cash Flows

Six Months Ended June 30, 2023 and 2022 (in thousands)

			2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)(1)			$	497,277					$	(1,029,225)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income(1)			32,088						50,541
Interest credited to policyholders’ account balances(1)			304,038						220,937
Realized investment (gains) losses, net(1)			112,985						(713,500)
Change in value of market risk benefits, net of related hedging (gains) losses(1)			18,685						1,155,337
Change in:
Future policy benefits and other insurance liabilities(1)			1,114,998						2,656,256
Reinsurance recoverables(1)			(266,323)						(1,677,450)
Accrued investment income			(61,627)						(22,745)
Net payables to/receivables from parent and affiliates			(62,810)						72,538
Deferred policy acquisition costs(1)			(247,251)						(232,892)
Income taxes(1)			(131,308)						(504,423)
Derivatives, net			(24,143)						(1,186,480)
Other, net(1)(2)			22,671						1,994,124
Cash flows from (used in) operating activities			1,309,280						783,018
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale			668,943						877,701
Fixed maturities, trading			28,720						858,989
Equity securities			44,737						109,213
Policy loans			96,630						83,894
Ceded policy loans			(65,351)						(54,926)
Short-term investments			188,767						195,709
Commercial mortgage and other loans			65,695						113,924
Other invested assets			6,890						58,993
Payments for the purchase/origination of:
Fixed maturities, available-for-sale			(4,639,830)						(3,522,783)
Fixed maturities, trading			(508,352)						(67,781)
Equity securities			(84,161)						(232,161)
Policy loans			(1,039,549)						(74,108)
Ceded policy loans			89,078						35,490
Short-term investments			(352,450)						(278,180)
Commercial mortgage and other loans			(499,642)						(403,331)
Other invested assets			(92,315)						(64,361)
Notes receivable from parent and affiliates, net			3,380						278
Derivatives, net			(72,609)						(259,219)
Other, net			(6,502)						52,879
Cash flows from (used in) investing activities			(6,167,921)						(2,569,780)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits			6,380,420						5,275,227
Ceded policyholders’ account deposits			(590,643)						(608,678)
Policyholders’ account withdrawals			(1,904,078)						(2,381,708)
Ceded policyholders’ account withdrawals			317,163						288,895
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities			75,379						147,670
Contributed capital			105,000						0
Contributed (distributed) capital - parent/child asset transfers			2,997						(165)
Net change in all other financing arrangements (maturities 90 days or less)			(88)						0
Drafts outstanding			(83,568)						(58,729)
Other, net			(60,577)						(4,929)
Cash flows from (used in) financing activities			4,242,005						2,657,583
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(616,636)						870,821
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR			2,397,627						918,931
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	1,780,991					$	1,789,752

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

(2)    Prior period has been reclassified to conform to the current period presentation.

Significant Non-Cash Transactions

"Cash flows from (used in) operating activities" for the six months ended June 30, 2023 excludes certain non-cash activities in the amount of $335 million related to the novated indexed variable annuities under the reinsurance agreement with Fortitude Life Insurance & Annuity Company (“FLIAC”). See Note 11 for more details regarding this transaction.

"Cash flows from (used in) operating activities" for the six months ended June 30, 2022 excludes certain non-cash activities in the amount of $531 million related to the Company entering into an affiliated reinsurance agreement with Lotus Reinsurance Company Ltd. ("Lotus Re") on January 1, 2022 and $811 million related to the novated indexed variable annuities under the reinsurance agreement with FLIAC. See Note 11 for more details regarding these transactions. The Company also received $11 million of non-cash assets from its parent, The Prudential Insurance Company of America. See Note 14 for additional information.

See Notes to Unaudited Interim Consolidated Financial Statements

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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 The Prudential Insurance Company of America (“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 subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Prudential Financial Sale of PALAC

Effective April 1, 2022, Prudential Financial completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”) to Fortitude Group Holdings, LLC (“Fortitude”). As such, PALAC is no longer an affiliate of Prudential Financial or the Company. Fortitude subsequently renamed the company Fortitude Life Insurance & Annuity Company (“FLIAC”).

Reinsurance Agreement with FLIAC

Effective December 1, 2021, the Company entered into a reinsurance agreement with FLIAC (previously named PALAC) under which the Company assumed all of its variable and fixed indexed annuities, and fixed annuities with a guaranteed lifetime withdrawal income feature from FLIAC. See Note 11 for additional information regarding this reinsurance arrangement.

Basis of Presentation

On January 1, 2023, the Company adopted ASU 2018-12, Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, which provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. See “Adoption of ASU 2018-12” below for additional information regarding this adoption, including the impacts to the Company’s 2022 financial statements from implementing the new accounting standard as well as the transition impacts recorded as of January 1, 2021. See Note 2 for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the Unaudited Interim Consolidated Financial Statements.

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”). 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, 2022, and the Company's restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Adoption of ASU 2018-12

In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts which provides new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Company adopted this guidance, effective January 1, 2023, using the modified retrospective transition method, where permitted, for changes to the liability for future policy benefits and deferred policy acquisition costs ("DAC") and related balances, and using the retrospective transition method, as required, for market risk benefits. The Company applied the guidance as of the transition date of January 1, 2021 and retrospectively adjusted prior period amounts shown in the 2023 financial statements to reflect the new guidance.

The following tables present amounts as previously reported in 2022, the effect upon those amounts from the adoption of the new guidance under ASU 2018-12, and the adjusted amounts that are reflected in the Unaudited Interim Consolidated Financial Statements included herein.

Unaudited Interim Consolidated Statements of Financial Position:

			December 31, 2022
IMPACTED LINES ONLY			As Previously Reported						Effect of Change						As Currently Reported
			(in thousands)
Deferred policy acquisition costs			$	6,616,097					$	314,328					$	6,930,425
Reinsurance recoverables			34,561,825						2,534,737						37,096,562
Deferred sales inducements			275,574						105,930						381,504
Income tax assets			1,873,740						(178,989)						1,694,751
Market risk benefit assets			0						1,393,237						1,393,237
Other assets			1,327,393						4,034						1,331,427
TOTAL ASSETS			$	189,299,841					$	4,173,277					$	193,473,118
Policyholders’ account balances			$	41,748,241					$	164,295					$	41,912,536
Future policy benefits			23,204,533						(2,375,500)						20,829,033
Market risk benefit liabilities			0						5,521,601						5,521,601
Other liabilities			3,407,156						190,217						3,597,373
Total liabilities			184,936,310						3,500,613						188,436,923
Retained earnings / (accumulated deficit)			(95,583)						(898,571)						(994,154)
Accumulated other comprehensive income (loss)			(1,581,300)						1,571,235						(10,065)
Total equity			4,363,531						672,664						5,036,195
TOTAL LIABILITIES AND EQUITY			$	189,299,841					$	4,173,277					$	193,473,118

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Table of Contents                                     

PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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

			Three Months Ended June 30, 2022
IMPACTED LINES ONLY			As Previously Reported						Effect of Change						As Currently Reported
			(in thousands)
REVENUES
Premiums			$	57,421					$	(3,097)					$	54,324
Policy charges and fee income			625,812						(227,057)						398,755
Other income (loss)			(312,016)						5,377						(306,639)
Realized investment gains (losses), net			714,709						(354,490)						360,219
Change in value of market risk benefits, net of related hedging gain (loss)			0						(717,469)						(717,469)
TOTAL REVENUES			1,349,844						(1,296,736)						53,108
BENEFITS AND EXPENSES
Policyholders’ benefits			158,106						(63,657)						94,449
Change in estimates of liability for future policy benefits			0						48,647						48,647
Interest credited to policyholders’ account balances			122,944						(14,026)						108,918
Amortization of deferred policy acquisition costs			276,173						(145,284)						130,889
General, administrative and other expenses			286,447						(680)						285,767
TOTAL BENEFITS AND EXPENSES			843,670						(175,000)						668,670
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			506,174						(1,121,736)						(615,562)
Income tax expense (benefit)			75,774						(219,480)						(143,706)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			430,400						(902,256)						(471,856)
NET INCOME (LOSS)			$	355,238					$	(902,256)					$	(547,018)
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)			(897,661)						14,243						(883,418)
Interest rate remeasurement of future policy benefits			0						130,981						130,981
Gain (loss) from changes in non-performance risk on market risk benefits			0						887,534						887,534
Total			(903,861)						1,032,758						128,897
Less: Income tax expense (benefit) related to other comprehensive income (loss)			(189,054)						216,859						27,805
Other comprehensive income (loss), net of taxes			(714,807)						815,899						101,092
Comprehensive income (loss)			$	(359,569)					$	(86,357)					$	(445,926)

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
IMPACTED LINES ONLY			As Previously Reported						Effect of Change						As Currently Reported
			(in thousands)
REVENUES
Premiums			$	131,666					$	(7,837)					$	123,829
Policy charges and fee income			817,374						(329,439)						487,935
Other income (loss)			(639,620)						5,898						(633,722)
Realized investment gains (losses), net			1,498,816						(785,316)						713,500
Change in value of market risk benefits, net of related hedging gain (loss)			0						(1,155,337)						(1,155,337)
TOTAL REVENUES			2,330,686						(2,272,031)						58,655
BENEFITS AND EXPENSES
Policyholders’ benefits			377,870						(98,012)						279,858
Change in estimates of liability for future policy benefits			0						45,800						45,800
Interest credited to policyholders’ account balances			286,470						(65,533)						220,937
Amortization of deferred policy acquisition costs			635,720						(379,756)						255,964
General, administrative and other expenses			554,144						(1,427)						552,717
TOTAL BENEFITS AND EXPENSES			1,854,204						(498,928)						1,355,276
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			476,482						(1,773,103)						(1,296,621)
Income tax expense (benefit)			71,073						(413,627)						(342,554)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE			405,409						(1,359,476)						(954,067)
NET INCOME (LOSS)			$	330,251					$	(1,359,476)					$	(1,029,225)
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)			(1,913,659)						95,718						(1,817,941)
Interest rate remeasurement of future policy benefits			0						249,694						249,694
Gain (loss) from changes in non-performance risk on market risk benefits			0						1,789,586						1,789,586
Total			(1,921,529)						2,134,998						213,469
Less: Income tax expense (benefit) related to other comprehensive income (loss)			(402,512)						448,330						45,818
Other comprehensive income (loss), net of taxes			(1,519,017)						1,686,668						167,651
Comprehensive income (loss)			$	(1,188,766)					$	327,192					$	(861,574)

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unaudited Interim Consolidated Statements of Cash Flows:

			Six Months Ended June 30, 2022
IMPACTED LINES ONLY			As Previously Reported						Effect of Change						As Currently Reported
			(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$	330,251					$	(1,359,476)					$	(1,029,225)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income			(104,864)						155,405						50,541
Interest credited to policyholders’ account balances			286,470						(65,533)						220,937
Realized investment (gains) losses, net			(1,498,816)						785,316						(713,500)
Change in value of market risk benefits, net of related hedging (gains) losses			0						1,155,337						1,155,337
Change in:
Future policy benefits and other insurance liabilities			1,476,307						1,179,949						2,656,256
Reinsurance recoverables			(651,569)						(1,025,881)						(1,677,450)
Deferred policy acquisition costs			147,096						(379,988)						(232,892)
Income taxes			(90,806)						(413,617)						(504,423)
Other, net(1)			2,025,636						(31,512)						1,994,124
Cash flows from (used in) operating activities			$	783,018					$	0					$	783,018

(1)    Prior period has been reclassified to conform to the current period presentation.

The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (“AOCI”) and the impacted insurance-related balances.

			January 1, 2021
			Retained Earnings
			(in thousands)
Balance after-tax, prior to transition			$	1,772,398
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)			(722,837)
Updates to certain universal life contract liabilities(2)			(116,120)
Other(3)			72,950
Total pre-tax adjustments			(766,007)
Tax impacts			160,861
Balance after-tax, after transition			$	1,167,252

(1)    Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRB”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.

(2)    Reflects the impact on additional insurance reserves ("AIR") and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts. For additional information, see Note 2.

(3)    Primarily reflects the reassessment of deferred reinsurance gains ("DRG") and losses ("DRL").

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			January 1, 2021
			Accumulated Other Comprehensive Income
			(in thousands)
Balance after-tax, prior to transition			$	546,128
Interest rate remeasurement of future policy benefits			(196,526)
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)			722,837
Unwinding amounts related to unrealized investment gains and losses(2)			(102,042)
Change in operating joint ventures			(753)
Total pre-tax adjustments			423,516
Tax impacts			(89,096)
Balance after-tax, after transition			$	880,548

(1)    Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.

(2)    Primarily reflects amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2.

			January 1, 2021
			Deferred Policy Acquisition Costs
			Term Life						Variable/Universal Life																		Total
			(in thousands)
Balance prior to transition			$	462,098					$	1,971,838																	$	2,433,936
Unwinding amounts related to unrealized investment gains and losses			0						74,702																		74,702
Other(1)			1						(15,557)																		(15,556)
Balance after transition			$	462,099					$	2,030,983																	$	2,493,082

(1)    Represents miscellaneous model refinements.

			January 1, 2021
			Deferred Reinsurance Losses(1)
			Variable Annuities						Term Life						Variable/Universal Life						Total
			(in thousands)
Balance prior to transition			$	118,579					$	87,932					$	27,167					$	233,678
Unwinding amounts related to unrealized investment gains and losses			14,804						0						0						14,804
Effect of change in reserve basis to market risk benefits			141,032						0						0						141,032
Effect of change in SOP 03-1 reserve basis			0						0						(27,167)						(27,167)
Balance after transition			$	274,415					$	87,932					$	0					$	362,347

(1)    Deferred reinsurance losses are included in “Other assets”.

															January 1, 2021
															Deferred Reinsurance Gains(1)
															Variable/Universal Life
															(in thousands)
Balance prior to transition															$	134,213
Effect of change in SOP 03-1 reserve basis															40,046
Balance after transition															$	174,259

(1)    Deferred reinsurance gains are included in “Other liabilities”.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			January 1, 2021
			Benefit Reserves(1)
			Term Life						Life Insurance - Taiwan						Other(2)						Total
			(in thousands)
Balance prior to transition			$	6,674,490					$	1,592,329					$	219,744					$	8,486,563
Changes in cash flow assumptions and other activity			(259)						43,233						(7,283)						35,691
Balance after transition, at original discount rate			6,674,231						1,635,562						212,461						8,522,254
Cumulative changes in discount rate assumptions			2,432,010						3,316,991						27,818						5,776,819
Balance after transition, at current discount rate			9,106,241						4,952,553						240,279						14,299,073
Less: Reinsurance recoverable			8,536,200						4,952,553						239,874						13,728,627
Balance after transition, net of reinsurance recoverable			$	570,041					$	0					$	405					$	570,446

(1)    Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information on the liability for future policy benefits, see Note 8.

(2)    Other includes fixed annuities and retirement products.

			January 1, 2021
			Deferred Profit Liability(1)
			Life Insurance - Taiwan						Other(2)												Total
			(in thousands)
Balance prior to transition			$	49,127					$	1,689											$	50,816
Changes in benefit reserves			(6,671)						8,521												1,850
Balance after transition			42,456						10,210												52,666
Less: Reinsurance recoverable			42,456						10,210												52,666
Balance after transition, net of reinsurance recoverable			$	0					$	0											$	0

(1)    Deferred profit liability ("DPL"), excluding amounts for reinsurance recoverable, is included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.

(2)    Other includes fixed annuities and retirement products.

			January 1, 2021
			Additional Insurance Reserves(1)
			Variable/Universal Life						Variable Annuities						Total
			(in thousands)
Balance prior to transition			$	9,363,585					$	588,311					$	9,951,896
Unwinding amounts related to unrealized investment gains and losses			(1,426,811)						(53,889)						(1,480,700)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses			7,936,774						534,422						8,471,196
Reclassification of future policy benefits additional insurance reserves to market risk benefits			0						(534,422)						(534,422)
Updates to certain universal life contract liabilities(2)			1,771,341						0						1,771,341
Balance after transition, excluding amounts related to unrealized investment gains and losses			9,708,115						0						9,708,115
Amounts related to unrealized investment gains and losses after transition			1,169,972						0						1,169,972
Balance after transition			10,878,087						0						10,878,087
Less: Reinsurance recoverable			10,685,150						0						10,685,150
Balance after transition, net of reinsurance recoverable			$	192,937					$	0					$	192,937

(1)    AIR, excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.

(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

									January 1, 2021
									Unearned Revenue Reserves(1)
									Variable/Universal Life
									(in thousands)
Balance prior to transition									$	1,377,669
Unwinding amounts related to unrealized investment gains and losses and other activity									367,599
Balance after transition									1,745,268
Less: Reinsurance recoverable									751,517
Balance after transition, net of reinsurance recoverable									$	993,751

(1)    Unearned revenue reserves ("URR") are included in "Policyholders' account balances". For additional information regarding the liability for policyholders' account balances, see Note 9.

			January 1, 2021
			Market Risk Benefits(1)
			Variable Annuities
			(in thousands)
Liability for guaranteed benefits recorded at fair value, prior to transition			$	13,227,814
Additional insurance reserves to be reclassed to market risk benefits, prior to transition, excluding amounts related to unrealized investment gains and losses			534,422
Total liability prior to transition			13,762,236
Change in reserve basis to market risk benefits framework			(184,693)
Market risk benefits after transition, at current non-performance risk value			13,577,543
Less: Reinsured market risk benefits			13,589,575
Market risk benefits after transition, net of reinsurance			$	(12,032)
Market risk benefits after transition, at contract inception non-performance risk value			14,300,380
Cumulative change in non-performance risk			722,837
Market risk benefits after transition, at current non-performance risk value			$	13,577,543

(1)    For additional information regarding market risk benefits, see Note 10.

			January 1, 2021
			Cost of Reinsurance(1)
			Variable/Universal Life
			(in thousands)
Balance prior to transition			$	602,294
Unwinding amounts related to unrealized investment gains and losses			(246,899)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses			355,395
Impact from updates to certain universal life contract liabilities(2)			81,920
Balance after transition, excluding amounts related to unrealized investment gains and losses			437,315
Amounts related to unrealized investment gains and losses after transition			191,098
Balance after transition			$	628,413

(1)    Cost of reinsurance is included in "Other liabilities".

(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.

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; 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.

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 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 June 30, 2023, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Adoption of ASU 2018-12

Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Consolidated Financial Statements and disclosures. See Note 1 for additional information.

As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Total equity” of $271 million, primarily from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of the January 1, 2023 adoption date, the impact amounted to an increase to "Total equity" of $673 million. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in market interest rates during 2021 and 2022.

Outlined below are: (1) key accounting policy changes effected by the ASU and (2) updated accounting policies for all of the periods presented in the Unaudited Interim Consolidated Financial Statements.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(1) Key Accounting Policy Changes

Area of Change

Description

Method of adoption

Effect on the financial statements or other significant matters

Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products

Requires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations.

Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI

The impact upon transition reflects the impact on in force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.

Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products

Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.

As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the impact recorded as a cumulative effect adjustment to AOCI.

Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Area of Change

Description

Method of adoption

Effect on the financial statements or other significant matters

Amortization of deferred acquisition costs and other balances

Requires DAC and other balances, such as URR and Deferred Sales Inducements ("DSI"), to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.

Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI.

Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 6 for additional information.

Market Risk Benefits

Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.

Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021.

Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 10 for additional information.

In addition to the significant key accounting changes noted above, ASU 2018-12 also clarified the definition of assessments used to accrue additional insurance reserves and other related balances, primarily for no-lapse guarantee features on certain universal life contracts. Application of the new guidance changed the pattern of reserve recognition for these guarantees and resulted in an increase to the net contract liabilities related to these products at transition. See Note 1 for additional information regarding the effect on the financial statements.

ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company did not apply this accounting policy election.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(2) Updated Accounting Policies

This section includes the updated accounting policies resulting from the adoption of ASU 2018-12 which are applicable to all of the periods presented in the Unaudited Interim Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with, Note 2 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

ASSETS

Deferred policy acquisition costs 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”, and the carrying amount of DAC is not subject to recoverability testing upon adoption of ASU 2018-12.

DAC 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.

•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.

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.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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.

Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, and are reported on the Consolidated Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. For additional information about these arrangements see Note 11.

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.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. 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 liability resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI.

Coinsurance arrangements contrast with the Company’s yearly renewable term 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 yearly renewable term 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 yearly renewable term 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.

Market risk benefit assets represents 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.

Other assets consists primarily of deposit assets related to a reinsurance agreement entered into with a third-party reinsurer during 2021 using deposit accounting under U.S. GAAP, see Note 11 for additional information. Included in these deposit assets are amounts representing fair value of embedded derivative instruments associated with the index-linked features of certain annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5. Also included are premiums due, deferred loss on reinsurance which is amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. 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.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Deferred Sales Inducements are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 6 for additional information regarding DSI.

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 is primarily comprised 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:

•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. 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 for future cash flow assumption updates during the Company’s annual assumptions review process in the second quarter of each year 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    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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 reflected 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 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 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 and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent 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+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. 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.

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 (AIR liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances in the general account and all policy charges including charges for administration, mortality, expense, surrender, and other charges). 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).

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including URR, net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "policyholders' benefits". 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 AOCI.

In certain instances, for universal life type contracts and participating contracts, the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (Profits Followed by Losses or “PFL” liability) be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. To date, the Company has not recorded a PFL liability on any such contracts.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

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. 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 feature of certain universal life and annuity products. 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 benefit. 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 NPR which is recorded in OCI. See Note 10 for additional information regarding market risk benefits.

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 gain (loss)".

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Other liabilities consists primarily of reinsurance payables associated with reinsurance arrangements that correspond to reinsurance receivables included above in “Reinsurance recoverables”. Also included is a funds withheld liability for assets retained under a reinsurance agreement that corresponds to the deposit assets above in "Other assets". For additional information about these arrangements see Note 11. Additionally other liabilities includes accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date and deferred gain on reinsurance. The amortization method for deferred gain on reinsurance is amortized over the expected life of the reinsured contracts on a constant-level basis. Other liabilities may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".

Separate account liabilities primarily represents the contractholders’ account balance 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.

REVENUES AND 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).

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 and DSI.

Policyholders’ account balances also includes 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.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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.

As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also 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, it expects such changes to be gradual over the long-term.

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 survey as the primary basis for these assumptions. The Company may use those economic assumptions to project future rates of return on investments.

Other ASUs adopted during the six months ended June 30, 2023

The Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, effective January 1, 2023, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. Specific to the accounting policy for commercial mortgage and other loans, adoption of the ASU resulted in the elimination of TDRs such that, on a prospective basis, all modifications are evaluated under the existing modification guidance in ASC 310-20 to determine whether a modification results in a new financial instrument or a continuation of the existing financial instrument. Furthermore, for modifications of loans that have a CECL allowance and result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms and the post-modification effective yield. Prior to the adoption of the ASU, if a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield. Adoption of the ASU did not have a significant impact on the Company’s Consolidated Financial Statements and 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:

			June 30, 2023
			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			$	392,585					$	258					$	68,582					$	0					$	324,261
Obligations of U.S. states and their political subdivisions			797,759						3,900						24,568						0						777,091
Foreign government bonds			341,979						1,229						54,900						0						288,308
U.S. public corporate securities			9,797,076						29,259						940,277						1,175						8,884,883
U.S. private corporate securities			4,659,960						12,365						340,940						3,480						4,327,905
Foreign public corporate securities			1,873,238						2,455						155,979						262						1,719,452
Foreign private corporate securities			4,521,673						38,274						520,224						0						4,039,723
Asset-backed securities(1)			1,903,744						15,309						21,487						0						1,897,566
Commercial mortgage-backed securities			858,875						49						78,819						0						780,105
Residential mortgage-backed securities(2)			410,985						1,793						10,316						6						402,456
Total fixed maturities, available-for-sale			$	25,557,874					$	104,891					$	2,216,092					$	4,923					$	23,441,750

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

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

			December 31, 2022
			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			$	354,348					$	300					$	72,856					$	0					$	281,792
Obligations of U.S. states and their political subdivisions			654,884						4,275						30,959						0						628,200
Foreign government bonds			330,967						1,140						58,640						5						273,462
U.S. public corporate securities			7,414,790						21,299						992,145						0						6,443,944
U.S. private corporate securities			4,140,734						13,071						335,205						1,871						3,816,729
Foreign public corporate securities			1,539,172						2,455						163,384						21						1,378,222
Foreign private corporate securities			4,338,585						19,761						589,153						2,863						3,766,330
Asset-backed securities(1)			1,467,955						6,976						32,577						0						1,442,354
Commercial mortgage-backed securities			727,159						94						69,101						0						658,152
Residential mortgage-backed securities(2)			342,493						3,211						9,479						9						336,216
Total fixed maturities, available-for-sale			$	21,311,087					$	72,582					$	2,353,499					$	4,769					$	19,025,401

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

(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:

			June 30, 2023
			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			$	100,715					$	1,233					$	219,681					$	67,349					$	320,396					$	68,582
Obligations of U.S. states and their political subdivisions			331,330						5,382						146,894						19,186						478,224						24,568
Foreign government bonds			50,572						2,126						214,241						52,774						264,813						54,900
U.S. public corporate securities			3,983,266						112,737						3,630,814						827,449						7,614,080						940,186
U.S. private corporate securities			2,169,540						86,096						1,817,855						254,812						3,987,395						340,908
Foreign public corporate securities			751,135						12,808						816,331						142,851						1,567,466						155,659
Foreign private corporate securities			926,723						34,714						2,234,946						485,510						3,161,669						520,224
Asset-backed securities			379,540						4,023						611,043						17,464						990,583						21,487
Commercial mortgage-backed securities			314,068						13,348						456,762						65,471						770,830						78,819
Residential mortgage-backed securities			154,462						5,653						31,582						4,663						186,044						10,316
Total fixed maturities, available-for-sale			$	9,161,351					$	278,120					$	10,180,149					$	1,937,529					$	19,341,500					$	2,215,649

			December 31, 2022
			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			$	212,991					$	46,928					$	62,630					$	25,928					$	275,621					$	72,856
Obligations of U.S. states and their political subdivisions			307,734						16,851						61,915						14,108						369,649						30,959
Foreign government bonds			139,577						19,435						111,371						39,205						250,948						58,640
U.S. public corporate securities			3,873,275						389,937						1,979,725						602,208						5,853,000						992,145
U.S. private corporate securities			2,506,932						157,853						948,686						177,352						3,455,618						335,205
Foreign public corporate securities			548,083						40,508						596,437						122,856						1,144,520						163,364
Foreign private corporate securities			1,772,413						199,124						1,479,608						390,029						3,252,021						589,153
Asset-backed securities			625,710						15,146						289,581						17,431						915,291						32,577
Commercial mortgage-backed securities			459,186						30,408						176,349						38,693						635,535						69,101
Residential mortgage-backed securities			129,721						9,220						1,294						259						131,015						9,479
Total fixed maturities, available-for-sale			$	10,575,622					$	925,410					$	5,707,596					$	1,428,069					$	16,283,218					$	2,353,479

27

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

As of June 30, 2023 and December 31, 2022, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $2,071.0 million and $2,164.1 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 $144.7 million and $189.4 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of June 30, 2023, the $1,937.5 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, 2022, the $1,428.1 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 restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at June 30, 2023. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of June 30, 2023, 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:

			June 30, 2023
			Amortized Cost						Fair Value
			(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less			$	871,136					$	851,532
Due after one year through five years			7,836,414						7,422,836
Due after five years through ten years			6,286,229						5,750,612
Due after ten years			7,390,491						6,336,643
Asset-backed securities			1,903,744						1,897,566
Commercial mortgage-backed securities			858,875						780,105
Residential mortgage-backed securities			410,985						402,456
Total fixed maturities, available-for-sale			$	25,557,874					$	23,441,750

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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)			$	68,308					$	403,660					$	128,681					$	678,089
Proceeds from maturities/prepayments			193,205						110,426						488,333						230,787
Gross investment gains from sales and maturities			6,777						(652)						9,449						(1,358)
Gross investment losses from sales and maturities			(5,587)						(22,461)						(17,525)						(41,903)
Write-downs recognized in earnings(2)			4						(19,519)						7						(19,516)
(Addition to) release of allowance for credit losses			(1,196)						15,915						(154)						(661)

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $51.9 million and $(31.2) million for the six months ended June 30, 2023 and 2022, respectively.

(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:

			Three Months Ended June 30, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						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					$	3,720					$	0					$	0					$	7					$	3,727
Additions to allowance for credit losses not previously recorded			0						0						242						0						0						0						242
Reductions for securities sold during the period			0						0						(41)						0						0						0						(41)
Reductions for securities with intent to sell			0						0						0						0						0						0						0
Additions (reductions) on securities with previous allowance			0						0						996						0						0						(1)						995
Balance, end of period			$	0					$	0					$	4,917					$	0					$	0					$	6					$	4,923

			Three Months Ended June 30, 2022
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						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					$	399					$	20,326					$	0					$	0					$	0					$	20,725
Additions to allowance for credit losses not previously recorded			0						0						2,904						0						0						0						2,904
Reductions for securities sold during the period			0						(1)						(1,202)						0						0						0						(1,203)
Reductions for securities with intent to sell			0						(324)						(16,666)						0						0						0						(16,990)
Additions (reductions) on securities with previous allowance			0						42						(668)						0						0						0						(626)
Balance, end of period			$	0					$	116					$	4,694					$	0					$	0					$	0					$	4,810

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2023
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						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					$	5					$	4,755					$	0					$	0					$	9					$	4,769
Additions to allowance for credit losses not previously recorded			0						0						3,165						0						0						0						3,165
Reductions for securities sold during the period			0						(1)						(3,774)						0						0						0						(3,775)
Reductions for securities with intent to sell			0						0						0						0						0						0						0
Additions (reductions) on securities with previous allowance			0						(4)						771						0						0						(3)						764
Balance, end of period			$	0					$	0					$	4,917					$	0					$	0					$	6					$	4,923

			Six Months Ended June 30, 2022
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Bonds						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					$	11					$	4,138					$	0					$	0					$	0					$	4,149
Additions to allowance for credit losses not previously recorded			0						329						12,162						0						0						0						12,491
Reductions for securities sold during the period			0						(4)						(1,202)						0						0						0						(1,206)
Reductions for securities with intent to sell			0						(324)						(16,666)						0						0						0						(16,990)
Additions (reductions) on securities with previous allowance			0						104						6,262						0						0						0						6,366
Balance, end of period			$	0					$	116					$	4,694					$	0					$	0					$	0					$	4,810

See Note 2 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023 for additional information about the Company's methodology for developing our allowance and expected losses.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For the three months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the technology and communications sectors within corporate securities, due to adverse projected cash flows. For the three months ended June 30, 2022, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to communication sectors within corporate securities.

For the six months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the technology and communications sectors within corporate securities, partially offset by restructurings within the capital goods and transportation sectors within private corporate securities. For the six months ended June 30, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to adverse projected cash flows in the capital goods and utility sectors within corporate securities, partially offset by an increase in the communications sectors.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of both June 30, 2023 and December 31, 2022.

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 $(53.5) million and $(184.1) million during the three months ended June 30, 2023 and 2022, respectively, and $42.6 million and $(520.5) million during the six months ended June 30, 2023 and 2022, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(1.1) million and $(10.0) million during the three months ended June 30, 2023 and 2022, respectively, and $8.1 million and $(14.1) million during the six months ended June 30, 2023 and 2022, respectively.

Commercial Mortgage and Other Loans

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

			June 30, 2023												December 31, 2022
			Amount (in thousands)						% of Total						Amount (in thousands)						% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family			$	1,438,086					26.6		%				$	1,289,026					26.0		%
Hospitality			103,254						1.9						104,177						2.1
Industrial			2,024,002						37.5						1,766,247						35.8
Office			588,424						10.9						590,897						11.9
Other			401,375						7.4						380,121						7.7
Retail			368,990						6.8						351,457						7.1
Total commercial mortgage loans			4,924,131						91.1						4,481,925						90.6
Agricultural property loans			480,240						8.9						467,018						9.4
Total commercial mortgage and agricultural property loans			5,404,371						100.0		%				4,948,943						100.0		%
Allowance for credit losses			(22,093)												(20,263)
Total net commercial mortgage and agricultural property loans			$	5,382,278											$	4,928,680

As of June 30, 2023, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (29%), Texas (12%) and New York (5%), and included loans secured by properties in Europe (9%), Mexico (2%) and Australia (1%).

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:

			Three Months Ended June 30,
			2023																		2022
			Commercial Mortgage Loans						Agricultural Property Loans												Total						Commercial Mortgage Loans						Agricultural Property Loans												Total
			(in thousands)
Allowance, beginning of period			$	20,427					$	983											$	21,410					$	6,324					$	122											$	6,446
Addition to (release of) allowance for expected losses			706						(23)												683						3,380						98												3,478
Allowance, end of period			$	21,133					$	960											$	22,093					$	9,704					$	220											$	9,924

			Six Months Ended June 30,
			2023																		2022
			Commercial Mortgage Loans						Agricultural Property Loans												Total						Commercial Mortgage Loans						Agricultural Property Loans												Total
			(in thousands)
Allowance, beginning of period			$	19,665					$	598											$	20,263					$	5,847					$	104											$	5,951
Addition to (release of) allowance for expected losses			1,468						362												1,830						3,857						116												3,973
Allowance, end of period			$	21,133					$	960											$	22,093					$	9,704					$	220											$	9,924

See Note 2 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023 for additional information about the Company's methodology for developing our allowance and expected losses.

For the three months ended June 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the general allowance due to declining market conditions and loan originations. For the three months ended June 30, 2022, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the general allowance due to current market conditions.

For the six months ended June 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the general allowance due to current market conditions and loan originations. For the six months ended June 30, 2022, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the general allowance due to current market conditions and loan originations.

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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:

			June 30, 2023
			Amortized Cost by Origination Year
			2023						2022						2021						2020						2019						Prior									Revolving Loans						Total
			(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	140,170					$	229,914					$	251,894					$	73,420					$	242,096					$	1,087,395								$	0					$	2,024,889
60%-69.99%			157,479						384,215						722,076						171,138						184,557						354,110									0						1,973,575
70%-79.99%			168,665						168,913						280,825						111,458						81,919						42,730									0						854,510
80% or greater			0						0						0						0						3,193						67,964									0						71,157
Total			$	466,314					$	783,042					$	1,254,795					$	356,016					$	511,765					$	1,552,199								$	0					$	4,924,131
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	395,531					$	750,505					$	1,254,795					$	248,763					$	469,527					$	1,451,257								$	0					$	4,570,378
1.0 - 1.2x			70,783						32,537						0						11,191						23,872						14,829									0						153,212
Less than 1.0x			0						0						0						96,062						18,366						86,113									0						200,541
Total			$	466,314					$	783,042					$	1,254,795					$	356,016					$	511,765					$	1,552,199								$	0					$	4,924,131
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	13,837					$	192,505					$	132,189					$	26,241					$	15,927					$	26,433								$	4,750					$	411,882
60%-69.99%			12,148						56,210						0						0						0						0									0						68,358
70%-79.99%			0						0						0						0						0						0									0						0
80% or greater			0						0						0						0						0						0									0						0
Total			$	25,985					$	248,715					$	132,189					$	26,241					$	15,927					$	26,433								$	4,750					$	480,240
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	25,985					$	246,715					$	132,189					$	26,241					$	15,927					$	26,433								$	4,750					$	478,240
1.0 - 1.2x			0						2,000						0						0						0						0									0						2,000
Less than 1.0x			0						0						0						0						0						0									0						0
Total			$	25,985					$	248,715					$	132,189					$	26,241					$	15,927					$	26,433								$	4,750					$	480,240

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2022
			Amortized Cost by Origination Year
			2022						2021						2020						2019						2018						Prior												Total
			(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	266,453					$	262,095					$	63,558					$	222,638					$	201,087					$	894,646											$	1,910,477
60%-69.99%			344,110						681,996						243,800						219,593						61,757						305,175												1,856,431
70%-79.99%			166,629						304,386						47,388						66,148						2,409						53,336												640,296
80% or greater			0						0						0						3,249						0						71,472												74,721
Total			$	777,192					$	1,248,477					$	354,746					$	511,628					$	265,253					$	1,324,629											$	4,481,925
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	744,301					$	1,248,477					$	243,325					$	452,626					$	258,617					$	1,203,807											$	4,151,153
1.0 - 1.2x			32,891						0						83,655						26,558						6,636						45,742												195,482
Less than 1.0x			0						0						27,766						32,444						0						75,080												135,290
Total			$	777,192					$	1,248,477					$	354,746					$	511,628					$	265,253					$	1,324,629											$	4,481,925
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	208,708					$	133,126					$	25,894					$	16,053					$	6,327					$	20,700											$	410,808
60%-69.99%			56,210						0						0						0						0						0												56,210
70%-79.99%			0						0						0						0						0						0												0
80% or greater			0						0						0						0						0						0												0
Total			$	264,918					$	133,126					$	25,894					$	16,053					$	6,327					$	20,700											$	467,018
Debt Service Coverage Ratio:
Greater or Equal to 1.2x			$	262,918					$	133,126					$	25,894					$	16,053					$	6,327					$	20,700											$	465,018
1.0 - 1.2x			2,000						0						0						0						0						0												2,000
Less than 1.0x			0						0						0						0						0						0												0
Total			$	264,918					$	133,126					$	25,894					$	16,053					$	6,327					$	20,700											$	467,018

See Note 2 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

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:

			June 30, 2023
			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			$	4,924,131					$	0					$	0					$	0					$	4,924,131					$	0
Agricultural property loans			480,240						0						0						0						480,240						0
Total			$	5,404,371					$	0					$	0					$	0					$	5,404,371					$	0

(1)As of June 30, 2023, 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 restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2022
			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			$	4,481,925					$	0					$	0					$	0					$	4,481,925					$	0
Agricultural property loans			465,689						0						1,329						0						467,018						0
Total			$	4,947,614					$	0					$	1,329					$	0					$	4,948,943					$	0

(1)As of December 31, 2022, 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 restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

For both the three and six months ended June 30, 2023, there were $5,403.1 million of commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For both the three and six months ended June 30, 2022, there were $27.6 million of commercial mortgage and other loans acquired, other than those through direct origination, and there were $24.8 million of commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration, as of both June 30, 2023 and December 31, 2022.

Other Invested Assets

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

			June 30, 2023						December 31, 2022
			(in thousands)
Company’s investment in separate accounts			$	410					$	510
LPs/LLCs:
Equity method:
Private equity			318,342						287,969
Hedge funds			633,025						576,595
Real estate-related			92,039						107,429
Subtotal equity method			1,043,406						971,993
Fair value:
Private equity			57,932						59,146
Hedge funds			253						396
Real estate-related			8,663						9,457
Subtotal fair value			66,848						68,999
Total LPs/LLCs			1,110,254						1,040,992
Derivative instruments			96,731						47,111
Total other invested assets			$	1,207,395					$	1,088,613

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Accrued Investment Income

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

			June 30, 2023						December 31, 2022
			(in thousands)
Fixed maturities			$	240,885					$	187,628
Equity securities			220						349
Commercial mortgage and other loans			16,962						13,335
Policy loans			20,247						14,525
Other invested assets			47						48
Short-term investments and cash equivalents			5,224						3,750
Total accrued investment income			$	283,585					$	219,635

There were no significant write-downs on accrued investment income for both the three and six months ended June 30, 2023 and 2022.

Net Investment Income

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)
Fixed maturities, available-for-sale			$	275,718					$	121,986					$	510,528					$	231,177
Fixed maturities, trading			21,761						12,479						39,635						28,044
Equity securities			2,543						1,190						5,320						1,352
Commercial mortgage and other loans			56,317						22,801						104,973						45,049
Policy loans			10,622						5,153						15,618						10,219
Other invested assets			15,624						38,243						41,723						75,033
Short-term investments and cash equivalents			29,582						3,441						60,758						4,089
Gross investment income			412,167						205,293						778,555						394,963
Less: investment expenses			(19,092)						(13,165)						(36,030)						(23,535)
Net investment income			$	393,075					$	192,128					$	742,525					$	371,428

            

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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)
Fixed maturities(1)			$	(2)					$	(26,717)					$	(8,223)					$	(63,438)
Commercial mortgage and other loans			(806)						(5,756)						(2,084)						(6,359)
Other invested assets			7,569						1,894						13,196						3,536
Derivatives(2)			600						390,746						(117,670)						779,973
Short-term investments and cash equivalents			333						52						1,796						(212)
Realized investment gains (losses), net(2)			$	7,694					$	360,219					$	(112,985)					$	713,500

 

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

(2)Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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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:

			June 30, 2023						December 31, 2022
			(in thousands)
Fixed maturity securities, available-for-sale with an allowance			$	3,781					$	4,371
Fixed maturity securities, available-for-sale without an allowance			(2,114,982)						(2,285,288)
Derivatives designated as cash flow hedges(1)			99,661						138,627
Affiliated notes			(12,179)						(13,189)
Other investments(2)(3)			(1,149)						(1,176)
Net unrealized gains (losses) on investments			$	(2,024,868)					$	(2,156,655)

(1)For more information on cash flow hedges, see Note 4.

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

(3)Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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 June 30, 2023 and December 31, 2022, 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:

			June 30, 2023																		December 31, 2022
			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)
Foreign government bonds			$	490					$	0					$	490					$	506					$	0					$	506
U.S. public corporate securities			11,524						0						11,524						7,903						0						7,903
Foreign public corporate securities			965						0						965						12,873						0						12,873
Equity securities			149,143						0						149,143						65,468						0						65,468
Total cash collateral for loaned securities(1)			$	162,122					$	0					$	162,122					$	86,750					$	0					$	86,750

(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

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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 restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

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. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account of the netting effects of master netting agreements and cash collateral.

						June 30, 2023																		December 31, 2022
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						$	6,172					$	0					$	(281)					$	3,225					$	0					$	(316)
Foreign Currency Swaps						2,005,195						184,327						(21,003)						1,933,343						233,812						(10,462)
Total Derivatives Designated as Hedge Accounting Instruments						$	2,011,367					$	184,327					$	(21,284)					$	1,936,568					$	233,812					$	(10,778)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps						$	225,661,110					$	6,500,268					$	(17,340,905)					$	138,419,110					$	6,757,890					$	(17,092,749)
Interest Rate Options						23,248,000						107,941						(693,225)						8,368,000						123,168						(225,125)
Interest Rate Futures						1,397,200						426						(7,675)						2,425,500						3,267						(201)
Interest Rate Forwards						1,104,000						4,668						(6,719)						1,104,000						11,265						(12,359)
Foreign Currency
Foreign Currency Forwards						730,882						4,847						(3,563)						364,946						590						(10,423)
Credit
Credit Default Swaps						89,631						1,973						0						47,450						346						0
Currency/Interest Rate
Foreign Currency Swaps						2,345,911						152,240						(16,276)						2,289,170						194,412						(14,624)
Equity
Total Return Swaps						13,186,165						255,586						(464,354)						15,958,130						120,341						(175,104)
Equity Options						40,732,315						1,081,712						(1,212,176)						25,187,516						239,003						(1,112,196)
Equity Futures						742,686						4,639						(773)						876,790						956						(513)
Total Derivatives Not Qualifying as Hedge Accounting Instruments						$	309,237,900					$	8,114,300					$	(19,745,666)					$	195,040,612					$	7,451,238					$	(18,643,294)
Total Derivatives(1)(2)						$	311,249,267					$	8,298,627					$	(19,766,950)					$	196,977,180					$	7,685,050					$	(18,654,072)

(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $5,513 million and $3,502 million as of June 30, 2023 and December 31, 2022, respectively included in "Policyholders' account balances". Other assets included $218 million and $141 million as of June 30, 2023 and December 31, 2022, respectively. Other liabilities included $26 million and $10 million as of June 30, 2023 and December 31, 2022, respectively.

(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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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 recoverables), 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.

			June 30, 2023
			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			$	8,298,627					$	(8,201,896)					$	96,731					$	0					$	96,731
Securities purchased under agreements to resell			0						0						0						0						0
Total Assets			$	8,298,627					$	(8,201,896)					$	96,731					$	0					$	96,731
Offsetting of Financial Liabilities:
Derivatives			$	19,766,950					$	(17,405,225)					$	2,361,725					$	(2,361,725)					$	0
Securities sold under agreements to repurchase			0						0						0						0						0
Total Liabilities			$	19,766,950					$	(17,405,225)					$	2,361,725					$	(2,361,725)					$	0

			December 31, 2022
			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			$	7,685,050					$	(7,637,939)					$	47,111					$	0					$	47,111
Securities purchased under agreements to resell			290,000						0						290,000						(290,000)						0
Total Assets			$	7,975,050					$	(7,637,939)					$	337,111					$	(290,000)					$	47,111
Offsetting of Financial Liabilities:
Derivatives			$	18,654,072					$	(16,568,912)					$	2,085,160					$	(2,085,160)					$	0
Securities sold under agreements to repurchase			0						0						0						0						0
Total Liabilities			$	18,654,072					$	(16,568,912)					$	2,085,160					$	(2,085,160)					$	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 restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

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.

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 June 30, 2023
			Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)						Net Investment Income						Other Income						Change in AOCI
			(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate			$	1					$	0					$	(29)					$	0					$	(43)
Currency/Interest Rate			(1,944)						0						10,974						(7,027)						(18,636)
Total cash flow hedges			(1,943)						0						10,945						(7,027)						(18,679)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			63,875						(915,225)						0						0						0
Currency			(5,416)						0						0						0						0
Currency/Interest Rate			(23,601)						0						0						(54)						0
Credit			1,392						0						0						0						0
Equity			947,017						(398,134)						0						0						0
Embedded Derivatives			(980,724)						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments			2,543						(1,313,359)						0						(54)						0
Total			$	600					$	(1,313,359)					$	10,945					$	(7,081)					$	(18,679)

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2023
			Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)						Net Investment Income						Other Income						Change in AOCI
			(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate			$	1					$	0					$	(54)					$	0					$	(2)
Currency/Interest Rate			571						0						22,679						(17,453)						(38,964)
Total cash flow hedges			572						0						22,625						(17,453)						(38,966)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			15,712						(707,165)						0						0						0
Currency			(12,026)						0						0						0						0
Currency/Interest Rate			(36,322)						0						0						(200)						0
Credit			2,326						0						0						0						0
Equity			1,143,892						(598,066)						0						0						0
Embedded Derivatives			(1,228,711)						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments			(115,129)						(1,305,231)						0						(200)						0
Total			$	(114,557)					$	(1,305,231)					$	22,625					$	(17,653)					$	(38,966)

			Three Months Ended June 30, 2022
			Realized Investment Gains (Losses) (1)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) (1)						Net Investment Income						Other Income						Change in AOCI
			(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate			$	0					$	0					$	4					$	0					$	(64)
Currency/Interest Rate			417						0						8,717						33,483						91,734
Total cash flow hedges			417						0						8,721						33,483						91,670
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			238,950						(1,909,364)						0						0						0
Currency			15,504						0						0						0						0
Currency/Interest Rate			114,645						0						0						290						0
Credit			(38,726)						0						0						0						0
Equity			1,788						931,489						0						0						0
Embedded Derivatives			58,168						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments			390,329						(977,875)						0						290						0
Total			$	390,746					$	(977,875)					$	8,721					$	33,773					$	91,670

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
			Realized Investment Gains (Losses) (1)						Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) (1)						Net Investment Income						Other Income						Change in AOCI
			(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate			$	1					$	0					$	16					$	0					$	(221)
Currency/Interest Rate			(354)						0						16,566						40,183						104,715
Total cash flow hedges			(353)						0						16,582						40,183						104,494
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate			483,192						(3,779,544)						0						0						0
Currency			19,801						0						0						0						0
Currency/Interest Rate			112,937						0						0						0						0
Credit			(41,449)						0						0						403						0
Equity			174,900						1,149,637						0						0						0
Embedded Derivatives			30,945						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments			780,326						(2,629,907)						0						403						0
Total			$	779,973					$	(2,629,907)					$	16,582					$	40,586					$	104,494

(1)Amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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

			(in thousands)
Balance, December 31, 2022			$	138,627
Amount recorded in AOCI
Interest Rate			(55)
Currency/Interest Rate			(33,167)
Total amount recorded in AOCI			(33,222)
Amount reclassified from AOCI to income
Interest Rate			53
Currency/Interest Rate			(5,797)
Total amount reclassified from AOCI to income			(5,744)
Balance, June 30, 2023			$	99,661

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 June 30, 2023 values, it is estimated that a pre-tax gain of $19 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending June 30, 2024.

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.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Credit Derivatives

Credit Derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $90 million and $47 million as of June 30, 2023 and December 31, 2022, respectively. These credit derivatives are reported at fair value as an asset of $2 million and $0 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 the notional amount of these credit derivatives had the following NAIC rating: $46 million in NAIC 3 and $44 million in NAIC 6.

The Company has no exposure on purchased credit protection as of June 30, 2023 and December 31, 2022.

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 agreement, 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.

5.    FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3 – Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. 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, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The fair value of these 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 benefit. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period. See "Annual Assumptions Review" in Note 2 for additional information.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

			June 30, 2023
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	0					$	324,261					$	0					$						$	324,261
Obligations of U.S. states and their political subdivisions			0						777,091						0												777,091
Foreign government bonds			0						287,607						701												288,308
U.S. corporate public securities			0						8,884,883						0												8,884,883
U.S. corporate private securities			0						3,989,251						338,654												4,327,905
Foreign corporate public securities			0						1,712,484						6,968												1,719,452
Foreign corporate private securities			0						3,664,098						375,625												4,039,723
Asset-backed securities(2)			0						1,831,879						65,687												1,897,566
Commercial mortgage-backed securities			0						699,453						80,652												780,105
Residential mortgage-backed securities			0						402,456						0												402,456
Subtotal			0						22,573,463						868,287												23,441,750
Market risk benefit assets			0						0						2,340,230												2,340,230
Fixed maturities, trading			0						2,477,679						0												2,477,679
Equity securities			145,759						190,441						43,374												379,574
Short-term investments			49,804						188,594						1,209												239,607
Cash equivalents			0						1,092,394						0												1,092,394
Other invested assets(3)			95,126						8,203,501						0						(8,201,896)						96,731
Other assets			0						0						217,613												217,613
Reinsurance recoverable			0						0						1,465												1,465
Receivables from parent and affiliates			0						145,661						0												145,661
Subtotal excluding separate account assets			290,689						34,871,733						3,472,178						(8,201,896)						30,432,704
Separate account assets(4)(5)			114,988						112,915,302						4,982												113,035,272
Total assets			$	405,677					$	147,787,035					$	3,477,160					$	(8,201,896)					$	143,467,976
Market risk benefit liabilities			$	0					$	0					$	5,089,766					$						$	5,089,766
Policyholders' account balances			0						0						5,513,449												5,513,449
Payables to parent and affiliates			0						19,758,495						0						(17,404,023)						2,354,472
Other liabilities(6)			8,448						(25,553)						0						(1,202)						(18,307)
Total liabilities			$	8,448					$	19,732,942					$	10,603,215					$	(17,405,225)					$	12,939,380

 

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2022
			Level 1						Level 2						Level 3						Netting(1)						Total
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	0					$	281,792					$	0					$						$	281,792
Obligations of U.S. states and their political subdivisions			0						628,200						0												628,200
Foreign government bonds			0						272,738						724												273,462
U.S. corporate public securities			0						6,443,944						0												6,443,944
U.S. corporate private securities			0						3,573,269						243,460												3,816,729
Foreign corporate public securities			0						1,371,354						6,868												1,378,222
Foreign corporate private securities			0						3,509,162						257,168												3,766,330
Asset-backed securities(2)			0						1,421,852						20,502												1,442,354
Commercial mortgage-backed securities			0						573,930						84,222												658,152
Residential mortgage-backed securities			0						336,216						0												336,216
Subtotal			0						18,412,457						612,944												19,025,401
Market risk benefit assets(7)			0						0						1,393,237												1,393,237
Fixed maturities, trading			0						1,936,159						0												1,936,159
Equity securities			108,076						6,403						28,593												143,072
Short-term investments			0						81,215						16,945												98,160
Cash equivalents			0						1,432,182						0												1,432,182
Other invested assets(3)			4,223						7,680,827						0						(7,637,939)						47,111
Other assets			0						0						141,041												141,041
Reinsurance recoverable			0						0						0												0
Receivables from parent and affiliates			0						148,075						0												148,075
Subtotal excluding separate account assets			112,299						29,697,318						2,192,760						(7,637,939)						24,364,438
Separate account assets(4)(5)			102,243						108,682,425						4,645												108,789,313
Total assets			$	214,542					$	138,379,743					$	2,197,405					$	(7,637,939)					$	133,153,751
Market risk benefit liabilities(7)			$	0					$	0					$	5,521,601					$						$	5,521,601
Policyholders' account balances			0						0						3,502,096												3,502,096
Payables to parent and affiliates			0						18,653,159						0						(16,568,242)						2,084,917
Other liabilities(6)			899						(9,496)						0						(670)						(9,267)
Total liabilities			$	899					$	18,643,663					$	9,023,697					$	(16,568,912)					$	11,099,347

(1)“Netting” amounts represent cash collateral of $(9,203) million and $(8,931) million as of June 30, 2023 and December 31, 2022, respectively.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of June 30, 2023 and December 31, 2022, the fair values of such investments were $67 million and $69 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. 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. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At June 30, 2023 and December 31, 2022, the fair value of such investments were $4,805 million and $5,262 million, respectively.

(6)Other liabilities includes embedded derivatives associated with reinsurance agreements.

(7)Amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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Table of Contents                                     

PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.

			June 30, 2023
			Fair Value			Valuation   Techniques						Unobservable Inputs						Minimum						Maximum						Weighted Average						Impact of  Increase in  Input on  Fair Value(1)
			(in thousands)
Assets:
Corporate securities(2)			$	599,010		Discounted cash flow						Discount rate						5.82		%				20		%				9.10		%				Decrease
						Liquidation						Liquidation value						64.71		%				64.71		%				64.71		%				Increase
Market risk benefit assets(4)			$	2,340,230		Discounted cash flow						Lapse rate(5)						1		%				20		%										Increase
												Spread over SOFR(6)						0.57		%				2.26		%										Increase
												Utilization rate(7)						38		%				95		%										Decrease
												Withdrawal rate						See table footnote (8) below.
												Mortality rate(9)						0		%				15		%										Increase
												Equity volatility curve						15		%				25		%										Decrease
Liabilities:
Market risk benefit liabilities(4)			$	5,089,766		Discounted cash flow						Lapse rate(5)						1		%				20		%										Decrease
												Spread over SOFR(6)						0.57		%				2.26		%										Decrease
												Utilization rate(7)						38		%				95		%										Increase
												Withdrawal rate						See table footnote (8) below.
												Mortality rate(9)						0		%				15		%										Decrease
												Equity volatility curve						15		%				25		%										Increase
Policyholders' account balances(10)			$	5,513,449		Discounted cash flow						Lapse rate(5)						1		%				80		%										Decrease
												Spread over SOFR(6)						0.57		%				2.32		%										Decrease
												Mortality rate(9)						0		%				23		%										Decrease
												Equity volatility curve						6		%				27		%										Increase
												Option budget(11)						(1)		%				6		%										Increase

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2022
			Fair Value			Valuation   Techniques						Unobservable Inputs						Minimum						Maximum						Weighted   Average						Impact of  Increase in  Input on  Fair Value(1)
			(in thousands)
Assets:
Corporate securities(2)			$	408,494		Discounted cash flow						Discount rate						9.77		%				20		%				16.53		%				Decrease
						Market Comparables						EBITDA multiples(3)						2.2 X						23.5 X						8.1 X						Increase
Market risk benefit assets(4)(12)			$	1,393,237		Discounted cash flow						Lapse rate(5)						1		%				20		%										Increase
												Spread over SOFR(6)						0.50		%				2.20		%										Increase
												Utilization rate(7)						38		%				95		%										Decrease
												Withdrawal rate						See table footnote (8) below.
												Mortality rate(9)						0		%				15		%										Increase
												Equity volatility curve						18		%				26		%										Decrease
Liabilities:
Market risk benefit liabilities(4)(12)			$	5,521,601		Discounted cash flow						Lapse rate(5)						1		%				20		%										Decrease
												Spread over SOFR(6)						0.50		%				2.20		%										Decrease
												Utilization rate(7)						38		%				95		%										Increase
												Withdrawal rate						See table footnote (8) below.
												Mortality rate(9)						0		%				15		%										Decrease
												Equity volatility curve						18		%				26		%										Increase
Policyholders' account balances(10)			$	3,502,096		Discounted cash flow						Lapse rate(5)						1		%				80		%										Decrease
												Spread over SOFR(6)						0.22		%				2.26		%										Decrease
												Mortality rate(9)						0		%				23		%										Decrease
												Equity volatility curve						6		%				30		%										Increase
												Option budget(11)						(2)		%				6		%										Increase

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities, available-for-sale.

(3)Represents multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accommodation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit 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 for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.

(6)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of June 30, 2023 and December 31, 2022, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company ("Ohio National"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 11 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for Ohio National, which may differ from that of the Company's; however, the NPR spreads for Ohio National were developed using a methodology similar to that of the Company.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(7)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of June 30, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 81% and 77%, respectively. As of June 30, 2023 and December 31, 2022, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(9)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(10)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

(12)Amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended June 30, 2023(6)(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	714		$	(13)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	701		$	(16)
Corporate securities(3)			535,893			1,876			216,778			(9,241)			0			(25,418)			1,359			0			0			721,247			1,773
Structured securities(4)			228,869			436			1,291			0			0			(725)			0			0			(83,532)			146,339			484
Other assets:
Fixed maturities, trading			6,250			0			0			0			0			0			0			0			(6,250)			0			0
Equity securities			43,174			19			0			0			0			0			181			0			0			43,374			19
Short-term investments			14,416			717			1,146			0			0			(13,711)			(1,359)			0			0			1,209			0
Other assets			155,763			26,381			38,983			0			0			(3,514)			0			0			0			217,613			19,779
Reinsurance recoverables			1,357			108			0			0			0			0			0			0			0			1,465			108
Separate account assets			4,553			159			840			(420)			0			(150)			0			0			0			4,982			159
Liabilities:
Policyholders' account balances(5)			(4,129,043)			(1,017,564)			0			0			(439,615)			0			72,773			0			0			(5,513,449)			(150,676)

			Three Months Ended June 30, 2023(6)
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(1,138)		$	0		$	0		$	3,476		$	(39)					$	(1,118)		$	0		$	0		$	3,359
Other assets:
Fixed maturities, trading			0			0			0			0			0						0			0			0			0
Equity securities			0			19			0			0			0						0			19			0			0
Short-term investments			423			0			0			(124)			418						0			0			0			0
Other assets			26,381			0			0			0			0						19,779			0			0			0
Reinsurance recoverables			108			0			0			0			0						108			0			0			0
Separate account assets			0			0			159			0			0						0			0			159			0
Liabilities:
Policyholders' account balances			(1,017,564)			0			0			0			0						(150,676)			0			0			0

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Table of Contents                                     

PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2023(6)(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	724		$	(23)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	701		$	(28)
Corporate securities(3)			507,496			7,199			310,874			(28,839)			0			(76,842)			1,359			0			0			721,247			6,413
Structured securities(4)			104,724			(3,199)			147,307			(27)			0			(1,338)			0			2,240			(103,368)			146,339			(3,129)
Other assets:
Fixed maturities, trading			0			0			6,250			0			0			0			0			0			(6,250)			0			0
Equity securities			28,593			(811)			0			0			0			0			15,592			0			0			43,374			(811)
Short-term investments			16,945			2,573			2,688			0			0			(19,638)			(1,359)			0			0			1,209			51
Other assets			141,041			8,020			73,603			0			0			(5,051)			0			0			0			217,613			2,969
Reinsurance recoverables			0			1,465			0			0			0			0			0			0			0			1,465			1,465
Separate account assets			4,645			257			840			(600)			0			(160)			0			0			0			4,982			255
Liabilities:
Policyholders' account balances(5)			(3,502,096)			(1,247,483)			0			0			(838,238)			0			74,368			0			0			(5,513,449)			(234,970)

			Six Months Ended June 30, 2023(6)
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(813)		$	0		$	0		$	4,440		$	350					$	(2,019)		$	0		$	0		$	5,275
Other assets:
Fixed maturities, trading			0			0			0			0			0						0			0			0			0
Equity securities			0			(811)			0			0			0						0			(811)			0			0
Short-term investments			1,857			0			0			(73)			789						0			0			0			51
Other assets			8,020			0			0			0			0						2,969			0			0			0
Reinsurance recoverables			1,465			0			0			0			0						1,465			0			0			0
Separate account assets			0			0			257			0			0						0			0			255			0
Liabilities:
Policyholders' account balances			(1,247,483)			0			0			0			0						(234,970)			0			0			0

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended June 30, 2022(6)(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	140		$	(5)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	135		$	(5)
Corporate securities(3)			385,358			(12,845)			83,901			(11,217)			0			(21,195)			0			0			(106,124)			317,878			(10,577)
Structured securities(4)			112,116			(10,352)			33,490			0			0			(571)			0			0			(11,395)			123,288			(10,305)
Other assets:
Fixed maturities, trading			0			0			0			0			0			0			0			0			0			0			0
Equity securities			11,463			(1,111)			10,000			(230)			0			0			9,661			0			0			29,783			(1,129)
Short-term investments			0			5			2,766			0			0			(54)			0			55			0			2,772			0
Other assets			75,201			8,050			(6,574)			0			0			(819)			0			0			0			75,858			7,231
Reinsurance recoverables			0			0			0			0			0			0			0			0			0			0			0
Separate account assets			0			0			0			0			0			0			0			0			0			0			0
Liabilities:
Policyholders' account balances(5)			(3,260,195)			71,103			0			0			0			(238,575)			0			0			0			(3,427,667)			(341,035)

			Three Months Ended June 30, 2022(6)
			Total realized and unrealized gains (losses)															Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)						Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)						Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(1,909)		$	0					$	(21,240)		$	(53)					$	631		$	0					$	(21,518)
Other assets:
Fixed maturities, trading			0			0						0			0						0			0						0
Equity securities			0			(1,111)						0			0						0			(1,129)						0
Short-term investments			0			0						0			5						0			0						0
Other assets			8,050			0						0			0						7,231			0						0
Reinsurance recoverables			0			0						0			0						0			0						0
Separate account assets			0			0						0			0						0			0						0
Liabilities:
Policyholders' account balances			71,103			0						0			0						(341,035)			0						0

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022(6)(7)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3			Transfers out of Level 3			Fair Value, end of period			Unrealized gains (losses) for assets still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	150		$	(15)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	135		$	(15)
Corporate securities(3)			385,634			(49,220)			133,311			(12,388)			0			(33,335)			0			0			(106,124)			317,878			(47,042)
Structured securities(4)			173,944			(22,328)			33,490			0			0			(1,073)			0			0			(60,745)			123,288			(22,280)
Other assets:
Fixed maturities, trading			0			0			0			0			0			0			0			0			0			0			0
Equity securities			12,472			(2,120)			10,000			(230)			0			0			9,661			0			0			29,783			(2,138)
Short-term investments			0			5			2,766			0			0			(54)			0			55			0			2,772			0
Other assets			72,937			4,337			1,241			0			0			(2,657)			0			0			0			75,858			1,679
Reinsurance recoverables			0			0			0			0			0			0			0			0			0			0			0
Separate account assets			0			0			0			0			0			0			0			0			0			0			0
Liabilities:
Policyholders' account balances(5)			(3,245,773)			(29,550)			0			0			0			(391,366)			239,022			0			0			(3,427,667)			(492,251)

			Six Months Ended June 30, 2022(6)
			Total realized and unrealized gains (losses)															Unrealized gains (losses) for assets still held(2)
			Realized investment gains (losses), net			Other income (loss)						Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)						Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(16,812)		$	0					$	(55,081)		$	330					$	(14,380)		$	0					$	(54,957)
Other assets:
Fixed maturities, trading			0			0						0			0						0			0						0
Equity securities			0			(2,120)						0			0						0			(2,138)						0
Short-term investments			0			0						0			5						0			0						0
Other assets			4,337			0						0			0						1,679			0						0
Reinsurance recoverables			0			0						0			0						0			0						0
Separate account assets			0			0						0			0						0			0						0
Liabilities:
Policyholders' account balances			(29,550)			0						0			0						(492,251)			0						0

(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private securities and foreign government bonds.

(4)Includes asset-backed and commercial mortgage-backed securities.

(5)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

(6)Effective January 1, 2021, Future policy benefits previously included in “changes in level 3 assets and liabilities” are reported in Note 10 Market Risk Benefits.

(7)Excludes MRB assets of $2,340 million and $1,423 million and MRB liabilities of $5,090 million and $6,686 million for period ending June 30, 2023 and 2022, respectively. See Note 10 for additional information.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Nonrecurring Fair Value Measurements – The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3). For both the three and six months ended June 30, 2023, there were no triggering events.

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)												(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture			$	0					$	(75,000)					$	0					$	(75,000)

			June 30, 2023						December 31, 2022
			(in thousands)
Carrying value after measurement as of period end:
Investment in joint venture(1)			$	0					$	60,456

(1)Reported carrying value includes value as of the measurement period of June 30, 2022 for "Investment in joint venture".

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Fair Value of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

			June 30, 2023
			Fair Value																								Carrying Amount(1)
			Level 1						Level 2						Level 3						Total						Total
			(in thousands)
Assets:
Commercial mortgage and other loans			$	0					$	0					$	5,054,111					$	5,054,111					$	5,382,278
Policy loans			0						0						1,432,850						1,432,850						1,432,850
Short-term investments			68,756						0						0						68,756						68,756
Cash and cash equivalents			688,597						0						0						688,597						688,597
Accrued investment income			0						283,585						0						283,585						283,585
Reinsurance recoverables			0						0						23,550						23,550						25,682
Receivables from parent and affiliates			0						121,557						0						121,557						121,557
Other assets			0						54,945						1,208,442						1,263,387						1,263,387
Total assets			$	757,353					$	460,087					$	7,718,953					$	8,936,393					$	9,266,692
Liabilities:
Policyholders’ account balances - investment contracts			$	0					$	1,074,738					$	4,147,821					$	5,222,559					$	5,243,834
Cash collateral for loaned securities			0						162,122						0						162,122						162,122
Short-term debt to affiliates			0						294,570						0						294,570						307,123
Long-term debt to affiliates			0						0						0						0						0
Payables to parent and affiliates			0						15,532						0						15,532						15,532
Other liabilities			0						1,673,260						32,423						1,705,683						1,705,683
Total liabilities			$	0					$	3,220,222					$	4,180,244					$	7,400,466					$	7,434,294

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			December 31, 2022
			Fair Value																								Carrying Amount(1)
			Level 1						Level 2						Level 3						Total						Total
			(in thousands)
Assets:
Commercial mortgage and other loans			$	0					$	0					$	4,602,177					$	4,602,177					$	4,928,680
Policy loans			0						0						505,367						505,367						505,367
Short-term investments			26,331						0						0						26,331						26,331
Cash and cash equivalents			675,445						290,000						0						965,445						965,445
Accrued investment income			0						219,635						0						219,635						219,635
Reinsurance recoverables			0						0						25,127						25,127						27,183
Receivables from parent and affiliates			0						76,846						0						76,846						76,846
Other assets			0						94,200						730,682						824,882						824,882
Total assets			$	701,776					$	680,681					$	5,863,353					$	7,245,810					$	7,574,369
Liabilities:
Policyholders’ account balances - investment contracts			$	0					$	1,192,271					$	3,141,000					$	4,333,271					$	4,351,945
Cash collateral for loaned securities			0						86,750						0						86,750						86,750
Short-term debt to affiliates			0						120,325						0						120,325						126,250
Long-term debt to affiliates			0						173,905						0						173,905						185,563
Payables to parent and affiliates			0						41,654						0						41,654						41,654
Other liabilities			0						1,269,615						33,250						1,302,865						1,302,866
Total liabilities			$	0					$	2,884,520					$	3,174,250					$	6,058,770					$	6,095,028

(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

6.    DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS

Deferred Policy Acquisition Costs

The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:

			Six Months Ended June 30, 2023
			Fixed Annuities						Variable Annuities						Term Life						Variable / Universal Life						Total
			(in thousands)
Balance, beginning of period			$	102,251					$	3,736,454					$	648,837					$	2,442,883					$	6,930,425
Capitalization			48,552						117,342						72,216						275,783						513,893
Amortization expense			(9,490)						(166,332)						(31,084)						(59,736)						(266,642)
Other(1)			0						(393,385)						0						0						(393,385)
Balance, end of period			$	141,313					$	3,294,079					$	689,969					$	2,658,930					$	6,784,291

(1) Other includes the impact of the reinsurance agreement with Ohio National. See Note 11 for additional information.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
			Fixed Annuities						Variable Annuities						Term Life						Variable / Universal Life						Total
			(in thousands)
Balance, beginning of period			$	84,479					$	3,806,733					$	577,084					$	2,561,011					$	7,029,307
Capitalization			3,202						155,694						66,040						264,141						489,077
Amortization expense			(6,773)						(171,593)						(26,020)						(51,578)						(255,964)
Other(1)			0						0						2						(541,408)						(541,406)
Balance, end of period			$	80,908					$	3,790,834					$	617,106					$	2,232,166					$	6,721,014

(1) Other includes the impact of the reinsurance agreement with Lotus Re.

Deferred Reinsurance Losses

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

			Six Months Ended June 30, 2023
			Variable Annuities						Term Life						Total
			(in thousands)
Balance, beginning of period			$	223,515					$	69,378					$	292,893
Amortization expense			(15,113)						(4,280)						(19,393)
Balance, end of period			$	208,402					$	65,098					$	273,500

			Six Months Ended June 30, 2022
			Variable Annuities						Term Life						Total
			(in thousands)
Balance, beginning of period			$	254,577					$	78,426					$	333,003
Amortization expense			(15,399)						(4,596)						(19,995)
Balance, end of period			$	239,178					$	73,830					$	313,008

Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

			Six Months Ended June 30, 2023
			Fixed Annuities						Variable Annuities						Variable / Universal Life												Total
Balance, beginning of period			$	57,898					$	0					$	1,434,958											$	1,492,856
Amortization			(4,406)						(5,209)						(36,032)												(45,647)
Other(1)			0						277,262						0												277,262
Balance, end of period			$	53,492					$	272,053					$	1,398,926											$	1,724,471

(1) Other includes the impact of the reinsurance agreement with Ohio National. See Note 11 for additional information.

			Six Months Ended June 30, 2022
			Fixed Annuities						Variable Annuities						Variable / Universal Life												Total
Balance, beginning of period			$	78,138					$	0					$	174,598											$	252,736
Amortization			(3,194)						0						(43,159)												(46,353)
Other(1)			(13,803)						0						1,340,312												1,326,509
Balance, end of period			$	61,141					$	0					$	1,471,751											$	1,532,892

(1) Includes $1,352 million deferred gain related to the reinsurance agreement with Lotus Re, entered into January 1, 2022.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Deferred Sales Inducements

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

			Six Months Ended June 30,
			2023						2022
			Variable Annuities
			(in thousands)
Balance, beginning of period			$	381,504					$	414,619
Capitalization			1,503						664
Amortization expense			(16,088)						(17,191)
Other			(3)						0
Balance, end of period			$	366,916					$	398,092

7. SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net”.

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

			June 30, 2023						December 31, 2022
			(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	2,948					$	2,510
U.S. corporate securities			5,038						8,702
Foreign corporate securities			1,796						1,420
Mortgage-backed securities			282						276
Mutual funds:
Equity			71,084,752						67,144,660
Fixed Income			37,875,086						38,109,374
Other			3,967,348						3,441,016
Equity securities			83,396						49,260
Other invested assets			4,805,171						5,262,178
Short-term investments			1,691						1,237
Cash and cash equivalents			12,647						30,613
Total			$	117,840,155					$	114,051,246

For the six months ended June 30, 2023 and year ended December 31, 2022, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:

			Six Months Ended June 30, 2023
			Variable Annuities						Variable Life												Total
			(in thousands)
Balance, beginning of period			$	91,785,448					$	22,265,798											$	114,051,246
Deposits			200,961						1,376,552												1,577,513
Investment performance			7,184,460						2,535,342												9,719,802
Policy charges			(1,171,455)						(405,108)												(1,576,563)
Surrenders and withdrawals			(4,561,633)						(214,686)												(4,776,319)
Benefit payments			(43,056)						(107,641)												(150,697)
Net transfers (to) from general account(1)			(4,995)						(1,035,554)												(1,040,549)
Other			5,405						30,317												35,722
Balance, end of period			$	93,395,135					$	24,445,020											$	117,840,155
Cash surrender value(2)			$	92,036,034					$	21,526,262											$	113,562,296

			Six Months Ended June 30, 2022
			Variable Annuities						Variable Life												Total
			(in thousands)
Balance, beginning of period			$	123,977,624					$	25,820,204											$	149,797,828
Deposits			392,364						1,140,622												1,532,986
Investment performance			(21,112,961)						(4,540,002)												(25,652,963)
Policy charges			(1,315,427)						(378,197)												(1,693,624)
Surrenders and withdrawals			(4,594,845)						(178,115)												(4,772,960)
Benefit payments			(35,662)						(134,299)												(169,961)
Net transfers (to) from general account			(157,771)						(126,364)												(284,135)
Other			6,241						28,707												34,948
Balance, end of period			$	97,159,563					$	21,632,556											$	118,792,119
Cash surrender value(2)			$	95,384,568					$	19,001,929											$	114,386,497

(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.

(2) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

8. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;

•Deferred Profit Liability; and

•Additional Insurance Reserves

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

In 2023, the Company recognized an immaterial impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to unfavorable model refinements, partially offset by favorable updates to economic assumptions, including expected future rates of returns on investments on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

			Six Months Ended June 30, 2023
			Present Value of Expected Net Premiums
			Term Life						Fixed Annuities						Total
			(in thousands)
Balance, beginning of period			$	10,911,794					$	0					$	10,911,794
Effect of cumulative changes in discount rate assumptions, beginning of period			554,896						0						554,896
Balance at original discount rate, beginning of period			11,466,690						0						11,466,690
Effect of assumption update			(790)						0						(790)
Effect of actual variances from expected experience and other activity			(65,230)						(1,257)						(66,487)
Adjusted balance, beginning of period			11,400,670						(1,257)						11,399,413
Issuances			318,867						23,211						342,078
Net premiums / considerations collected			(674,147)						(21,954)						(696,101)
Interest accrual			261,862						0						261,862
Balance at original discount rate, end of period			11,307,252						0						11,307,252
Effect of cumulative changes in discount rate assumptions, end of period			(484,287)						0						(484,287)
Balance, end of period			$	10,822,965					$	0					$	10,822,965

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2023
			Present Value of Expected Future Policy Benefits
			Term Life												Fixed Annuities												Total
			(in thousands)
Balance, beginning of period			$	17,835,251											$	204,727											$	18,039,978
Effect of cumulative changes in discount rate assumptions, beginning of period			962,034												24,876												986,910
Balance at original discount rate, beginning of period			18,797,285												229,603												19,026,888
Effect of assumption update			(1,044)												0												(1,044)
Effect of actual variances from expected experience and other activity			(87,110)												4,195												(82,915)
Adjusted balance, beginning of period			18,709,131												233,798												18,942,929
Issuances			318,867												23,211												342,078
Interest accrual			447,387												4,201												451,588
Benefit payments			(716,919)												(14,838)												(731,757)
Other adjustments			1,558												(33)												1,525
Balance at original discount rate, end of period			18,760,024												246,339												19,006,363
Effect of cumulative changes in discount rate assumptions, end of period			(791,413)												(26,245)												(817,658)
Balance, end of period			$	17,968,611											$	220,094											$	18,188,705
Other, end of period																											1,941
Total balance, end of period																											$	18,190,646

			Six Months Ended June 30, 2023
			Net Liability for Future Policy Benefits (Benefit Reserves)
			Term Life						Fixed Annuities												Total
			(in thousands)
Balance, end of period, post-flooring			$	7,145,646					$	220,094											$	7,365,740
Less: Reinsurance recoverable			6,614,071						17,835												6,631,906
Balance after reinsurance recoverable, end of period, post-flooring			$	531,575					$	202,259											$	733,834

			Six Months Ended June 30, 2022
			Present Value of Expected Net Premiums
			Term Life						Fixed Annuities																		Total
			(in thousands)
Balance, beginning of period			$	12,485,056					$	0																	$	12,485,056
Effect of cumulative changes in discount rate assumptions, beginning of period			(1,826,120)						0																		(1,826,120)
Balance at original discount rate, beginning of period			10,658,936						0																		10,658,936
Effect of assumption update			1,295,294						0																		1,295,294
Effect of actual variances from expected experience and other activity			(84,412)						(78)																		(84,490)
Adjusted balance, beginning of period			11,869,818						(78)																		11,869,740
Issuances			187,092						17,356																		204,448
Net premiums / considerations collected			(657,195)						(17,278)																		(674,473)
Interest accrual			257,706						0																		257,706
Balance at original discount rate, end of period			11,657,421						0																		11,657,421
Effect of cumulative changes in discount rate assumptions, end of period			22,765						0																		22,765
Balance, end of period			$	11,680,186					$	0																	$	11,680,186

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
			Present Value of Expected Future Policy Benefits
			Term Life						Fixed Annuities																		Total
			(in thousands)
Balance, beginning of period			$	20,937,097					$	237,065																	$	21,174,162
Effect of cumulative changes in discount rate assumptions, beginning of period			(3,607,275)						(16,704)																		(3,623,979)
Balance at original discount rate, beginning of period			17,329,822						220,361																		17,550,183
Effect of assumption update			1,756,995						0																		1,756,995
Effect of actual variances from expected experience and other activity			(167,637)						351																		(167,286)
Adjusted balance, beginning of period			18,919,180						220,712																		19,139,892
Issuances			187,092						17,357																		204,449
Interest accrual			436,119						3,809																		439,928
Benefit payments			(738,715)						(13,658)																		(752,373)
Other adjustments			1,781						(285)																		1,496
Balance at original discount rate, end of period			18,805,457						227,935																		19,033,392
Effect of cumulative changes in discount rate assumptions, end of period			144,406						(16,737)																		127,669
Balance, end of period			$	18,949,863					$	211,198																	$	19,161,061
Other, end of period																											2,235
Total balance, end of period																											$	19,163,296

			Six Months Ended June 30, 2022
			Net Liability for Future Policy Benefits (Benefit Reserves)
			Term Life						Fixed Annuities						Total
			(in thousands)
Balance, end of period, post-flooring			$	7,269,677					$	211,198					$	7,480,875
Less: Reinsurance recoverable			6,847,216						16,488						6,863,704
Balance after reinsurance recoverable, end of period, post-flooring			$	422,461					$	194,710					$	617,171

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

			Six Months Ended June 30, 2023
			Term Life									Fixed Annuities
			($ in thousands)
Undiscounted expected future gross premiums			$	21,948,491								$	0
Discounted expected future gross premiums (at original discount rate)			$	15,125,847								$	0
Discounted expected future gross premiums (at current discount rate)			$	14,493,623								$	0
Undiscounted expected future benefits and expenses			$	29,156,389								$	328,414
Interest accrual			$	185,524								$	4,201
Gross premiums			$	900,634								$	24,200
Weighted-average duration of the liability in years (at original discount rate)			10									7
Weighted-average duration of the liability in years (at current discount rate)			10									6
Weighted-average interest rate (at original discount rate)			5.20			%						3.57			%
Weighted-average interest rate (at current discount rate)			5.28			%						5.27			%

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
			Term Life									Fixed Annuities
			($ in thousands)
Undiscounted expected future gross premiums			$	22,348,506								$	0
Discounted expected future gross premiums (at original discount rate)			$	15,414,984								$	0
Discounted expected future gross premiums (at current discount rate)			$	15,442,782								$	0
Undiscounted expected future benefits and expenses			$	29,470,523								$	302,195
Interest accrual			$	178,413								$	3,809
Gross premiums			$	925,202								$	19,545
Weighted-average duration of the liability in years (at original discount rate)			11									7
Weighted-average duration of the liability in years (at current discount rate)			10									6
Weighted-average interest rate (at original discount rate)			5.28			%						3.44			%
Weighted-average interest rate (at current discount rate)			4.63			%						4.54			%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.

For non-participating traditional and limited-payment products, 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 the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss.

In the first six months of 2023, there was a $30 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first six months of 2022, there was a $99 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $97 million gain, reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in the first six months of 2022 is primarily due to unfavorable assumption updates related to individual term life products.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Deferred Profit Liability

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

			Six Months Ended June 30,
			2023						2022
			Fixed Annuities
			(in thousands)
Balance, beginning of period			$	18,193					$	15,765
Effect of actual variances from expected experience and other activity			(5,092)						(607)
Adjusted balance, beginning of period			13,101						15,158
Profits deferred			2,088						2,173
Interest accrual			294						276
Amortization			(973)						(950)
Other adjustments			(8)						(25)
Balance, end of period			14,502						16,632
Less: Reinsurance recoverable			1,558						1,722
Balance after reinsurance recoverable			$	12,944					$	14,910

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:

									Six Months Ended June 30,
									2023						2022
									Fixed Annuities
									(in thousands)
Revenue(1)									$	3,691					$	(867)
Interest accrual									294						276

(1) Represents the gross premiums collected in changes in deferred profit liability.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

			Six Months Ended June 30,
			2023						2022
			(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring			$	12,664,445					$	11,660,527
Flooring impact and amounts in AOCI			1,269,237						(896,930)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring			13,933,682						10,763,597
Effect of assumption update			22,910						2,197,592
Effect of actual variances from expected experience and other activity			26,204						(157,782)
Adjusted balance, beginning of period			13,982,796						12,803,407
Assessments collected(1)			513,593						446,443
Interest accrual			237,869						203,986
Benefits paid			(151,097)						(100,856)
Balance, excluding amounts in AOCI, end of period, pre-flooring			14,583,161						13,352,980
Flooring impact and amounts in AOCI			(1,094,298)						(859,387)
Balance, including amounts in AOCI, end of period, post-flooring			13,488,863						12,493,593
Less: Reinsurance recoverable			13,268,534						12,282,253
Balance after reinsurance recoverable, including amounts in AOCI, end of period			$	220,329					$	211,340

(1) Represents the portion of gross assessments required to fund the future policy benefits.

						Six Months Ended June 30,
						2023									2022
						($ in thousands)
Interest accrual						$	237,869								$	203,986
Gross assessments						$	785,370								$	627,513
Weighted-average duration of the liability in years (at original discount rate)						22									23
Weighted-average interest rate (at original discount rate)						3.39			%						3.72			%

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

			Six Months Ended June 30,
			2023						2022
			(in thousands)
Benefit reserves, end of period, post-flooring			$	7,365,740					$	7,480,875
Deferred profit liability, end of period, post-flooring			14,502						16,632
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring			13,488,863						12,493,593
Subtotal of amounts disclosed above			20,869,105						19,991,100
Other Future policy benefits reserves(1)			1,108,889						1,035,166
Total Future policy benefits			$	21,977,994					$	21,026,266

(1)Represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

    

Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

			Six Months Ended June 30, 2023
			Revenues(1)
			Term Life						Variable/ Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	900,634					$	0											$	24,200											$	924,834
Deferred profit liability			0						0												3,691												3,691
Additional insurance reserves			0						785,370												0												785,370
Total			$	900,634					$	785,370											$	27,891											$	1,713,895

			Six Months Ended June 30, 2022
			Revenues(1)
			Term Life						Variable/ Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	925,202					$	0											$	19,545											$	944,747
Deferred profit liability			0						0												(867)												(867)
Additional insurance reserves			0						627,513												0												627,513
Total			$	925,202					$	627,513											$	18,678											$	1,571,393

(1)Represents "Gross premiums" for benefit reserves; "Revenue" for deferred profit liability and "Gross assessments" for additional insurance reserves.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2023
			Interest Expense
			Term Life						Variable/ Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	185,524					$	0											$	4,201											$	189,725
Deferred profit liability			0						0												294												294
Additional insurance reserves			0						237,869												0												237,869
Total			$	185,524					$	237,869											$	4,495											$	427,888

			Six Months Ended June 30, 2022
			Interest Expense
			Term Life						Variable/ Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	178,413					$	0											$	3,809											$	182,222
Deferred profit liability			0						0												276												276
Additional insurance reserves			0						203,986												0												203,986
Total			$	178,413					$	203,986											$	4,085											$	386,484

9. POLICYHOLDERS' ACCOUNT BALANCES

Policyholders' Account Balances

The balance of and changes in policyholders' account balances as of and for the periods ended are as follows:

			Six Months Ended June 30, 2023
			Variable Annuities									Variable Life / Universal Life									Total
			($ in thousands)
Balance, beginning of period			$	16,432,032								$	18,736,365								$	35,168,397
Deposits			2,225,558									1,030,843									3,256,401
Interest credited			131,119									278,886									410,005
Policy charges			(10,684)									(903,228)									(913,912)
Surrenders and withdrawals			(233,470)									(400,194)									(633,664)
Benefit payments			(15,067)									(42,131)									(57,198)
Net transfers (to) from separate account(1)			4,995									1,035,554									1,040,549
Change in market value and other adjustments(2)			954,563									139,608									1,094,171
Balance, end of period			19,489,046									19,875,703									39,364,749
Less: Reinsurance and other recoverables(3)			418,986									12,872,063									13,291,049
Policyholders' account balance net of reinsurance and other recoverables			$	19,070,060								$	7,003,640								$	26,073,700
Unearned revenue reserve																					3,401,994
Other(4)																					4,841,412
Total Policyholders' account balance																					$	47,608,155
Weighted-average crediting rate			1.46			%						2.89			%						2.20			%
Net amount at risk(5)			$	0								$	313,218,977								$	313,218,977
Cash surrender value(6)			$	17,391,104								$	18,341,323								$	35,732,427

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.

(2) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(3) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.

(4) Includes $4,740 million of fixed annuities account balances.

(5) The net amount at risk calculation includes both general and separate account balances.

(6) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

			Six Months Ended June 30, 2022
			Variable Annuities									Variable Life / Universal Life									Total
			($ in thousands)
Balance, beginning of period			$	11,465,411								$	18,762,548								$	30,227,959
Deposits			2,709,044									1,085,659									3,794,703
Interest credited			31,825									290,089									321,914
Policy charges			(1,003)									(896,223)									(897,226)
Surrenders and withdrawals			(113,369)									(433,915)									(547,284)
Benefit payments			(20,563)									(54,384)									(74,947)
Net transfers (to) from separate account			157,771									126,364									284,135
Change in market value and other adjustments(1)			517,047									(232,805)									284,242
Balance, end of period			14,746,163									18,647,333									33,393,496
Less: Reinsurance and other recoverables(2)			334,311									12,954,996									13,289,307
Policyholders' account balance net of reinsurance and other recoverables			$	14,411,852								$	5,692,337								$	20,104,189
Unearned revenue reserve																					2,729,057
Other(3)																					3,081,856
Total Policyholders' account balance																					$	39,204,409
Weighted-average crediting rate			0.49			%						3.10			%						2.02			%
Net amount at risk(4)			$	0								$	295,739,871								$	295,739,871
Cash surrender value(5)			$	11,912,977								$	17,028,535								$	28,941,512

(1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.

(3) Includes $2,983 million of fixed annuities account balances.

(4) The net amount at risk calculation includes both general and separate account balances.

(5) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			June 30, 2023
Range of Guaranteed Minimum Crediting Rate(1)			At guaranteed minimum						1 -50 bps above guaranteed minimum						51 -150 bps above guaranteed minimum						Greater than 150 bps above guaranteed minimum						Total
			(in thousands)
Variable Annuities
Less than 1.00%			$	972,976					$	833,696					$	18,454					$	2					$	1,825,128
1.00% - 1.99%			229,049						2,126						1,094						0						232,269
2.00% - 2.99%			24,531						4,090						0						0						28,621
3.00% - 4.00%			990,408						2,859						0						0						993,267
Greater than 4.00%			2,091						0						0						0						2,091
Total			$	2,219,055					$	842,771					$	19,548					$	2					$	3,081,376
Variable Life / Universal Life
Less than 1.00%			$	0					$	0					$	0					$	9,078					$	9,078
1.00% - 1.99%			163,616						0						2,706,552						363,119						3,233,287
2.00% - 2.99%			21,001						1,399,691						2,765,577						267,001						4,453,270
3.00% - 4.00%			4,555,992						1,985,262						1,110,457						0						7,651,711
Greater than 4.00%			2,159,217						0						0						0						2,159,217
Total			$	6,899,826					$	3,384,953					$	6,582,586					$	639,198					$	17,506,563

(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

			June 30, 2022
Range of Guaranteed Minimum Crediting Rate(1)			At guaranteed minimum						1 - 50 bps above guaranteed minimum						51 -150 bps above guaranteed minimum						Greater than 150 bps above guaranteed minimum						Total
			(in thousands)
Variable Annuities
Less than 1.00%			$	1,050,808					$	877,536					$	18,943					$	2					$	1,947,289
1.00% - 1.99%			251,989						1,682						0						0						253,671
2.00% - 2.99%			30,850						63						0						0						30,913
3.00% - 4.00%			1,127,302						0						0						0						1,127,302
Greater than 4.00%			2,146						0						0						0						2,146
Total			$	2,463,095					$	879,281					$	18,943					$	2					$	3,361,321
Variable Life / Universal Life
Less than 1.00%			$	16,033					$	0					$	0					$	0					$	16,033
1.00% - 1.99%			340,859						0						694,771						1,978,385						3,014,015
2.00% - 2.99%			8,519						0						2,259,847						2,099,855						4,368,221
3.00% - 4.00%			4,625,968						11,776						2,308,532						138,389						7,084,665
Greater than 4.00%			2,094,298						0						0						0						2,094,298
Total			$	7,085,677					$	11,776					$	5,263,150					$	4,216,629					$	16,577,232

(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unearned Revenue Reserve

The balances of and changes in URR as of and for the periods ended are as follows:

			Six Months Ended June 30,
			2023						2022
			Variable Life / Universal Life
			(in thousands)
Balance, beginning of period			$	3,067,336					$	2,398,788
Unearned revenue			405,732						393,675
Amortization expense			(70,981)						(63,472)
Other adjustments			(93)						66
Balance, end of period			3,401,994						2,729,057
Less: Reinsurance recoverables			1,621,229						1,450,592
Unearned revenue reserve net of reinsurance recoverables			$	1,780,765					$	1,278,465

10. MARKET RISK BENEFITS

The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:

			Six Months Ended June 30, 2023
			Variable Annuities						Less: Reinsured Market Risk Benefits						Total, Net of Reinsurance
			(in thousands)
Balance, beginning of period			$	4,550,625					$	(422,261)					$	4,128,364
Effect of cumulative changes in non-performance risk			1,727,910						0						1,727,910
Balance, beginning of period, before effect of changes in non-performance risk			6,278,535						(422,261)						5,856,274
Attributed fees collected			587,663						(107,425)						480,238
Claims paid			(43,782)						3,681						(40,101)
Interest accrual			160,106						(20,505)						139,601
Actual in force different from expected			36,193						(6,069)						30,124
Effect of changes in interest rates			(671,989)						169,229						(502,760)
Effect of changes in equity markets			(1,314,461)						127,157						(1,187,304)
Effect of assumption update			330,769						(54,067)						276,702
Issuances			11,403						9,025						20,428
Other adjustments(1)			(17,436)						(638,198)						(655,634)
Effect of changes in current period counterparty non-performance risk			0						(7,445)						(7,445)
Balance, end of period, before effect of changes in non-performance risk			5,357,001						(946,878)						4,410,123
Effect of cumulative changes in non-performance risk			(1,660,587)						0						(1,660,587)
Balance, end of period			$	3,696,414					$	(946,878)					$	2,749,536

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Six Months Ended June 30, 2022
			Variable Annuities						Less: Reinsured Market Risk Benefits						Total, Net of Reinsurance
			(in thousands)
Balance, beginning of period			$	8,884,362					$	(906,484)					$	7,977,878
Effect of cumulative changes in non-performance risk			287,605						0						287,605
Balance, beginning of period, before effect of changes in non-performance risk			9,171,967						(906,484)						8,265,483
Attributed fees collected			659,743						(77,427)						582,316
Claims paid			(16,431)						318						(16,113)
Interest accrual			26,589						(2,564)						24,025
Actual in force different from expected			44,344						(4,746)						39,598
Effect of changes in interest rates			(5,067,986)						527,662						(4,540,324)
Effect of changes in equity markets			3,238,166						(339,149)						2,899,017
Effect of assumption update			(160,596)						23,170						(137,426)
Effect of changes in current period counterparty non-performance risk			0						223,753						223,753
Balance, end of period, before effect of changes in non-performance risk			7,895,796						(555,467)						7,340,329
Effect of cumulative changes in non-performance risk			(2,077,191)						0						(2,077,191)
Balance, end of period			$	5,818,605					$	(555,467)					$	5,263,138

(1)    Other adjustments for June 30, 2023 primarily includes $638 million related to the reinsurance transaction with Ohio National. See Note 11 for additional information.

In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed market risk benefits, primarily due to updates to policyholder behavior assumptions on certain variable annuities.

In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed market risk benefits, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.

			June 30, 2023						June 30, 2022
			Variable Annuities
			($ in thousands)
Net amount at risk(1)			$	10,067,522					$	10,510,747
Weighted-average attained age of contractholders			69						68

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:

			June 30, 2023						June 30, 2022
			Variable Annuities
			(in thousands)
Market risk benefit assets			$	2,340,230					$	1,422,757
Market risk benefit liabilities			5,089,766						6,685,895
Net liability			$	2,749,536					$	5,263,138

11.    REINSURANCE

The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Arizona Reinsurance Universal Company (“PAR U”), Prudential Universal Reinsurance Company ("PURC"), Prudential Term Reinsurance Company (“Term Re”), Gibraltar Universal Life Reinsurance Company ("GUL Re"), Dryden Arizona Reinsurance Term Company (“DART”), Lotus Reinsurance Company Ltd. ("Lotus Re"), and PALAC, a former subsidiary of Prudential Financial that was sold to Fortitude on April 1, 2022, which is discussed in Note 1. The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term and coinsurance. 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. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Other assets” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Other liabilities.” Balances associated with these agreements are included in the tables below.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Change in value of market risk benefits, net of related hedging gain (loss) include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities within the PLNJ business to Prudential Insurance. These reinsurance agreements are market risk benefits and have been accounted for in the same manner. See Note 4 for additional information related to the accounting for market risk benefits.

Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of June 30, 2023 and December 31, 2022 were as follows:

			June 30, 2023						December 31, 2022
			(in thousands)
Reinsurance recoverables(1)			$	37,667,480					$	37,096,562
Policy loans			(1,054,894)						(1,011,112)
Deferred policy acquisition costs(1)			(3,270,979)						(3,343,270)
Deferred sales inducements(1)			(36,745)						(38,146)
Market risk benefit assets(1)			1,174,612						543,177
Other assets(1)			1,648,435						1,146,794
Policyholders’ account balances(1)			6,245,990						7,157,639
Future policy benefits(1)			6,747,348						6,320,863
Market risk benefit liabilities(1)			230,773						120,916
Other liabilities(1)			3,793,074						2,891,433

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:

			June 30, 2023						December 31, 2022
			(in thousands)
Deferred policy acquisition costs(1)			$	84,646					$	111,379
Market risk benefit assets(1)			752,567						64,738
Other assets			1,540,310						1,034,000
Policyholders’ account balances(1)			1,986,974						2,771,961
Future policy benefits			315						0
Market risk benefit liabilities(1)			118,963						40,731
Other liabilities			1,656,479						820,185

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

The deposit assets on reinsurance totaled $1,413 million and $828 million at June 30, 2023 and December 31, 2022, respectively. The funds withheld liabilities totaled $1,196 million and $705 million at June 30, 2023 and December 31, 2022, respectively.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Reinsurance recoverables by counterparty are broken out below:

			June 30, 2023						December 31, 2022(1)
			(in thousands)
PAR U			$	15,418,859					$	15,051,337
PURC			7,228,567						6,928,950
PARCC			2,360,934						2,437,589
GUL Re			3,133,194						3,124,697
PAR Term			2,008,158						2,040,599
Prudential Insurance			1,121,635						986,013
Term Re			1,938,351						1,830,197
Lotus Re			2,007,253						1,952,215
DART			670,394						578,462
Unaffiliated			1,780,135						2,166,503
Total reinsurance recoverables			$	37,667,480					$	37,096,562

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)
Premiums:
Direct(1)			$	476,472					$	470,923					$	938,539					$	944,344
Assumed			34						(9,474)						(122)						(8,077)
Ceded(1)			(386,541)						(407,125)						(771,796)						(812,438)
Net premiums(1)			89,965						54,324						166,621						123,829
Policy charges and fee income:
Direct(1)			749,037						757,637						1,484,975						1,548,536
Assumed(1)			148,479						158,744						301,079						305,550
Ceded(1)			(533,980)						(517,626)						(1,036,027)						(1,366,151)
Net policy charges and fee income(1)			363,536						398,755						750,027						487,935

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Net investment income:
Direct			402,761						195,480						753,084						390,991
Assumed			343						365						686						818
Ceded			(10,029)						(3,717)						(11,245)						(20,381)
Net investment income			393,075						192,128						742,525						371,428
Asset administration fees:
Direct			80,952						88,655						161,308						186,112
Assumed			0						0						0						0
Ceded			(24,164)						(16,865)						(40,318)						(35,090)
Net asset administration fees			56,788						71,790						120,990						151,022
Other income (loss):
Direct			79,657						(325,563)						305,391						(674,251)
Assumed			(56)						(2,548)						(349)						(2,509)
Ceded(1)			25,857						21,472						45,263						43,038
Net Other income (loss)(1)			105,458						(306,639)						350,305						(633,722)
Realized investment gains (losses), net:
Direct(1)			(88,715)						614,376						(334,638)						1,125,198
Assumed(1)			82,278						(281,646)						220,944						(485,630)
Ceded(1)			14,131						27,489						709						73,932
Realized investment gains (losses), net(1)			7,694						360,219						(112,985)						713,500
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(1)			174,084						(556,282)						207,204						(727,637)
Assumed(1)			2,774						0						(3,443)						0
Ceded(1)			(215,745)						(161,187)						(222,446)						(427,700)
Net change in value of market risk benefits, net of related hedging gain (loss)(1)			(38,887)						(717,469)						(18,685)						(1,155,337)
Policyholders’ benefits (including change in reserves):
Direct(1)			848,495						726,165						1,727,280						1,580,324
Assumed(1)			332,048						326,171						649,335						579,208
Ceded(1)			(1,033,582)						(957,887)						(2,124,472)						(1,879,674)
Net policyholders’ benefits (including change in reserves)(1)			146,961						94,449						252,143						279,858
Change in estimates of liability for future policy benefits:
Direct(1)			31,146						1,828,707						(17,355)						1,818,725
Assumed(1)			23,844						707,485						25,651						689,394
Ceded(1)			(56,123)						(2,487,545)						(13,831)						(2,462,319)
Net change in estimates of liability for future policy benefits(1)			(1,133)						48,647						(5,535)						45,800
Interest credited to policyholders’ account balances:
Direct(1)			215,973						188,115						438,548						333,985
Assumed			27,957						29,601						66,463						102,103
Ceded(1)			(100,114)						(108,798)						(200,973)						(215,151)
Net interest credited to policyholders’ account balances(1)			143,816						108,918						304,038						220,937
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(1)			(105,195)						(101,295)						(223,025)						(218,652)

(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022(1)						2023						2022(1)
			(in thousands)
Premiums:
Assumed(2)			$	34					$	(13,448)					$	(132)					$	(13,408)
Ceded(2)			(16,802)						(11,048)						(33,377)						(22,570)
Policy charges and fee income:
Assumed			383						11,421						923						11,421
Ceded			(38,338)						(19,959)						(62,276)						(38,257)
Net investment income:
Ceded			1,993						8,650						12,913						4,317
Asset administration fees:
Ceded			(7,740)						0						(7,740)						0
Other income (loss):
Assumed			55						(2,549)						(238)						(2,510)
Ceded			8,031						0						9,653						0
Realized investment gains (losses), net:
Assumed			82,278						(281,645)						220,944						(281,645)
Ceded(2)			13,952						26,826						(629)						72,776
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(2)			2,774						0						(3,443)						0
Ceded(2)			(75,325)						(35,629)						(80,098)						(86,502)
Policyholders’ benefits (including change in reserves):
Assumed			189						1,245						280						1,354
Ceded(2)			(36,118)						(24,551)						(63,820)						(43,042)
Change in estimates of liability for future policy benefits:
Ceded			(416)						(6,594)						(416)						(6,594)
Interest credited to policyholders’ account balances:
Assumed			(2,370)						(2,781)						5,099						(2,781)
Ceded			(85)						0						(85)						0

(1)    Prior period has been reclassified to conform to the current period presentation

(2)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The gross and net amounts of life insurance face amount in force as of June 30, 2023 and 2022 were as follows:

			2023						2022
			(in thousands)
Direct gross life insurance face amount in force			$	1,107,571,392					$	1,086,899,612
Assumed gross life insurance face amount in force			36,059,164						37,151,725
Reinsurance ceded			(1,015,213,859)						(1,012,351,998)
Net life insurance face amount in force			$	128,416,697					$	111,699,339

Significant Affiliated Reinsurance Agreements

PAR U

Pruco Life reinsures an amount equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates prior to January 1, 2011.

Effective July 1, 2012, PLNJ reinsures an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On January 2, 2013, Pruco Life began to assume Guaranteed Universal Life ("GUL") business from Prudential Insurance in connection with the acquisition of The Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.

PALAC

Effective April 1, 2016, the Company entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance. This reinsurance agreement excluded business reinsured externally. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation had no impact on the reinsurance agreement between PALAC, Prudential Insurance, and the Company.

Effective July 1, 2021, the Company recaptured the risks related to its business, as discussed above, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. The recapture did not impact PLNJ, which continued to reinsure its business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders were being managed within the Company.

On April 1, 2022, PALAC was sold to Fortitude as discussed in Note 1 and is no longer considered an affiliate of the Company.

PURC

Pruco Life reinsures an amount equal to 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain of its universal policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates from January 1, 2014 through December 31, 2016.

PARCC

Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

GUL Re

Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure an amount equal to 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain of its universal policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain of its universal policies with effective dates prior to January 1, 2014.

PAR Term

Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

Term Re

The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.

Prudential Insurance

The Company has a yearly-renewable term ("YRT") reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily Universal Life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through "Policy charges and fee income." Those policies were then reinsured to Lotus Re as mentioned below.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.

The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract.

Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. Effective February 1, 2023, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Lotus Re

Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million of liabilities associated with the risks associated with a portion of its Variable Life policies in the extended term policy status.

Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of Variable Life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,387 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,352 million deferred gain, which will be recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.

DART

Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure an amount equal to 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Significant Third-Party Reinsurance Arrangements

The Ohio National Life Insurance Company

Effective April 1, 2023, the Company entered into an agreement with Ohio National, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. This block represents approximately 10% of the Company’s remaining legacy in force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its PDI traditional variable annuity contracts. The general account liabilities associated with PDI's guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $277 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies.

FLIAC

Effective December 1, 2021, the Company entered into a reinsurance agreement with FLIAC under which the Company assumed all of its indexed variable annuities. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to the Company. As a result of the agreement, Reinsurance recoverables includes the assumed modified coinsurance arrangement, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed all of FLIAC’s fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. As of June 30, 2023, the total account value of contracts novated from FLIAC to the Company were $5.2 billion for indexed variable annuities contracts and $2.0 billion for fixed annuities and fixed indexed annuities contracts, which is approximately 78% of the total reinsured block.

Union Hamilton

Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton Reinsurance Ltd. ("Union Hamilton"). This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of June 30, 2023, $2.5 billion of HDI v.3.0 account values are reinsured to Union Hamilton.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

12.    INCOME TAXES

The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Income tax expense (benefit)” divided by projected “Income (loss) from operations before income taxes and equity in earnings of operating joint venture.” Taxes attributable to operating joint ventures are recorded within “Equity in earnings of operating joint ventures, net of taxes.” The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year.

The Company's income tax provision, on a consolidated basis, amounted to an income tax expense of $96.6 million, or 16.25% of income (loss) from operations before income taxes and equity in earnings of operating joint venture, in the first six months of 2023, compared to an income tax benefit of $(342.6) million, or 26.42%, in the first six months of 2022. The Company's current and prior effective tax rates differed from the U.S. statutory tax rate of 21% primarily due to non-taxable investment income and tax credits.

Inflation Reduction Act. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”). One of the most significant provisions of the Inflation Reduction Act is a 15% alternative minimum tax based on the Company’s GAAP income, with certain adjustments. This provision which is applicable only to companies with average applicable financial statement income over $1 billion for any three-year period ending in 2022 or later, is effective in taxable years beginning after December 31, 2022. The impact of the book-income alternative minimum tax, if any, will vary from year to year based on the relationship of the Company’s GAAP income to the Company’s taxable income. Any tax paid pursuant to this provision is available as a tax credit in future years when the Company’s tax rate exceeds the 15% minimum tax threshold.

13.    EQUITY

Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the six months ended June 30, 2023 and 2022, are as follows:

			Accumulated Other Comprehensive Income (Loss)
			Foreign Currency Translation Adjustment						Net Unrealized Investment Gains (Losses)(1)												Interest Rate Remeasurement of Future Policy Benefits						Gain (loss) from Changes in Non-Performance Risk on Market Risk Benefits						Total Accumulated Other Comprehensive Income (Loss)
			(in thousands)
Balance, December 31, 2022			$	(20,007)					$	(1,474,475)											$	119,368					$	1,365,049					$	(10,065)
Change in OCI before reclassifications			3,266						116,395												(17,588)						(67,323)						34,750
Amounts reclassified from AOCI			0						2,479												0						0						2,479
Income tax benefit (expense)			(363)						(24,884)												3,693						14,138						(7,416)
Balance, June 30, 2023			$	(17,104)					$	(1,380,485)											$	105,473					$	1,311,864					$	19,748

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Accumulated Other Comprehensive Income (Loss)
			Foreign Currency Translation Adjustment						Net Unrealized Investment Gains (Losses)(1)												Interest Rate Remeasurement of Future Policy Benefits						Gain (loss) from Changes in Non-Performance Risk on Market Risk Benefits						Total Accumulated Other Comprehensive Income (Loss)
			(in thousands)
Balance, December 31, 2021			$	(11,274)					$	306,331											$	(125,809)					$	227,206					$	396,454
Change in OCI before reclassifications			(7,870)						(1,824,967)												249,694						1,789,586						206,443
Amounts reclassified from AOCI			0						7,026												0						0						7,026
Income tax benefit (expense)			735						381,696												(52,436)						(375,813)						(45,818)
Balance, June 30, 2022			$	(18,409)					$	(1,129,914)											$	71,449					$	1,640,979					$	564,105

(1)Includes cash flow hedges of $100 million and $40 million as of June 30, 2023 and December 31, 2022, respectively, and $144 million and $40 million as of June 30, 2022 and December 31, 2021, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)			$	1,974					$	42,622					$	5,744					$	56,412
Net unrealized investment gains (losses) on available-for-sale securities			(2)						(26,717)						(8,223)						(63,438)
Total net unrealized investment gains (losses)(4)			1,972						15,905						(2,479)						(7,026)
Total reclassifications for the period			$	1,972					$	15,905					$	(2,479)					$	(7,026)

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 4 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

			Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized						Net Unrealized Gains (Losses) on All Other Investments(1)						Other Costs(2)						Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3)						Income Tax Benefit (Expense)						Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
			(in thousands)
Balance, December 31, 2022			$	4,371					$	(2,161,026)					$	(1,198,422)					$	1,488,679					$	391,923					$	(1,474,475)
Net investment gains (losses) on investments arising during the period			(2,751)						132,059						0						0						(27,076)						102,232
Reclassification adjustment for (gains) losses included in net income			(201)						2,680						0						0						(519)						1,960
Reclassification due to allowance for credit losses recorded during the period			2,362						(2,362)						0						0						0						0
Impact of net unrealized investment (gains) losses			0						0						155,245						(168,158)						2,711						(10,202)
Balance, June 30, 2023			$	3,781					$	(2,028,649)					$	(1,043,177)					$	1,320,521					$	367,039					$	(1,380,485)

(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.

(2)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.

(3)"Other liabilities" primarily includes reinsurance payables.

14.    RELATED PARTY TRANSACTIONS

The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.

Expense Charges and Allocations

The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.

The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $0.4 million for both the three months ended June 30, 2023 and 2022, and $0.5 million for both the six months ended June 30, 2023 and 2022. The expense charged to the Company for the deferred compensation program was $0.7 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $3.4 million and $3.2 million for the six months ended June 30, 2023 and 2022, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $4 million and $5 million for the three months ended June 30, 2023 and 2022, respectively, and $7 million and $10 million for the six months ended June 30, 2023 and 2022, respectively.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $3 million for both the three months ended June 30, 2023 and 2022, and $7 million for both the six months ended June 30, 2023 and 2022.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $2 million for both the three months ended June 30, 2023 and 2022 and $4 million for both the six months ended June 30, 2023 and 2022.

The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $147 million and $162 million for the three months ended June 30, 2023 and 2022, respectively, and $287 million and $332 million for the six months ended June 30, 2023 and 2022, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $34 million and $21 million for the three months ended June 30, 2023 and 2022, respectively, and $73 million and $34 million for the six months ended June 30, 2023 and 2022, respectively.

Corporate-Owned Life Insurance

The Company has sold five Corporate-Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $3,901 million at June 30, 2023 and $4,512 million at December 31, 2022. Fees related to these COLI policies were $12 million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $25 million and $27 million for the six months ended June 30, 2023 and 2022, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.

In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $898 million as of June 30, 2023. Interest income related to the policy loan was $5 million for both the three and six months ended June 30, 2023.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $13 million and $10 million for the three months ended June 30, 2023 and 2022, respectively, and $25 million and $18 million for the six months ended June 30, 2023 and 2022, respectively. These expenses are recorded as “Net investment income” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The interest income to the Company from PGF related to affiliated cash collateral was $120 million for the three months ended June 30, 2023, and $230 million for the six months ended June 30, 2023.

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $665 million and $606 million of investments in joint ventures as of June 30, 2023 and December 31, 2022, respectively. "Net investment income" related to these ventures includes gains(losses) of $(6) million and $6 million for the three months ended June 30, 2023 and 2022, respectively, and $(4) million and $19 million for the six months ended June 30, 2023 and 2022, respectively.

Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $70 million and $78 million for the three months ended June 30, 2023 and 2022, respectively, and $139 million and $163 million for the six months ended June 30, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $9 million for both the three months ended June 30, 2023 and 2022, and $18 million and $19 million for the six months ended June 30, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at June 30, 2023 and December 31, 2022 were as follows:

			Maturity Dates												Interest Rates												June 30, 2023						December 31, 2022
																											(in thousands)
U.S. dollar fixed rate notes			2025			-			2027						0.00%			-			14.85		%				$	145,661					$	148,076
Total notes receivable - affiliated(1)																											$	145,661					$	148,076

(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $0.9 million and $1.0 million at June 30, 2023 and December 31, 2022, respectively, and is included in “Other assets”. Revenues related to these loans were $1 million for both the three months ended June 30, 2023 and 2022, and $2 million for both the six months ended June 30, 2023 and 2022, and are included in “Other income (loss)”.

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at June 30, 2023 and December 31, 2022 were as follows:

			Maturity Date												Interest Rate												June 30, 2023						December 31, 2022
																											(in thousands)
Affiliated Commercial Mortgage Loan			2025												9.66								%				$	71,632					$	72,225

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

The commercial mortgage loan shown above is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.

Accrued interest receivable related to the loan was $0.5 million for both June 30, 2023 and December 31, 2022, and is included in "Accrued investment income". Revenues were $1 million for both the three months ended June 30, 2023 and 2022, and $3 million and $1 million for the six months ended June 30, 2023 and 2022, respectively, and are included in "Net investment income".

Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the six months ended June 30, 2023 and for the year ended December 31, 2022.

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Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Affiliate			Date			Transaction			Security Type			Fair Value						Book Value						APIC, Net of Tax Increase/(Decrease)						Realized Investment Gain (Loss)
												(in thousands)
PALAC			January 2022			Purchase			Fixed Maturities			$	4,432					$	4,432					$	0					$	0
PALAC			January 2022			Purchase			Derivatives			$	404					$	404					$	0					$	0
PALAC			February 2022			Purchase			Fixed Maturities			$	128,909					$	128,909					$	0					$	0
PAR U			April 2022			Purchase			Fixed Maturities			$	48,970					$	48,970					$	0					$	0
Prudential Insurance			May 2022			Purchase			Fixed Maturities			$	233,426					$	241,128					$	6,085					$	0
Prudential Insurance			June 2022			Purchase			Fixed Maturities			$	88,754					$	81,216					$	(5,955)					$	0
Prudential Insurance			June 2022			Transfer In			Fixed Maturities			$	52,089					$	45,031					$	(5,577)					$	0
Prudential Insurance			June 2022			Transfer Out			Fixed Maturities			$	48,786					$	58,984					$	(8,057)					$	0
PAR U			June 2022			Purchase			Commercial Mortgage and Other Loans			$	6,492					$	6,492					$	0					$	0
PAR U			June 2022			Sale			Commercial Mortgage and Other Loans			$	14,853					$	15,725					$	0					$	(872)
GUL Re			June 2022			Purchase			Commercial Mortgage and Other Loans			$	13,551					$	13,551					$	0					$	0
GUL Re			June 2022			Sale			Commercial Mortgage and Other Loans			$	8,692					$	9,033					$	0					$	(341)
PURC			June 2022			Purchase			Commercial Mortgage and Other Loans			$	4,403					$	4,403					$	0					$	0
Prudential Insurance			July 2022			Transfer In			Fixed Maturities			$	6,319					$	7,230					$	719					$	0
PAR U			July 2022			Purchase			Fixed Maturities			$	16,284					$	16,284					$	0					$	0
Prudential Insurance			August 2022			Purchase			Fixed Maturities			$	155,823					$	139,712					$	(12,728)					$	0
Vantage Casualty Insurance Co			September 2022			Purchase			Fixed Maturities			$	3,497					$	3,497					$	0					$	0
WH Warehouse Ltd			October 2022			Sale			Fixed Maturities			$	26,536					$	26,388					$	0					$	148
PAR U			November 2022			Purchase			Fixed Maturities			$	91,051					$	91,051					$	0					$	0
Prudential Insurance			December 2022			Purchase			Fixed Maturities			$	67,477					$	71,369					$	3,075					$	0
Prudential Insurance			January 2023			Purchase			Fixed Maturities			$	48,329					$	50,372					$	1,614					$	0
Prudential Insurance			March 2023			Purchase			Fixed Maturities			$	7,175					$	7,500					$	256					$	0
PURC			April 2023			Purchase			Fixed Maturities			$	102,804					$	102,804					$	0					$	0
Term Re			June 2023			Purchase			Fixed Maturities			$	115,573					$	115,573					$	0					$	0
Prudential Insurance			June 2023			Purchase			Fixed Maturities			$	4,298					$	4,443					$	114					$	0
Prudential Insurance			June 2023			Purchase			Fixed Maturities			$	4,394					$	4,494					$	80					$	0
Prudential Insurance			June 2023			Purchase			Fixed Maturities			$	19,453					$	19,203					$	(198)					$	0
Prudential Insurance			June 2023			Purchase			Fixed Maturities			$	14,452					$	15,086					$	502					$	0

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Debt Agreements

The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. The following table provides the breakout of the Company's short-term and long-term debt to affiliates as of June 30, 2023 and December 31, 2022:

Affiliate						Date Issued						Amount of Notes - June 30, 2023						Amount of Notes - December 31, 2022															Interest Rate												Date of Maturity
												(in thousands)
Prudential Insurance						8/13/2021						$	95,103					$	96,666																	4.39		%										12/15/2023
Prudential Insurance						8/13/2021						28,531						29,000																		4.39		%										12/15/2023
Prudential Insurance						8/13/2021						96,313						97,665																		3.95		%										6/20/2024
Prudential Insurance						8/13/2021						38,525						39,066																		3.95		%										6/20/2024
Prudential Insurance						8/13/2021						48,156						48,832																		3.95		%										6/20/2024
Prudential Funding LLC						12/28/2022						0						138																		4.73		%										1/31/2023
Prudential Funding LLC						12/29/2022						0						62																		4.73		%										1/31/2023
Prudential Funding LLC						12/30/2022						0						384																		4.73		%										1/31/2023
Prudential Funding LLC						6/26/2023						109						0																		5.57		%										7/27/2023
Prudential Funding LLC						6/27/2023						132						0																		5.57		%										7/27/2023
Prudential Funding LLC						6/28/2023						167						0																		5.56		%										7/27/2023
Prudential Funding LLC						6/30/2023						12						0																		5.47		%										7/27/2023
Prudential Funding LLC						6/30/2023						75						0																		5.45		%										7/3/2023
Total Loans Payable to Affiliates												$	307,123					$	311,813

The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $2 million and $(5) million for the three months ended June 30, 2023 and 2022, respectively, and $5 million and $(5) million for the six months ended June 30, 2023 and 2022, respectively.

Contributed Capital and Dividends

In February 2023, the Company received a capital contribution in the amount of $405 million from Prudential Insurance. In March, June and September 2022, the Company received capital contributions in the amount of $8 million, $3 million and $7 million, respectively, from Prudential Insurance.

In June 2023, there was a $300 million return of capital to Prudential Insurance.

Through June 2023 and December 2022, the Company did not pay any dividends to Prudential Insurance.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

15.    COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Company has made commitments to fund commercial mortgage loans. As of June 30, 2023 and December 31, 2022, the outstanding balances on these commitments were $138 million and $333 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.2 million and $0.1 million as of June 30, 2023 and December 31, 2022, respectively. There were $0.1 million and $0.0 million changes in allowance for both the three and six months ended June 30, 2023 and 2022, respectively. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of June 30, 2023 and December 31, 2022, $786 million and $582 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three or six months ended June 30, 2023 or 2022.

Guarantees

In July 2017, the Company formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. The Company owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates the Company and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. The Company does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.

Since 2001, the Company entered into an arrangement with Prudential of Taiwan. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, the Company has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. The Company has a liability of $32 million and $33 million as of June 30, 2023 and December 31, 2022, respectively, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Contingent Liabilities

On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.

The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.

It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

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PRUCO LIFE INSURANCE COMPANY    

Notes to Unaudited Interim Consolidated Financial Statements—(Continued)

Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of June 30, 2023, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 16 to the Company's Consolidated Financial Statements included in the Company's restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023, and should be read in conjunction with the complete descriptions provided therein.

There are no material developments in previously reported matters disclosed as of December 31, 2022.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.

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

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) addresses the consolidated financial condition of Pruco Life Insurance Company, or the “Company,” as of June 30, 2023, compared with December 31, 2022, and its consolidated results of operations for the three and six months ended June 30, 2023 and 2022. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the MD&A, the "Risk Factors" section, and the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and the MD&A and the restated audited Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023, as well as the statements under “Forward-Looking Statements” and the Unaudited Interim Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.

Overview

The Company sells variable annuities, universal life insurance, variable life insurance and term life insurance primarily through affiliated and unaffiliated distributors in the United States. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders.

In July 2023, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life policies to the Prudential Universal Reinsurance Entity Company (“PURE”), a newly formed 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. The deal is expected to close by the end of 2023, subject to receipt of regulatory approvals and the satisfaction of customary closing conditions. We will continue to manage financing related to Guideline AXXX reserves for the business reinsured to Somerset Re; as a result, we anticipate changes to our current captive financing arrangements upon closing of the reinsurance transaction, including an increase in the amount of financing related to Guideline AXXX reserves. See “—Liquidity and Capital Resources—Liquidity—Term and Universal Life Reserve Financing” below for discussion of our current captive financing arrangements.

In May 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. The transaction was completed on June 30, 2023 with an effective date of April 1, 2023. See Note 11 to the Unaudited Interim Consolidated Financial Statements for additional information.

Effective April 1, 2022, Prudential Financial completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”) to Fortitude Group Holdings, LLC (“Fortitude”). As such, PALAC is no longer an affiliate of Prudential Financial or the Company. Fortitude subsequently renamed the company Fortitude Life Insurance & Annuity Company (“FLIAC”).

Effective December 1, 2021, the Company entered into a reinsurance agreement with FLIAC (previously named PALAC) under which the Company assumed all of its variable indexed annuities, fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature from FLIAC.

Impact of Changes in the Interest Rate Environment

As a global financial services company, market interest rates are a key driver of our results of operations and financial condition. Changes in interest rates can affect our results of operations and/or our financial condition in several ways, including favorable or adverse impacts to:

•investment-related activity, including: investment income returns, net interest margins, 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, including their impact on fee income;

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

•policyholder behavior, including surrender or withdrawal activity; and

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

For additional information regarding interest rate risks, see “Risk Factors—Market Risk” included in our Annual Report on Form 10-K for the year ended December 31, 2022.

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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.

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 Unaudited Interim Consolidated 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.

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 reserving methodologies used include the following:

•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 represents 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

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applied to prior period cash flows 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, 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 amount of insurance in force for life insurance or 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 in the general account 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.

•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.

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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, other contractholder behavior assumptions, economic assumptions, and 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 of operations of changes in these assumptions can be offsetting and we are unable to predict their movement or offsetting impact over time.

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 June 30, 2023, our variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 4.6% 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 generally update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our 2023 annual reviews and update of assumptions and other refinements, we kept our long-term expectation of the U.S. Treasury rate unchanged and continue to grade to a rate of 3.25% 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 Unaudited Interim Consolidated Financial Statements.

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 Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

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Market Risk Benefits

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 accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefit (“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 MRB will go through net income. The Company estimates that a hypothetical change to its own credit risk of plus 50 and minus 50 basis points would result in an increase and a decrease to OCI of $885 million and $975 million, respectively, and a decrease and an increase to net income of $95 million and $105 million, respectively. For additional information regarding the valuation of these MRB features, see Note 10 to the Unaudited Interim Consolidated Financial Statements.

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, 2022, 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.

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 3. Quantitative and Qualitative Disclosures about Market Risk” for hypothetical impacts on related balances as a result of changes in certain significant assumptions.

			June 30, 2023
			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			$	(5)
Decrease by 25 basis points			$	5
Long-term equity expected rate of return:
Increase by 50 basis points			$	(5)
Decrease by 50 basis points			$	5
Mortality:
Increase by 1%			$	95
Decrease by 1%			$	(85)
Lapse(2)(3):
Increase by 10%			$	345
Decrease by 10%			$	(355)

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(1)    MRB impact reflects the net impact of MRB assets and liabilities prior to hedging.

(2)    The lapse sensitivity shocks applied for the post-level premium period for term products are capped at the level where the rates would equal 100% under an increase lapse scenario. The same capped shock levels are also applied for the decrease lapse scenario.

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

Other Accounting Policies

In addition to the items listed above, management believes the accounting policies relating to the following areas are also most dependent on the application of estimates and assumptions and require management’s most difficult, subjective, or complex judgments:

•Valuation of investments including derivatives, measurement of allowance for credit losses, and recognition of other-than-temporary impairments (“OTTI”);

•Reinsurance recoverables;

•Taxes on income; and

•Reserves for contingencies, including reserves for losses in connection with unresolved legal matters

For further discussion of impacts that could result from changes in these key estimates and assumptions, see our restated “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates” for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

Adoption of New Accounting Pronouncements

Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Consolidated Financial Statements disclosures. See Note 1 for additional information.

As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Total equity” of $271 million, primarily from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of the January 1, 2023 adoption date, the impact amounted to an increase to "Total equity" of $673 million. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in market interest rates during 2021 and 2022. See Note 2 to the Unaudited Interim Consolidated Financial Statements. for a more detailed discussion of ASU 2018-12, as well as other accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements.

Changes in Financial Position

Total assets increased $12.1 billion from $193.5 billion at December 31, 2022 to $205.6 billion at June 30, 2023. Significant components were:

•Invested assets increased $6.8 billion driven by new sales of general account annuity products, policy loans from variable life contracts and mark to market gains on investments primarily due to declining interest rates; and

•Separate account assets increased $3.7 billion primarily driven by favorable equity market performance, partially offset by net outflows including separate account transfers to fund variable life contract policy loans.

Total liabilities increased $11.5 billion from $188.4 billion at December 31, 2022 to $199.9 billion at June 30, 2023. Significant components were:

•Policyholder account balances increased $5.7 billion primarily driven by incremental indexed product sales and separate account transfers to fund variable life contract policy loans; and

•Separate account liabilities increased $3.7 billion, corresponding to the increase in separate account assets, as discussed above.

Total equity increased $0.7 billion from $5.0 billion at December 31, 2022 to $5.7 billion at June 30, 2023 mainly due to earnings during the year, a capital contribution, and unrealized gains on investments due to the decline in interest rates.

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Results of Operations

Income (loss) from Operations before Income Taxes

Three Months Comparison

Income (loss) from operations before income taxes increased $874 million from a loss of $616 million for the three months ended June 30, 2022 to income of $258 million for the three months ended June 30, 2023. The impact from our annual reviews and update of assumptions and other refinement was a net loss of $354 million. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) from operations before income taxes increased $1,228 million primarily driven by:

•Higher Change in value of market risk benefits net of related hedging gain (loss) due to interest and equity market changes; and

•Higher Other income mainly due to higher trading gains and collateral income reflecting changes in interest rates;

Partially offset by:

•Lower Realized investments gains (losses), net driven by changes in interest rates.

Six Months Comparison

Income (loss) from operations before income taxes increased $1,891 million from a loss of $1,297 million for the six months ended June 30, 2022 to income of $594 million for the six months ended June 30, 2023. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, as mentioned above, income (loss) from operations increased $2,245 million primarily driven by:

•Higher Change in value of market risk benefits, net of related hedge gain (loss) due to net losses from 2022 driven by market volatility in prior year;

•Higher Other income mainly due to significant trading losses in prior year and increase in collateral income reflecting changes in interest rates; and

•Higher Policy charges and fee income is driven by the absence of the 2022 fee paid to Prudential Insurance for the recapture of the yearly renewable term ("YRT") reinsurance for most of the Company's variable life insurance policies;

Partially offset by:

•Lower Realized investments gains (losses), net driven by changes in interest rates.

Revenues, Benefits and Expenses

Three Months Comparison

Revenues increased $925 million from $53 million for the three months ended June 30, 2022 to $978 million for the three months ended June 30, 2023. This includes an unfavorable comparative decrease of $403 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual review and update of assumptions and other refinements revenues increased $1,328 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Benefits and expenses were relatively flat, increasing $50 million from $669 million for the three months ended June 30, 2022 to $719 million for the three months ended June 30, 2023. This includes a favorable comparative decrease of $49 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, benefits and expenses increased $99 million.

Six Months Comparison

Revenues increased $1,940 million from $59 million for the six months ended June 30, 2022 to $1,999 million for the six months ended June 30, 2023. Excluding the comparative impact of our annual review and update of assumptions and other refinements, as mentioned above, revenues increased $2,343 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Benefits and expenses were relatively flat, increasing $50 million from $1,355 million for the six months ended June 30, 2022 to $1,405 million for the six months ended June 30, 2023. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, as mentioned above, benefits and expenses increased $99 million.

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Risks and Risk Mitigants:

Fixed Annuity Risks and Risk Mitigants. The primary risk exposure of these fixed annuity products relates to investment risks we bear for providing customers a minimum guaranteed interest rate or an index-linked interest rate required to be credited to the customer’s account value, which include interest rate fluctuations and/or sustained periods of low interest rates, and credit risk related to the underlying investments. We manage these risk exposures primarily through our investment strategies and product design features, which include credit rate resetting subject to the minimum guaranteed interest rate, as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, a portion of our fixed annuity products has a market value adjustment provision that affords protection of lapse in the case of rising interest rates. We also manage these risk exposures through external reinsurance for certain of our fixed annuity products.

Indexed Variable Annuity Risks and Risk Mitigants. The primary risk exposure of these indexed variable annuity products relates to the investment risks we bear in order to credit to the customer’s account balance the required crediting rate based on the performance of the elected indices at the end of each term. We manage this risk primarily through our investment strategies including derivatives and product design features, which include credit rate resetting subject to contractual minimums as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, our indexed variable annuity strategies have an interim value provision that provides protection from lapse in the case of rising interest rates.

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 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 external reinsurance for certain of our variable annuity products. For additional information regarding our external reinsurance agreements, see Note 1 of the Consolidated Financial Statements. Sales of traditional variable annuities with guaranteed living benefit riders were discontinued as of December 31, 2020, and, in April 2022, the sale of a portion of our in-force traditional variable annuity block was completed, as discussed in Note 1.

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 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 purchase payments, as well as a required minimum allocation to our general account 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 (“PDI”) 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 over-the-counter (“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.

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Under our ALM strategy, we expect differences in the U.S. GAAP net income impact between the changes in value of the fixed income instruments (either designated as available-for-sale or designated as trading) and derivatives as compared to the changes in the MRB liability these assets support. These differences can be primarily attributed to two distinct areas:

•Different accounting treatment between liabilities and assets supporting those liabilities. Under U.S. GAAP, changes in the fair value of the derivative instruments and fixed income instruments designated as trading, and MRB, excluding the changes in the Company’s NPR spreads, are immediately reflected in net income, while changes in the fair value of fixed income instruments that are designated as available-for-sale are recorded as unrealized gains (losses) in other comprehensive income.

•General hedge results. For the derivative portion of the ALM strategy, the net hedging impact (the extent to which the changes in value of the hedging instruments offset the change in value of the portion of the MRB we are hedging) may be impacted by a number of factors, including: cash flow timing differences between our hedging instruments and the corresponding portion of the MRB we are hedging, basis differences attributable to actual underlying contractholder funds to be hedged versus hedgeable indices, rebalancing costs related to dynamic rebalancing of hedging instruments as markets move, certain elements of the MRB that may not be hedged (including certain actuarial assumptions), and implied and realized market volatility on the hedge positions relative to the portion of the MRB we seek to hedge.

Income Taxes

    

For information regarding income taxes, see Note 12 to the Unaudited Interim Consolidated 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, our ability to borrow from affiliates and our access to the capital markets 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” included in our Annual Report on Form 10-K for the year ended December 31, 2022.

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.

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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.

Captive Reinsurance Companies:

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital—Affiliated Captive Reinsurance Companies” included in our Annual Report on Form 10-K for the year ended December 31, 2022, for a discussion of our use of captive reinsurance companies.

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 (for example, 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, and fixed maturities that are not designated as held-to-maturity and public equity securities. As of June 30, 2023 and December 31, 2022, the Company had liquid assets of $28,388 million and $23,627 million, respectively. The portion of liquid assets comprised of cash and cash equivalents and short-term investments was $2,089 million and $2,522 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, $21,420 million, or 91%, of the fixed maturity investments in the Company's general account portfolios, were rated high or highest quality based on NAIC or equivalent rating.

Prudential 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.

Hedging activities associated with Annuities

For the portion of the risk management strategy executed through hedging, we enter into a range of exchange-traded, cleared and other OTC equity and interest rate derivatives in order to hedge certain capital market risks related to more severe market conditions. This portion of our ALM strategy requires access to liquidity to meet payment obligations relating to these derivatives, such as payments for periodic settlements, purchases, maturities and terminations. These liquidity needs can vary materially due to, among other items, changes in interest rates, equity markets, mortality and policyholder behavior.

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The hedging portion of our ALM strategy may also result in derivative-related collateral postings to (when we are in a net pay position) or from (when we are in a net receive position) counterparties. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. Depending on market conditions, the collateral posting requirements can result in material liquidity needs when we are in a net post position.

Term and Universal Life Reserve Financing

The Company uses captive reinsurance subsidiaries 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.

As of both June 30, 2023 and December 31, 2022, the affiliated captive reinsurance companies have entered into agreements with external counterparties providing for the issuance of up to an aggregate of $16,050 million of surplus notes by our affiliated captive reinsurers in return for the receipt of credit-linked notes (“Credit-Linked Note Structures”), of which $14,070 million of surplus notes was outstanding. 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.

As of June 30, 2023, our affiliated captive reinsurance companies had outstanding an aggregate of $2,800 million of debt issued for the purpose of financing Regulation XXX and Guideline AXXX non-economic reserves, of which approximately $700 million relates to Regulation XXX reserves and approximately $2,100 million relates to Guideline AXXX reserves. In addition, as of June 30, 2023, for purposes of financing Guideline AXXX reserves, one of our 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.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, our products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and our strategies for managing this risk, vary by product. As of June 30, 2023, there have been no material changes in our exposure to market risk from December 31, 2022, a description of which may be found in our restated Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” for the year ended December 31, 2022, included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023. See Item 1A, “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2022, for a discussion of how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.

Item 4. Controls and Procedures

In order to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized, and reported on a timely basis, the Company’s management, including our Chief Executive Officer and Chief Financial Officer, have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Securities Exchange Act of 1934, as amended (“Exchange Act”) Rule 15d-15(e), as of June 30, 2023. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2023, our disclosure controls and procedures were effective. No change in our internal control over financial reporting, as defined in Exchange Act Rule 15d-15(f), occurred during the quarter ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

See Note 15 to the Unaudited Interim Consolidated 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, which is incorporated herein by reference.

Item 1A. Risk Factors

You should carefully consider the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022. These risks could materially affect our business, results of operations or financial condition or cause our actual results to differ materially from those expected or those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks are not exclusive, and additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.

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Item 6. Exhibits

EXHIBIT INDEX
31.1 Section 302 Certification of the Chief Executive Officer
31.2 Section 302 Certification of the Chief Financial Officer
32.1 Section 906 Certification of the Chief Executive Officer
32.2 Section 906 Certification of the Chief Financial Officer
101.INS - XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH - XBRL Taxonomy Extension Schema Document.
101.CAL - XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB - XBRL Taxonomy Extension Label Linkbase Document
101.PRE - XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF - XBRL Taxonomy Extension Definition Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pruco Life Insurance Company
By:						/s/ Robert E. Boyle
Name:						Robert E. Boyle
						Vice President and Chief Financial Officer
						(Authorized Signatory and Principal Financial Officer)

Date: August 10, 2023

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