Prudential Financial, Inc. (PRU) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

Prudential Financial, Inc. ( PRU ) Barclays 24th Annual Global Financial Services Conference September 16, 2026 9:45 AM EDT Company Participants Yanela del Frias - Executive VP & CFO Conference Call Participants Taylor Scott - Barclays Bank PLC, Research Division Presentation Taylor Scott Barclays Bank PLC, Research Division Okay. We will get going here. So first, let me just say thank you for being here. I have Yanela del Frias, Chief Financial Officer of Prudential Financial. Yanela del Frias Executive VP & CFO Thank you for having me. Great to be here. Question-and-Answer Session Taylor Scott Barclays Bank PLC, Research Division Of course. So you've laid out a 5-year plan in August, narrow the footprint from more than a dozen to about 6 geographies, rotate north of $3 billion of capital, take PGIM from 12% to 25% and remove $750 million of costs by the end of '28. There's a lot there. What are the components that are more tangible that you can focus on the next year? How would you map that out for us? Yanela del Frias Executive VP & CFO Yes. Well, I agree, there's a lot there. But I would say we're not starting from scratch, right? So we -- this is something that has been well underway. Obviously, we rolled it out very recently, but we've been working through it, developing the strategy and beginning to execute for a while. And maybe just let me go through each of the components. When we think about the capital rotation, which will generate well north of $3 billion, we've been really executing that for a while now. We've announced a couple of the smaller emerging market transactions, Indonesia, Kenya, for example. There's a few other small ones that are very close to completion. And then the larger ones, Mexico, Brazil, those are processes that are well underway that we think through this