Prismic Life Holding Company, LP (Prismic) today announced the successful completion of its previously announced capital raise. The approximately US$1.9 billion of total commitments reflects an oversubscribed closing, exceeding its original US$1.6 billion target. The additional capital expands Prismic's capacity and flexibility to support a broader range of reinsurance opportunities.

Prismic is sponsored by Prudential Financial, Inc. ((PRU) (PFI) and Warburg Pincus, global leaders in insurance and investment management. This capital raise included investments from a global consortium of world-class institutional investors, underscoring continued demand for Prismic's differentiated reinsurance platform. Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., each a licensed Class E Bermuda-based life and annuity reinsurance company. Including this close, Prismic has raised more than US$3.3 billion in capital to support the reinsurance of liabilities, including PFI's U.S. and Japanese liabilities as well as third-party business, such as the recent Daiichi Life transaction.

Prismic Group Chair and CEO Nandini Mongia commented, "This capital raise marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions, and allows us to deliver innovative reinsurance solutions that support clients' capital, risk, and balance-sheet management needs."

"Prismic is an important part of Prudential's broader toolkit for flexible capital allocation," said Andy Sullivan, chairman and CEO of Prudential Financial. "The platform provides Prudential access to third-party capital and strategic optionality that supports our long-term growth strategy."

"The oversubscribed raise highlights Prismic's long-term growth potential," added Jeffrey Perlman, CEO of Warburg Pincus. "Its integrated approach remains highly differentiated, and we are pleased to continue partnering with Prudential and Prismic as the platform grows."

Prismic will continue to leverage global investment management capabilities from PGIM, the US$1.4 trillion* global investment management business of PFI, and Warburg Pincus across public and private markets.

Prismic was advised by PGIM, Inc., RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.

About Prismic Life

Prismic Life is a Bermuda-based, growth-oriented life and annuity reinsurance platform that leverages Prudential Financial and Warburg Pincus' sponsorship and the market-leading asset management capabilities of PGIM and Warburg Pincus to deliver value to clients. Prismic Life's expertise and scalable operating model enable the firm to provide risk and balance sheet management solutions, while offering investors access to reinsurance as an asset class. Launched on Sept. 1, 2023, Prismic Life currently manages over US$17 billion of liabilities. For more information about Prismic Life, please visit prismiclife.com.

About Prudential Financial

Prudential Financial, Inc. ((PRU), a global financial services leader and premier active global investment manager with approximately US$1.6 trillion in assets under management as of March 31, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than US$100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit warburgpincus.com or follow us on LinkedIn and YouTube.

*As of March 31, 2026.

Prudential Forward-Looking Statements

Certain of the statements included in this release, such as those regarding the capital raise and expected results and impacts thereof, including the expected allocation of capital to assets managed by PGIM, the business plan of Prismic and our expectations relating to reinsurance, 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. Prudential's forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in Prudential's Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document. The securities subject to the equity investment referred to in this press release have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.

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Prismic Media Contact: Christian Ercole; christian.ercole@prismiclife.com

Prismic Life Announces Completion of Oversubscribed Capital Raise