Press Release

Prudential Financial Aligns Individual and Institutional Retirement Capabilities to Form New Prudential Retirement Strategies Business

Issued by Prudential Financial, Inc.

Oct. 4, 2021

• Dylan Tyson to lead Retirement Strategies, bringing together Individual Annuities and Institutional Investment Products
• Yanela Frias to lead Group Insurance

NEWARK, N.J. - Prudential Financial, Inc. (NYSE: PRU) announced today the creation of Prudential Retirement Strategies, a new U.S. business that will serve the retirement needs of both individual and institutional customers.

Effective today, this new business, to be led by Dylan Tyson, president, Prudential Retirement Strategies, will combine the company’s Individual Annuities business and Retirement Institutional Investment Products, which includes pension risk transfer and international reinsurance, among others. The move positions Prudential with unique breadth and scale in the retirement marketplace to protect critical financial outcomes for individuals and institutions.

“This new structure brings together market-leading talent and capabilities to focus on a singular mission: Solving the retirement needs of individual and institutional customers across the U.S.,” said Caroline Feeney, CEO, U.S. Insurance and Retirement Businesses. “The creation of Prudential Retirement Strategies is another step forward in the transformation of our business and product portfolio and the acceleration of our growth.”

Yanela Frias, previously president of Prudential Retirement, will become president of Prudential’s Group Insurance business. “The Group Insurance business remains an important part of Prudential’s purpose and mission,” Feeney said. “Yanela is a proven leader whose experience with workplace customers will ensure that we remain well-positioned to serve and anticipate the needs of our partners and customers, and to grow the business.”

Frias also retains responsibility for Prudential’s full-service retirement plan recordkeeping and administration business until its sale to Empower Retirement closes, which is expected in the first quarter of 2022, pending customary regulatory approvals.

Jamie Kalamarides, president of Group Insurance, will be leaving Prudential after the transition of his responsibilities to Frias.

“We appreciate Jamie’s many contributions over the years in support of Prudential, our employees, and our customers,” said Feeney. “He is a passionate advocate for how our business and industry can make a meaningful difference in putting financial security within reach for more people.”

Prudential’s U.S. Insurance and Retirement Businesses portfolio, led by Feeney, includes oversight of Group Insurance, Individual Life Insurance, Retirement Strategies, and the Retail Advice and Solutions organization, as well as key support functions, which include Enabling Solutions and Enterprise Capabilities. Feeney continues to report to Executive Vice President and Head of U.S. Businesses Andy Sullivan.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

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