⚠ AI-Generated

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Prudential Financial added one new risk disclosure in its 2025 10-K centered on morbidity risk in insurance products, specifically addressing how incidence, utilization, or continuation experience may deviate adversely from expectations. The company retained all 11 previously disclosed risks without substantive modifications, indicating stability in its overall risk profile assessment while expanding disclosure to encompass biometric risks associated with insurance underwriting.

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🟢 New in Current Filing

Certain of our insurance products are subject to morbidity risk, which is the risk that either incidence, utilization or continuation experience deviates adversely from what is expected. Morbidity risk is a biometric risk that can manifest in the following ways:

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•Morbidity incidence is the risk that the rate at which policyholders become unhealthy (and qualify for benefits under insurance policies) deviates adversely from what is expected. We are exposed to morbidity incidence risk primarily through short-term disability, long-term disability and long-term care products in the U.S., and through accident and health products in Japan. •Morbidity utilization is the risk that policyholder morbidity benefit utilization (relative to available maximum benefits) deviates adversely from our expectations. This risk relates primarily to our long-term care products. •Morbidity continuation is the risk that the length of time for which policyholders remain unhealthy deviates adversely from what is expected. This risk is primarily in our disability and long-term care products. In each case, an increase in claims, or an increase in reserves due to revised morbidity assumptions can have an immediate impact on our results of operations and financial condition; however, economically the impact of morbidity risk for products that pay out for ongoing illness or disability generally emerges over the longer term as the morbidity claims are paid.