| PRUDENTIAL FINANCIAL, INC. |
| Schedule V |
| Valuation and Qualifying Accounts |
| For the Years Ended December 31, 2013, 2012 and 2011 (in millions) |
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| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Additions | | | | | | | | | | |
| | | | | Balance at | | Charged to | | | | | | | | | Effect of | | Balance |
| | | | | Beginning | | Costs and | | | | | | | Foreign | | at End |
| Description | | of Period | | Expenses | | Other | | Deductions | | Exchange Rates | | of Period |
| 2013 | | | | | | | | | | | | | | | | | | | |
| Allowance for losses on commercial mortgage | | | | | | | | | | | | | | | | | | | |
| | and other loans | | $ | 269 | | $ | 0 | | $ | 0 | | $ | 48 | (1) | | $ | (5) | | $ | 216 |
| Valuation allowance on deferred tax asset | | | 280 | | | (42) | | | (1) | | | 0 | | | | (2) | | | 235 |
| | | | | $ | 549 | | $ | (42) | | $ | (1) | | $ | 48 | | | $ | (7) | | $ | 451 |
| | | | | | | | | | | | | | | | | | | | | | |
| 2012 | | | | | | | | | | | | | | | | | | | |
| Allowance for losses on commercial mortgage | | | | | | | | | | | | | | | | | | | |
| | and other loans | | $ | 367 | | $ | 0 | | $ | 0 | | $ | 96 | (1) | | $ | (2) | | $ | 269 |
| Valuation allowance on deferred tax asset | | | 392 | | | (108) | | | (3) | | | 0 | | | | (1) | | | 280 |
| | | | | $ | 759 | | $ | (108) | | $ | (3) | | $ | 96 | | | $ | (3) | | $ | 549 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| 2011 | | | | | | | | | | | | | | | | | | | |
| Allowance for losses on commercial mortgage | | | | | | | | | | | | | | | | | | | |
| | and other loans | | $ | 575 | | $ | 0 | | $ | 0 | | $ | 210 | (1) | | $ | 2 | | $ | 367 |
| Valuation allowance on deferred tax asset | | | 386 | | | (2) | | | 11 | | | 3 | (2) | | | 0 | | | 392 |
| | | | | $ | 961 | | $ | (2) | | $ | 11 | | $ | 213 | | | $ | 2 | | $ | 759 |
