Prudential Premier Retirement Variable Annuities

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INVESTMENT OBJECTIVES/POLICIES AST Small-Cap Value Portfolio: seeks to provide long-term capital growth by investing primarily in small-capitalization stocks that appear to be undervalued. The Portfolio invests, under normal circumstances, at least 80% of the value of its net assets in small capitalization stocks. Small capitalization stocks are the stocks of companies with market capitalization that are within the market capitalization range of the Russell 2000 ® Value Index at the time of purchase. Each subadvisor expects to utilize different investment strategies to achieve the Portfolio’s objective. AST T. Rowe Price Asset Allocation Portfolio: seeks a high level of total return by investing primarily in a diversified portfolio of equity and fixed income securities. The Portfolio normally invests approximately 60% of its total assets in equity securities and 40% in fixed income securities. This mix may vary over shorter time periods: the equity portion may range between 50-70% and the fixed-income portion may range between 30-50%. The subadvisor concentrates common stock investments in larger, more established companies, but the Portfolio may include small and medium-sized companies with good growth prospects. The fixed income portion of the Portfolio will be allocated among investment grade securities, high yield or “junk” bonds, emerging market securities, foreign high quality debt securities and cash reserves. AST T. Rowe Price Equity Income Portfolio (formerly AST AllianceBernstein Core Value Portfolio): seeks substantial dividend income as well as long-term growth of capital through investments in the common stocks of established companies. The Portfolio will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in common stocks, with 65% of net assets (including any borrowings for investment purposes) in dividend-paying common stocks of well-established companies. The Portfolio will typically employ a “value” approach in selecting investments. T. Rowe Price’s research team will seek companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth. In selecting investments, T. Rowe Price generally will look for companies in the aggregate with an established operating history, above-average dividend yield relative to the S&P 500 Index, low price/earnings ratio relative to the S&P 500 Index, a sound balance sheet and other positive financial characteristics, and low stock price relative to a company’s underlying value as measured by assets, cash flow, or business franchises. AST T. Rowe Price Global Bond Portfolio: seeks to provide high current income and capital growth by investing in high-quality foreign and U.S. dollar-denominated bonds. The Portfolio will normally invest at least 80% of its total assets in fixed income securities. The Portfolio invests in all types of bonds, including those issued or guaranteed by U.S. or foreign governments or their agencies and by foreign authorities, provinces and municipalities as well as investment grade corporate bonds, mortgage-related and assetbacked securities, and high-yield bonds of U.S. and foreign issuers. The Portfolio generally invests in countries where the combination of fixed-income returns and currency exchange rates appears attractive, or, if the currency trend is unfavorable, where the subadvisor believes that the currency risk can be minimized through hedging. The Portfolio may also invest in convertible securities, commercial paper and bank debt and loan participations. The Portfolio may invest up to 20% of its assets in the aggregate in below investment-grade, high-risk bonds (“junk bonds”) and emerging market bonds. In addition, the Portfolio may invest up to 30% of its assets in mortgage-related (including mortgage dollar rolls and derivatives, such as collateralized mortgage obligations and stripped mortgage securities) and asset-backed securities. The Portfolio may invest in futures, swaps and other derivatives in keeping with its objective. 28 STYLE/ TYPE SMALL CAP VALUE ASSET ALLOCA- TION LARGE CAP VALUE FIXED INCOME PORTFOLIO ADVISOR/ SUBADVISOR ClearBridge Advisors, LLC; J.P. Morgan Investment Management, Inc.; Lee Munder Capital Group, LLC T. Rowe Price Associates, Inc. T. Rowe Price Associates, Inc. T. Rowe Price Associates, Inc. / T. Rowe Price International Ltd (TRPIL)
INVESTMENT OBJECTIVES/POLICIES AST T. Rowe Price Large-Cap Growth Portfolio: seeks long-term growth of capital by investing predominantly in the equity securities of a limited number of large, carefully selected, high-quality U.S. companies that are judged likely to achieve superior earnings growth. The Portfolio takes a growth approach to investment selection and normally invests at least 80% of its net assets in the common stocks of large companies. Large companies are defined as those whose market capitalization is larger than the median market capitalization of companies in the Russell 1000 Growth Index as of the time of purchase. AST T. Rowe Price Natural Resources Portfolio: seeks long-term capital growth primarily through investing in the common stocks of companies that own or develop natural resources (such as energy products, precious metals and forest products) and other basic commodities. The Portfolio invests, under normal circumstances, at least 80% of the value of its assets in natural resource companies. The Portfolio may also invest in non-resource companies with the potential for growth. The Portfolio looks for companies that have the ability to expand production, to maintain superior exploration programs and production facilities, and the potential to accumulate new resources. Although the Portfolio is primarily invested in U.S. securities, up to 50% of total assets also may be invested in foreign securities. AST Wellington Management Hedged Equity Portfolio: seeks to outperform a mix of 50% Russell 3000 Index, 20% MSCI EAFE Index, and 30% Treasury Bill Index over a full market cycle by preserving capital in adverse markets utilizing an options strategy while maintaining equity exposure to benefit from up markets through investments in Wellington Management’s equity investment strategies. The Portfolio will use a broad spectrum of Wellington Management's equity investment strategies to invest in a broadly diversified portfolio of common stocks while also pursuing an equity index option overlay strategy. The equity index option overlay strategy is designed to help mitigate capital losses in adverse market environments and employs a put/spread collar to meet this goal. The Portfolio will normally invest at least 80% of its assets in common stocks of small, medium and large companies and may also invest up to 30% of its assets in equity securities of foreign issuers and non-dollar denominated securities. AST Western Asset Core Plus Bond Portfolio: seeks to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified for the Portfolio. The Portfolio invests, under normal circumstances, at least 80% of the value of its assets in debt and fixed-income securities. The Portfolio’s current target average duration is generally 2.5 to 7 years. The Portfolio pursues this objective by investing in all major fixed income sectors with a bias towards non-Treasuries. The Portfolio has the ability to invest up to 20% in below investment grade securities. Securities rated below investment grade are commonly known as “junk bonds” or “high yield” securities. AST Western Asset Emerging Markets Debt Portfolio: seeks to maximize total return. The Portfolio pursues its objective, under normal market conditions, by investing at least 80% of its assets in fixed-income securities issued by governments, government related entities and corporations located in emerging markets, and related instruments. The Portfolio may invest without limit in high yield debt securities and related investments rated below investment grade (that is, securities rated below Baa/BBB), or, if unrated, determined to be of comparable credit quality by one of the subadvisers. The Portfolio may invest in Below-investment grade securities that are commonly referred to as “junk bonds”. The Western Asset Emerging Markets Debt Portfolio also may invest up to 50% of its assets in non-U.S. dollar denominated fixed income securities. STYLE/ TYPE LARGE CAP GROWTH SPECIALTY ASSET ALLOCA- TION FIXED INCOME FIXED INCOME PORTFOLIO ADVISOR/ SUBADVISOR T. Rowe Price Associates, Inc. T. Rowe Price Associates, Inc. Wellington Management Company, LLP Western Asset Management Company Western Asset Management Company; Western Asset Management Company Limited LIMITATIONS WITH OPTIONAL BENEFITS As a condition to your participating in certain optional benefits, we limit the Investment Options to which you may allocate your Account Value. Broadly speaking, we offer two groups of “Permitted Sub-accounts”. Under the first group (Group I), your allowable Investment Options are more limited, but you are not subject to mandatory quarterly re-balancing. We call the second 29
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PRUCO LIFE INSURANCE COMPANY PRUCO
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UNDERLYING PORTFOLIO UNDERLYING MUT
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UNDERLYING PORTFOLIO UNDERLYING MUT
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ii. To the list of available variab
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II. NEW OPTIONAL BENEFITS This supp
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that may periodically transfer your
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Anniversary, we identify the Unadju
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Non-Lifetime Withdrawal Feature You
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▪ If annuity payments are to begi
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(iv) our receipt of Due Proof of De
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Example (assume the income basis is
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taken first from your own Account V
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While Spousal Highest Daily Lifetim
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** In this example, the first daily
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▪ Any Lifetime Withdrawal that yo
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to the death claim and the payment
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ages 59 1 ⁄2 to 64; 4.5% for ages
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Example of proportional reductions
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In general, withdrawals made from t
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certain in order to comply with the
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Upon termination of Highest Daily L
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Key Feature - Annual Income Amount
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Example of dollar-for-dollar reduct
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Highest Daily Death Benefit A Death
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newly-elected benefit will commence
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How Spousal Highest Daily Lifetime
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Page 60 and 61: The Prudential Insurance Company of
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Page 76 and 77: Advanced Series Trust AST Academic
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Page 82 and 83: C SERIES There is no CDSC or other
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Page 126 and 127: prior to age 59 1 ⁄2 if you elect
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Page 132 and 133: Income 2.0 may be appropriate if yo
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effective date of the benefit, the
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Highest Daily Lifetime Income 2.0 w
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▪ The Annuitant was 70 years old
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▪ Please note that if your Unadju
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The benefit automatically terminate
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(c) all Purchase Payments (includin
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▪ Both designated lives were 70 y
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Required Minimum Distributions See
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newly-elected benefit will commence
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GUARANTEED RETURN OPTION PLUS II (G
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time. The formula determines the ap
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Value” above for more details). Y
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HD GRO II uses a predetermined math
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Any amounts invested in the AST bon
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DEATH BENEFITS TRIGGERS FOR PAYMENT
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Calculation of Highest Anniversary
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A surviving spouse’s ability to c
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VALUING YOUR INVESTMENT VALUING THE
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TAX CONSIDERATIONS The tax consider
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Taxes Payable by Beneficiaries The
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A Nonqualified annuity may also be
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In any event, you must begin receiv
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ERISA Requirements ERISA (the “Em
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out of any other business we may co
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Cost Averaging, auto rebalancing, a
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Infinex Investments, Inc. ING Finan
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County, Illinois, was served on Pru
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Sub-Accounts Accumulation Unit Valu
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PREMIER RETIREMENT L SERIES Pruco L
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Sub-Accounts PREMIER RETIREMENT C S
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Annuity Comparison X Series B Serie
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The shaded values indicate the high
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holidays), plus the amount of any P
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Examples of dollar-for-dollar and p
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Required Minimum Distributions Requ
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Unadjusted Account Value and Protec
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equire a transfer to the Bond Sub-a
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to as the “LIA Amount”) if you
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the latter scenario, we determine w
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The “Periodic Value” is initial
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Amount on a dollar-for-dollar basis
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Here is the calculation: Withdrawal
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Election of and Designations under
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holidays), plus the amount of any P
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Examples of dollar-for-dollar and p
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Required Minimum Distributions Requ
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▪ If you elect this benefit and i
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Generally, the formula, which is ap
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Additional Tax Considerations If yo
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LIA Amount after the first Lifetime
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section above entitled “How Highe
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Highest Daily Auto Step-Up An autom
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Non-Lifetime Withdrawal Feature You
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apply to current participants in th
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If the formula ratio is less than a
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We reserve the right to waive the l
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If the formula ratio is less than a
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▪ T - the amount of a transfer in
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You can have a traditional IRA whet
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2. Rollovers from an employer retir
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Distributions from traditional IRAs
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income, and dividend income), pensi
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c. Made to a Beneficiary or to your
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CONTINGENT DEFERRED SALES CHARGE 1
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The Prudential Insurance Company of
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Prudential Premier Retirement Variable Annuities

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