Exhibit 12.1
PRUDENTIAL FINANCIAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES

|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes(1) |  | $ | 6,454 |  |  | $ | 5,710 |  |  | $ | 7,711 |  |  | $ | 1,715 |  |  | $ | (1,712 | )
Less: |  |  |  |  |  |  |  |  |  |
Undistributed income (loss) of investees accounted for under the equity method |  | 275 |  |  | 12 |  |  | (280 | ) |  | 134 |  |  | 223 |
Interest capitalized |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Adjusted earnings |  | 6,179 |  |  | 5,698 |  |  | 7,991 |  |  | 1,581 |  |  | (1,935 | )
Add fixed charges: |  |  |  |  |  |  |  |  |  |
Interest credited to policyholders’ account balances |  | 3,822 |  |  | 3,761 |  |  | 3,479 |  |  | 4,263 |  |  | 3,111 |
Gross interest expense(2) |  | 1,334 |  |  | 1,324 |  |  | 1,328 |  |  | 1,934 |  |  | 1,419 |
Interest component of rental expense |  | 86 |  |  | 84 |  |  | 77 |  |  | 75 |  |  | 85 |
Total fixed charges |  | 5,242 |  |  | 5,169 |  |  | 4,884 |  |  | 6,272 |  |  | 4,615 |
Total earnings plus fixed charges |  | $ | 11,421 |  |  | $ | 10,867 |  |  | $ | 12,875 |  |  | $ | 7,853 |  |  | $ | 2,680 |
Ratio of earnings to fixed charges(3) |  | 2.18 |  |  | 2.10 |  |  | 2.64 |  |  | 1.25 |  |  | 0.00 |

__________

(1) | Excludes earnings attributable to noncontrolling interests.

(2) | Interest expense on short-term and long-term debt, including interest expense of securities businesses reported in “Net investment income” in the Consolidated Statements of Operations, capitalized interest and amortization of debt discounts and premiums. Interest expense does not include interest on liabilities recorded under the authoritative guidance on accounting for uncertainty in income taxes. The Company’s policy is to classify such interest in income tax provision in the consolidated statements of operations.

(3) | Due to the Company’s loss for the twelve months ended December 31, 2013, the ratio coverage was less than 1:1 and is therefore not presented. Additional earnings of $1,935 million would have been required for the twelve months ended December 31, 2013, to achieve a ratio of 1:1.