Prudential Financial, Inc.
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Table Of Contents
Prudential Financial, Inc. Company Overview
Prudential Financial, Inc. Company Information
|Traded as||NYSE: PRU
S&P 500 Component
Newark, New Jersey, U.S.
|Key people||John Strangfeld (Chairman and CEO)|
|Revenue||US$ 54.161 billion (2014)|
|Operating income||US$ 1.759 billion (2014)|
|Net income||US$ 1.381 billion (2014)|
|Total assets||US$ 766.655 billion (2014)|
|Total equity||US$ 41.77 billion (2014)|
|Number of employees||48,331 (2014)|
Prudential Financial, Inc., also known by its primary subsidiary The Prudential Insurance Company of America, is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the United States and in over 30 other countries. Principal products and services provided include life insurance, annuities, mutual funds, pension- and retirement-related investments, administration and asset management, securities brokerage services, and commercial and residential real estate in many states of the U.S. It provides these products and services to individual and institutional customers through distribution networks in the financial services industry. Prudential has operations in the United States, Asia, Europe and Latin America and has organized its principal operations into the Financial Services Businesses and the Closed Block Business.
Prudential is composed of hundreds of subsidiaries and holds more than $2 trillion of life Insurance.The Company uses the Rock of Gibraltar as its logo. 1
At the turn of the 20th century, Prudential and other large insurers reaped the bulk of their profits from industrial life insurance, or insurance sold by solicitors house-to-house in poor urban areas. Prudential has evolved from a mutual insurance company (owned by its policyholders) to a joint stock company (as it was prior to 1915).
On August 28, 2006, federal and state securities regulators and the Department of Justice announced parallel settlements and a total of $600 million in monetary sanctions against Prudential Securities, Inc. (now known as Prudential Equity Group) for misconduct relating to improper market timing. On May 1, 2003, Prudential formalized the acquisition of American Skandia, the largest distributor of variable annuities through independent financial professionals in the United States.The combination of American Skandia variable annuities and Prudential fixed annuities was part of Prudential’s strategy to acquire complementary businesses that help meet retirement goals.
During the 1980s and 1990s, Prudential Securities Incorporated (PSI), formerly a division of Prudential Financial, was investigated by the Securities and Exchange Commission (SEC) for suspected fraud.
During the investigation, it was found that PSI had defrauded investors of close to $8 billion, the largest fraud found by the SEC in US history to that point. In 2010, various media outlets noted allegations that the Prudential Life Insurance Company was manipulating the payout of life insurance benefits due to the families of American soldiers in order to gain extra profits.
These accounts are referred to as ‘retained asset accounts’ and are essentially an I.O.U. from the company to the payee (in many cases a fallen service members’ family). 2
Prudential Financial, Inc. News & Press Releases
- Prudential Retirement is Rockland County’s new deferred compensation plan provider, to oversee $313 million in new retirement assets
NEWARK, N.J., August 15, 2018 – Deferred Compensation Plan officials for Rockland County, New York, have selected Prudential Retirement as their new record keeper. Prudential Retirement, among the industry’s largest recordkeepers and a leading provider of retirement solutions, is a business unit of Prudential Financial, Inc. (NYSE:PRU). [read more]
- PGIM Real Estate Finance provides $8.1 billion in financing in first half of 2018
NEWARK, N.J., August 14, 2018 – PGIM Real Estate Finance originated $8.1 billion in commercial mortgage financing in the first half of 2018, propelled by strong production in industrial and multifamily lending. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management businesses of [read more]
- Prudential, Aviva reach first longevity reinsurance agreement as U.K. pension de-risking market surges
- Prudential Financial Declares Quarterly Dividend on Common Stock
NEWARK, N.J., August 07, 2018 – Prudential Financial, Inc. (NYSE:PRU) announced today the declaration of a quarterly dividend of $0.90 per share of Common Stock, payable on September 13, 2018, to shareholders of record at the close of business on August 21, 2018. [read more]
- Prudential Financial, Inc. Announces Second Quarter 2018 Results
NEWARK, N.J., August 01, 2018 – Prudential Financial, Inc. today reported second quarter results. Net income attributable to Prudential Financial, Inc., was $197 million ($0.46 per Common share) for the second quarter of 2018, compared to $491 million ($1.12 per Common share) for the second quarter of 2017. After-tax adjusted [read more]