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
- QMA adds Wadhwani Asset Management as part of QMA’s global expansion strategy
NEWARK, N.J., November 13, 2018 – QMA, the quantitative equity and global multi-asset solutions manager of PGIM, announced today PGIM’s acquisition of Wadhwani Asset Management (WAM), a London-based quantitative macro-focused investment management firm. Upon closing, WAM will become part of the QMA business. [read more]
- Prudential Financial Declares Quarterly Dividend on Common Stock
NEWARK, N.J., November 12, 2018 – Prudential Financial, Inc. (NYSE:PRU) announced today the declaration of a quarterly dividend of $0.90 per share of Common Stock, payable on December 13, 2018, to shareholders of record at the close of business on November 26, 2018. [read more]
- Prudential Financial, Inc. Announces Third Quarter 2018 Results
NEWARK, N.J., November 07, 2018 – Prudential Financial, Inc. (NYSE: PRU) today reported third quarter results. Net income attributable to Prudential Financial, Inc., was $1.672 billion ($3.90 per Common share) for the third quarter of 2018, compared to $2.238 billion ($5.09 per Common share) for the third quarter of 2017. [read more]
- Kelsey-Seybold Clinic taps Prudential to manage $413 million in retirement assets
NEWARK, N.J., October 31, 2018 – Kelsey-Seybold Clinic, a Houston-based multispecialty group practice, chose Prudential Retirement as record keeper for its retirement plans. [read more]
- Navigating the technology frontier beyond Silicon Valley
NEWARK, N.J., October 24, 2018 – Given the lightning-quick pace of technological change, investors must evaluate their portfolios to weed out obsolescence risk from incumbent products and business models that might soon be displaced, while developing a disciplined active investment framework to identify potential technology-driven winners, according to the latest [read more]