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
Industry Financial Services
Headquarters Prudential Plaza
Newark, New Jersey, U.S.
Area served Nationwide
Key people John Strangfeld (Chairman and CEO)
Products Life Insurance
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
- In open letter, Prudential appeals to corporate leaders on financial wellnessNearly six in every 10 American workers are stressed about their current financial situation—and Prudential is calling on all U.S. employers to do something about that stress. [read more]
- Quincy Krosby: Economic data releases mark Thanksgiving-shortened trading weekIn a holiday-shortened trading week, there is still important data for the market to digest, including the index of leading economic indicators, existing home sales, durable goods orders and minutes from the latest Federal Reserve meeting, Prudential’s Chief Market Strategist Quincy Krosby said Monday in her weekly “Connecting the Dots” [read more]
- Quincy Krosby: Market will focus on inflation, retail sales, consumer sentiment and tax reform headlinesThere is much for the market to absorb this week, particularly on inflation data, retail sales and consumer confidence, Prudential’s Chief Market Strategist Quincy Krosby said Monday in her weekly “Connecting the Dots” outlook. [read more]
- For deployed military and their families, Veterans Day a chance to connectIn one life, Jared Kebea is a father of two teenagers and a 4-year-old, living in Springfield, New Jersey, and a project management specialist for Prudential Financial’s Enterprise Services & Systems department. In the other, he’s a master sergeant with the 20th Special Forces Group (Airborne) of the Massachusetts Army [read more]
- Quincy Krosby: Market will focus on geopolitical drama in light week for economic dataA light calendar for economic data should leave the market focused on President Trump’s Asian trip, tax reform negotiations, Saudi Arabia’s “anti-corruption” roundup, and the last of high-profile names reporting earnings, Prudential’s Chief Market Strategist Quincy Krosby said Monday in her weekly “Connecting the Dots” outlook. [read more]