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
- PGIM deepens presence in Latin America through partnership with one of Chile’s largest asset managers, Banchile Administradora General de Fondos S.A.
NEWARK, N.J., May 17, 2018 – PGIM has entered into a partnership with Banchile Administradora General de Fondos S.A. (“Banchile AGF”), one of the largest asset managers in Chile. The partnership will provide local investors in Chile access to a number of PGIM Investments’ UCITS funds as well as direct [read more]
- Tussle between globalization, nationalism creates new risks for investors, PGIM says
NEWARK, N.J., May 09, 2018 – The escalating tussle between globalization and nationalism could have profound implications for global financial markets, traditional investment frameworks and developed market geopolitical risk analysis, says a new report from PGIM, Inc., the investment management business of Prudential Financial, Inc. (NYSE: PRU). [read more]
- Hawaii renews agreement with Prudential Retirement to manage $2.4 billion plan
NEWARK, N.J., May 09, 2018 – State of Hawaii officials informed Prudential Retirement that Hawaii has renewed its contract with Prudential to oversee its State of Hawaii Deferred Compensation Plan (a.k.a., The Island $avings Plan) totaling nearly $2.4 billion in retirement assets. Prudential Retirement, among the industry’s largest recordkeepers, is a business unit [read more]
- Prudential and PIC reach sixth longevity reinsurance agreement amid surging demand for pension de-risking
NEWARK, N.J., May 09, 2018 – Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE: PRU), and Pension Insurance Corporation plc (PIC), have struck their sixth longevity reinsurance transaction since 2015. The Prudential Insurance Company of America (PICA) assumes the longevity risk for £900 million (about $1.2 billion) in pension liabilities, [read more]
- Prudential Financial Declares Quarterly Dividend on Common Stock
NEWARK, N.J.–(BUSINESS WIRE)–May 8, 2018– Prudential Financial, Inc. (NYSE:PRU) announced today the declaration of a quarterly dividend of $0.90 per share of Common Stock, payable on June 14, 2018, to shareholders of record at the close of business on May 22, 2018. Prudential Financial, Inc. (NYSE: PRU), a financial services [read more]