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
- PGIM: Capturing alpha from growing emerging markets will require new investment approachA radical shift in the forces shaping emerging market growth will require investors to take a different investment approach from what may have worked in the past. Increasingly, discovering investment opportunities will be rooted in the ability to capture the alpha from the new growth drivers, rather than in chasing [read more]
- Quincy Krosby: Third Quarter CheckupAs with any checkup these days, whether it’s with your car, your physical exam or stock market performance, there are always so many charts placed in front of you that the effect can be dizzying, if not paralyzing. Entering the third quarter, headlines warn of lurking market dangers, yet there [read more]
- Quincy Krosby: Major banks’ earnings reports may be prime market mover this weekEarnings of major banks, due to be released at the end of the week, will most likely be the prime market mover this week, Prudential’s Chief Market Strategist Quincy Krosby said in her weekly “Connecting the Dots” outlook. [read more]
- Quincy Krosby: June jobs report may reduce worries about Fed rate hike amid slowdownThe June employment report, which showed a better-than-expected gain of 222,000 jobs, should lessen concerns that the Federal Reserve is moving toward rate normalization amid an economic slowdown, Prudential’s Chief Market Strategist Quincy Krosby said. [read more]
- The Hartford entrusts Prudential with $1.6 billion in pension obligations for 16,000 former U.S. employeesNEWARK, N.J., June 26, 2017 - The Hartford has agreed to settle $1.6 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, the company announced today. The agreement transfers responsibility for paying the pension benefits of approximately 16,000 of The Hartford’s retirees [read more]