What does Prudential do?
Prudential Financial, Inc. (PRU) is a US-based global financial services and life insurance company. This is the 2nd largest life and health insurer in the USA, based on total admitted assets. In addition, Prudential is considered the 3rd largest individual life insurance company in the USA in terms of statutory net written premiums.
Through its subsidiaries, the company caters for retail and institutional customers in over 40 countries globally. Prudential Financial, Inc. has approximately $1.389 trillion in assets under management and about $3.7 trillion of life insurance in force globally.
The company employs approximately 50,000 staff members and sales associates worldwide.
History and logo
Prudential has been providing financial services for over 140 years.
In 1875, John Fairfield Dryden, an insurance agent, established the Prudential Friendly Society. It was the first company in America to deliver life insurance to the working class.
In 1896, the Rock of Gibraltar was used as Prudential’s symbol for the first time. The rock is considered an icon of strength, stability and expertise – the values that stand behind the company’s services.
Prudential’s headquarters are located in Newark, New Jersey, USA. However, the company has a wide global presence: the Americas (the USA, Argentina, Chile, Brazil and Mexico), Asia Pacific (Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, South Korea and Taiwan) and Europe, the Middle East, and Africa (the UK, France, Germany, Italy, Luxembourg and Poland).
Prudential conducts its core businesses through five divisions and seven segments:
- The US Individual Solutions division: the division provides individual fixed and variable annuities to mass affluent customers in the USA (the Annuities segment), as well as individual term life, variable life and universal life insurance, focusing on mass middle to affluent US clients (the Individual Life segment).
- The US Workplace Solutions division: its Retirement segment provides US customers with pension risk transfer solutions, funding agreements, guaranteed investment contracts, annuities, etc. The Group Insurance segment offers a wide range of life insurance products primarily to institutional customers. Prudential is a leader in group insurance in the United States.
- Investment Management division/segment: it caters for third-party customers and other company’s businesses, offering them a wide array of advisory and investment management services.
- International Insurance division/segment: provides individual life insurance, retirement and more to mass affluent and affluent in 40+ countries. Prudential penetrates foreign markets through its Life Planner operations.
- Closed Block division/segment: closed block is the products that are still on the books but are no longer provided after Prudential’s demutualisation.
Listing and indices
Prudential turned from a mutual insurance company to a stock company on 18 December 2001. Since 13 December 2001, Prudential Financial, Inc. has been traded on the New York Stock Exchange (NYSE) under the ticker ‘PRU’.
The company is included into the Fortune 500 list and its shares are a component of the S&P 500 index.
Get the latest Prudential share price at Capital.com. Follow the PRU chart for live value fluctuations.