Prudential Finl - PRU STOCK NEWS

PGIM DC Solutions has released its Defined Contribution (DC) Landscape Survey results, based on responses from 302 retirement plan decision-makers. The research, conducted with Greenwald Associates, reveals significant insights into improving retirement outcomes.

Key findings include:

• 88% of plan sponsors believe personalized advice and guidance will improve retirement outcomes
• 63% of plans show interest in managed accounts at 10 or fewer basis points
• High satisfaction rates with plan investments: 93% for asset class diversification, 91% for performance, and 85% for cost
• 81% agree that retiree access to tools and education is important for retirement success
• 64% believe plans need more innovation
• 85% note customized communications can lead to better outcomes

The survey highlights opportunities for improvement in areas such as retirement planning tools, with only 48% of plans offering spending level guidance and 20% providing Social Security claiming tools. While artificial intelligence could enhance personalized communications, its current adoption remains low.

Prudential Financial (NYSE: PRU) has announced the appointment of Vicki Walia as Chief People Officer, effective March 31, 2025. Walia, who currently leads HR for Prudential's U.S. Businesses and PGIM, will succeed Lucien Alziari, who is retiring after eight years as Chief Human Resources Officer.

Walia previously served as Chief Talent and Capability Officer at Prudential, overseeing talent and change management. Her prior experience includes leadership roles in HR, marketing, and digital strategy at Moody's Analytics and AllianceBernstein. She will report to Andrew Sullivan, who will become CEO on March 31, 2025, succeeding current chairman and CEO Charles Lowrey.

Prudential Financial reported strong financial results for 2024, with net income reaching $2.727 billion ($7.50 per share), up from $2.488 billion ($6.74 per share) in 2023. The company's after-tax adjusted operating income increased to $4.588 billion ($12.62 per share) from $4.380 billion ($11.88 per share) in 2023.

Despite a fourth quarter net loss of $57 million, assets under management grew to $1.512 trillion, up from $1.450 trillion year-over-year. The company returned $720 million to shareholders in Q4 through dividends ($470M) and share repurchases ($250M). The Board authorized a new $1.0 billion share repurchase program for 2025 and increased the quarterly dividend by 4% to $1.35 per share, marking the 17th consecutive year of dividend increases.

PGIM, the company's investment management business, reported Q4 adjusted operating income of $259 million, up from $172 million, with total net flows of $37.7 billion for 2024.

Prudential Financial (NYSE: PRU) has achieved top recognition in FORTUNE® magazine's World's Most Admired Companies list, securing the No. 1 position in the Insurance: Life & Health industry category. The company particularly excelled in several key attributes, ranking first in sustainability and innovation, and second in quality of management, long-term investment value, and global competitiveness.

The rankings were determined through a comprehensive survey conducted by FORTUNE in partnership with Korn Ferry, involving 3,380 executives, directors, and analysts who rated companies within their respective industries across nine attributes. Chairman and CEO Charles F. Lowrey emphasized that this recognition reflects Prudential's dedication to its global customer base and its vision of leadership in expanding access to investment, insurance, and retirement security.

Prudential Financial (NYSE: PRU) and Dai-ichi Life Holdings have announced plans to form a strategic partnership focusing on product distribution and asset management capabilities. The partnership includes two main components: First, Prudential will select Dai-ichi's subsidiary, The Neo First Life Insurance Company, as an exclusive product partner in Japan, distributing certain Neo First life products through Prudential's Life Planner sales channel. Second, PGIM, Prudential's global investment manager, will provide asset management services to Dai-ichi Life Holdings subsidiaries through its PGIM Multi-Asset Solutions business, managing structured products and private credit.

Both companies have signed an initial memorandum of understanding to pursue these initiatives and explore additional growth opportunities. The partnership aims to expand Prudential's customer reach in Japan while adding scale to their asset management business.

Prudential Financial (NYSE: PRU) has announced an agreement to reinsure approximately $7 billion of reserves from its Japanese whole life insurance policies with Prismic Life, a Bermuda-based reinsurance company. This marks the second transaction between the companies, expanding Prismic's assets under management to an estimated $17 billion.

The agreement covers USD-denominated policies recently originated by Prudential's Japanese affiliates. Prudential will maintain its policyholder obligations and continue administering the contracts. As part of the transaction, Prudential will invest approximately $100 million in Prismic, while global investors will contribute an additional $400 million.

PGIM Multi-Asset Solutions and Warburg Pincus will continue providing asset management services to Prismic across various markets. The transaction, entered in December 2024 and ratified in January 2025, awaits regulatory approvals and other closing conditions.

Prudential Financial (NYSE: PRU) announced a collaboration with Dimensional Fund Advisors and Fiduciary Exchange (FIDx) to integrate protected lifetime income strategies into managed accounts through FIDx's Insurance Overlay marketplace. This initiative aims to expand retirement security access for clients working with registered investment advisors (RIAs).

The collaboration builds upon existing relationships, including the Prudential MyRock Advisor Variable Annuity available through FIDx's broker dealer, and incorporates Dimensional indices within Prudential's FlexGuard registered index-linked annuity suite and SurePath fixed indexed annuities.

FIDx's Insurance Overlay marketplace provides a unified platform where advisors can access, evaluate, execute, and manage insurance-based solutions, streamlining comprehensive financial planning for retirement solutions.

Prudential Financial (NYSE: PRU) has announced it will release its fourth quarter 2024 earnings on Tuesday, February 4, 2025, after market close. The company will host a conference call with senior management on Wednesday, February 5, 2025, at 11:00 a.m. ET to discuss the results with investors.

The earnings release, financial supplement, and related materials will be available on investor.prudential.com. The conference call will be broadcast live on the same website, with replay access available through February 19. As of September 30, 2024, Prudential manages approximately $1.6 trillion in assets and operates across the United States, Asia, Europe, and Latin America.

PGIM, Prudential Financial's $1.4 trillion investment management arm, has launched new buffer ETF products with competitive 0.50% net expense ratios. The new offerings include:

1. The PGIM S&P 500 Max Buffer ETF series, comprising 12 monthly-listed ETFs on Cboe BZX, aims to match SPY returns up to a predetermined cap while offering 100% downside protection with a 3% minimum cap.

2. The PGIM Nasdaq-100 Buffer 12 ETF series, consisting of four ETFs listed on Nasdaq, seeks to match QQQ price returns up to a cap while providing a 12% downside buffer.

3. The PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ), which equally invests in quarterly Nasdaq-100 Buffer 12 ETFs.

These additions expand PGIM's buffer ETF suite, which already includes 12% and 20% U.S. Large Cap buffer ETF series and two laddered funds.