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Prudential Financial, Inc. (NYSE: PRU) has been a pillar in the financial services sector for over 140 years, providing comprehensive financial products and services to both individual and institutional clients. Known for their iconic Rock® symbol, Prudential exemplifies strength, stability, and innovation.
With operations spanning across the United States, Asia, Europe, and Latin America, Prudential has established itself as a global leader in financial services. The company manages over $1.5 trillion in assets, offering a range of products including annuities, life insurance, retirement plan services, and asset management. Its investment management business, PGIM, plays a significant role, contributing approximately 10% of the company’s earnings and managing around $1.3 trillion in assets.
The bulk of Prudential's revenue is generated in the United States and Japan. In the U.S., business operations are divided into several segments: Institutional Retirement Strategies, Individual Retirement Strategies, Group Insurance, Individual Life Insurance, and Assurance IQ. The international segment, which accounts for approximately 40% of earnings, holds a robust market presence in Japan.
Prudential’s commitment to innovation and excellence is evident in its strategic partnerships and ongoing projects. For instance, PGIM Real Estate, Prudential's global asset management arm, has ventured into a $600 million joint initiative with Equinix to develop the SV12x data center in Silicon Valley. This project underscores Prudential's drive to expand its digital infrastructure, ensuring scalable and agile solutions for the future of digital services.
In addition to its financial prowess, Prudential is committed to social responsibility. The Prudential Emerging Visionaries program, in partnership with Ashoka, celebrates young leaders addressing financial and societal challenges. This initiative aligns with Prudential's vision of fostering financial inclusivity and societal impact.
Financial stability is a hallmark of Prudential. Recent collaborations, such as the group annuity contract with Metallus Inc. for terminating the TimkenSteel Corporation Retirement Plan, showcase Prudential's expertise in managing complex financial arrangements, further solidifying its reputation as a trusted entity in the financial sector.
Prudential’s strategic approach, innovative initiatives, and commitment to community support make it a significant player in the financial services industry.
Prudential Financial (NYSE: PRU) has completed two significant transactions: a reinsurance deal with Wilton Re for a portion of its guaranteed universal life block, and an internal restructuring of captive reinsurance arrangements for term life insurance. The Wilton Re transaction, announced on August 20, 2024, supports Prudential's strategy to become a higher growth and more capital-efficient company. The internal restructuring will result in one-time pre-tax expenses of $40 million in Q4 2024 but is expected to generate an increase in pre-tax annual adjusted operating income of $25 million starting in 2025.
Prudential Financial (NYSE: PRU) has announced a strategic partnership with Empathy, a bereavement support platform, to enhance its beneficiary support services. The collaboration aims to provide comprehensive assistance to families dealing with the loss of loved ones.
The enhanced suite of resources includes support for funeral arrangements, obituary writing, probate and estate settlement. Beneficiaries will have access to dedicated Care Managers for personalized assistance through various challenges. The service expansion includes access to a beneficiary hub, wellness journal, and claim assistance.
Jessica Gillespie, Prudential's head of Group Insurance Product and Underwriting, emphasized the company's commitment to providing holistic support during important moments. Ron Gura, Empathy's co-founder and CEO, noted that this partnership represents a new era in benefits that prioritize comprehensive support and compassion.
Prudential Financial (NYSE: PRU) announced significant leadership changes. Andrew Sullivan, currently executive vice president and head of International Businesses and Global Investment Management, will become CEO effective March 31, 2025, succeeding Charles F. Lowrey, who will serve as Executive Chairman for 18 months.
Sullivan oversees the International Insurance segment and PGIM, the firm's $1.4 trillion global investment management business. Caroline Feeney will become Global Head of Insurance and Retirement, while Vice Chair Robert Falzon will retire after 42 years with the firm, effective July 11, 2025.
The transition follows a thorough succession planning process, with the company aiming to create additional opportunities for collaboration and growth by bringing U.S. and international insurance and retirement businesses under one global division.
Acathia Capital has increased its stake in Futur, Sweden's leading pension and savings platform, through a GP-led secondary transaction backed by Montana Capital Partners, a PGIM subsidiary. Since 2019, Acathia and Polaris Private Equity have jointly managed Futur, which has tripled its assets under management to SEK 240bn and quadrupled profits. Futur has transformed Sweden's life insurance market through digitalization, achieving cost and service leadership. Acathia acquired shares from a co-investor through its new vehicle Fjord Pension SCS, now managing over EUR 300 million AuM.
Affirm Holdings (NASDAQ: AFRM) and PGIM Fixed Income, a Prudential Financial company, announced the completion of a $500 million private purchase of Affirm loans. This transaction deepens their partnership, with PGIM Fixed Income managing over $120 billion in assets across public and private securitized credit. Previously, PGIM invested in Affirm’s public asset-backed securitizations. Affirm has issued 21 securitizations totaling nearly $10 billion, involving over 130 capital partners. PGIM sees Affirm’s assets as an attractive investment opportunity, enhancing its origination relationships. Affirm empowers 19 million active consumers and generated over $28 billion in GMV for the last twelve months ending September 30, 2024. Its funding capacity has grown by 50% over the last two years to $16.8 billion as of September 30, 2024.
Prudential Financial has appointed Jacques Chappuis as the new president and CEO of PGIM, its $1.4 trillion global investment management business, effective May 1, 2025. Chappuis, formerly co-head of Morgan Stanley Investment Management, will succeed David Hunt, who will retire after a successful 13-year tenure but remain as chairman until July 31, 2025 to ensure a smooth transition. Under Hunt's leadership, PGIM's assets under management grew from $619 billion to $1.4 trillion, with significant expansion in the UK, Europe, and Japan. Chappuis brings nearly 30 years of investment management experience and will report to Andrew Sullivan, head of International Businesses and Global Investment Management.
Prudential Financial (NYSE: PRU) has declared a quarterly dividend of $1.30 per share of Common Stock, payable on December 12, 2024, to shareholders of record as of November 19, 2024. The company, a global financial services leader, manages approximately $1.6 trillion in assets as of September 30, 2024, with operations across the United States, Asia, Europe, and Latin America.
Prudential Financial reported Q3 2024 net income of $448 million ($1.24 per share), compared to a net loss of $802 million in Q3 2023. After-tax adjusted operating income was $1.260 billion ($3.48 per share), slightly down from $1.332 billion year-ago. Assets under management grew to $1.558 trillion, up from $1.361 trillion. The company returned $721 million to shareholders through $250 million in share repurchases and $471 million in dividends. Notable highlights include robust sales across U.S. and international insurance businesses, strong investment performance in PGIM, and an $11 billion Guaranteed Universal Life reinsurance transaction.
PGIM Multi-Asset Solutions (PMA) has announced key appointments to strengthen its portfolio management and risk capabilities. Mao Dong joins as co-head of Portfolio Management from Goldman Sachs Asset Management, bringing extensive experience in multi-asset portfolio management. Eoin Elliffe was hired as chief risk officer in June to enhance PMA's risk framework.
These appointments come as PMA continues to expand, having grown its AUM to $17 billion since its formation in 2022. The team aims to meet the increasing demand for complex multi-asset class portfolio construction and management from insurance, reinsurance, and pension fund clients.
PMA was recently appointed as the asset manager for an $11 billion reinsurance transaction between Prudential Financial and Wilton Re, marking its second significant reinsurance mandate.
Prudential Financial, Inc. (NYSE: PRU) has announced it will release its third quarter 2024 earnings on Wednesday, October 30, 2024, after market close. The company will host a conference call on Thursday, October 31, 2024, at 11:00 a.m. ET for the investment community to discuss the results. The earnings release, financial supplement, and related materials will be available on Prudential's Investor Relations website.
The conference call will be broadcast live on the company's website and accessible via phone. A replay will be available until November 14. Prudential Financial, a global financial services leader with approximately $1.5 trillion in assets under management as of June 30, 2024, operates in the United States, Asia, Europe, and Latin America.
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