Everything about Prudential Financial totally explained
Prudential Financial, Inc. and its 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, and commercial and residential
real estate in many states of the U.S. In 1981, the company acquired
Bache & Co., a
stock brokerage service now operating as a wholly owned subsidiary. Prudential 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 dollars of life insurance. Its logo is the
Rock of Gibraltar.
History
Started in
Newark, New Jersey in 1875, Prudential Financial, Inc. as it's known today, was originally called the "Prudential Friendly Society" and was founded by
John F. Dryden, who later became a U.S. Senator. It sold one product in the beginning, burial insurance. John F. Dryden was president of Prudential until
1912. He was succeeded by his son
Forrest F. Dryden, who was the president until
1922.
A history of The Prudential Insurance Company of America up to about 1975 is the topic of the book
Three Cents A Week, referring to the premium paid by early policyholders.
Prudential's
logo, The
Rock of Gibraltar, is one of the most recognized corporate symbols in the world. The use of the rock began after an advertising agent passed
Laurel Hill, a volcanic neck, in
Secaucus, New Jersey on a train in the 1890's. The slogans "Get a Piece of the Rock" and "Strength of Gibraltar" are also still quite widely associated with Prudential, though current advertising uses neither of these.
In 1999, Prudential sold its healthcare division, Prudential HealthCare, to
Aetna for $1 billion.
Prudential has evolved from a
mutual insurance company (owned by its policyholders) to a
joint stock company. It is now traded on the
New York Stock Exchange under the symbol
PRU. The Prudential Stock was issued and started trading on the
New York Stock Exchange on December 13, 2001. On that day, a share of Prudential Financial was about $27.00 a share, as of trading on 11/2/2007, Prudential Financial is averaging $95.00-$100.00 a share. On
October 16,
2007 the
Fox Business Channel picked Prudential as part of its Fox50 Index.
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 created a major new force in financial
services. This acquisition highlighted
Prudential’s strategy to acquire complementary
businesses that help meet retirement goals.
In
April 2004, the company acquired the retirement business of
CIGNA Corporation.
On
August 1,
2004, the
Office of Homeland Security announced the discovery of terrorist threats against the Prudential Financial headquarters in
Newark, New Jersey, prompting large-scale security measures such as concrete barriers and internal security changes such as
X-ray machines.
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
November 28,
2007, Prudential Financial
board of directors elected a new CEO
"The board of directors of Prudential Financial Inc. has elected a new chief executive officer.
Vice chairman John R. Strangfeld will take the reins of the Newark-based insurance and financial services company on Jan. 1. Strangfeld, 53, currently runs all of Prudential's U.S. businesses.
He succeeds Arthur F. Ryan, who is retiring as CEO at the end of 2007. Strangfeld also will become chairman after Ryan retires from that job in May 2008."
Ratings and Awards
Prudential has received a 100% rating on the
Corporate Equality Index released by the
Human Rights Campaign every year since
2003, the second year of the report. In addition, the company was named one of the "100 Best Companies for Working Mothers" in
2004 by
Working Mothers magazine.
Further Information
Get more info on 'Prudential Financial'.
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