Prudential Financial, Inc
Stock Symbol: PRU
751 Broad Street
Prudential Financial, Inc Industry:
Prudential Financial, Inc Description:
Prudential Financial companies, with approximately $590 billion in total assets under management and administration as of December 31, 2001, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S
Prudential Financial, Inc Financial Summary:
Prudential Financial, Inc. operates as a financial services institution in the United States. It offer various products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises, and relocation services. The company operates through three divisions: Insurance, Investment, and International Insurance and Investments. The Insurance division offers variable life insurance, term life insurance, universal life insurance, and non-participating whole life insurance. The Investment division provides public equity and fixed income asset management, real estate asset management, and private equity and fixed income asset management services. The International Insurance and Investments division distributes individual life insurance products in Japan, Korea, and other foreign markets. Prudential Financial operates in approximately 30 other countries. The company was founded by John Dryden in 1875 and is headquartered in Newark, New Jersey.
Prudential Financial, Inc Business Summary:
On the date of demutualization, Prudential Insurance converted from a mutual life insurance company owned by its policyholders to a stock life insurance company and became an indirect, wholly owned subsidiary of Prudential Financial. On that date, eligible policyholders, as defined in the Plan of Reorganization, received shares of Prudential Financial's Common Stock or the right to receive cash or policy credits, which are increases in policy values or increases in other policy benefits, upon the extinguishment of all membership interests in Prudential Insurance. In the aggregate, eligible policyholders received 457.1 million shares of Common Stock, the right to receive cash totaling $3,487 million, including $340 million to former Canadian branch policyholders, and policy credits totaling $1,042 million in the demutualization. In addition, two closed blocks were established for the benefit of certain participating individual life insurance policies and annuities issued by Prudential Insurance and its Canadian branch.