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Prudential Ratings and Company Information
Best Insurance Reports: A+
Url of page where rating was collected:
Type of Insurance Company: Stock
Name of Parent Company:
Prudential Financial, Inc.
Company History: Prudential is one of the nation's largest insurers. Founded in 1875, Prudential initially existed to give working-class people affordable insurance. Since then, it has grown to encompass insurance in all 50 states and an international operation.
The company de-mutualized in 2001. Since its 2001 demutualization, Prudential has operated under a publicly traded holding company structure headed by Prudential Financial Inc.
Prudential has operations in the United States, Asia, Europe and Latin America. Through subsidiaries and affiliates, Prudential offers a wide array of financial products and services to individual and institutional customers. Its offerings include life insurance, annuities, mutual funds, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage and relocation services, and, through a joint venture, retail securities brokerage services.
The Financial Services Business is comprised of three divisions, containing eight segments. The Insurance division is comprised of the Individual Life, Individual Annuities and Group Insurance segments. The Investment division is comprised of the Asset Management, Financial Advisory and Retirement segments. The International Insurance and Investments division is comprised of the International Insurance and International Investments segments. Additionally, some other activities are grouped under Corporate and Other operations. Prudential also maintains a Closed Block Segment of its operations which includes in-force traditional policies and annuities that were separated out at the time of the demutualization.
Prudential has divested several low-growth, low-return or volatile businesses in the last several years. It sold its property and casualty business in 2003, and combined its retail securities brokerage operations with Wachovia Corporation in a joint venture called Wachovia Securities, in which Prudential has a 38% ownership interest. In addition, Prudential has expanded internationally and acquired businesses that would augment its life insurance, annuity and retirement offerings. Recent acquisitions include American Skandia Life (in 2003), Cigna Life (in 2004) and the addition of Allstate's annuity business which advances Prudential to No. 3 - in terms of assets - in the adviser-sold variable annuity marketplace. Prudential also acquired Star Life and Edison Life from AIG in 2011 and the US individual life insurance business from The Hartford in 2013.
Prudential sells its insurance products through various distribution channels including the career agency force, domestic and international financial advisers, international life planners and advisers and through a growing network of wholesale and alternative distribution systems. A Prudential goal has been to expand non-agency types of distribution. In 2006, for the first time, more than half of Prudential's individual life insurance sales were generated through third-party channels. Group insurance, including group life, disability, long term care and other group products are sold through group agents, brokers, consultants and the Prudential career agents.
Prudential currently has approximately 47,000 employees and sales associates worldwide with $1.131 trillion assets under management. The company serves 41 countries/territories and is the second largest life insurer in the United States based on total admitted assets.
Principle Sales Methods: Prudential sells its insurance products through various distribution channels including the career agency force, domestic and international financial advisers, international life planners and advisers and through a growing network of wholesale and alternative distribution systems.
Life Annuity Business: Prudential life insurance is divided into two segments: the individual life segment and the group insurance segment. The Individual life segment offers variable life, term life, and universal life products. The Group insurance segment offers a range of short-term and long-term group disability and group bank-, corporate-, and trust-owned life insurance.
Prudential offers a wide array of financial products and services to individual and institutional customers. Its offerings include life insurance, annuities, mutual funds, pension and retirement-related services and administration.
Prudential was rated 3rd in Fortune's 2014 list of "World's Most Admired Companies" in the "Insurance: Life and Health" category. It is the second largest life insurer in the U.S. based on total admitted assets.
Special Business: Prudential also offers long-term care and annuities.
Company Financial Status:
Ticker Symbol: PRU
Assets & Premiums: Assets under management: $1.131 trillion
10th largest institutional asset manager worldwide
Lines of Insurance:
Long Term Care, Life
States licensed to sell insurance in:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, VI, WA, WV, WI, WY