Prudential Financial

July 16, 2010US Companiesby EconomyWatch



Prudential Financial Inc. is a publicly listed United States company engaged in providing financial products like investment management, insurance and other related services to both institutional and retail clients. Prudential Financial is ranked #114 on 2008 Forbes Global 2000 list.
Prudential Financial is listed on New York Stock Exchange (NYSE: PRU). It is a transnational financial organization and conducts commercial operations in diverse geographies like North America, Latin America, Asia and Europe. Total value of life insurance policies held by Prudential Financial worth approximately $2 trillion. Its logo is Rock of Gibraltar.

Brief history
Prudential Financial was founded by John F. Dryden. It first started operations in Newark, New Jersey in 1875. Initial name of company was 'The Widows and Orphans Friendly Society'. Prudential Financial's first product was burial insurance.

Prudential stock was issued and traded on December 13, 2001. Fox Business Channel chose Prudential to be a part of its Fox50 Index on October 16, 2007. Company growth was achieved both organically and inorganically by its takeover of premier companies like CIGNA Corporation (retirement business) and American Skandia (distributor of variable annuities).

Products and services
Prudential Financial offers its clients a wide selection of products and services, including mutual funds, life insurance, asset management, annuities, pension and retirement related services. Other sources of revenue include real estate brokerage franchises, relocation services, and, banking and trust services. Retail securities brokerage services are also offered via joint ventures.

Insurance division of Prudential Financial consists of individual annuities, individual life and group insurance divisions. Individual annuities division manufactures and distributes individual fixed and variable annuity products. Individual life division offers term life, universal life, variable life and non-participating whole life insurance products. Group insurance division sells a complete range of products including long term and short term group disability insurance, corporate insurance and long term care insurance.

Investment division of Prudential Financial includes financial advisory, retirement and asset management segments.

Sales of Prudential Financial totaled about $31.101 billion in 2007. Total profit was around $1.364 billion. Total assets were computed to be worth nearly $460.398 billion. Number of persons employed in Prudential Financial was around 40,703.

Awards and recognition
Prudential Financial has been receiving high ratings on Corporate Equality Index tabulated by Human Rights Campaign Foundation from 2003. Working Mothers magazine had nominated Prudential Financial as one of '100 Best Companies for Working Mothers' in 2004.

Current financial crisis
Prudential Financial has suffered considerable financial damage during financial crisis of 2008. Share prices fell steeply and was reduced to half its original price. This was due to investor conceptions that falling earnings may force Prudential to seek additional capital- thus lowering value of its existing equity.

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