Nick Anita's questions to Prudential Financial Inc (PRU) leadership • Q3 2024
Question
Nick Anita from Wells Fargo asked about the drivers of institutional outflows at PGIM during the quarter and inquired if any other business blocks are considered non-core for potential divestiture following the recent GUL transaction.
Answer
Andy Sullivan, Head of International Businesses, explained that near-term variability in institutional fixed income flows is expected due to derisking by overfunded pension plans and emphasized looking at combined affiliated and third-party flows, which are positive year-to-date. Chairman and CEO Charlie Lowrey stated that while the company has made significant progress in shifting its business mix, it will continue to review its portfolio for opportunities that meet strategic and financial objectives.