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    Prudential Financial Inc (PRU)

    CEO Change
    Board Change

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    Business Description

    Prudential Financial, Inc. (PRU) is a global financial services leader operating primarily in the United States, Asia, Europe, and Latin America, offering a diverse range of financial products and services . The company engages in investment management, insurance, and retirement solutions, catering to various market segments from mass middle to affluent markets . Its operations are structured into several segments, each contributing to its competitive advantages, earnings diversification, and capital benefits .

    1. PGIM (Global Investment Management) - Manages approximately $1.298 trillion in assets, providing investment management services across various asset classes, significantly contributing to earnings through asset management fees and investment income .
    2. U.S. Businesses - Offers retirement investment and income products, group life and disability insurance, and individual life insurance, serving different market segments from mass middle to affluent markets .
    3. International Businesses - Focuses on life insurance, retirement products, and investment products in markets such as Japan, Brazil, Argentina, and Mexico, with a strong presence in Japan through its Life Planner operations .
    4. Closed Block Division - Includes certain in-force participating insurance and annuity products, accounted for separately from other divested and run-off businesses .
    5. Corporate and Other Operations - Encompasses various corporate functions and other business activities not included in the main segments .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Charles F. LowreyExecutive Chairman (effective March 31, 2025, for 18 months)March 31, 2025Charles F. Lowrey was elected Chairman in April 2019 and has served as CEO, President, and Director since December 2018. He joined Prudential in March 2001 after a career at J.P. Morgan .
    Robert M. FalzonVice Chair (retiring effective July 11, 2025)December 2018Robert M. Falzon has been with Prudential since 1983. He was elected Director in August 2019 and has served as Vice Chair since December 2018. Previously, he was EVP and CFO from March 2013 to November 2018 .
    Ann M. KapplerExecutive Vice President, General Counsel, and Chief Compliance OfficerFebruary 2024Ann M. Kappler was elected EVP and General Counsel in September 2020 and named Chief Compliance Officer in February 2024. She joined Prudential in 2009 .
    Kenneth Y. TanjiExecutive Vice President and Chief Financial OfficerDecember 2018Kenneth Y. Tanji was elected EVP and CFO in December 2018. He joined Prudential in 1988 and has held various positions, including CFO of Prudential’s International Businesses in 2013 .
    Andrew F. SullivanCEO (effective March 31, 2025)March 31, 2025Andrew F. Sullivan was appointed CEO effective March 31, 2025. He joined Prudential in 2011 and has held various leadership positions, including EVP and Head of International Businesses and Global Investment Management since January 2023 .
    Caroline A. FeeneyGlobal Head of Insurance and Retirement (effective March 31, 2025)March 31, 2025Caroline A. Feeney is set to become Global Head of Insurance and Retirement effective March 31, 2025. She currently serves as EVP and Head of U.S. Businesses since January 2023 .
    Lucien A. AlziariExecutive Vice President and Chief Human Resources OfficerJune 2017Lucien A. Alziari was elected EVP in October 2018 and has served as Chief Human Resources Officer since June 2017. Before joining Prudential, he was EVP and CHRO at A.P. Moller-Maersk .
    Stacey GoodmanExecutive Vice President and Chief Information OfficerJuly 2019Stacey Goodman was elected EVP and CIO in July 2019. Before joining Prudential, she served as CIO at Freddie Mac and held leadership roles at CIT Group, Bank of America, UBS, and PaineWebber .
    Timothy L. SchmidtSenior Vice President and Chief Investment OfficerDecember 2018Timothy L. Schmidt was elected SVP and CIO in December 2018. He joined Prudential in July 2010 and previously served as Head of Global Portfolio Management .
    Carmine Di SibioIndependent Director, Board of DirectorsJuly 1, 2024Carmine Di Sibio serves as an Independent Director on the Board of Directors for Prudential Financial, Inc., with his appointment effective July 1, 2024 .

    Questions to Ask Management

    1. Given the potential dampening of demand for annuity products in a decreasing interest rate environment, especially in fixed annuities, how do you plan to sustain growth in your annuity sales, and what specific strategies are you implementing to adapt your pricing and product offerings?
    2. As you work on building a select portfolio in international markets, particularly in emerging regions like Latin America, Asia, and Africa, what challenges do you foresee in these markets, and how do you plan to address them, especially considering uncertainties in accelerating growth through M&A activities?
    3. With PGIM's recent decision to run off certain quantitative funds, how has this impacted your overall investment performance, and what steps are you taking to mitigate any associated pressures or declines in investment returns?
    4. The Group Insurance benefit ratio has been below your target range for the first half of the year; what factors have contributed to this deviation, and how do you plan to manage the benefit ratio going forward to ensure it aligns with your target without compromising growth?
    5. Regarding Prismic, you've indicated you'd be disappointed if no additional transactions occur before year-end; what obstacles are you encountering in closing more transactions, and how confident are you in meeting your growth objectives for Prismic in the current market environment?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateDecember 2023
    End Date/DurationJanuary 1, 2024 - December 31, 2024
    Total Additional Amount$1.0 billion
    Remaining Authorization$250 million (as of September 30, 2024)
    DetailsManage capital based on market conditions, compliance with laws, and opportunities for growth

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024519Commercial Paper4.96 2.6% = (519 / 20,026) * 100
    2024347Current Portion of Long-Term Debt (Surplus Notes)N/A 1.7% = (347 / 20,026) * 100
    202484Current Portion of Long-Term Debt (Mortgage Debt)N/A 0.4% = (84 / 20,026) * 100
    20541,000Junior Subordinated Notes6.50 5.0% = (1,000 / 20,026) * 100
    N/A10,165Senior NotesN/A 50.8% = (10,165 / 20,026) * 100
    N/A11,796Surplus Notes (Set-Off Arrangements)N/A 58.9% = (11,796 / 20,026) * 100
    N/A67Mortgage Debt (Foreign Currency)N/A 0.3% = (67 / 20,026) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLPN/APresentCurrent auditor.
    SB & Company, LLCJanuary 13, 2014 N/AN/A

    Latest news

    Recent developments and announcements about PRU.

    Corporate Leadership

      Leadership Change

      ·
      Dec 3, 2024, 10:16 PM

      Andrew Sullivan is appointed as the next CEO of Prudential Financial, effective March 31, 2025. He is currently the Executive Vice President and Head of International Businesses and Global Investment Management. Caroline Feeney will become the Global Head of Insurance and Retirement, a newly created position, effective the same date. Charles F. Lowrey will continue as Executive Chairman for 18 months. Robert Falzon, Vice Chair, will retire after 42 years with the firm, effective July 11, 2025 .

      CEO Change

      ·
      Dec 3, 2024, 10:16 PM

      Prudential Financial, Inc. announced that Andrew F. Sullivan will become the new President and CEO, effective March 31, 2025. He will succeed Charles F. Lowrey, who will remain with the company as Executive Chairman .

      Board Change

      ·
      Dec 3, 2024, 10:16 PM

      Andrew F. Sullivan has been appointed as the President and CEO of Prudential Financial, Inc., and will join the Board of Directors, effective March 31, 2025. Robert M. Falzon, the Vice Chairman, will resign from the Board effective March 31, 2025, and retire from the company on July 11, 2025 .

    Financial Reporting

      Auditor Changes

      ·
      Jan 13, 2014, 12:00 AM

      Change in Auditor for The Prudential Employee Savings Plan

      Effective January 13, 2014, The Prudential Employee Savings Plan engaged SB & Company, LLC as its new independent registered public accounting firm. This decision was approved by the Administrative Committee of the Plan. During the two fiscal years ended December 31, 2013, and through January 13, 2014, the Plan had not consulted with SB & Company, LLC regarding any accounting principles or audit opinions .