Prudential Insurance Company
Prudential Insurance Company
Newark, NJ 07102
Prudential Insurance Company provides life insurance, annuities, group disability, and care insurance solutions in the United States. Prudential also provides accidental death and dismemberment as well as other related coverage. Founded in 1875 by John Fairfield Dryden, Prudential is located in Newark, New Jersey and operates as a subsidiary of Prudential Holdings LLC.
Initially named The Prudential Friendly Society, the company began as a provider of relief in sickness and accident for people of meager means, pensions for old age, adult and infant burial funds. Prudential expanded to neighboring states, and, in 1909, opened its first international branch in Toronto, Canada. In 1896, the company’s advertising department created Prudential’s longstanding logo and slogan: the Rock of Gibraltar with the words “The Prudential has the strength of Gibraltar.” With the foundation of eight home regional offices, Prudential’s sales leaped and investment income rose solidly.
In 1948, the first regional sales office in Los Angeles boosted revenue in that region by 20 percent. As regional leaders exercised their autonomy, they created a multitude of new products, a lot of them tailor-made to their regional markets. In 1970, Prudential entered the property and casualty insurance business. It was three years later when Prudential formed the Prudential Reinsurance Company, insuring other insurance companies against extraordinary losses. Prudential Reinsurance gave Prudential its first entrance into the international market. In 1976 Prudential acquired Hanbro Life Assurance Ltd. of Britain and entered the European Common Market.
In 1987, it formed a Prudential Life Insurance Company Ltd. in Japan, which offered a full range of individual life policies. Other subsidiaries were formed or acquired to sell policies in Spain, Italy, South Korea, and Taiwan. In 1999, Prudential began rapid global expansion; early that year, it opened a mutual fund company with Mitsui Trust & Banking Co. in Japan, acquired a license to open an office in Poland, and launched new insurance companies in Argentina and the Philippines. Prudential ranked as the largest life insurer in terms of assets in the United States in 1998. It placed second in net premiums written that year and occupied sixth place in annuity sales during the preceding three years.
At present, Prudential ranks second on Fortune World’s Most Admired Companies list. As one of the largest diversified financial institutions in the world, the company also operates in securities, investments, residential real estate, employee benefits, home mortgages, and the corporate relocation industry, along with its primary business which is insurance. Based on total assets, Prudential is the largest insurance company in North America.
The company has a balanced first-rate portfolio of businesses that are branched out by market, risk profile and geographical location. Its broad spectrum of insurance and investment-related products and services allows the company to address the rising retirement needs of people and businesses in the country and abroad. It takes advantage of its exclusive mixture of life insurance and investment management proficiency to supply forceful asset growth and protection solutions for its clients. Building on traditional strengths in insurance while expanding services in investments, banking and real estate, the company makes sure it satisfies distinct needs of its customers today and in the future.
Prudential’s operating strength is strengthened and directed by its executive and board leaders. These chief individuals place clear calculated priorities and maintain intelligent governance standards associated with capital and risk management, financial accounting and controls, internal controls, and resource allocation. The executive officers include John Strangfeld as Chairman and Chief Executive Officer; Edward Baird as Executive Vice President, International Businesses; Susan Blount as Senior Vice President and General Counsel and Richard Carbone as Executive Vice President and Chief Financial Officer.
The company’s employees worldwide are approximately 42,000 in 37 countries and territories. Prudential is known as Pramerica in some non-U.S. markets. Its assets under management reach $750 billion as of September 30, 2010. It has revenue of $34.4 billion and net income of $3.70 billion. The brand symbol, the Prudential Rock inspired by the Rock of Gibraltar, represents the company’s relevance, expertise, and strength.