PRUDENTIAL FINANCIAL INC (PRU)

Prudential Financial, Inc. (PFI), headquartered in Newark, New Jersey and trading on the NYSE under "PRU," is a global financial services company and active global investment manager with approximately $1.450 trillion in assets under management as of December 31, 2023, operating across the United States, Asia, Europe and Latin America. Originally demutualized in 2001 when The Prudential Insurance Company of America converted from a mutual to a stock life insurance company, PFI established a regulatory "Closed Block" mechanism to manage certain in-force participating insurance and annuity products. The company's principal operations are organized into PGIM (its global investment management arm), U.S. Businesses (comprising Retirement Strategies, Group Insurance and Individual Life), International Businesses, the Closed Block division, and Corporate and Other operations (which now include the Assurance IQ and Prudential Advisors businesses following 2023 segment reporting changes, as well as Divested and Run-off businesses).

In September 2023, Prudential, along with Warburg Pincus and institutional investors, launched Prismic Life Reinsurance, Ltd., a Bermuda-based life and annuity reinsurer, with Prudential making an approximate $200 million equity investment for a 20% stake accounted for under the equity method. PGIM provides investment management services across public fixed income, public equity, real estate, private credit, and multi-asset strategies through subsidiaries including PGIM Fixed Income, Jennison Associates, PGIM Quantitative Solutions, PGIM Private Capital, PGIM Real Estate, PGIM Investments, and PGIM Portfolio Advisory, serving institutional and retail clients globally as well as the company's general account, with revenues derived from asset management fees, performance fees, mortgage origination/servicing, and transaction fees, and competing on investment performance, talent, and client relationships. The Retirement Strategies business serves institutional clients (pension risk transfer, longevity reinsurance, stable value products, structured settlements) and individual customers through variable, indexed variable, and fixed annuity products such as FlexGuard, FlexGuard Income, Prudential Premier Investment Variable Annuity, MyRock Advisor Variable Annuity, PruSecure, SurePath, SurePath Income, the Daily Advantage Income Benefit fixed annuity, WealthGuard Multi-Year Guaranteed Annuity, and the Prudential Immediate Income Annuity, generating revenue through premiums, fee income, and investment spread income, distributed via actuarial consultants, brokers, wholesalers, broker-dealers, banks, independent financial planners, and Prudential's proprietary sales force, while competing based on pricing, product innovation, risk management, brand strength, and distribution breadth against other large insurers, asset managers, and private equity firms.