Prudential Financial completes acquisition of Assurance IQ, Inc.
October 10 2019 - 4:18PM
Business Wire
- Adds established direct-to-consumer channel to reach
underserved mass market
- Fast-growing, highly scalable business model offers significant
upside potential
- Offers attractive financial benefits: accretive to EPS and ROE
in year 1; enhanced long-term growth
Prudential Financial, Inc. (NYSE: PRU) announced today that it
has completed its acquisition of Assurance IQ, Inc., “Assurance,” a
leading consumer solutions platform for health and financial
wellness needs.
Under the terms of the acquisition, announced on September 5,
2019, Assurance becomes a wholly owned subsidiary of
Prudential.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial wellness
leader and premier active global investment manager with more than
$1 trillion in assets under management as of June 30, 2019, has
operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees help to make lives
better by creating financial opportunity for more people.
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
About Assurance IQ, Inc.
Launched in 2016 in Bellevue, Wash., Assurance was founded to
improve the personal and financial health of every consumer and
make their lives better. The company uses advanced data analytics
to enable an extensive network of live agents to offer customized
solutions for more people across a broader socio-economic spectrum.
For more information, please visit assurance.com.
Forward-Looking Statements
Certain of the statements included in this release constitute
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Words such as “expects,”
“believes,” “anticipates,” “includes,” “plans,” “assumes,”
“estimates,” “projects,” “intends,” “should,” “will,” “shall” or
variations of such words are generally part of forward-looking
statements. Forward-looking statements are made based on
management’s current expectations and beliefs concerning future
developments and their potential effects upon Prudential Financial,
Inc. and its subsidiaries. There can be no assurance that future
developments affecting Prudential Financial, Inc. and its
subsidiaries will be those anticipated by management. These
forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and there are
certain important factors that could cause actual results to
differ, possibly materially, from expectations or estimates
reflected in such forward-looking statements, including, purchase
price adjustments; the failure to realize the expected synergies
and benefits of the transaction or delay in realization thereof;
the retention of certain key employees; and other factors, risks
and uncertainties including: (1) losses on investments or financial
contracts due to deterioration in credit quality or value, or
counterparty default; (2) losses on insurance products due to
mortality experience, morbidity experience or policyholder behavior
experience that differs significantly from our expectations when we
price our products; (3) changes in interest rates, equity prices
and foreign currency exchange rates that may (a) adversely impact
the profitability of our products, the value of separate accounts
supporting these products or the value of assets we manage, (b)
result in losses on derivatives we use to hedge risk or increase
collateral posting requirements and (c) limit opportunities to
invest at appropriate returns; (4) guarantees within certain of our
products which are market sensitive and may decrease our earnings
or increase the volatility of our results of operations or
financial position; (5) liquidity needs resulting from (a)
derivative collateral market exposure, (b) asset/liability
mismatches, (c) the lack of available funding in the financial
markets or (d) unexpected cash demands due to severe mortality
calamity or lapse events; (6) financial or customer losses, or
regulatory and legal actions, due to inadequate or failed processes
or systems, sales practices, external events and human error or
misconduct such as (a) disruption of our systems and data, (b) an
information security breach, (c) a failure to protect the privacy
of sensitive data or (d) reliance on third-parties; (7) changes in
the regulatory landscape, including related to (a) financial sector
regulatory reform, (b) changes in tax laws, (c) fiduciary rules and
other standards of care, (d) U.S. state insurance laws and
developments regarding group-wide supervision, capital and
reserves, (e) insurer capital standards outside the U.S. and (f)
privacy and cybersecurity regulation; (8) technological changes
which may adversely impact companies in our investment portfolio or
cause insurance experience to deviate from our assumptions; (9) an
inability to protect our intellectual property rights or claims of
infringement of the intellectual property rights of others; (10)
ratings downgrades; (11) market conditions that may adversely
affect the sales or persistency of our products; (12) competition;
(13) reputational damage; and (14) the costs, effects, timing, or
success of our plans to accelerate our Financial Wellness strategy.
Prudential Financial, Inc. does not undertake to update any
particular forward-looking statement included in this document. See
“Risk Factors” included in the Annual Report on Form 10-K for the
year ended December 31, 2018 for discussion of certain risks
relating to our businesses and investment in our securities.
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version on businesswire.com: https://www.businesswire.com/news/home/20191010005770/en/
MEDIA CONTACT: Bill Launder 973-802-8760
bill.launder@prudential.com
INVESTOR CONTACT: investor.relations@prudential.com
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