- Net income attributable to Prudential Financial, Inc. of
$1.418 billion or $3.44 per Common share versus $1.672 billion or
$3.90 per share for the year-ago quarter.
- After-tax adjusted operating income of $1.329 billion or
$3.22 per Common share versus $1.346 billion or $3.15 per share for
the year-ago quarter.
- Book value per Common share of $163.19 versus $110.78 per
share for the year-ago quarter; adjusted book value per Common
share of $99.67 versus $95.20 per share for the year-ago
quarter.
- Capital returned to shareholders of $1.4 billion in the
quarter versus $0.8 billion for the year-ago quarter, including
dividends of $1.00 per Common share, representing a 4% yield on
adjusted book value.
- Parent company highly liquid assets of $6.2 billion versus
$5.2 billion for the year-ago quarter.
- Assets under management amounted to $1.519 trillion versus
$1.410 trillion for the year-ago quarter.
Charles Lowrey, Chairman and CEO, commented on
results:
“During the third quarter, we continued to advance our
strategy of delivering financial opportunity to a wider
demographic, and the recent acquisition of Assurance IQ expands our
distribution capabilities with a direct-to-consumer platform. At
the same time, we are making progress in driving greater efficiency
and speed within our operations, and we are on track to achieve $50
million in run-rate margin expansion by the end of 2019 and $500
million by the end of 2022. Looking ahead, we are focused on
meeting the evolving needs of our customers, while continuing to
take a disciplined approach to pricing in consideration of the
effects on profitability from the low interest rate
environment.”
Prudential Financial, Inc. (NYSE:PRU) today reported third
quarter results. Net income attributable to Prudential Financial,
Inc. was $1.418 billion ($3.44 per Common share) for the third
quarter of 2019, compared to $1.672 billion ($3.90 per Common
share) for the third quarter of 2018. After-tax adjusted operating
income was $1.329 billion ($3.22 per Common share) for the third
quarter of 2019, compared to $1.346 billion ($3.15 per Common
share) for the third quarter of 2018.
Consolidated adjusted operating income, adjusted book value, and
adjusted operating return on equity are non-GAAP measures. These
measures are discussed later in this press release under
“Forward-Looking Statements and Non-GAAP Measures” and
reconciliations to the most comparable GAAP measures are provided
in the tables that accompany this release.
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include PGIM, U.S. Financial
Wellness including U.S. Workplace Solutions and U.S. Individual
Solutions Divisions, International Insurance, and Corporate &
Other Operations. In the following segment-level discussion,
adjusted operating income refers to pre-tax results.
PGIM
PGIM, the Company’s global investment management
business, reported adjusted operating income of $232 million in the
current quarter, compared to $230 million in the year-ago quarter.
The increase reflects higher asset management fees, from an
increase in average assets under management, and higher other
related revenues, largely offset by higher expenses.
PGIM assets under management of $1.284 trillion were up 9% from
the year-ago quarter, reflecting fixed income market appreciation
and inflows partially offset by equity outflows.
U.S. Financial Wellness
U.S. Workplace Solutions, consisting of the Retirement
and Group Insurance segments, reported adjusted operating income of
$392 million for the third quarter of 2019, compared to $298
million in the year-ago quarter.
Retirement Segment:
- Reported adjusted operating income of $302 million in the
current quarter, compared to $239 million in the year-ago quarter.
The increase reflects higher net investment spread results, higher
reserve gains, and higher fee income.
- Account values of $478 billion were up 7% from the year-ago
quarter including record high account values in Institutional
Investment Products driven by pension risk transfer transactions.
Net outflows in the current quarter totaled $2.7 billion with $3.3
billion from Full Service, partially offset by $0.6 billion of net
inflows from Institutional Investment Products.
Group Insurance Segment:
- Reported adjusted operating income of $90 million in the
current quarter, compared to $59 million in the year-ago quarter.
The increase reflects more favorable underwriting results and lower
expenses.
- Reported earned premiums, policy charges, and fees of $1.3
billion in the current quarter were consistent with the year-ago
quarter.
U.S. Individual Solutions, consisting of the Individual
Annuities and Individual Life segments, reported adjusted operating
income of $518 million for the third quarter of 2019, compared to
$624 million in the year-ago quarter.
Individual Annuities Segment:
- Reported adjusted operating income of $459 million in the
current quarter, compared to $454 million in the year-ago quarter.
The year-ago quarter included an unfavorable impact from changes in
market conditions on estimates of profitability. Excluding this
item, the decrease primarily reflects lower net fees, partially
offset by higher net investment spread results.
- Account values of $165 billion were down 1% from the year-ago
quarter, reflecting net outflows, partially offset by market
appreciation over the year. Gross sales of $2.7 billion in the
current quarter reflect our continued diversification strategy with
61% of sales coming from less equity market sensitive
products.
Individual Life Segment:
- Reported adjusted operating income of $59 million in the
current quarter, compared to $170 million in the year-ago quarter.
The decrease primarily reflects less favorable underwriting results
and higher expenses, partially offset by higher net investment
spread results.
- Sales of $175 million in the current quarter were up 7% from
the year-ago quarter, primarily reflecting higher variable life
sales.
International Insurance
International Insurance, consisting of Life Planner
Operations and Gibraltar Life & Other Operations, reported
adjusted operating income of $791 million for the third quarter of
2019, compared to $890 million in the year-ago quarter.
Life Planner Operations:
- Reported adjusted operating income of $367 million in the
current quarter, compared to $449 million in the year-ago quarter.
The decrease primarily reflects higher than typical net expenses,
partially offset by business growth.
- Constant dollar basis sales of $323 million in the current
quarter were up 8% from the year-ago quarter, driven by our Brazil
operations.
Gibraltar Life & Other Operations:
- Reported adjusted operating income of $424 million in the
current quarter, compared to $441 million in the year-ago quarter.
The decrease primarily reflects higher expenses, partially offset
by business growth and higher earnings from joint venture
investments.
- Constant dollar basis sales of $314 million in the current
quarter were down 11% from the year-ago quarter, primarily
reflecting lower U.S. dollar-denominated fixed annuity sales in the
Life Consultant channel.
Corporate & Other Operations
Corporate & Other Operations reported a loss, on an
adjusted operating income basis, of $281 million in the third
quarter of 2019, compared to a loss of $374 million in the year-ago
quarter. The lower loss from the year-ago quarter reflects lower
expenses, including for employee benefit and compensation plans
tied to Company stock and equity market performance, and higher net
investment income, partially offset by higher interest expense.
NET INCOME AND INVESTMENT PORTFOLIO
Net income attributable to Prudential Financial, Inc.
amounted to $1.418 billion for the third quarter of 2019, compared
to $1.672 billion for the year-ago quarter.
Current quarter net income included:
- $290 million of pre-tax net realized investment gains and
related charges and adjustments, including $99 million of credit
loss impairments
- $314 million of pre-tax losses related to market experience
updates
Net income for the year-ago quarter included:
- $177 million of pre-tax net realized investment gains and
related charges and adjustments, including $25 million from
impairments and sales of credit-impaired investments
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES (1)
Certain of the statements included in this release, including
those regarding prospective margin expansion, constitute
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. 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. Prudential
Financial, Inc.’s actual results may differ, possibly materially,
from expectations or estimates reflected in such forward-looking
statements. Certain important factors that could cause actual
results to differ, possibly materially, from expectations or
estimates reflected in such forward-looking statements can be found
in the “Risk Factors” and “Forward-Looking Statements” sections
included in Prudential Financial, Inc.’s Annual Reports on Form
10-K and Quarterly Reports on Form 10-Q. Statements regarding
prospective margin expansion are subject to the risk that we will
be unable to execute our strategy because of market or competitive
conditions or other factors. Prudential Financial, Inc. does not
undertake to update any particular forward-looking statement
included in this document.
Consolidated adjusted operating income, adjusted book value and
adjusted operating return on equity are non-GAAP measures.
Reconciliations to the most directly comparable GAAP measures are
included in this release.
We believe that our use of these non-GAAP measures helps
investors understand and evaluate the Company’s performance and
financial position. The presentation of adjusted operating income
as we measure it for management purposes enhances the understanding
of the results of operations by highlighting the results from
ongoing operations and the underlying profitability of our
businesses. Trends in the underlying profitability of our
businesses can be more clearly identified without the fluctuating
effects of the items described above. Adjusted book value augments
the understanding of our financial position by providing a measure
of net worth that is primarily attributable to our business
operations separate from the portion that is affected by capital
and currency market conditions, and by isolating the accounting
impact associated with insurance liabilities that are generally not
marked to market and the supporting investments that are marked to
market through accumulated other comprehensive income under GAAP.
Adjusted return on equity is a useful measure of the operating
return the Company achieves in relation to the capital available to
our businesses. However, these non-GAAP measures are not
substitutes for income, equity and return on equity determined in
accordance with GAAP, and the adjustments made to derive these
measures are important to an understanding of our overall results
of operations and financial position. The schedules accompanying
this release provide reconciliations of non-GAAP measures with the
corresponding measures calculated using GAAP. Additional historic
information relating to our financial performance is located on our
website at www.investor.prudential.com.
EARNINGS CONFERENCE CALL
Members of Prudential's senior management will host a conference
call on Tuesday, November 5, 2019, at 11:00 a.m. ET, to discuss
with the investment community the Company's third quarter results.
The conference call will be broadcast live over the Company’s
Investor Relations website at investor.prudential.com. Please log
on 15 minutes early in the event necessary software needs to be
downloaded. The call will remain on the Investor Relations website
for replay through November 19. Institutional investors, analysts,
and other members of the professional financial community are
invited to listen to the call and participate in the Q&A by
dialing one of the following numbers: (877) 777-1971 (domestic
callers) or (612) 332-0226 (international callers). All others may
join the conference call in listen-only mode by dialing one of the
above numbers. To listen to a replay of the conference call
starting at 2:00 p.m. ET on November 5 through November 12, dial
(800) 475-6701 (domestic callers) or (320) 365-3844 (international
callers). The access code for the replay is 458818.
(1) Description of Non-GAAP Measures:
Adjusted operating income is the measure used by the Company to
evaluate segment performance and to allocate resources. Adjusted
operating income excludes “Realized investment gains (losses),
net,” as adjusted, and related charges and adjustments. A
significant element of realized investment gains and losses are
impairments and credit-related and interest rate-related gains and
losses. Impairments and losses from sales of credit-impaired
securities, the timing of which depends largely on market credit
cycles, can vary considerably across periods. The timing of other
sales that would result in gains or losses, such as interest
rate-related gains or losses, is largely subject to our discretion
and influenced by market opportunities as well as our tax and
capital profile.
Realized investment gains (losses) within certain of our
businesses for which such gains (losses) are a principal source of
earnings, and those associated with terminating hedges of foreign
currency earnings and current period yield adjustments are included
in adjusted operating income. Adjusted operating income generally
excludes realized investment gains and losses from products that
contain embedded derivatives, and from associated derivative
portfolios that are part of an asset-liability management program
related to the risk of those products. However, the effectiveness
of our hedging program will ultimately be reflected in adjusted
operating income over time. Adjusted operating income also excludes
gains and losses from changes in value of certain assets and
liabilities relating to foreign currency exchange movements that
have been economically hedged or considered part of our capital
funding strategies for our international subsidiaries, as well as
gains and losses on certain investments that are designated as
trading. Additionally, adjusted operating income excludes the
changes in fair value of equity securities that are recorded in net
income. Additionally, market experience updates, reflecting the
immediate impacts in current period results from changes in current
market conditions on estimates of profitability, are excluded from
adjusted operating income beginning with the second quarter of
2019, which we believe enhances the understanding of underlying
performance trends.
Adjusted operating income also excludes investment gains and
losses on assets supporting experience-rated contractholder
liabilities and changes in experience-rated contractholder
liabilities due to asset value changes, because these recorded
changes in asset and liability values are expected to ultimately
accrue to contractholders. In addition, adjusted operating income
excludes the results of Divested and Run-off Businesses, which are
not relevant to our ongoing operations. Discontinued operations and
earnings attributable to noncontrolling interests, each of which is
presented as a separate component of net income under GAAP, are
also excluded from adjusted operating income. The tax effect
associated with pre-tax adjusted operating income is based on
applicable IRS and foreign tax regulations inclusive of pertinent
adjustments. Adjusted operating return on equity is equal to the
annualized year-to-date after-tax adjusted operating income divided
by the average adjusted book value. Return on equity based on GAAP
balances is calculated using after-tax net income and equity.
Adjusted book value is calculated as total equity (GAAP book
value) excluding accumulated other comprehensive income (loss) and
the cumulative effect of foreign currency exchange rate
remeasurements and currency translation adjustments corresponding
to realized investment gains and losses. These items are excluded
in order to highlight the book value attributable to our core
business operations separate from the portion attributable to
external and potentially volatile capital and currency market
conditions.
Prudential Financial, Inc. (NYSE:PRU), a financial wellness
leader and premier active global investment manager with more than
$1 trillion of assets under management as of September 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.
Financial Highlights
(in millions, unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2019
2018
2019
2018
Adjusted operating income (loss) before
income taxes (1):
PGIM Division
$
232
$
230
$
710
$
716
U.S. Workplace Solutions Division
392
298
1,244
1,029
U.S. Individual Solutions Division
518
624
1,422
1,729
International Insurance Division
791
890
2,562
2,530
Corporate and Other Operations
(281
)
(374
)
(1,028
)
(954
)
Total adjusted operating income before
income taxes
$
1,652
$
1,668
$
4,910
$
5,050
Reconciling Items:
Realized investment gains (losses), net,
and related charges and adjustments
$
290
$
177
$
(978
)
$
518
Market experience updates
(314
)
—
(522
)
—
Investment gains (losses) on assets
supporting experience-rated contractholder liabilities, net
91
10
832
(586
)
Change in experience-rated contractholder
liabilities due to asset value changes
(160
)
(21
)
(876
)
482
Divested and Run-off Businesses:
Closed Block Division
45
18
5
(22
)
Other Divested and Run-off Businesses
155
12
441
(1,586
)
Equity in earnings of operating joint
ventures and earnings attributable to noncontrolling interests
(34
)
(26
)
(71
)
(75
)
Total reconciling items, before income
taxes
73
170
(1,169
)
(1,269
)
Income before income taxes and equity
in earnings of operating joint ventures
$
1,725
$
1,838
$
3,741
$
3,781
Income Statement Data:
Net income attributable to Prudential
Financial, Inc.
$
1,418
$
1,672
$
3,058
$
3,232
Income attributable to noncontrolling
interests
7
3
42
7
Net income
1,425
1,675
3,100
3,239
Less: Earnings attributable to
noncontrolling interests
7
3
42
7
Income attributable to Prudential
Financial, Inc.
1,418
1,672
3,058
3,232
Less: Equity in earnings of operating
joint ventures, net of taxes and earnings attributable to
noncontrolling interests
25
18
43
55
Income (after-tax) before equity in
earnings of operating joint ventures
1,393
1,654
3,015
3,177
Less: Total reconciling items, before
income taxes
73
170
(1,169
)
(1,269
)
Less: Income taxes, not applicable to
adjusted operating income
9
(138
)
(289
)
(462
)
Total reconciling items, after income
taxes
64
308
(880
)
(807
)
After-tax adjusted operating income
(1)
1,329
1,346
3,895
3,984
Income taxes, applicable to adjusted
operating income
323
322
1,015
1,066
Adjusted operating income before income
taxes (1)
$
1,652
$
1,668
$
4,910
$
5,050
See footnotes on last page.
Financial Highlights
(in millions, except per share
data, unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2019
2018
2019
2018
Earnings per share of Common
Stock (diluted):
Net income attributable to
Prudential Financial, Inc.
$
3.44
$
3.90
$
7.35
$
7.51
Less: Reconciling Items:
Realized investment gains
(losses), net, and related charges and adjustments
0.71
0.42
(2.37
)
1.21
Market experience updates
(0.77
)
—
(1.26
)
—
Investment gains (losses) on
assets supporting experience-rated contractholder liabilities,
net
0.22
0.02
2.01
(1.37
)
Change in experience-rated
contractholder liabilities due to asset value changes
(0.39
)
(0.05
)
(2.12
)
1.13
Divested and Run-off
Businesses:
Closed Block Division
0.11
0.04
0.01
(0.05
)
Other Divested and Run-off
Businesses
0.38
0.03
1.07
(3.71
)
Difference in earnings allocated
to participating unvested share-based payment awards
—
(0.01
)
0.02
0.02
Total reconciling items, before
income taxes
0.26
0.45
(2.64
)
(2.77
)
Less: Income taxes, not
applicable to adjusted operating income
0.04
(0.30
)
(0.64
)
(1.04
)
Total reconciling items, after
income taxes
0.22
0.75
(2.00
)
(1.73
)
After-tax adjusted operating
income
$
3.22
$
3.15
$
9.35
$
9.24
Weighted average number of
outstanding common shares (basic)
404.1
416.2
406.2
419.2
Weighted average number of
outstanding common shares (diluted)
408.5
424.7
413.2
427.8
For earnings per share of
Common Stock calculation:
Net income attributable to
Prudential Financial, Inc.
$
1,418
$
1,672
$
3,058
$
3,232
Earnings related to interest, net
of tax, on exchangeable surplus notes
1
5
12
16
Less: Earnings allocated to
participating unvested share-based payment awards
15
19
33
37
Net income attributable to
Prudential Financial, Inc. for earnings per share of Common Stock
calculation
$
1,404
$
1,658
$
3,037
$
3,211
After-tax adjusted operating
income (1)
$
1,329
$
1,346
$
3,895
$
3,984
Earnings related to interest, net
of tax, on exchangeable surplus notes
1
5
12
16
Less: Earnings allocated to
participating unvested share-based payment awards
14
15
42
45
After-tax adjusted operating
income for earnings per share of Common Stock calculation
(1)
$
1,316
$
1,336
$
3,865
$
3,955
Prudential Financial, Inc.
Equity (as of end of period):
GAAP book value (total PFI
equity) at end of period
$
65,798
$
46,725
Less: Accumulated other
comprehensive income (AOCI)
27,558
9,150
GAAP book value excluding
AOCI
38,240
37,575
Less: Cumulative effect of
foreign exchange rate remeasurement and currency translation
adjustments corresponding to realized gains/losses
(1,946
)
(2,509
)
Adjusted book value
40,186
40,084
End of period number of common
shares (diluted) (2)
403.2
426.3
GAAP book value per common share
- diluted (3)
163.19
110.78
GAAP book value excluding AOCI
per share - diluted (3)
94.84
89.32
Adjusted book value per common
share - diluted (3)
99.67
95.20
See footnotes on last page.
Financial Highlights
(in millions, or as otherwise noted,
unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2019
2018
2019
2018
PGIM Division:
PGIM Segment:
Assets Managed by PGIM (in billions, as of
end of period):
Institutional customers
$
539.8
$
505.7
Retail customers
269.3
258.3
General account
474.7
410.6
Total PGIM
$
1,283.8
$
1,174.6
Institutional Customers - Assets Under
Management (in billions):
Gross additions, other than money
market
$
14.8
$
19.0
$
44.4
$
56.2
Net additions (withdrawals), other than
money market
$
(2.2
)
$
9.3
$
(7.2
)
$
14.6
Retail Customers - Assets Under Management
(in billions):
Gross additions, other than money
market
$
14.5
$
10.9
$
41.6
$
38.9
Net additions (withdrawals), other than
money market
$
3.0
$
(0.6
)
$
4.5
$
2.2
U.S. Workplace Solutions
Division:
Retirement Segment:
Full Service:
Deposits and sales
$
7,458
$
8,843
$
28,072
$
26,477
Net additions (withdrawals)
$
(3,300
)
$
2,979
$
950
$
5,989
Total account value at end of period
$
259,946
$
251,272
Institutional Investment Products:
Gross additions
$
5,235
$
6,318
$
22,526
$
12,467
Net additions
$
609
$
2,973
$
10,090
$
382
Total account value at end of period
$
217,580
$
195,237
Group Insurance Segment:
Group Insurance Annualized New Business
Premiums (4):
Group life
$
42
$
63
$
233
$
352
Group disability
18
16
153
170
Total
$
60
$
79
$
386
$
522
U.S. Individual Solutions
Division:
Individual Annuities Segment:
Fixed and Variable Annuity Sales and
Account Values:
Gross sales
$
2,657
$
2,241
$
7,639
$
6,032
Sales, net of full surrenders and death
benefits
$
89
$
(55
)
$
734
$
(869
)
Total account value at end of period
$
164,698
$
165,962
Individual Life Segment:
Individual Life Insurance Annualized New
Business Premiums (4):
Term life
$
49
$
55
$
153
$
158
Guaranteed universal life
24
23
69
68
Other universal life
35
44
113
99
Variable life
67
41
184
105
Total
$
175
$
163
$
519
$
430
International Insurance
Division:
International Insurance Segment:
International Insurance Annualized New
Business Premiums (4)(5):
Actual exchange rate basis
$
629
$
645
$
1,954
$
2,098
Constant exchange rate basis
$
637
$
653
$
1,977
$
2,101
See footnotes on last page.
Financial Highlights
(in billions, as of end of period,
unaudited)
Three Months Ended
September 30
2019
2018
Assets and Assets Under Management
Information:
Total assets
$
885.6
$
822.7
Assets under management (at fair market
value):
PGIM Division
1,283.8
1,174.6
U.S. Workplace Solutions Division
90.7
88.7
U.S. Individual Solutions Division
113.4
117.4
International Insurance Division
30.9
29.3
Total assets under management
1,518.8
1,410.0
Client assets under administration
273.5
238.2
Total assets under management and
administration
$
1,792.3
$
1,648.2
(1)
Adjusted operating income is a
non-GAAP measure of performance. See FORWARD-LOOKING STATEMENTS AND
NON-GAAP MEASURES within the earnings release for additional
information. Adjusted operating income, when presented at the
segment level, is also a segment performance measure. This segment
performance measure, while not a traditional U.S. GAAP measure, is
required to be disclosed by U.S. GAAP in accordance with FASB
Accounting Standard Codification (ASC) 280 – Segment Reporting.
When presented by segment, we have prepared the reconciliation of
adjusted operating income to the corresponding consolidated U.S.
GAAP total in accordance with the disclosure requirements as
articulated in ASC 280.
(2)
Diluted shares as of September
30, 2018 include 5.9 million shares due to the dilutive impact of
conversion of exchangeable surplus notes (“ESNs”) when book value
per common share (i.e., book value per common share, book value
excluding AOCI per common share, and adjusted book value per common
share) is greater than $85.00. The $500 million of ESNs were
converted into 6.2 million shares of Common Stock in the third
quarter of 2019.
(3)
The exchangeable surplus notes
are subject to customary antidilution adjustments and the exchange
rate is accordingly revalued. In order to calculate book value per
common share as of September 30, 2018, equity is increased by $500
million and diluted shares include 5.9 million shares reflecting
the dilutive impact of ESNs when book value per common share is
greater than $85.00. The $500 million of ESNs were converted into
6.2 million shares of Common Stock in the third quarter of
2019.
(4)
Premiums from new sales are
expected to be collected over a one-year period. Group insurance
annualized new business premiums exclude new premiums resulting
from rate changes on existing policies, from additional coverage
issued under our Servicemembers' Group Life Insurance contract, and
from excess premiums on group universal life insurance that build
cash value but do not purchase face amounts. Group insurance
annualized new business premiums include premiums from the takeover
of claim liabilities. Excess (unscheduled) and single premium
business for the Company's domestic individual life and
international insurance operations are included in annualized new
business premiums based on a 10% credit.
(5)
Actual amounts reflect the impact
of currency fluctuations. Constant amounts reflect foreign
denominated activity translated to U.S. dollars at uniform exchange
rates for all periods presented, including Japanese yen 105 per
U.S. dollar and Korean won 1,110 per U.S. dollar. U.S.
dollar-denominated activity is included based on the amounts as
transacted in U.S. dollars.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191104005923/en/
MEDIA: Bill Launder, (973) 802-8760,
bill.launder@prudential.com
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