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Prudential Financial Inc  (PRU)
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    Sector  Financial    Industry Life Insurance
 
 

Prudential Financial Inc Segments

 
Individual Life
   20.42 % of total Revenue
Group Insurance
   10.4 % of total Revenue
Total Insurance
   21.44 % of total Revenue
Retirement
   15.56 % of total Revenue
Asset Management
   5.66 % of total Revenue
Total Investment
   30.6 % of total Revenue
International Insurance
   38.16 % of total Revenue
Insurance & Investments
   38.16 % of total Revenue
Corporate
   -1.2 % of total Revenue
Closed Block
   10.99 % of total Revenue
 

Business Segments (Sep. 30, 2015)
Revenues
(in millions $)
III. Quarter
%
(of total Revenues)
(Sep. 30, 2015)
Income
(in millions $)
III. Quarter
%
(Profit Margin)
Individual Life
2,542.00 20.42 % 3,231.00 127.1 %
Group Insurance
1,294.00 10.4 % 2,669.00 206.26 %
Total Insurance
2,669.00 21.44 % 4,750.00 177.97 %
Retirement
1,937.00 15.56 % 704.00 36.34 %
Asset Management
704.00 5.66 % 3,808.00 540.91 %
Total Investment
3,808.00 30.6 % 1,375.00 36.11 %
International Insurance
4,750.00 38.16 % 4,750.00 100 %
Insurance & Investments
4,750.00 38.16 % 4,750.00 100 %
Corporate
-149.00 -1.2 % -149.00 -
Closed Block
1,368.00 10.99 % 0.00 -
Total
12,446.00 100 % 10,726.00 86.18 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30, 2015)
Y/Y Revenue
%
III. Quarter
Q/Q Revenue
%
(Sep. 30, 2015)
Y/Y Income
%
III. Quarter
Q/Q Income
%
Individual Life
2.83 % 7.71 % 596.34 % 311.59 %
Group Insurance
-4.08 % 0.23 % - 3458.67 %
Total Insurance
1.48 % 8.89 % 19691.67 % 1422.44 %
Retirement
-19.19 % -39.09 % 175 % 197.05 %
Asset Management
-2.36 % -9.28 % 1804 % 1842.86 %
Total Investment
-11.63 % -26.14 % 67.07 % 40.16 %
International Insurance
-5.04 % -5.7 % 462.13 % 464.13 %
Insurance & Investments
-5.04 % -5.7 % 462.13 % 464.13 %
Corporate
- - - -
Closed Block
-22.45 % 2530.77 % - -
Total
-8.01 % -0.84 % 692.76 % 482.62 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Prudential Financial Inc's Individual Life, Group Insurance, Total Insurance, Retirement, Asset Management, Total Investment, International Insurance, Insurance & Investments, Corporate, Closed Block, Total segment. Select each division with the arrow.

  Prudential Financial Inc's

Business Segments Description



Financial Services Businesses

The Financial Services Businesses is comprised of three divisions, containing eight segments, and our Corporate and Other operations. The Insurance division is comprised of our Individual Life and Annuities segment and our Group Insurance segment. The Investment division is comprised of the Investment Management, Financial Advisory, Retirement and Other Asset Management segments. The International Insurance and Investments division is comprised of the International Insurance and International Investments segments.

Insurance Division

The Insurance division conducts its business through the Individual Life and Annuities and Group Insurance segments.

Individual Life and Annuities

Our Individual Life and Annuities segment manufactures and distributes individual variable life, term life, universal life and non-participating whole life insurance, and variable and fixed annuity products, primarily to the U.S. mass affluent market and mass market. In general, we consider households with investable assets or income in excess of $100,000 as mass affluent. Our life products are distributed primarily through Prudential Agents and increasingly through third parties. Our annuity products are distributed through a diverse group of independent financial planners, broker-dealers and banks as well as through Prudential Agents.

Products

Variable Life Insurance

We offer a number of individual variable life insurance products that provide a return linked to an underlying investment portfolio designated by the policyholder while providing the policyholder with the flexibility to change both the death benefit and premium payments. Each product provides for the deduction of charges and expenses from the customer’s investment account. We also offer variable life products targeted to the estate planning and corporate-owned life insurance markets.

Term Life Insurance

We offer a variety of term life insurance products. Most term products include a conversion feature that allows the policyholder to convert the policy into permanent life insurance coverage. We most recently repriced our term insurance portfolio in June 2003.

Universal Life Insurance

We offer universal life insurance products that feature a market rate fixed interest investment account and flexible premiums. In June 2003, we updated our universal life insurance products and began to offer survivorship universal life, which covers two individuals on a single policy and provides for payment of a death benefit upon the death of the second insured individual.

Non-participating Whole Life Insurance

We offer a non-participating whole life insurance product with guaranteed fixed level premiums and guaranteed cash values.

Variable and Fixed Annuities

We offer variable annuities that provide our customers with the opportunity to invest in proprietary and non-proprietary mutual funds and fixed-rate options. The investments made by customers in the proprietary and non-proprietary mutual funds represent separate accounts for which the contractholder bears the investment risk. The investments made in the fixed rate options are credited with interest at rates determined by us, subject to certain minimums. Additionally, our variable annuities products offer certain minimum death benefit and living benefit guarantee options. We also offer fixed annuities that provide a guarantee of principal and a guaranteed interest rate to be credited to the principal amount for a specified period of time.

Investment Division

The Investment division conducts its business through the Investment Management, Financial Advisory, Retirement, and Other Asset Management segments.

Investment Management

The Investment Management segment provides a broad array of investment management and advisory services, mutual funds and other structured products. These products and services are marketed and provided to the public and private marketplace as well as the Insurance division, the International Insurance and Investments division, and the Retirement segment.

In addition, we provide investment management services for our institutional customers through direct sales. As described below, within this segment we utilize the same investment management capabilities to provide asset management and services for institutional customers and our retail customers’ assets.

Investment Management and Advisory Services Products and Services

Public Equity and Fixed Income Asset Management

Our public equity and fixed income organizations provide discretionary and non-discretionary asset management services to a wide range of clients. We manage a broad array of publicly traded equity and debt asset classes using various investment styles. In 2000, substantially all of our active public equity asset management capabilities were consolidated into our wholly owned subsidiary, Jennison Associates, LLC (“Jennison”). Jennison is a widely recognized manager of institutional assets and is a leading sub-advisor for mutual fund assets.

Real Estate Asset Management

Our real estate organization provides asset management services for single-client and commingled real estate portfolios and manufactures and manages a variety of real estate investment vehicles, primarily for institutional clients. Our real estate investment vehicles range from fully diversified funds to specialized funds that invest in specific types of properties or specific geographic regions or follow other specific investment strategies.

On December 31, 2002, we acquired TMW Immobilien AG and TMW Real Estate Group, LLC (together “TMW”), one of the largest independent investment managers for international real estate with $3.9 billion in net assets under management. TMW is headquartered in Munich, Germany and Atlanta, GA, with offices throughout Europe, and has been integrated with the rest of our institutional real estate management activities.

Private Equity and Fixed Income Asset Management

Our private fixed income organization provides asset management services to our clients by investing predominantly in private placement investment grade debt securities, as well as below investment grade debt securities, and mezzanine debt financing. These investment capabilities are utilized by our general account and institutional clients through direct advisory accounts, separate accounts, or private fund structures. A majority of the private placement investments are directly originated by our investment staff.

At the end of 2001, we decided to exit our private equity asset management business through divestiture and rationalization of the remaining activities into our private fixed income asset management business. The remaining assets we manage, primarily for our general account, include venture capital, leveraged buyouts, development capital, mezzanine debt and certain special situations, but we do not intend to sponsor new funds other than for mezzanine debt.

Commercial Mortgage Origination and Servicing

Our commercial mortgage banking business provides mortgage origination and servicing, for our general account, institutional clients, and for government sponsored entities such as Fannie Mae and FHA.

Mutual Funds Products and Services

We manufacture, distribute and service investment management products utilizing proprietary and non-proprietary asset management expertise in the U.S. retail market. Our products are designed to be sold by Prudential Agents and third party financial professionals. We offer a family of retail investment products consisting of 87 mutual funds and four wrap-fee products as of December 31, 2003. These products cover a wide array of investment styles and objectives designed to attract and retain assets of individuals with varying objectives and to accommodate investors’ changing financial needs. On May 1, 2003, we acquired Skandia U.S. which included a mutual fund business. The operations of the acquired mutual fund business have been combined with our existing mutual fund business.

Financial Advisory

The Financial Advisory segment consists of our 38% investment in Wachovia Securities and our equity sales, trading and research operations.

Equity Sales, Trading and Research Operations

We engage in equity securities sales and trading primarily for our institutional clients, executing transactions on both an agency and a principal basis in listed and NASDAQ equities and equity options. We make a market in more than 900 NASDAQ securities.

Our research analysts produce reports and studies on the economy; the domestic equity markets, industries and specific companies; investment and portfolio strategies; and regulatory, political, legislative and tax issues. We seek to focus our research coverage on companies of greatest interest to our clients, located both in the U.S. and abroad.

Retirement

Our Retirement segment manufactures and distributes products and provides administrative services for qualified and non-qualified retirement plans for companies of all sizes. We offer products across the defined contribution market including the 401(a), 401(k), 403(b), 457 and Taft-Hartley markets. We also offer products in the non-qualified retirement market. Additionally, we offer guaranteed products such as guaranteed investment contracts (“GICs”), funding agreements and group annuities for defined contribution plans, defined benefit pension plans, structured settlements and non-qualified entities.

Defined Contribution Products and Services

Our primary defined contribution product, PruArray, offers plan sponsors access to more than 700 mutual funds, approximately 45 of which are sponsored by Prudential, with the balance sponsored by more than 30 other mutual fund companies. PruArray also offers stable value investment options. We tailor PruArray to the various defined contribution product markets, as appropriate, and to suit retirement plans of different sizes. We also offer defined contribution plan services including participant and plan reporting, plan testing, call center services, voice response and Internet capabilities, participant communication and educational services and record keeping administration.

Guaranteed Investment Contracts and Funding Agreements

We offer general account GICs and funding agreements, through which customers deposit funds with us under contracts that typically provide for a specified rate of interest on the amount invested through the maturity of the contract. We are obligated to pay principal and interest according to the contracts’ terms. This obligation is backed by our general account assets, and we bear all of the investment and asset/liability management risk on these contracts. As spread products, general account GICs and funding agreements make a profit to the extent that the rate of return on the investments we make with the invested funds exceeds the promised interest rate and our expenses. We also offer credit-enhanced GICs, which have a triple-A rating, the highest rating possible, as a result of a guarantee from a financial insurer. In addition, we offer separate account and synthetic GICs, through which we hold customers’ funds either in a separate account or in trust outside of our general account for the benefit of the customer. We pass all of the investment results through to the customer, subject to a minimum interest rate, and we do not earn spread income. As fee-based products, separate account and synthetic GICs are less capital intensive and produce lower levels of income than spread products. To the extent that Prudential’s asset management units are selected to manage client assets associated with fee-based products, those units also earn investment management fees from those relationships. A limited amount of our in force GIC business may be redeemed at the option of the holder prior to the applicable termination dates.

Group Annuities

We offer group annuities primarily to defined benefit plans to provide fixed lifetime benefits for a specified group of plan participants. These annuities are generally single premium annuities that provide for either immediate or deferred payments. We offer fixed payment annuities backed by our general account (spread products) as well as separate account annuities (fee products) that permit a plan sponsor to realize the benefit of investment and actuarial results while receiving a general account guarantee of minimum benefits. We also offer fixed and variable annuities, under group annuity contracts, to individuals taking lump sum distributions from defined contribution plans.

Structured Settlement Products

We offer structured settlement products backed by our general account (spread products), which are customized annuities used to provide ongoing periodic payments to a claimant in malpractice or personal injury lawsuits instead of a lump sum settlement.

International Insurance and Investments Division

The International Insurance and Investments division conducts its business through the International Insurance and International Investments segments.

International Insurance

Our International Insurance segment manufactures and distributes individual life insurance products to the affluent market in Japan, Korea and other foreign markets through Life Planners. In addition, as part of the operations of Gibraltar Life Insurance Company, Ltd. (“Gibraltar Life”), we offer similar products to the broad middle income market across Japan through Life Advisors, a business we operate separately from our Life Planners. We commenced sales in foreign markets using the Life Planner model, as follows: Japan, 1988; Taiwan, 1990; Italy, 1990; Korea, 1991; Brazil, 1998; Argentina, 1999; the Philippines, 1999; and Poland, 2000. We also have a representative office in China.

We currently offer various traditional whole life, term life and endowment policies, which provide for payment on the earlier of death or maturity. In some of our operations we also offer certain health products with fixed benefits. We also offer variable life products in Japan and Korea and offer interest-sensitive life products in Japan, Taiwan and Argentina. Generally, our international insurance products are non-participating and denominated in local currency, with the exception of products in Argentina, which are mostly U.S. dollar denominated, and a limited number of policies in Japan and Korea that are also U.S. dollar denominated. For these dollar denominated products, both premiums and benefits are payable in U.S. dollars.

Closed Block Business

As a mutual insurance company, we issued most of our individual life insurance products on a “participating” basis, whereby policyholders are eligible to receive policyholder dividends reflecting experience. These life insurance products were historically included in our former Traditional Participating Products segment. In connection with the demutualization, we ceased offering domestic participating products. The liabilities for our individual in force participating products were segregated, together with assets that will be used exclusively for the payment of benefits and policyholder dividends, expenses and taxes with respect to these products, in the Closed Block. We selected the amount and type of Closed Block Assets and Closed Block Liabilities included in the Closed Block so that the Closed Block Assets initially had a lower book value than the Closed Block Liabilities. We expect that the Closed Block Assets will generate sufficient cash flow, together with anticipated revenues from the Closed Block Policies, over the life of the Closed Block to fund payments of all policyholder benefits to be paid to, and the reasonable dividend expectations of, policyholders of the Closed Block Policies. We also segregated for accounting purposes the Surplus and Related Assets that we need to hold outside the Closed Block to meet capital requirements related to the products included within the Closed Block. No policies sold after demutualization will be added to the Closed Block and its in force business is expected to ultimately decline as we pay policyholder benefits in full.

   

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