Prudential Finl Stock Price, News & Analysis

Prudential Financial, Inc. (NYSE: PRU) will release its first quarter 2022 earnings on May 3, 2022, after market close. The results will be available on the company’s Investor Relations website. A conference call to discuss the results will be held on May 4, 2022, at 11:00 a.m. ET. The call can be accessed live and will also be replayed until May 18 via provided dial-in numbers. Prudential manages over $1.5 trillion in assets and operates in multiple regions, including the U.S., Asia, Europe, and Latin America.

Prudential Financial, Inc. (NYSE: PRU) has completed the sale of its full-service retirement business to Empower, the U.S.'s second-largest retirement provider. This transaction, first announced on July 21, 2021, is part of Prudential's strategy to transform into a higher growth and less market sensitive firm. The deal involves more than 1,800 employees from Prudential's retirement services. Prudential remains committed to assisting clients through its Retirement Strategies and asset management businesses following this transition.

Prudential Financial (NYSE: PRU) has completed the sale of a portion of its legacy variable annuity block, valued at approximately $31 billion, to Fortitude Group Holdings. This transaction, aligning with Prudential's strategy to focus on higher growth and less market-sensitive operations, marks a key milestone for both companies. Fortitude Re will manage the variable annuities, while Prudential will continue servicing existing contracts and selling protected outcome solutions, enhancing their commitment to retirement security.

Prudential Financial, in collaboration with LeapFrog Investments, intends to acquire a minority interest in Alexander Forbes Group Holdings, a top financial services provider in South Africa. This strategic move aims to enhance Prudential's footprint in the growing African market. The transaction builds on previous investments in the region. Prudential's regional president emphasized the importance of the deal in expanding access to financial services. The investment is subject to regulatory approvals and is aimed at improving service delivery in retirement and wealth management.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb” to Prudential Financial’s $1 billion junior subordinated notes with a 5.125% interest rate due March 1, 2052. The outlook is stable, with all existing ratings for Prudential unchanged. The funds will support general corporate purposes, including repurchasing $1 billion in notes due in 2042. This issuance is expected to stabilize Prudential’s financial leverage and improve interest coverage ratios due to reduced interest expenses. Prudential holds above-average cash resources.

PGIM, a leading global investment management firm of Prudential Financial (NYSE: PRU), has appointed Michael Miller as the head of its new Defined Contribution (DC) Solutions business. This initiative aims to address the evolving retirement needs of Americans, focusing on lifetime income solutions. Miller, who has over 20 years in the retirement industry, will enhance PGIM’s commitment to delivering tailored retirement solutions. The new DC Solutions unit is backed by PGIM's $214 billion in assets managed for DC clients, positioning the firm as a leader in innovative retirement strategies.

Prudential Financial, Inc. (NYSE: PRU) has finalized a pension risk transfer for the Timber Operators Council Retirement Plan, settling approximately $245 million of pension obligations for around 3,000 participants. Starting April 1, 2022, Prudential’s subsidiary, The Prudential Insurance Company of America, will assume these responsibilities. This marks Prudential's ongoing commitment to enhancing retirement security in the multiple employer plan segment, reinforcing its leadership in the pension risk transfer market.

PGIM Private Capital has successfully raised over $2.4 billion for its inaugural Direct Lending fund, PGIM Senior Loan Opportunities I, L.P. (PSLO I). This fund, aimed at non-affiliated investors, marks a significant milestone in PGIM’s direct lending strategy. Supported by institutional investors globally, PSLO I’s final closing occurred in January 2022. With nearly 50% of the capital already deployed, PGIM continues to strengthen its origination capabilities in the middle market across North America, Europe, and Australia.