Prudential Finl Stock Price, News & Analysis

Prudential Financial, Inc. (NYSE: PRU) announced that its FlexGuard product has achieved a significant milestone, surpassing $10 billion in total sales since its launch in 2020, making it the fastest-growing indexed variable annuity in the industry. FlexGuard offers customizable index-linked investment strategies with partial downside protection and potential for enhanced gains. The company emphasizes its commitment to evolving retirement solutions to better protect assets. Additionally, Prudential launched the FlexGuard Income product in 2021, providing a unique buffered income benefit linked to market performance.

Prudential Financial, Inc. reported a net loss of $565 million ($1.53 per share) for Q2 2022, a significant drop from net income of $2.158 billion ($5.40 per share) in Q2 2021. The current results were impacted by a $1.048 billion after-tax charge and a $1.140 billion gain from the sale of legacy variable annuities. Adjusted operating income fell to $664 million ($1.74 per share) from $1.440 billion ($3.60 per share) year-over-year. Assets under management decreased to $1.410 trillion, while capital returned to shareholders was $832 million. The company aims for cost savings of $750 million.

Prudential Financial's latest Pulse survey reveals that rising inflation and potential recession pose significant financial challenges for Americans, particularly millennials and women.

Key findings include:

• 74% of respondents anticipate a recession in the next two years.
• 79% express concerns about inflation affecting financial security.
• Many are taking proactive steps, such as cutting back on dining out and saving more.
• Social media is a primary source of financial advice for 30% of Americans.

In the first half of 2022, PGIM Private Capital achieved nearly $10.0 billion in senior debt and junior capital origination, a record for the firm. The total includes $8.4 billion in investment-grade and $1.3 billion in below-investment-grade investments. Highlights also featured investments across global markets including $6.8 billion in corporate finance and $2.6 billion in real assets. PGIM Private Capital manages over $20.0 billion in assets, emphasizing strong borrower relationships and portfolio diversification.

On July 7, 2022, TimkenSteel (NYSE: TMST) announced its agreement to purchase a group annuity contract from Prudential for around $250 million, aimed at settling a portion of its $800 million pension obligations. This will secure benefits for approximately 1,900 retirees starting October 1, 2022, with no reduction in their payments. The transaction is expected to reduce TimkenSteel's pension obligations by 25%, resulting in a projected non-cash pension settlement gain of $2 million in Q3 2022, strengthening the company's balance sheet.

Prudential Financial, Inc. (NYSE: PRU) is set to release its second quarter 2022 earnings on August 2, 2022, post market closure. Detailed earnings information will be available at investor.prudential.com. A conference call for investors will occur on August 3, 2022, at 11:00 a.m. ET, where management will discuss the results.

Interested parties can access the call via domestic and international numbers, with a replay available until August 17, 2022.

DJM Capital Partners has successfully acquired the Bridgeside Shopping Center in Alameda, California, in partnership with PGIM. The 105,000 square-foot property is fully occupied and features a diverse mix of tenants including grocery and essential service providers. This acquisition marks the third collaboration between DJM and PGIM, highlighting DJM's strategy to expand its portfolio of lifestyle and grocery-anchored centers in Northern California, aligning with their growth objectives.