Prudential Financial, Inc. reports developments across its insurance, retirement and investment-management businesses. The company is a global financial services issuer with operations in the United States, Asia, Europe and Latin America, and its businesses include Retirement, Group Insurance, Individual Life, U.S. Legacy Products, International Businesses and PGIM.
Recurring news includes quarterly results, segment performance, PGIM leadership and strategic-partnership updates, Prudential Advisors recruiting, retirement-income and employee-benefits research, and shareholder communications such as responses to unsolicited mini-tender offers. Company updates also cover Prudential of Japan sales-conduct, governance and agency operating-model matters, along with group insurance products including life, disability, leave administration and ancillary coverage for institutional clients.
PGIM Investments is launching two new funds: the PGIM Jennison NextGeneration Global Opportunities Fund and the PGIM Jennison International Small-Mid Cap Opportunities Fund. Managed by Jennison Associates, these funds target small and mid-cap companies globally and internationally. The investment strategy seeks early access to innovative growth companies in sectors like technology and healthcare. PGIM's existing funds boast strong performance, with over $8.7 billion in assets for the Global Opportunities Fund and $5.2 billion for the International Opportunities Fund.
PGIM Fixed Income, part of Prudential Financial (NYSE: PRU), announced senior leadership changes effective January 1, 2022. John Vibert will become president, transitioning from head of Securitized Products. Craig Dewling and Gregory Peters will assume co-CIO roles, taking over from Michael Lillard. The appointments underscore PGIM's growth in assets, having increased threefold over the past decade, and aim to enhance its investment performance and service. PGIM Fixed Income manages $954 billion in assets as of June 30, 2021.
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PGIM Investments' recent survey of over 500 financial advisors reveals a significant reliance on active management strategies, with 62% allocating client assets actively. Advisors are increasingly using active management to meet investment objectives, particularly in volatile markets. Key findings include a preference for active strategies to access emerging markets, protect against declines, and achieve reliable income. The impact of COVID-19 on portfolio construction is prominent, with 76% of advisors indicating its influence. The survey highlights a shift towards more ETFs and ESG strategies in the coming years.
Prudential Financial, Inc. (NYSE: PRU) has announced its sponsorship of USA Climbing, celebrating American athletes in the sport's Olympic debut. This partnership aims to support training and travel for athletes, enhancing their global presence. Prudential's chief marketing officer emphasized the synergy between climbing and the company's values of strength and resilience. The initiative also aims to introduce climbing to diverse communities and promote participation among all ages. Prudential's iconic Rock symbol aligns with its commitment to financial security and resilience.
Prudential Financial, Inc. (NYSE: PRU) declared a quarterly dividend of $1.15 per share, payable on September 16, 2021. Shareholders of record will be those on the books by the close of business on August 24, 2021. With over $1.5 trillion in assets under management as of June 30, 2021, Prudential continues to solidify its position as a global financial services leader, operating across the U.S., Asia, Europe, and Latin America, and is committed to enhancing financial opportunities for individuals.
Prudential Private Capital has provided $60 million in senior secured notes to Rougaroux Power Holdings, LLC, owner of a significant 192-megawatt hydroelectric project in Louisiana. This investment aligns with Prudential's strategy to support real asset investments, having allocated nearly $900 million across energy and power in the first half of 2021. The firm has a strong history with Rougaroux, dating back to 1990. Prudential Private Capital manages nearly $98 billion in assets under management (AUM) across various sectors globally.
Prudential Financial, Inc. (NYSE: PRU) reported significant financial recovery in Q2 2021, posting a net income of $2.158 billion ($5.40 per share), compared to a net loss of $2.409 billion ($6.12 per share) in Q2 2020. The after-tax adjusted operating income also rose to $1.514 billion ($3.79 per share), up from $740 million ($1.85 per share) during the same quarter last year. These results indicate a positive turnaround and improved profitability for the company.
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Prudential Financial, Inc. (NYSE: PRU) plans to redeem $700 million of its 3.500% Medium-Term Notes, Series D, due May 15, 2024, and $210 million of its 3.878% Medium-Term Notes, Series E, due March 27, 2028, on August 30, 2021. This move aims to reduce financial leverage and enhance flexibility. The redemption price will be at the greater of 100% of the principal or the discounted value plus specified basis points, alongside accrued interest. Following this, Prudential anticipates a $90 million charge and a $30 million reduction in annual pre-tax interest expense.