Prudential Finl Stock Price, News & Analysis

PGIM, Prudential Financial's $1.4 trillion investment management arm, has launched new buffer ETF products with competitive 0.50% net expense ratios. The new offerings include:

1. The PGIM S&P 500 Max Buffer ETF series, comprising 12 monthly-listed ETFs on Cboe BZX, aims to match SPY returns up to a predetermined cap while offering 100% downside protection with a 3% minimum cap.

2. The PGIM Nasdaq-100 Buffer 12 ETF series, consisting of four ETFs listed on Nasdaq, seeks to match QQQ price returns up to a cap while providing a 12% downside buffer.

3. The PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ), which equally invests in quarterly Nasdaq-100 Buffer 12 ETFs.

These additions expand PGIM's buffer ETF suite, which already includes 12% and 20% U.S. Large Cap buffer ETF series and two laddered funds.

Prudential Financial (NYSE: PRU) introduces initiatives focused on Generation Beta (born 2025-2039), including a comprehensive study and the 'Beta Baby Bonus' program. The bonus offers $150 to parents of babies born on January 1, 2025, which could potentially grow to $100,000 by age 70 if invested for retirement.

The study reveals that 80% of prospective Generation Beta parents believe in starting retirement savings at birth. Key findings show 86% believe Generation Beta will work in yet-to-be-invented jobs, and 58% think their children may never retire. Survey participants estimate Generation Beta will need approximately $1.88 million for retirement. The research also indicates expectations of increased longevity, with half of adults believing cancer will be cured during Generation Beta's lifetime.

Prudential Financial (NYSE: PRU) has completed two significant transactions: a reinsurance deal with Wilton Re for a portion of its guaranteed universal life block, and an internal restructuring of captive reinsurance arrangements for term life insurance. The Wilton Re transaction, announced on August 20, 2024, supports Prudential's strategy to become a higher growth and more capital-efficient company. The internal restructuring will result in one-time pre-tax expenses of $40 million in Q4 2024 but is expected to generate an increase in pre-tax annual adjusted operating income of $25 million starting in 2025.

Prudential Financial (NYSE: PRU) has announced a strategic partnership with Empathy, a bereavement support platform, to enhance its beneficiary support services. The collaboration aims to provide comprehensive assistance to families dealing with the loss of loved ones.

The enhanced suite of resources includes support for funeral arrangements, obituary writing, probate and estate settlement. Beneficiaries will have access to dedicated Care Managers for personalized assistance through various challenges. The service expansion includes access to a beneficiary hub, wellness journal, and claim assistance.

Jessica Gillespie, Prudential's head of Group Insurance Product and Underwriting, emphasized the company's commitment to providing holistic support during important moments. Ron Gura, Empathy's co-founder and CEO, noted that this partnership represents a new era in benefits that prioritize comprehensive support and compassion.

Prudential Financial (NYSE: PRU) announced significant leadership changes. Andrew Sullivan, currently executive vice president and head of International Businesses and Global Investment Management, will become CEO effective March 31, 2025, succeeding Charles F. Lowrey, who will serve as Executive Chairman for 18 months.

Sullivan oversees the International Insurance segment and PGIM, the firm's $1.4 trillion global investment management business. Caroline Feeney will become Global Head of Insurance and Retirement, while Vice Chair Robert Falzon will retire after 42 years with the firm, effective July 11, 2025.

The transition follows a thorough succession planning process, with the company aiming to create additional opportunities for collaboration and growth by bringing U.S. and international insurance and retirement businesses under one global division.

Acathia Capital has increased its stake in Futur, Sweden's leading pension and savings platform, through a GP-led secondary transaction backed by Montana Capital Partners, a PGIM subsidiary. Since 2019, Acathia and Polaris Private Equity have jointly managed Futur, which has tripled its assets under management to SEK 240bn and quadrupled profits. Futur has transformed Sweden's life insurance market through digitalization, achieving cost and service leadership. Acathia acquired shares from a co-investor through its new vehicle Fjord Pension SCS, now managing over EUR 300 million AuM.

Affirm Holdings (NASDAQ: AFRM) and PGIM Fixed Income, a Prudential Financial company, announced the completion of a $500 million private purchase of Affirm loans. This transaction deepens their partnership, with PGIM Fixed Income managing over $120 billion in assets across public and private securitized credit. Previously, PGIM invested in Affirm’s public asset-backed securitizations. Affirm has issued 21 securitizations totaling nearly $10 billion, involving over 130 capital partners. PGIM sees Affirm’s assets as an attractive investment opportunity, enhancing its origination relationships. Affirm empowers 19 million active consumers and generated over $28 billion in GMV for the last twelve months ending September 30, 2024. Its funding capacity has grown by 50% over the last two years to $16.8 billion as of September 30, 2024.

Prudential Financial has appointed Jacques Chappuis as the new president and CEO of PGIM, its $1.4 trillion global investment management business, effective May 1, 2025. Chappuis, formerly co-head of Morgan Stanley Investment Management, will succeed David Hunt, who will retire after a successful 13-year tenure but remain as chairman until July 31, 2025 to ensure a smooth transition. Under Hunt's leadership, PGIM's assets under management grew from $619 billion to $1.4 trillion, with significant expansion in the UK, Europe, and Japan. Chappuis brings nearly 30 years of investment management experience and will report to Andrew Sullivan, head of International Businesses and Global Investment Management.

Prudential Financial (NYSE: PRU) has declared a quarterly dividend of $1.30 per share of Common Stock, payable on December 12, 2024, to shareholders of record as of November 19, 2024. The company, a global financial services leader, manages approximately $1.6 trillion in assets as of September 30, 2024, with operations across the United States, Asia, Europe, and Latin America.