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Is This Financial Services Company a Buy Today? fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Is This Financial Services Company a Buy Today? fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Operator Ladies and gentlemen, thank you for standing by, and welcome to the Prudential quarterly earnings call. [Operator instructions] I would now like to turn the conference over to our host, head of investor relations, Mr. Darin Arita. Please go ahead. Darin Arita Senior Vice President & Head-Investor Relations Good morning, and thank you for joining our call. Representing Prudential in today s call are Charlie Lowrey, chairman and CEO; Bob Falzon, vice chairman; Andy Sullivan, head of U.S. businesses; Scott Sleyster, head of international businesses; Ken Tanji, chief financial officer; and Rob Axel, controller and principal accounting officer. We will start with prepared comments by Charlie, Rob and Ken, and then we will take your questions. ....
Prudential plans to halve the share annuities contribute to its earnings, a downsizing the insurer aims to accomplish through sales, reinsurance deals and expiring policies. Charles Lowrey, chairman and CEO, said the company strategy is centered on Prudential s $750 million cost savings plan. Over the next three years we plan to reallocate between $5 billion and $10 billion of capital with the intention of doubling the earnings contribution of our higher growth businesses and halving individual annuities, he said. The Prudential plan is to reduce annuities to 10% or less of company earnings, Lowrey said. Prudential announced plans to discontinue all sales of variable annuities with guaranteed living benefits during the insurer s third-quarter earnings call. Together with repricing strategies and introducing its FlexGuard annuity in late May helped Prudential s annuity business remain competitive. ....