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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.
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Prudential Financial found using ticker (PRU) have now 12 analysts in total covering the stock. The consensus rating is ‘Hold’. The range between the high target price and low target price is between 93 and 67 calculating the average target price we see 78.58. Given that the stocks previous close was at 77.66 this would imply there is a potential upside of 1.2%. The day 50 moving average is 75.31 and the 200 moving average now moves to 67.85. The company has a market capitalisation of $30,298m. Find out more information at: http://www.prudential.com
Prudential Financial, through its subsidiaries, provides insurance, investment management, and other financial products and services. It operates through eight segments: PGIM, Retirement, Group Insurance, Individual Annuities, Individual Life, Assurance IQ, International Businesses, and Closed Block. The company offers asset management public and private fixed income, public equity and real estate, commercial