Prudential Insurance |
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Prudential Insurance is an international company that was established in 1875 to provide life insurance to American workers and families. The company has expanded rapidly over the last 133 years through acquisitions and custom service expansions. Individual workers and major corporations in the United States are joined by clients in 30 countries around the world in praising the virtues of Prudential Insurance. The company provides a long menu of financial services to clients who want coverage from their first day of work through retirement. The initial offering of life insurance plans in 1875 has been augmented with annuities, mutual fund management, retirement investments, and other financial vehicles. This insurance and investment services company works with retailers, banks, and other companies in safeguarding the future of their employees.
More About Prudential
The growth of Prudential Insurance has been facilitated by various acquisitions since the 1980s. Prudential purchased Baehe and Co. in 1981 to help organize principal businesses underneath the company’s venerable banner. The demutualization of Prudential in 2001 helped loosen the company’s finances for additional investments. The acquisition of American Skandia on May 1, 2003 gave Prudential the power to distribute variable annuities through the largest annuity company in the United States. A recent acquisition of Prudential was the April 2004 purchase of CIGNA Corporation that enabled the financial company to enhance its retirement offerings.
Prudential Insurance has used these acquisitions to achieve holdings of $1.9 trillion through hundreds of subsidiaries. The company’s Rock of Gibraltar symbol has showed the consistency of Prudential over the decades. Another sign that Prudential Insurance is staying solid through economic hard times is the completion of their new corporate headquarters in 2004. Investors and clients interested in the growth of Prudential Insurance can follow the company’s stock on the New York Stock Exchange by locating the symbol PRU.
The company experienced a security threat in its headquarters on August 1st, 2004 that caused Prudential executives to take further steps to safeguard employees and clients. Prudential’s facilities now possess concrete barriers, X-ray machines, and guards that live up to the image of The Rock of Gibraltar emblazoned on company documents. Further investments in security measures at Prudential’s headquarters represent a fortification of the company’s image as a reliable financial management firm.
History of Prudential
Prudential Insurance was established in 1875 as Friendly Insurance Company in New Jersey. The first product sold by Prudential was industrial life insurance for workers in the Garden State. The company’s founder, insurance expert John Fairfield, helped establish Friendly Insurance Company as the first provider of life insurance to the common worker. This new trend of offering insurance to factory workers led to an extension of services beyond New Jersey by 1879.
Friendly Insurance Company achieved one million dollars in profits within a decade of its founding. Fairfield’s outfit had sold its one-millionth policy by 1885 as markets in New York City, Philadelphia and Boston were opened up for life insurance sales. The reason why Friendly Insurance Company was able to succeed in the tumultuous post-war period was the commitment by companies to corporate welfare and a desire by workers to hide away money for future expenses.
The company that would become Prudential Insurance began to hit its stride during World War II. Individuals familiar with Prudential’s history would call this period the “golden age” for the company due to the upturn in the economy from war mobilization. The 1980s witnessed Prudential Insurance paving the way for financial institutions to offer variable analyses and other tools to help investors deal with economic uncertainty. The fact that Prudential Insurance has survived two world wars, plenty of economic downturns and the continued evolution of consumer investments is a testament to public confidence in the company. Prudential Insurance used its portfolio of products and public esteem to achieve assets over $100 billion by the 1990s.
Prudential Insurance in the Work Place
Millions of workers throughout the world take advantage of Prudential Insurance’s full range of products. The company takes multiple steps to inform, advice and sell products to their customers that are perfect for specific needs. There are several divisions within Prudential Insurance that offer life insurance and retirement tools for all ages, races and occupations.
The Group Insurance Division of Prudential Insurance offers policies including short-term insurance, accidental, death and dismemberment coverage for workers. The Investment Division of Prudential Insurance covers a wide range of products that are invaluable for workers planning life after retirement. Workers can access financial advice, asset management and retirement benefits with various accounts available from Prudential. This division provides international investment options as well as qualifying retirement accounts for workers who are interested in aggressive investment plans.
A significant portion of Prudential Insurance’s business is derived from the private wealth management services offered to corporations. There are private bankers who work with executives, managers and business owners to juggle multiple funds through one source. Companies who want to parlay profits into investment plans like futures and derivatives trading can use the wealth management services without spending crucial time waiting for banking assistance.
One of the best reasons why millions of workers around the world are using Prudential Insurance is the company’s record of corporate equality. The Human Rights Campaign published a corporate equality index in 2005 to record the actions of international corporations. Prudential Insurance has a 100% rating within the organization’s corporate equality index that shows its commitment to sound worker investments in responsible financial tools.
