Started in Newark, New Jersey, in 1875, Prudential Financial was originally called The Widows and Orphans Friendly Society, then the Prudential Friendly Society. It was founded by John F. Dryden, who later became a U.S. Senator. It sold one product in the beginning, burial insurance. Dryden was president of Prudential until 1912. He was succeeded by his son Forrest F. Dryden, who was the president until 1922.
A history of The Prudential Insurance Company of America up to about 1975 is the topic of the book Three Cents A Week, referring to the premium paid by early policyholders.
At the turn of the 20th century, Prudential and other large insurers reaped the bulk of their profits from industrial life insurance, or insurance sold by solicitors house-to-house in poor urban areas.[8] For their insurance, industrial workers paid double what others paid for ordinary life insurance, and due to high lapse rates, as few as 1 in 12 policies reached maturity.[9] Prominent lawyer and future U.S. Supreme Court Justice Louis Brandeis helped pass a 1907 Massachusetts law to protect workers by allowing savings banks to sell life insurance at lower rates
Prudential has evolved from a mutual insurance company (owned by its policyholders) to a joint stock company (as it was prior to 1915[11]). It is now traded on the New York Stock Exchange under the symbol PRU. The Prudential Stock was issued and started trading on the New York Stock Exchange on December 13, 2001. On October 16, 2007 the Fox Business Channel picked Prudential as part of its Fox50 Index.
On August 1, 2004, the U.S. Department of Homeland Security announced the discovery of terrorist threats against the Prudential Headquarters in Newark, New Jersey, prompting large-scale security measures such as concrete barriers and internal security changes such as X-ray machines.[12] In the same year, a joint venture was formed between Prudential Financial and China Everbright Limited.[13]
On August 28, 2006, federal and state securities regulators and the Department of Justice announced parallel settlements and a total of $600 million in monetary sanctions against Prudential Securities, Inc. (now known as Prudential Equity Group ) for misconduct relating to improper market timing.[14]
On November 28, 2007, Prudential Financial board of directors elected a new CEO, John R. Strangfeld, to replace retiring Arthur F. Ryan.
Source : https://en.wikipedia.org/wiki/Prudential_Financial
