Magazine article American Banker

So Long, Pru Insurance - Hello, Pru Financial

Magazine article American Banker

So Long, Pru Insurance - Hello, Pru Financial

Article excerpt

Even before going public, the U.S. insurance and investment giant Prudential has changed its name to deemphasize insurance.

On Tuesday what used to be Prudential Insurance Company of America became Prudential Financial. That is the name the Newark, N.J., company will use for nearly all of its businesses in the Western Hemisphere, Japan, South Korea, and Taiwan.

Elsewhere it will be known as Prumerica Financial -- so as not to be confused with Prudential PLC, the London insurance company currently involved in a bidding war with American International Group Inc. over Houston-based American General Corp.

Like the decision to go public, the new name reflects the evolution of the company, which manages more than $371 billion of assets, and of its product line, said spokesman Bob DeFillippo on Wednesday.

"People are living longer, and they are as concerned with asset growth as they are with asset protection. Our product line and now our name reflects that shift."

The old-time provider of life and life and property-casualty insurance now also offers investment products such as annuities and mutual funds as well as pension and retirement services and administration, asset management, securities brokerage, real estate brokerage franchising, and relocation services.

"We have been known for a very long time as a big life insurance company," he said. "We're so much more than that now."

The names of the U.S. subsidiaries Prudential Bank, Prudential Securities, and Prudential Property and Casualty Insurance Co. …

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