Prudential(PRU)

Search documents
Prudential(PRU) - 2021 Q2 - Earnings Call Transcript
2021-08-04 19:08
Prudential Financial Inc. (NYSE:PRU) Q2 2021 Earnings Conference Call August 4, 2021 11:00 AM ET Company Participants Charlie Lowrey - Chairman and CEO Darin Arita - Senior Vice President, Head of Investor Relations Robert Falzon - Vice Chairman Andy Sullivan - Head of U.S. Businesses Scott Sleyster - Head of International Businesses Ken Tanji - Chief Financial Officer Rob Axel - Controller and Principal Accounting Officer Conference Call Participants Ryan Krueger - KBW Erik Bass - Autonomous Research Humph ...
Prudential(PRU) - 2021 Q1 - Earnings Call Transcript
2021-05-05 19:27
Prudential Financial, Inc. (NYSE:PRU) Q1 2021 Earnings Conference Call May 5, 2021 11:00 AM ET Company Participants Darin Arita – Head-Investor Relations Charlie Lowrey – Chairman and Chief Executive Officer Bob Falzon – Vice Chairman Andy Sullivan – Head-U.S. Businesses Scott Sleyster – Head-International Businesses Ken Tanji – Chief Financial Officer Rob Axel – Controller and Principal Accounting Officer Conference Call Participants Tom Gallagher – Evercore Elyse Greenspan – Wells Fargo Andrew Kligerman ...
Prudential(PRU) - 2020 Q4 - Earnings Call Transcript
2021-02-05 21:29
Prudential Financial, Inc. (NYSE:PRU) Q4 2020 Results Conference Call February 5, 2021 11:00 AM ET Company Participants Darin Arita - Head, IR Charlie Lowrey - Chairman and CEO Rob Falzon - Vice Chairman Andy Sullivan - Head, U.S. Businesses Scott Sleyster - Head, International Businesses Ken Tanji - CFO Rob Axel - Controller and Principal Accounting Officer Conference Call Participants Suneet Kamath - Citi Yaron Kinar - Goldman Sachs Erik Bass - Autonomous Research Jimmy Bhullar - JP Morgan Elyse Greenspan ...
Prudential Financial, Inc. (PRU) CEO Charles Lowrey Presents at 2020 Goldman Sachs U.S. Financial Services Virtual Conference (Transcript)
2020-12-09 19:12
Summary of Prudential Financial, Inc. Conference Call Company Overview - **Company**: Prudential Financial, Inc. (NYSE: PRU) - **Event**: 2020 Goldman Sachs U.S. Financial Services Virtual Conference - **Date**: December 9, 2020 - **Participants**: Charles Lowrey (Chairman & CEO), Yaron Kinar (Goldman Sachs Insurance Analyst) Key Messages Communicated to Investors 1. **Strategic Journey**: The company is on a journey to become less sensitive to equity markets and interest rates, improve efficiency, and shift towards higher growth areas such as PGIM and emerging markets [3][8] 2. **Earnings Quality Improvement**: Prudential aims to enhance the quality of earnings by pivoting towards simpler, less interest-sensitive products, such as discontinuing certain variable annuities and focusing on Buffered Annuity products like FlexGuard [4][12] 3. **Cost Efficiency Initiatives**: The company has successfully completed a Voluntary Separation Program and is ahead of its cost savings target, aiming for $750 million in annual benefits by the end of 2023 [5][6] 4. **Long-term Growth Focus**: Prudential is focusing on generating long-term growth through international expansion, particularly in alternative investments, and broadening its product suite in emerging markets [7][8] Product and Market Adjustments 1. **Discontinuation of HDI Products**: The decision to stop selling HDI variable annuities was driven by the low interest rate environment, which made these products unviable for both customers and shareholders [13][14] 2. **Impact on Net Flows**: The transition to less capital-intensive products may lead to lower net flows initially, but the company hopes to offset this with new product launches and repricing strategies [10][12] 3. **PGIM's Role**: The majority of HDI accounts are managed by PGIM, and while the discontinuation of HDI products will affect PGIM, new offerings are expected to mitigate this impact over time [21][22] Market Dynamics and Competitive Landscape 1. **Retirement Business Opportunities**: The SECURE Act presents significant opportunities for Prudential's Retirement business, particularly in aggregating smaller businesses to benefit from institutional pricing [31][36] 2. **Pension Risk Transfers**: Demand for pension risk transfers has increased, with companies looking to transact due to reduced funding gaps and low interest rates facilitating borrowing [38][39] 3. **Competitive Pricing Environment**: While demand is strong, increased competition in the market necessitates a disciplined approach to pricing [41] Regulatory and Accounting Considerations 1. **Regulatory Changes**: Prudential is prepared to adapt to potential regulatory changes under the new administration, emphasizing the importance of good regulation for the industry [48][49] 2. **LDTI Impact**: The upcoming changes in long-duration contract accounting (LDTI) will affect businesses related to insurance policies and annuities, with ongoing evaluations being conducted [50][51] Assurance IQ Acquisition 1. **Strategic Acquisition**: The acquisition of Assurance IQ has accelerated Prudential's financial wellness strategy and expanded its digital distribution capabilities, allowing access to underserved markets [53][55] 2. **Holistic Impact**: The acquisition is expected to have a broader impact on the overall business, enhancing technology capabilities and customer segmentation [56][57] Cost Savings and Capital Management 1. **Cost Savings Initiatives**: Prudential has identified additional cost savings through technology use, optimizing real estate, and process reengineering, contributing to the overall efficiency of operations [58][60] 2. **Capital Generation**: The company maintains a strong capital position, exceeding double AA financial strength levels, and is prepared to manage regulatory capital requirements effectively [66] This summary encapsulates the key points discussed during the conference call, highlighting Prudential Financial's strategic direction, market adjustments, and operational efficiencies.