Prudential changes name to reflect financial services offerings
Prudential Insurance Co. of America has changed its name to Prudential Financial, reflecting what the company views as an evolution from a life insurance company to a diversified financial services firm.
|"It is time for Prudential's name to reflect our broader and expanded range of products and services."|
Prudential Financial's name change was effective May 1. Arthur Ryan, Prudential's chairman and CEO, says that while Prudential once focused on life insurance protection, it now offers broader financial services such as investments and asset management.
"Over time, Prudential has expanded into a company that provides a full range of financial services products, making us a leader in both the growth and protection of our client's wealth," says Ryan. "It is time for Prudential's name to reflect our broader and expanded range of products and services."
Prudential Financial will use its new name for its financial services businesses in the United States and its international businesses in North and South America, Japan, South Korea, and Taiwan. In other international markets, the company will introduce a new international name, Prumerica Financial.
Prudential is following a trend established by other life insurers in the past two years. Allstate Life Group is now Allstate Financial; New England Life is now New England Financial; Northwestern Mutual Life is now Northwestern Mutual, and its sales force Northwestern Financial Network; and Phoenix Home Life Mutual Insurance Co. is now Phoenix Wealth Management.
Prudential Financial, a mutual company with more than $371 million in assets under management, expects to go public in the fourth quarter of 2001.