Prudential Financial Inc.
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Case Details:
Case Code : BSTR114
Case Length : 31 Pages
Period : 1875 - 2002
Organization : Prudential Financial Inc.
Pub Date : 2002
Teaching Note :Not Available
Countries : USA
Industry : Financial Services
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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EXCERPTS
Business Segments
After the demutualization process was completed in December
2001, Prudential's operations were organized into two business segments - Closed
Block Business and Financial Services Business. The Closed Block business was
established for certain individual life insurance policies and annuities issued
by Prudential Insurance Company of America in the US. It represented the
traditional participating products segment before the demutualization process.
It also included the company's participating life insurance and annuity
policies; assets that were used for paying the dividends and other benefits of
the policies; and, other assets and equity that supported these policies...
Geographic Segments
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Prudential's international operations were divided into two segments - Japan and all other countries. Japan was largest contributor to the company's revenue after the domestic operations (Refer Table II). In Japan, Prudential operated through four companies in the insurance and retail investments & securities segment (Refer Table III). Though Prudential had established its first overseas office much earlier in 1909 in Canada, the real growth in its international operations started when the company established its wholly-owned subsidiary, named Prudential of Japan, in Japan in 1988. By 2000, Prudential had not only become one of the fastest growing life insurers in Japan, but had also expanded to other markets in Asia...
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Marketing
Prudential focused on marketing since its early days. In 1896, Prudential came out with its first advertisement in
Leslie's Weekly. The advertisement had the Rock of Gibraltar as the company's logo, symbolizing its strength and security. In 1898, the company came out with another ad showing the $13,221 check given by Hahn and Company as annual premium for its $400,000 policy. Until 1993, Prudential had a single Individual Insurance Business unit, which had three alternate marketing channels, namely, district agencies, ordinary agencies and independent brokers and agents...
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Human Resources
Prudential was recognized for its HR practices and policies. In 1999, the Congress of Industrial Organizations
(CIO) magazine had placed Prudential among CIO's 100 best companies based on HR management, innovation and customer relationship. In the same year, the company's Executive Vice President - HR, Michele Darling, (Darling) was named the 'HR Executive of the Year' by a leading magazine,
Human Resource Executive. Darling designed a training initiative called the One Prudential Exchange in which the employees learnt details about the company's operations, its strategic mission, and the action necessary to achieve its organizational goals. More than 60,000 employees of the company were part of the training program... |
Excerpts Contd... >>
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