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Prudential Financial History |
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Prudential Financial was founded in 1875 as The Prudential Friendly Society by insurance agent John Fairfield Dryden in Newark, N.J. It was the first company in the U.S. to make life insurance available to the working-class. Having expanded beyond New Jersey, into New York City and Philadelphia and to middle-class Americans, in 1895 the one-millionth policy was sold to John Dryden. Renamed "The Prudential Insurance Company of America," Prudential later adopted The Rock of Gibraltar as its company symbol, reflecting the strength and security it offered to customers. As the twentieth century emerged, Prudential transitioned from a stock company to a mutual company, and the business continued to grow. The 1940s began a "golden" period for Prudential. Monetary assets grew six-fold, and Prudential continued to expand its product offerings. In the 1980s, Prudential become the first major insurance company to market variable annuities. In 1981, it acquired Bache & Co., extending its reach into the financial services market. In 1985, Prudential, acquired Jennison Associates Capital Corp., a major stock and bond manager for pension funds. The company entered the residential real estate brokerage business in 1987 by forming a new subsidiary, The Prudential Real Estate Affiliates. In the same year, Prudential started the ongoing expansion of its international insurance and investment businesses with the establishment of its insurance business in Japan. Prudential entered the 1990s with consolidated assets surpassing $100 billion. In 2001, Prudential demutualized and Prudential Financial, Inc.'s common stock began trading on the New York Stock Exchange under the symbol "PRU" on December 13, 2001. In May 2003, Prudential Financial acquired American Skandia, which was rebranded Prudential Annuities in July 2007. In July 2003, a brokerage joint venture with Wachovia Corporation created one of the nation's largest retail financial advisory organizations, Wachovia Securities, LLC. Today, Prudential Financial is one of the world's leading financial services companies with assets of US$630 billion as of March 31, 2007. The company's distinctive rock logo and Prudential name are among the most enduring brands in corporate history. Prudential Financial is today recognized for the breadth of its products and services and leadership in the Financial Services industry. |
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