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In 1997, Prudential settled a class action lawsuit by millions of its customers who had been sold unnecessary life insurance by Prudential agents over a 13-year period ending in 1995. The settlement called for Prudential to repay an estimated $2 billion to customers through direct refunds and enhancements to existing policies.
In November 2017, Prudential announced the change in the name of its joint venture with Chinese investment company CITIC to "CITIC Prudential Life Insurance Company Limited". [40] In March 2018, Prudential announced that it would demerge M&GPrudential from the Group; [41] the demerger was completed on 21 October 2019. [42]
Hence, on its 129th anniversary, headed by CEO and Benedict Sison, it remained the top life insurance company for 13 consecutive years with P55.79 billion in Total Premium Income. [44] Prudential plc Pru Life UK, however, later became top life insurance seller in 2023, and bested Sun Life of Canada Philippines by P472 million. [45]
Founded in 1969, Jennison Associates is the fundamental equity investment arm of PGIM, with $194 billion in assets under management as of April 2024. [8] The firm also invests in active fixed income, with approximately 30% of its total AUM invested in non-equity securities. [9] Jennison has offices in New York and Boston. [10]
But Yanela Frias followed her passion for business, which has led to a 27-year career at Prudential Financial, Inc., founded in 1875, and her becoming the insurance giant's first female CFO.
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Prudential Securities, formerly known as Prudential Securities Incorporated (PSI), was an American financial services arm of the insurer, Prudential Financial. In 2003, Prudential Securities was merged into Wachovia Securities , a division of Wachovia Bank .
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