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Prudential Financial is based in Newark, New Jersey, United States. It began as The Widows and Orphans Friendly Society in 1875, and for a short time it was called the Prudential Friendly Society. For many years after 1877 it was known as the Prudential Insurance Company of America, [1] a name still widely in use.
Prudential ranked No. 52 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. [37] As of 2019, Prudential is the largest insurance provider in the United States with $815.1 billion in total assets. [38] See also the article on the Prudential Spirit of Community Award.
The Prudential Insurance headquarters are prominent buildings within the Four Corners Historic District. The American Insurance Company was incorporated February 20, 1846, and commenced business on April 1, 1846. [8] The company maintained offices downtown on Broad Street and later Park Place. [9] A new home office was completed in 1930.
In October 2004, Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery Holdings of South Africa selling private medical insurance to the UK market. [28] In April 2008, Prudential outsourced its back office functions to Capita: about 3,000 jobs were transferred (1,000 in Stirling, 750 in Reading and 1,250 in Mumbai). [29]
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The Prudential Building underwent a major renovation in 1988. [7] Ocwen Financial Corp. completed the $36 million purchase of the Prudential Plaza One building in August, 1998. In 1999, Aetna acquired the Prudential HealthCare business for $1 billion, and the signage was changed to "Aetna". The building is officially known as Prudential Plaza I.