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Company Description

Contact Info

751 Broad Street

Newark, NJ 07102

United States

Phone: 973-802-6000

Fax:

rings are supported by participant communications and education programs, and a range of plan consulting services, including non-discrimination testing, plan document services, signature-ready documents for required filings, and full actuarial support for defined benefit plans. Additional services include non-qualified deferred compensation plan administration, including executive benefit solutions and financing strategies, investment advisory services, and merger and acquisition support. Institutional Investment Products The company’s institutional investment products business primarily offers products to the payout annuity and stable value markets. Payout Annuity Markets: The company offers products designed to provide a predictable source of monthly income, generally for the life of the participant. The company’s newer pension risk transfer products include portfolio-protected products and a longevity reinsurance product. The company’s portfolio-protected products are non-participating group annuity contracts, which it issues to pension plan sponsors and assumes all of the investment and actuarial risk associated with a group of specified participants within a plan in return for a premium typically paid as a lump sum at inception. The company’s longevity reinsurance product is a reinsurance contract from which it earns a fee for assuming the longevity risk of pension plans that have been insured by third-parties, typically with monthly net settlements of premiums and benefits. As of December 31, 2015, the company’s pension risk transfer business in force had an approximate average age of 73. The company’s legacy products include structured settlements, voluntary income products and other group annuities, which fulfill the payment guarantee needs of the personal injury lawsuit settlement market, the distribution needs of defined contribution participants and the payment obligations of defined benefit plans, respectively. For its general account products, the company bears all of the investment, mortality, retirement, asset/liability management, and expense risk associated with these contracts. The company’s profits reflect the emerging experience related to investment returns, timing of mortality, timing of retirement, and the level of expenses being more or less favorable than assumed in the original pricing. The company’s separate account products are primarily fee-based products that cover payments to be made to defined benefit plan retirees. These contracts permit a plan sponsor to retain the risks and rewards of investment and actuarial results while receiving a general account guarantee for all annuity payments covered by the contract. Stable Value Markets: The company manufactures investment-only products for use in retail and institutional capital markets and qualified plan markets. The company’s primary stable value product offerings are investment-only wraps through which customers’ funds are held in a client-owned trust. These are participating contracts for which investment results pass through to the customer, subject to a minimum interest rate guarantee backed by the general account, and the company earns fees for providing this guarantee. Contractholders are provided with proprietary and non-proprietary flexible fund investment alternatives. The company also offers investment-only general account products in the form of GICs and funding agreements. These products contain an obligation to pay interest at a specified rate and to repay principal at maturity or following contract termination. Because these obligations are backed by the company’s general account, it bears the investment and asset/liability management risk associated with these contracts. Marketing and Distribution The company distributes its products through various channels. In its full service business, the company’s dedicated sales and support teams manage its distribution efforts in offices across the country. The company sells its products and services through third-party financial advisors, brokers, and benefits consultants, and to a lesser extent, directly to plan sponsors. The company’s clients typically prefer

 

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PRU

Industry Average

Valuation PRU Industry Range
Price/Earnings 7.1x
Price/Sales 0.6x
Price/Book 0.7x
Price/Cash Flow 6.8x
TEV/Sales NM Not Meaningful
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