Prudential CEO Looks to Expand Abroad, in Asset Management
- Life insurer CEO has three-year plan for cost cuts, buybacks
- Fourth-quarter earnings per share beat analysts’ estimates
This article is for subscribers only.
Prudential Financial Inc. Chief Executive Officer Charles Lowrey unveiled his three-year strategy to transform the company through deals, cost savings and share buybacks.
The life insurer has allocated $5 billion to $10 billion to invest in and acquire growth businesses, which will contribute more than 30% to its earnings by 2023 from a current 18%, Lowrey said Thursday in an interview. The firm is looking to expand in China, India, Indonesia, Latin America and Africa, and is considering bolt-on purchases in asset management, he said.