Prudential Plc: British Insurance Giant
Prudential Plc was founded on May 30, 1848, in Hatton Garden, London, United Kingdom. It was then called The Prudential Mutual Assurance Investment and Loan Association, offering loans to professionals and working people.
The company began selling in 1854, the relatively new concept of industrial branch insurance policies to the working class population for premium as low as one penny through agents acting as door to door salesmen. The group of premium collection agents was for many years identified with Prudential as the “Man from Pru”.
Today, Prudential Plc operates as a holding company with interest in providing insurance and financial services. The company as an international financial services group with its principal operation in Asia, the US, and the United Kingdom, offers retail financial products and services and asset management services throughout these territories. Its retail financial products and services principally include life insurance, pensions and annuities, as well as collective investments schemes.
Prudential operates through the following business units: Prudential Corp. Asia, Jackson National Life Insurance Co., Prudential UK and M&G. The Prudential Corp. Asia business unit comprises its life insurance operations in Asia and its asset management business. The Jackson National Life Insurance Co. business unit provides retirement savings and income solutions and also provides total annuities, variable and fixed index annuities in the US. The Prudential UK business unit is engaged in the life insurance and pension businesses. The M&G business unit is engaged in the UK and European fund management business.
Prudential’s largest division is Prudential Corp. Asia which has more than 13 million customers throughout 12 Asian markets and is top-three provider of life insurance in Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam. Its Prudential UK division has approximately 7 million customers and is a leading provider of life insurance and pensions in the UK.
Prudential Plc is headquartered in London and has around 23,915 employees and sales of around $99 billion.