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What Prudential Has in Mind for US Workplace Solutions

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Nov. 20 2020, Updated 12:45 p.m. ET

Retirement

Prudential Financial’s (PRU) US Workplace Solutions division comprises two businesses:

  • Group Insurance
  • Retirement

Retirement’s adjusted operating income fell $27 million to $291 million in 4Q17 from $318 million in 4Q16. However, of 4Q16’s income of $318 million, $20 million was due to significant items. When this impact is not considered, the decline was $7 million. Prudential’s pension risk transfer business is expected to be boosted by execution strategies and distinct capabilities.

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Group Insurance

Group Insurance’s adjusted operating income fell to $22 million in 4Q17 from $43 million in 4Q16 due to underwriting and higher expenses. However, the decline was partially compensated for by net investment spread.

Moving forward, Prudential aims to expand Group Insurance’s reach and remain a leader in the space. It plans to improve its customer relationships through its financial wellness platform. In 2017, Prudential’s net income margin was 8.0%, while competitors (XLF) MetLife (MET), Travelers (TRV), and Aflac (AFL) had margins of 7.0%, 7.5%, and 13.4%, respectively.

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