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Prudential Financial

Headquartered in Newark, New Jersey, Prudential is one of the largest life insurance companies in the United States. The company also has sizeable operations in Japan through its Prudential Japan and Gibraltar Life companies. The company offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. Prudential serves individual and institutional customers in over 30 countries through a variety of channels, including one of the largest proprietary distribution forces in the life insurance industry. (05 Sep 2018)

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Focused

Prudential: 2019 Outlook Call Takeaways

IG Note: 07 Dec 2018, 3:05 AM ET - In this note we highlight the key takeaways from Prudential’s 2019 outlook call.

Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.
Focused

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.
Focused

U.S. Life Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 5:36 AM ET - We provide a recap of U.S. Life Insurer third quarter earnings reports and highlight certain trends and topics that emerged.
Focused

PRU 3Q18: Good Enough Quarter, Spreads Tight

Earnings Note: 08 Nov 2018, 12:56 PM ET - Prudential posted $1.3 bn in operating income this quarter, up 2% YoY, though this was largely due to the benefits of corporate tax reform. We maintain our U/P on PRU given trading levels, but note that it is a strong defensive name.

U.S. Life Insurance: Application Activity Dips

Worth Watching: 08 Nov 2018, 11:55 AM ET - U.S. Life Insurance: The MIB Index estimates that individual life insurance application activity was down 2.8% in October 2018 as compared to the prior year period. In October 2018, application activity showed a divergence between the 0-44 age ..

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

BHF 3Q18: Sales and Earnings Top Expectations

Earnings Note: 06 Nov 2018, 9:55 AM ET - BHF put together its best quarter yet with adjusted earnings of $270 mn and strong sales of both its flagship Shield product and new fixed annuity offerings. We maintain our O/P recommendation on BHF’s 3.7% 2027s.

MetLife 3Q18: U.S. Business Surges, LTC Update

Earnings Note: 02 Nov 2018, 10:45 AM ET - MetLife reported 3Q18 earnings of $1.4 bn as U.S. business profitability got even stronger. The company did incur costs associated with actuarial reviews for Asia and EMEA business, but LTC is on solid footing at least for the time being.
Focused

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.
Focused

Prudential: Final Insurer to Escape SIFI Tag

IG Note: 18 Oct 2018, 4:20 AM ET - FSOC voted to de-designate Prudential Financial as a Systemically Important Financial Institution. We maintain our Underperform recommendation, though we do not believe that spreads will be impacted by de-designation.
Focused

Prudential: SIFI Designation Vote Scheduled

Worth Watching: 15 Oct 2018, 9:24 AM ET - Prudential: The Financial Stability Oversight Council (FSOC) is scheduled to meet on October 16 and among the items on its agenda is the "annual reevaluation of the designation of a nonbank financial company." Given that AIG and MetLife have alr ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

U.S. Insurance: Rate Hikes A Plus, Curve Stubborn

Sector Analysis: 10 Oct 2018, 9:11 PM ET - In this note we discuss the rising rate environment in light of a flattening yield curve. P&C insurers with shorter duration liabilities should benefit immediately, while life insurers with long duration liabilities face challenges.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.
Focused

U.S. Life Insurance: Application Activity Steady

Worth Watching: 09 Oct 2018, 10:31 PM ET - U.S. Life Insurance: For essentially the fourth consecutive month, the MIB Index estimates that individual life insurance application activity was essentially flat in month-over-month comparisons. In September 2018, application activity was mea ..

Global Insurance Rendez-Vous: The New Norm

Global Insurance Rendez-Vous: 20 Sep 2018, 11:35 PM ET - As $144 bn of nat cat losses failed to trigger a hard market, we see a breakdown in the historic link between prices and nat cat losses caused by the abundance of capital. Rates are expected to remain stable at the January 2019 renewals.

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