Prudential Financial : 2Q24 Prudential Financial, Inc. Earnings Conference Call Transcript

Published on 08/02/2024 at 05:26 pm EDT - Modified on 08/02/2024 at 05:27 pm EDT

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Prudential Financial, Inc.

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Corrected Transcript

02-Aug-2024

Prudential Financial, Inc. (PRU)

Q2 2024 Earnings Call

	Total Pages: 18
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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

CORPORATE PARTICIPANTS

Robert McLaughlin	Yanela del Carmen Frias
Vice President-Investor Relations, Prudential Financial, Inc.	Chief Financial Officer & Executive Vice President, Prudential Financial,
Charles F. Lowrey	Inc.
Caroline A. Feeney
Chairman & Chief Executive Officer, Prudential Financial, Inc.
Robert Michael Falzon	Executive Vice President & Head-US Businesses, Prudential Financial,
Inc.
Vice Chairman, Prudential Financial, Inc.	Andrew F. Sullivan

	Executive Vice President, Head of International Businesses and Global
	Investment Management, Prudential Financial, Inc.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Ryan Krueger	Thomas Gallagher
Analyst, Keefe, Bruyette & Woods, Inc.	Analyst, Evercore ISI
Suneet Kamath	John Barnidge
Analyst, Jefferies LLC	Analyst, Piper Sandler & Co
Elyse Greenspan	Jimmy S. Bhullar
Analyst, Wells Fargo Securities LLC	Analyst, JPMorgan Securities LLC
Wes Carmichael	Michael Augustus Ward
Analyst, Autonomous Research US LP	Analyst, Citigroup Global Markets, Inc.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

MANAGEMENT DISCUSSION SECTION

Operator: Ladies and gentlemen, thank you for standing by and welcome to Prudential's Quarterly Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Later, we'll conduct a question-and-answer session. Instructions will be given at that time. [Operator Instructions] As a reminder, today's call is being recorded.

I will now turn the call over to Mr. Bob McLaughlin. Please go ahead.

Robert McLaughlin

Vice President-Investor Relations, Prudential Financial, Inc.

Good morning, and thank you for joining our call. Representing Prudential on today's call are Charlie Lowrey, Chairman and CEO; Rob Falzon, Vice Chairman; Andy Sullivan, Head of the International Businesses, and PGIM, our global investment manager; Caroline Feeney, Head of US Businesses; Yanela Frias, Chief Financial Officer; and Rob Axel, Controller and Principal Accounting Officer. We will start with prepared comments by Charlie, Rob, and Yanela, and then we will take your questions.

Today's discussion may include forward-looking statements. It is possible that actual results may differ materially from the predictions we make today. In addition, our presentation includes references to non-GAAP measures.

For a reconciliation of such measures to the comparable GAAP measures, and a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slides titled Forward-Looking Statements and Non-GAAP Measures in the appendix to today's presentation and the quarterly financial supplement, both of which can be found on our website at investor.prudential.com.

And now I'll turn it over to Charlie.

Charles F. Lowrey

Chairman & Chief Executive Officer, Prudential Financial, Inc.

Thank you, Bob, and thanks to all of you for joining us today. During the second quarter, we continued to grow our market-leading businesses and become more capital efficient to deliver greater long-term value for our stakeholders. Our momentum was driven by robust sales in our US and International Businesses, as well as strong investment performance and originations across PGIM's private alternatives platform. We maintained our disciplined approach to capital deployment by investing in the growth of our businesses and returning excess capital to shareholders. This progress was supported by our strong financial position.

Turning to slide 3, I will focus my remarks this morning on the strategic actions we are taking to expand access to investing, insurance and retirement security, and how they position us to address the evolving financial challenges of our customers around the world.

One of our most compelling growth opportunities is addressing the increasing global demand for retirement product, solutions and advice. This year, historic levels of Americans will turn 65. At the same time, 55-year-olds will enter the crucial decade before retirement in preparation for life after work. These aging demographics will result in an estimated $137 trillion retirement opportunity in the US and $26 trillion in Japan by 2050.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

As a leader in pension risk transfer and individual annuities, Retirement Strategies is delivering products, and solutions that protect the life's work of our customers, and ensure a more financially secure retirement for people around the world. Our market leadership is demonstrated by nearly $22 billion in Retirement Strategies sales in the first half of this year, representing a 67% increase from the prior year. This includes robust sales in pension risk and longevity risk transfer, as well as nearly doubling our individual annuity sales.

Since the launch of our FlexGuard indexed variable annuity product suite in 2020, our sales have exceeded $21 billion. Meanwhile, in Japan, our customers are benefiting from an expanded product suite, demonstrated by a 20% increase in retirement and savings product sale year-over-year.

PGIM, our global asset management business, is well-positioned to address the increasing demand for retirement solutions around the world, while capitalizing on growing institutional demand for private credit and alternative investments. PGIM provides investment solutions that help retirement plan sponsors deliver benefits to millions of beneficiaries.

With nearly $0.5 trillion of assets under management supporting defined benefit and defined contribution plans, PGIM is a market leader, servicing more than half of the world's 300 largest pension funds, including over two- thirds of the largest 100 US pension plans, and is the largest pension fund manager in Japan.

PGIM also continues to grow its private alternatives business with capital deployment of nearly $11 billion in the second quarter, a 35% increase compared to a year ago quarter. This includes the benefit of our recent acquisition of Deerpath Capital.

Moving now to our market-leading insurance businesses, we have expanded our product suite and distribution channels to meet the growing demand for products and solutions that can help bridge the global life insurance gap. In our US insurance businesses, strong sales continue to benefit from expanded distribution and product diversification. This has resulted in a shift to a more capital-efficient product mix. Year-to-date, Group Insurance sales are up 13% and Individual Life sales are up 7% compared to the first half of 2023.

In Brazil, we continue to expand our third-party distribution and benefit from the high quality of our life planners. This has resulted in a 27% increase in year-to-date sales. Across each of our businesses, our strategy is underpinned by the continued investment in capabilities and initiatives that translate into future earnings growth. This includes expanding our products and distribution, and using artificial intelligence, machine learning, and other technology to deliver exceptional sales, service and claims experiences.

Turning to slide 4. Our disciplined approach to capital deployment supported investments in our businesses while returning over $700 million to shareholders during the quarter.

Turning to slide 5. Our financial strength, diversified business mix, and risk and capital management framework supports our growth strategy. Our AA rating reflects our healthy capital position, including more than $4 billion in highly liquid assets at the end of the second quarter, a high-quality,well-diversified investment portfolio, and a disciplined approach to asset liability management.

We are confident that our financial strength, our business strategy and the evolving opportunities to support our customers around the world put us in a strong position to deliver long-term value to our shareholders.

With that, I will turn it over to Rob for a closer look at our individual business performance.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Thank you, Charlie. I'll provide an overview of our financial results and business performance for our PGIM, US and International Businesses.

I'll begin on slide 6 with our financial results for the second quarter of 2024. Our pre-tax adjusted operating income was $1.6 billion or $3.39 per share on an after-tax basis, up 10% from the year ago quarter and 12.5% on

year-to-datebasis. These results reflect the execution of our strategy to grow our market-leading businesses. Higher spread in fee income was the result of continued strong sales and the benefit of higher interest rates in equity markets. Additionally, expenses were lower and include a reduction in legal reserves. Results for the current quarter also include a modest net favorable impact from our annual assumptions update and other refinements, reflecting the benefit of our diversified business mix.

Year-to-date, adjusted operating return on equity was 13.5% and has improved nearly 1.5 percentage points from the prior year. This reflects the strength of our businesses, the benefits from the deliberate actions we've taken to pivot to more capital-efficient products, and operating efficiencies we've achieved that support growth.

Turning to the operating results from our businesses compared to the year-ago quarter. PGIM, our global investment manager, had higher asset management fees, driven by favorable investment performance, contributions from the Deerpath Capital acquisition, and equity market appreciation. Additionally, higher incentive and transaction fees resulted in an increase in other related revenues. This was partially offset by higher expenses to support business growth.

Earnings growth in our US Businesses reflected higher spread income driven by business growth and the benefit of higher interest rates, more favorable underwriting results and lower expenses. In addition, a more favorable relative impact from our annual assumptions update and other refinements was driven by a more favorable Retirement Strategies update, partially offset by a less favorable update in Individual Life. This was partially offset by lower legacy traditional variable annuity fee income as we intentionally pivot to less market-sensitive products.

Results of our International Businesses included an unfavorable relative impact from our annual assumptions update and other refinements, less favorable underwriting results primarily reflecting policyholder behavior, and lower spread income due to less favorable variable investment income. Results in the quarter also included higher joint venture earnings.

Turning to slide 7, PGIM, our global investment manager, has diversified capabilities in both public and private asset classes across fixed income, equities and alternatives. PGIM's strong investment performance continues to improve with 83% of assets under management exceeding their benchmarks over the past year. This has contributed favorably to strong long-term performance, with 80% and over 90% of assets under management outperforming their benchmarks over the last 5- and 10-year periods, respectively.

PGIM's assets under management increased by 5% to $1.3 trillion for the year-ago quarter driven by market appreciation, investment performance and affiliated net flows. Third-party net outflows in the quarter totaled $9.5 billion. Institutional outflows of $8.9 billion were primarily in fixed income, driven by two large clients. Retail outflows of $600 million were driven by sub-advised equity strategies and mutual funds, and were partially offset by positive momentum in public fixed income.

PGIM third-party flows are episodic due to large single-client transactions. On a year-to-date basis, we generated $17.1 billion of inflows, reflecting the net benefit from large institutional pension clients. As the investment engine

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

of Prudential, PGIM's capabilities support the success and growth of our US and International Businesses in retirement, asset management and insurance. PGIM's asset origination capabilities, investment management expertise and access to institutional and other sources of private capital, including through the recently launched reinsurer Prismic, are a competitive advantage, helping our businesses bring enhanced solutions and create more value for our customers.

Our insurance and retirement businesses, in turn, provide a source of growth for PGIM through affiliated net flows, as well as unique access to insurance liabilities. In addition, our diversified PGIM private alternatives platform, which has assets under management of approximately $240 billion, experienced strong private credit origination activity, driven by our direct lending businesses, including from our recent acquisition of Deerpath Capital.

Turning to slide 8. Our US Businesses produced diversified earnings from fees, net investment spread and underwriting income, and benefit from our complementary mix of longevity and mortality businesses. We continue to focus on growing our market-leading businesses by transforming our capabilities to improve customer experiences, and expanding our addressable market with new financial solutions leveraging the capabilities across Prudential.

Retirement Strategies generated strong sales of $7.5 billion in the second quarter across its institutional and individual lines of business. Institutional Retirement sales of $4 billion included US-funded pension risk transfer transactions of $1.4 billion and longevity risk transfer sales of $1.2 billion. Year-to-date, institutional retirement has generated sales of $15 billion.

Individual retirement posted $3.5 billion in sales, its best quarter of sales in over a decade. Our product pivots have resulted in continued strong sales of FlexGuard, and FlexGuard Income, and fixed annuity sales have doubled from the prior year. Additionally, we continue to reduce market sensitivity by running off our legacy variable annuities.

Group Insurance sales primarily occur in the first quarter of the year based on annual enrollments. On a year-to- date basis, sales increased 13% compared to the prior year, driven by growth in life, disability and supplemental health. We are executing our strategy of both product and client segmentation diversification, while leveraging technology to increase operating efficiency and enhance customer experience. These actions to improve profitability and performance resulted in a favorable benefit ratio of 81.1%.

In Individual Life, sales increased 3% from the year-ago quarter and 7% year-to-date. These increases include the benefit from our FlexGuard Life product, which reached its highest sales quarter since its launch in 2022, and from our pivot towards more capital-efficient products.

Turning to slide 9. Our International Businesses include our Japanese life insurance companies, where we have a differentiated multichannel distribution model, as well as other businesses aimed at expanding our presence in targeted high-growth emerging markets.

In Japan, we are focused on providing high-quality service and expanding our distribution and product offerings. Our needs-based approach and protection and retirement product focus continue to provide important value to our customers as we expand our product offerings to meet their evolving needs.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

In emerging markets, we are focused on creating a selective portfolio of businesses and regions where customers' needs are growing, where there are compelling opportunities to build market-leading businesses and where the Prudential Enterprise can add value.

Sales in our International Businesses were up 11% compared to the year-ago quarter. Higher sales in Japan are benefiting from recent product launches as we expand our retirement and savings offerings. These new products are gaining traction with customers and represented 20% of the current quarter sales. In addition, emerging market sales were higher, driven by growth in Brazil, as we continue to expand third-party distribution and benefit from the strong performance of our world-class life planners.

As we look ahead, we are well-positioned across our businesses to be a global leader in expanding access to investing, insurance and retirement security. We continue to focus on investing in growth businesses and markets, delivering industry-leading customer experiences, and creating the next generation of financial solutions to serve the diverse needs of a broad range of customers.

And with that, I'll now hand it over to Yanela.

Yanela del Carmen Frias

Chief Financial Officer & Executive Vice President, Prudential Financial, Inc.

Thank you, Rob. I will begin on slide 10, which provides insight into earnings for the third quarter of 2024 relative to our second quarter results. Pre-tax adjusted operating income for the second quarter was $1.6 billion and resulted in earnings per share of $3.39 on an after-tax basis.

To get a sense of how our third quarter results might develop, we suggest adjustments for the following items. First, our annual assumption update and other refinements resulted in a net benefit of $6 million in the second quarter. Second, variable investment income was below expectations by $90 million in the second quarter, driven by lower real estate returns. Next, underwriting experience was below expectations by $10 million in the second quarter, and we expect $30 million of favorable seasonality in the third quarter. And last, we include an adjustment of $95 million for expenses and other items.

Expenses in the second quarter were lower than expected, reflecting a reduction in legal reserves and the timing of expenses. As a result, we have lowered the full-year 2024 expected loss in Corporate & Other to $1.8 billion. In the third quarter, we expect higher investments in our initiatives to support growth, as originally planned. These adjustments combined get us to a baseline of $3.48 per share for third quarter.

I will note that if you exclude items specific to the third quarter, earnings per share would be $3.56. The key takeaway is that our underlying earnings power increased and reflects our continued investment in the growth of our market-leading businesses and our pivot away from more capital-intensive and lower-growth businesses. While we have provided these items to consider, please note that there may be other factors that affect earnings per share in the third quarter.

Turning to slide 11, our capital position continues to support our AA financial strength rating. Our regulatory capital ratios are in excess of our AA objectives. Our cash and liquid assets were $4.4 billion, within our liquidity target range of $3 billion to $5 billion, and we have substantial off-balance sheet resources. We remain thoughtful in our capital deployment, preserving financial strength and flexibility, investing in our businesses for long-term growth, and returning capital to shareholders.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

Turning to slide 12, and in summary, we are growing our market-leading businesses. We are maintaining a disciplined approach to capital deployment and our growth is supported by the strength of our balance sheet.

And with that, we will be happy to take your questions.

QUESTION AND ANSWER SECTION

Operator: Thank you. We'll now be conducting a question-and-answer session. [Operator Instructions] In the interest of time, we ask that you please ask one question, one follow-up, then return to the queue. Our first question is coming from Ryan Krueger from KBW. Your line is now live.

Ryan Krueger

Analyst, Keefe, Bruyette & Woods, Inc.

Hey, thanks. Good morning. My first question was on Prismic. Can you give an update on your progress towards additional transactions? And would you anticipate getting another one done before the end of the year?

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Good morning, Ryan. It's Rob. Yeah, we and our Prismic investors share aspirations to grow well beyond the initial $10 billion transaction that we completed relatively recently. We continue to work on a very active pipeline of multiple insurance transactions. That pipeline includes ongoing balance sheet optimization, flow or new sales solutions across our businesses, as well as third-party blocks where we have a particular focus on Japan. I would be - we would be disappointed if we've not entered into an additional transaction before year-end.

Ryan Krueger

Analyst, Keefe, Bruyette & Woods, Inc.

Thank you. And the second one was on just hoping you could revisit your earnings sensitivity to short-term rates. And I think in addition to the total sensitivity, can you give some perspective on the different moving parts between some of the businesses?

Yanela del Carmen Frias

Chief Financial Officer & Executive Vice President, Prudential Financial, Inc.

Hi, Ryan. It's Yanela. Yes. With regards to rates, short-term rates, we do not expect much of an impact due to changes in short-term rates. We have cash at the holding company and collateral in Individual Retirement Strategies that earn short-term yields. And this is generally offset by interest rate derivatives where we pay short- term rates and receive fixed, and we use these to manage duration across our businesses. So, generally, these are offsetting.

Let me also address long-term rates since we've seen some recent movement. With respect to long-term rates, we have benefited from the rise in rates over the past few years, which have been at levels that are significantly higher than over the past decade. And this has increased our portfolio yields in both domestic and international. So, higher rates are good for us, and it has been a tailwind. If rates were to decline, it would reduce our new money rates. But we do have a healthy spread between our new money rates and portfolio yields. And lastly, I would point out that we have a very disciplined ALM approach, which significantly reduces future spread volatility of the in-force.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

Ryan Krueger

Analyst, Keefe, Bruyette & Woods, Inc.

Great. Thanks a lot.

Operator: Thank you. Next question is coming from Suneet Kamath from Jefferies. Your line is now live.

Suneet Kamath

Analyst, Jefferies LLC

Good morning. Thank you. I guess, last quarter, you guys were pretty optimistic about the industry annuity sales. I think you said over $400 billion, and year-to-date, that's tracking pretty closely, so that's good. I guess my question is, given the move in rates that we've seen, with the 10-year now somewhere in the 3.8% neighborhood, do you think that'll dampen demand for annuity growth? And how are you thinking about pricing in this, if this becomes the new kind of rate environment? Thanks.

Caroline A. Feeney

Executive Vice President & Head-US Businesses, Prudential Financial, Inc.

Yeah. So, Suneet, it's Caroline, and I'll take your question. So, right now, the annuity market continues to be extremely strong, as you referenced, with the market on pace to deliver a third straight record year, outpacing last year's run rate by over 20%. It's certainly possible that in a decreasing interest rate environment, we could see some pullback from the record sales levels, particularly in fixed annuities.

From a Prudential perspective, while we've been very pleased with the growth in our fixed annuity sales, for us, it's really just a piece of the overall portfolio. We have the broadest product portfolio we've ever had, with no overconcentration in any single product. In fact, this past quarter, we had record sales in three distinct products, and two of those are in our RILA suite of solutions, which are actually less sensitive to interest rates. And Suneet, this really reflects our very deliberate strategy, which enables us to serve the broadest set of customers across all market conditions.

Frankly, we're also very excited about the broader retirement opportunity. We do see strengthening tailwinds from rapid growth in the population of Americans over age 65 and as well as increased demand for solutions that protect retirement savings and provide lifetime income. So, we believe customer demand for protected income will continue to be the driving force behind growth over the long-term and we're well-positioned to meet that demand with our diverse portfolio of solutions and the strength of our brand and distribution.

And finally, Suneet, you asked a question about pricing. We are also very well positioned to continue with our pricing discipline, which we have the ability to adapt pricing and enter the market with revised pricing in very short order, which enables us to be very nimble with changing markets.

Suneet Kamath

Analyst, Jefferies LLC

Okay. That makes sense. Thanks for that. And then I guess for Rob on Prismic again, you said that you'd be disappointed if you didn't do something this year. Should we think about the sort of first deal that you do, should that be on the smaller side as sort of a proof-of-concept deal or is that not the way that you're thinking about it? Thanks.

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Prudential Financial, Inc. (PRU)	Corrected Transcript
Q2 2024 Earnings Call	02-Aug-2024

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

So, Suneet, so it would actually be the second deal. So, the first transaction we closed was about $10 billion in reserves and so relatively significant in size. For the next transaction, what I would say is that the nature of underlying liabilities is what impacts the sizing of the transaction. And that's going to be dependent upon sort of market sensitivity, hedging, and collateral needs. So, we're not constraining it simply because of appetite or access to capital or other capabilities. It would really just be a function of making sure that as we're constructing the Prismic portfolio, it all fits together well.

Suneet Kamath

Analyst, Jefferies LLC

And are you leaning one way or the other in terms of the different uses? Like, you've talked about flow, you've talked about your own in-force, you've talked about third-party. Is there one way that you're leaning in particular on that?

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Well, I would say we can - the continued balance sheet optimization is probably our highest priority, Suneet, and incidentally, the most controllable of the things that we're working on. But both flow and third-party are high priorities for us, and they are being actively worked as well.

Suneet Kamath

Analyst, Jefferies LLC

Okay. Thanks, Rob.

Robert Michael Falzon

Vice Chairman, Prudential Financial, Inc.

Okay.

Operator: Thank you. Next question is coming from Elyse Greenspan from Wells Fargo. Your line is now live.

Elyse Greenspan

Analyst, Wells Fargo Securities LLC

Hi. Thanks. Good morning. My first question is on PGIM. I know you guys had called out two large pension outflows in the quarter, but I was hoping to just get more color on trends in flows, both on the institutional and retail side, and how you think about the outlook for the balance of the year.

Andrew F. Sullivan

Executive Vice President, Head of International Businesses and Global Investment Management, Prudential Financial, Inc.

Sure. Good morning, Elyse. It's Andy. I'll take that. So, our flows in PGIM have become more variable. This is mostly driven on the institutional side of the business, so let me start there. We're the sixth largest manager of defined benefit assets globally, and we have very large strategic pension clients.

If you look at many of these defined benefit portfolios, as we sit here today, are overfunded, and those clients are either de-risking or they're exploring PRT. So as a result, we're seeing more than normal institutional money in

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Dec. 10	Prudential Financial, Inc. announces an Equity Buyback for $1,000 million worth of its shares.	CI
Dec. 10	Prudential Financial, ADIO Enter Insurance, Investment Partnership	MT

Dec. 10	Prudential Financial, Inc. announces an Equity Buyback for $1,000 million worth of its shares.	CI
Dec. 10	Prudential Financial, ADIO Enter Insurance, Investment Partnership	MT
Dec. 10	Prudential Financial Signs Collaboration Deal With Abu Dhabi Investment Office	MT
Dec. 09	Prudential Financial, Inc. authorizes a Buyback Plan.	CI
Dec. 09	Prudential Financial's PGIM Unit, Lincoln Property Form Health Care Real Estate Joint Venture	MT
Dec. 03	Sector Update: Financial Stocks Advance Late Afternoon	MT
Dec. 03	Sector Update: Financial Stocks Rise Wednesday Afternoon	MT
Dec. 03	Sector Update: Financial	MT
Dec. 03	Prudential Financial Considering Sale of Alexforbes Stake	MT
Dec. 03	Prudential Financial, Inc. Announces Executive Changes	CI
Dec. 03	Prudential Financial Names Matthew Armas Chief Investment Officer	MT
Dec. 03	Prudential Financial announces Matt Armas as chief investment officer	RE
Dec. 03	Prudential Advisors Connect Mobile App Launches, Bringing Advisor Productivity Tools to Ios Devices, Further Enhancing the Advisor Experience	CI
Nov. 19	Prudential Advisors Expands National Footprint	CI
Nov. 18	Prismic Life Holding Company, Lp announced that it has received $1.3 billion in funding from Prudential Financial, Inc., Warburg Pincus LLC, and other investors	CI
Nov. 18	BMO Capital Adjusts Prudential Financial Price Target to $94 From $92, Maintains Underperform Rating	MT
Nov. 18	Prismic Life announces close of US$1.3 billion capital raise	RE
Nov. 17	Prudential Financial announces Tina Madon as global head of investor relations	RE
Nov. 17	Prudential Financial Announces Executive Changes	CI
Nov. 13	Rotation in a Foggy Market
Nov. 13	RTX to take $300 million fourth quarter charge tied to pension buyout	RE
Nov. 11	Argus Research Adjusts Prudential Financial Price Target to $125 From $130, Maintains Buy Rating	MT
Nov. 06	Rbl Bank Limited Appoints Suyog Sanjay Karmarkar as Head Strategic Initiatives and Transformation, Effective November 6, 2025	CI
Nov. 05	Grow Capital, Inc. Appoints Aaron Bradford as Chief Technology Officer	CI
Nov. 03	Prudential Financial, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 11, 2025	CI

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